Fronted Letter of Credit definition

Fronted Letter of Credit means a Letter of Credit issued by a Fronting Bank in which the Lenders purchase a risk participation pursuant to Section 2.03.

Fronted Letter of Credit means any Letter of Credit which is issued by a Fronting L/C Issuer pursuant to Section 2.03(a), in substantially the form of Exhibit E or in such other form as may be acceptable to such Fronting L/C Issuer. Fronted Letters of Credit may be issued in Dollars or an Alternative Currency.

Fronted Letter of Credit means a letter of credit issued by a Fronting Issuing Bank as the sole issuing bank, and shall include the Continued Existing Fronted Letters of Credit.

Examples of Fronted Letter of Credit in a sentence

• Each Bank acknowledges and agrees that its obligation to acquire participations in respect of Fronted Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Fronted Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments.

• Promptly following receipt by the Administrative Agent of any payment from the applicable Account Party pursuant to Section 2.03(a) in respect of any Fronted Letter of Credit, the Administrative Agent shall distribute such payment to the applicable Fronting Issuing Bank or, to the extent that the Banks have made payments pursuant to this paragraph to reimburse such Fronting Issuing Bank, then to the Banks and such Fronting Issuing Bank as their interests may appear.

• If requested by the Administrative Agent or (in the case of any Fronted Letter of Credit) the applicable Fronting Issuing Bank through the Administrative Agent, such Account Party also shall submit a letter of credit application on standard form of the Person that is serving as Administrative Agent or such Fronting Issuing Bank, as applicable, in connection with any request for a Letter of Credit.

• Each Fronted Letter of Credit shall be issued by, and be the sole obligation as issuing bank of, the applicable Fronting Issuing Bank.

• Each Fronted Letter of Credit shall be issued by, and be the sole obligation as issuing bank of, the applicable Fronting Issuing Bank (without impairing each Bank’s participation obligations with respect thereto).

More Definitions of Fronted Letter of Credit

Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

Fronted Letter of Credit has the meaning provided in Section 2.02(a).

Fronted Letter of Credit has the meaning attributed to it in Section 11.1(a).

Fronted Letter of Credit a Letter of Credit issued by an Issuing Lender in which the Lenders purchase risk participations pursuant to Section 3.4(a).

Fronted Letter of Credit means a Letter of Credit other than a Non-Fronted Letter of Credit.

Fronted Letter of Credit means a Letter of Credit issued by an Issuing Lender in which the Lenders purchase risk participations pursuant to Section 2.03.

Fronted Letter of Credit means a Letter of Credit issued by the Fronting Bank in which the Lenders purchase a risk participation pursuant to Section 2.09 which shall be substantially the form as may be agreed by the Borrower and the Fronting Bank.