Fronting Sublimit means, (a) for each JLA Issuing Bank, the amount of such JLA Issuing Bank’s commitment to issue and honor payment obligations under Letters of Credit, as set forth on Appendix B hereto and (b) with respect to any other Issuing Lender, an amount as agreed between the Borrower and such Issuing Lender.
Fronting Sublimit means, at any time, (a) with respect to each JLA Issuing Bank, the quotient derived from dividing (i) the aggregate Commitments of all Lenders minus the aggregate Fronting Sublimits of any Issuing Lenders referred to in clause (b) hereof; provided, that any increases to the Commitments pursuant to Section 2.19 prior to such time shall not be included for this purpose without the prior written consent of each of the JLA Issuing Banks, by (ii) the number of JLA Issuing Banks and (b) with respect to any other Issuing Lender, an amount as agreed between the Borrower and such Issuing Lender.
Fronting Sublimit means, (a) for each JLA Issuing Bank, the amount of such JLA Issuing Bank’s commitment to issue and honor payment obligations under Letters of Credit, as set forth on Appendix B hereto and (b) with respect to any other Issuing Lender, an amount as agreed between the Borrower and such Issuing Lender. “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities. “GAAP” means United States generally accepted accounting principles applied on a consistent basis. “Governmental Authority” means any federal, state or local government, authority, agency, central bank, quasi-governmental authority, court or other body or entity, and any arbitrator with authority to bind a party at law. “Group of Loans” means at any time a group of Revolving Loans consisting of (i) all Revolving Loans which are Base Rate Loans at such time or (ii) all Revolving Loans which are Euro-Dollar Loans of the same Type having the same Interest Period at such time; provided, that, if a Loan of any particular Lender is converted to or made as a Base Rate Loan pursuant to Sections 2.15 or 2.18, such Loan shall be included in the same Group or Groups of Loans from time to time as it would have been in if it had not been so converted or made. “Guarantee” of or by any Person means any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Debt of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or to purchase (or to advance or supply funds for the purchase of) any security for payment of such Debt, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Debt of the payment of such Debt or (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Debt; provided, however, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. “Hazardous Substances” means any toxic, caustic or otherwise hazardous substance, including petroleum, its derivatives, by-p...
Examples of Fronting Sublimit in a sentence
In addition, the face amount of outstanding Letters of Credit issued by any L/C Issuer shall not exceed such L/C Issuer’s Applicable L/C Fronting Sublimit.
Notwithstanding anything to the contrary contained herein, no L/C Issuer shall be obligated to issue or renew any Letter of Credit if, after giving effect to the issuance or renewal thereof, the aggregate amount of all Letter of Credit Obligations in respect of Letters of Credit issued by such L/C Issuer would exceed the Dollar Equivalent of such L/C Issuer’s L/C Issuer Fronting Sublimit Amount.
Each Fronted Advance hereunder shall consist of borrowings made from the several Fronting Lenders ratably in proportion to the ratio that their respective Fronting Commitments bear to the Aggregate Fronting Sublimit.
If at any time, the Dollar Amount of the aggregate outstanding principal amount of Fronted Advances shall exceed the Aggregate Fronting Sublimit, the Borrowers immediately shall prepay outstanding Fronted Advances in an amount sufficient to eliminate such excess.
This Agreement, the other Credit Documents and any separate letter agreements with respect to (i) fees payable to the Administrative Agent or any Arranger and (ii) the reductions of the Letter of Credit Fronting Sublimit of the applicable Issuing Bank constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
More Definitions of Fronting Sublimit
Fronting Sublimit means (i) with respect to Citibank, $75,000,000, (ii) with respect to Credit Suisse AG, $75,000,000 and (iii) with respect to any other Fronting Bank, the amount agreed by such Fronting Bank and set forth in a written instrument delivered to the Borrower and the Revolving Administrative Agent.
Fronting Sublimit means, (i) with respect to Citibank, as Issuing Lender, $50,000,000 (or such greater amount as Citibank may approve in its sole discretion), (ii) with respect to Barclays, as Issuing Lender, $50,000,000 (or such greater amount as Barclays may approve in its sole discretion), (iii) with respect to JPMCB, as Issuing Lender, $50,000,000 (or such greater amount as JPMCB may approve in its sole discretion), (iv) with respect to Xxxxx Fargo, as Issuing Lender, $50,000,000 (or such greater amount as Xxxxx Fargo may approve in its sole discretion) and (v) with respect to any other Issuing Lender, such amount as agreed between such Issuing Lender and AbitibiBowater.
Fronting Sublimit means (x) for each Initial Issuing Lender, $20,000,000 plus any additional amounts as agreed from time to time by such Initial Issuing Lender and (y) for each other Issuing Lender, the amount agreed by such Issuing Lender as its Fronting Sublimit (or, if no such amount is agreed, an amount equal to the Maximum Letter of Credit Amount).
Fronting Sublimit means (i) with respect to Bank of America, as L/C Issuer, $10,000,000 and (ii) with respect to each other L/C Issuer, such amount as is agreed between such L/C Issuer and the Borrower and as notified to the Administrative Agent.
Fronting Sublimit means, (i) with respect to Citibank, as Issuing Lender, $50,000,000, (ii) with respect to Barclays, as Issuing Lender, $50,000,000, (iii) with respect to JPMCB, as Issuing Lender, $50,000,000 and (iv) with respect to any other Issuing Lender, such amount as agreed between such Issuing Lender and AbitibiBowater.
Fronting Sublimit means, (a) for each JLA Issuing Bank, (i) its Initial Fronting Sublimit, plus (x) to the extent the PPL EU Designated Borrower Effective Date has occurred and for so long as PPL EU remains a Designated Borrower, its PPL EU Fronting Sublimit, plus (y) to the extent the KU Designated Borrower Effective Date has occurred and for so long as KU remains a Designated Borrower, its KU Fronting Sublimit, plus (z) to the extent the LGE Designated Borrower Effective Date has occurred and for so long as LGE remains a Designated Borrower, its LGE Fronting Sublimit or (ii) an amount as agreed between the Borrowers and such JLA Issuing Bank and (b) with respect to any other Issuing Lender, an amount as agreed between the Borrowers and such Issuing Lender. “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities. “GAAP” means United States generally accepted accounting principles applied on a consistent basis. “Governmental Authority” means any federal, state or local government, authority, agency, central bank, quasi-governmental authority, court or other body or entity, and any arbitrator with authority to bind a party at law. “Group of Loans” means at any time a group of Revolving Loans to a Borrower consisting of (i) all Revolving Loans to such Borrower which are Base Rate Loans at such time or (ii) all Revolving Loans to such Borrower which are Term SOFR Loans of the same Type having the same Interest Period at such time; provided, that, if a Loan of any particular Lender is converted to or made as a Base Rate Loan pursuant to Sections 2.14 or 2.18, such Loan shall be included in the same Group or Groups of Loans from time to time as it would have been in if it had not been so converted or made. “Guarantee” of or by any Person means any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Debt of any other Person (the “primary
Fronting Sublimit under the Existing PPL EU Credit Agreement immediately prior to the PPL EU Designated Borrower Effective Date. As of the Amendment No. 1 Effective Date, the PPL EU Fronting Sublimit of each JLA Issuing Bank is the amount set forth opposite such JLA Issuing Bank’s name on Appendix B2 hereto (it being understood and agreed that Appendix B2 hereto may be replaced by the Borrower and the Administrative Agent to reflect the actual PPL EU Fronting Sublimit as of the PPL EU Designated Borrower Effective Date). “Pre-Approved Designated Borrower” means each entity listed on Schedule 9.20 hereto. “Prime Rate” means the rate of interest publicly announced by Xxxxx Fargo Bank from time to time as its Prime Rate. “Public Reporting Company” means a company subject to the periodic reporting requirements of the Securities and Exchange Act of 1934. “Quarterly Date” means the last Business Day of each of March, June, September and December. “Rating Agency” means S&P or Xxxxx’x, and “Rating Agencies” means both of them. “Register” has the meaning set forth in Section 9.06(e). “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System, as amended, or any successor regulation. “Regulation X” means Regulation X of the Board of Governors of the Federal Reserve System, as amended, or any successor regulation. “Reimbursement Obligations” means, with respect to a Borrower, at any time all obligations of such Borrower to reimburse the Issuing Lenders pursuant to Section 3.07 for amounts paid by the Issuing Lenders in respect of drawings under Letters of Credit issued for the account of such Borrower, including any portion of any such obligation to which a Lender has become subrogated pursuant to Section 3.09. “Relevant Governmental Body” means the FRB or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the FRB or the Federal Reserve Bank of New York, or any successor thereto. “Replacement Date” has the meaning set forth in Section 2.08(b). “Replacement Lender” has the meaning set forth in Section 2.08(b). “Required Lenders” means at any time Non-Defaulting Lenders having at least 51% of the aggregate amount of the Commitments of all Non-Defaulting Lenders or, if the Commitments shall have been terminated, having at least 51% of the aggregate amount of the Revolving Outstandings of the Non-Defaulting Lenders at such time. “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial ...