Third Party Fronting Bank definition

Third Party Fronting Bank means (i) the Agent, (ii) any Term Loan Bank or any Affiliate of any Term Loan Bank (A) a majority of whose common equity is owned, directly or indirectly, by such Term Loan Bank, (B) that owns, directly or indirectly, a majority of the common equity of such Term Loan Bank or (C) a majority of whose common equity is owned, directly or indirectly, by a Person that owns, directly or indirectly, a majority of the common equity of such Term Loan Bank and any Subsidiary of any Term Loan Bank a majority of whose common equity is owned directly or indirectly, by such Term Loan Bank, (iii) any commercial bank having total assets in excess of $5,000,000,000, (iv) any savings and loan association or savings bank organized under the laws of the United States, or any State thereof, and having a net worth in excess of $250,000,000 or (v) any other Person approved by the Agent, that shall, in the case of any such Agent, Term Loan Bank, Affiliate, Parent, Subsidiary or other financial institution or Person agree to issue letters of credit hereunder with the consent of the Agent (which consent will be deemed to have been given unless the Agent shall have notified the Borrower to the contrary within one day of the Agent’s receipt of notice that such Bank, Affiliate, Parent, Subsidiary or other financial institution or Person is to be a Third Party Fronting Bank).
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Examples of Third Party Fronting Bank in a sentence

  • In connection with any such assignment, the transferor Third Party Fronting Bank or Assignee shall pay to the Agent an administrative fee for processing such assignment in the amount of $3,500.

  • With respect to any Revolving Fronting Bank who is not a Third Party Fronting Bank, nothing in this Section 10.05(b) shall release such Revolving Fronting Bank from its obligations hereunder as a Revolving Credit Loan Bank.

  • If the Third Party Fronting Bank or such Revolving Credit Loan Bank is not incorporated under the laws of the United States of America or a state thereof, it shall deliver to the Borrower and the Agent certification as to exemption from, or reduction in, deduction or withholding of any United States federal income taxes as required by Section 8.04.

  • Upon execution and delivery by a Third Party Fronting Bank or such Revolving Credit Loan Bank to the Agent of a Revolving Fronting Bank Agreement, such Third Party Fronting Bank or such Revolving Credit Loan Bank, as the case may be, shall become a party to this Agreement and shall have all the rights and obligations of a Revolving Fronting Bank as set forth herein.

  • Each Third Party Fronting Bank shall execute and deliver to the Agent a Third Party Fronting Bank Agreement in substantially the form of Exhibit D hereto prior to issuing any letters of credit at the request or for the benefit of the Borrower.

  • Delivery of an executed counterpart of a signature page to this Third Party Fronting Bank Agreement by telecopier shall be effective as delivery of an original executed counterpart of this Third Party Fronting Bank Agreement.

  • Upon execution and delivery by a Third Party Fronting Bank to the Agent of a Third Party Fronting Bank Agreement, such Third Party Fronting Bank shall become a party to this Agreement and shall have all the rights and obligations of a Revolving Fronting Bank as set forth herein.

  • Upon execution and delivery by a Third Party Fronting Bank or such Revolving Credit Loan Bank to the Agent of a Fronting Bank Agreement, such Third Party Fronting Bank or such Revolving Credit Loan Bank shall become a party to this Agreement and shall have all the rights and obligations of a Fronting Bank as set forth herein.

  • With respect to any Fronting Bank who is not a Third Party Fronting Bank, nothing in this Section 10.05(b) shall release such Fronting Bank from its obligations hereunder as a Revolving Credit Loan Bank or Green Revolving Credit Loan Bank, as the case may be.

  • If the Third Party Fronting Bank or such Revolving Credit Loan Bank or Green Revolving Credit Loan Bank is not incorporated under the laws of the United States of America or a state thereof, it shall deliver to the Borrower and the Agent certification as to exemption from, or reduction in, deduction or withholding of any United States federal income taxes as required by Section 8.04.