Fronting definition

Fronting means a deliberate circumvention or attempted circumvention of the "Broad- Based Black Economic Empowerment Act and the Codes of Good Practice;

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Fronting means companies with no black economic empowerment (BEE) status illegally claiming to be headed by previously disadvantaged individuals and claim false BEE credentials in order to win tender contracts.

Fronting means a deliberate circumvention or attempted circumvention of the B-BBEE Act and the Codes. Fronting commonly involves reliance on data or claims of compliance based on misrepresentations of facts, whether made by the party claiming compliance or by any other person.

Examples of Fronting in a sentence

All LC Participation Fees and Fronting Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
To have 100% of the outstanding principal amount of Existing Term Loans held by such Lender prepaid on the Amendment No. 2 Effective Date and to agree to purchase from the Fronting Lenders pursuant to one or more Assignment and Assumptions New Term Loans in the principal amount of such Existing Term Loans (or such lesser amount allocated to such Lender by the Administrative Agent) on or immediately after the Amendment No. 2 Effective Date.
So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.
All Letter of Credit Fronting Fees and Letter of Credit Fees shall be computed on the basis of the actual number of days elapsed in a year of 360 days.
So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) the Issuing Banks shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

More Definitions of Fronting

Fronting means a deliberate circumvention or attempted circumvention of any legislation intended to address imbalances of the past relating to Supply Chain processes;

Fronting means any practices or initiatives which are in contravention of or against the spirit of any law, provision, rule, procedure, process, system, policy, practice, directive, order or any other term or condition pertaining to black economic empowerment under the Codes.

Fronting means, where preference points are obtained on a fraudulent basis.

Fronting means the person or organization making a reservation or using University Property is not the primary beneficiary of the Event, but the Event is in fact for the primary benefit of a different person or organization.

Fronting means a transaction, arrangement or other act or conduct that directly or indirectly undermines or frustrates the achievement of the objectives of this Act or the implementation of any of the provisions of this Act;

Fronting means a deliberate circumvention or attempted circumvention of the Broad-Based Black Economic Empowerment Act NO. 53 of 2003 as amended (B-BBEE Act and the Codes of Good practice under section 9(1) of the B-BBEE Act, issued by Notice 1019 in Government Gazette 36928 of 11 October 2013, and as amended by general notices published subsequently and the Government Gazette. It includes reliance on data or claims of compliance based on misrepresentations of facts, whether made by the party claiming compliance or by any other person;

Fronting means obtaining a licence to enable another person, who would otherwise not qualify to obtain such a licence, to run a business;