Fronted Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, each Account Party may request that any Fronting Lender at any time and from time to time on or after the Effective Date and prior to the Commitment Expiration Date issue for its own account a letter of credit denominated in Dollars for the account of such Account Party and in support of, on a standby basis, Letter of Credit Supportable Obligations of such Account Party to any other Person, and subject to and upon the terms and conditions herein set forth, each Fronting Lender agrees to issue at any time and from time to time on or after the Effective Date and prior to the Commitment Expiration Date one or more irrevocable standby letters of credit in such form as may be approved by such Fronting Lender, which approval shall not be unreasonably withheld or delayed (each such letter of credit, a “Fronted Letter of Credit” and, collectively, the “Fronted Letters of Credit”). Subject to the terms and conditions hereof and any other instruments and documents contemplated hereby, it is the intent of the parties hereto that all Letters of Credit shall be clean and irrevocable and otherwise in a form sufficient for the beneficiary cedent to take credit on its financial statements for reinsurance recoverables under applicable rules, laws and regulations.
Fronted Letters of Credit. Any Letter of Credit which is issued by the Fronting Bank pursuant to § 2.1.1.
Fronted Letters of Credit. Subject to and upon the terms and conditions set forth herein, each Account Party may request that any Fronting Lender at any time and from time to time on or after the Effective Date and prior to the Commitment Expiration Date issue for its own account a letter of credit denominated in Dollars for the account of such Account Party and in support of, on a standby basis, Letter of Credit Supportable Obligations of such Account Party to any other Person, and in its sole discretion and subject to and upon the terms and conditions herein set forth, each Fronting Lender may agree to issue at any time and from time to time on or after the Effective Date and prior to the Commitment Expiration Date one or more irrevocable standby letters of credit denominated in Dollars and in such form as may be approved by such Fronting Lender, which approval shall not be unreasonably withheld or delayed (each such letter of credit, a “Fronted Letter of Credit” and, collectively, the “Fronted Letters of Credit”). Subject to the terms and conditions hereof and any other instruments and documents contemplated hereby, it is the intent of the parties hereto that all Letters of Credit shall be clean and irrevocable and otherwise in a form sufficient for the beneficiary cedent to take credit on its financial statements for reinsurance recoverables under applicable rules, laws and regulations. Notwithstanding anything herein to the contrary, no Fronting Lender shall have any obligation hereunder to issue any Letter of Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is a Sanctioned Country or (ii) in any manner that would result in a violation of any Sanctions by any party to this Agreement.
Fronted Letters of Credit. Subject to the terms and conditions set forth herein, each Fronting Lender agrees, in reliance upon the agreements of the other Working Capital Facility Lenders set forth in this Section 6.1, to issue Letters of Credit denominated in US Dollars or in Canadian Dollars under the Working Capital Facility for the account of the Principal Borrower; provided that the Working Capital Facility Lenders severally agree to participate in Letters of Credit issued for the account of such Obligor; and further provided that the amount of Letters of Credit outstanding at any one time, as calculated in accordance with Section 1.8, shall not exceed Cdn.$200,000,000.
Fronted Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, each Borrower may request that any Fronting Lender at any time and from time to time on or after the Restatement Effective Date and prior to the Commitment Expiration Date issue for its own account a letter of credit for the account of such Borrower and in support of, on a standby basis, Letter of Credit Supportable Obligations of such Borrower to any other Person and subject to and upon the terms and conditions herein set forth each Fronting Lender agrees to issue at any time and from time to time on or after the Restatement Effective Date and prior to the Commitment Expiration Date one or more irrevocable standby letters of credit in such form as may be approved by such Fronting Lender, which approval shall not be unreasonably withheld (each such letter of credit, a "Fronted Letter of Credit" and, collectively, the "Fronted Letters of Credit").
Fronted Letters of Credit. In the event that a Fronted Letter of Credit shall be issued on behalf of the Lenders by the Issuing Bank:
Fronted Letters of Credit. The following provisions shall apply to Fronted Letters of Credit:
Fronted Letters of Credit. (i) Subject to the terms and conditions set forth herein, the Borrower Representative may request any Fronting Bank to issue (and any Fronting Bank, in its sole discretion may issue), one or more Letters of Credit denominated in Dollars or Foreign Currencies for the joint and several account of the Borrowers, in a form reasonably acceptable to the Administrative Agent and the Fronting Bank (each such letter of credit, a “Fronted Letter of Credit” and collectively, the “Fronted Letters of Credit”) (which form may include having such Fronted Letters of Credit, though issued for the joint and several account of the Borrowers, reflect on their face Subsidiaries of the Parent as the account party and name as the beneficiaries thereof commercial counterparties or creditors of such Subsidiaries), at any time and from time to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by any Borrower to, or entered into by any Borrower with, the Fronting Bank relating to any Fronted Letter of Credit, the terms and conditions of this Agreement shall control. Upon the effectiveness of this Agreement, the Existing Letter of Credit shall, without any further action by any party, be deemed to have been issued as a Letter of Credit hereunder by JPMCB on the date of such effectiveness and shall for all purposes hereof be treated as a Fronted Letter of Credit under this Agreement.
Fronted Letters of Credit. Notwithstanding any other provision hereof to the contrary, so long as any Lender is a Defaulting Lender, no Fronting Lender shall be obligated to issue any Fronted 92 Letter of Credit unless and until the applicable Fronting Lender (or the Agent on its behalf) has been provided with cash collateral to fully collateralize the applicable Fronting Lender's exposure to each such Defaulting Lender on terms and conditions satisfactory to the applicable Fronting Lender in its discretion, acting reasonably.
Fronted Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, each Borrower may request that any Fronting Lender at any time and from time to time on or after the Restatement Date and prior to the Final Maturity Date issue for its own account a letter of credit for the account of such Borrower and in support of, on a standby basis, Letter of Credit Supportable Obligations of such Borrower to any other Person and subject to and upon the terms and conditions herein set forth, each Fronting Lender agrees to issue at any time and from time to time on or after the Restatement Effective Date and prior to the Final Maturity Date one or more irrevocable standby letters of credit in such form as may be approved by such Fronting Lender (each such letter of credit, a “Fronted Letter of Credit” and, collectively, the “Fronted Letters of Credit”); provided that the aggregate Stated Amount of all such Fronted Letters of Credit shall not exceed $100,000,000 at any time. Notwithstanding anything to the contrary contained herein, no Fronted Letter of Credit shall be issued for the account of an Irish Designated Subsidiary Borrower unless the Fronting Lender issuing such Fronted Letter of Credit is an Irish licensed bank or an authorized credit institution within the meaning of Directive 2000/12/EC.
