Fronting Sample Clauses

Fronting. ERWAT supports the spirit of broad based black economic empowerment and recognizes that real empowerment can only be achieved through individuals and businesses conducting themselves in accordance with the Constitution and in an honest, fair, equitable, transparent and legally compliant manner. Against this background ERWAT condemns any form of fronting.

Fronting. If the Company becomes aware or has a reasonable suspicion that any fronting (the offense under section 130(1) of the Broad-Based Black Economic Empowerment Act, No. 53 of 2003 (‘BBBEE Act’) and the Broad Based Black Economic Empowerment Amendment Act No. 46 of 2013) is taking or has taken place, then the Company may suspend and/or terminate the Contract with immediate effect without any liability for any Losses.

Fronting. All Letters of Credit shall be issued by the Fronting Lender on behalf of the Lenders and for this purpose: (a) the Principal Outstanding in respect of such Letters of Credit shall be considered to be allocated among such Lenders pro rata on the basis of their respective Commitments and, on the issuance of a Letter of Credit under the Credit Facility, the Administrative Agent shall advise each of the Lenders of their pro rata share of the liability under such Letter of Credit having regard to their respective Commitments and on the basis that each Lender is liable to, and by entering into this agreement agrees to, indemnify and hold harmless the Fronting Lender in relation to the Fronting L▇▇▇▇▇’s liability as issuer of such Letter of Credit to the extent of the amount of such pro rata share of such liability; (b) for greater certainty and without limiting the generality of section 12.1, the Principal Outstanding among the Lenders shall be adjusted in the circumstances and in the manner contemplated by section 12.1 in order to reflect the Issuance by the Fronting Lender on behalf of the Lenders.

Fronting. The responsible party reserving the facility may not front for another organization. The person who signs the Event Agreement form assumes responsibility for the actions of the organization and the guest attending the event. The group representative accepts responsibility for ensuring that all college and facility rules and regulations are followed. Any damages incurred by the group must be paid for by the group. If the damages are intentional, additional penalties will be applied. Free standing decorations or table decorations are permitted. Hanging or taping materials from ceiling, posts or walls is prohibited. All props or décor must be removed for the area immediately after the event. No open flames/no candles/no glitter or confetti will be allowed. Noise restrictions are in effect during class hours. Any use of amplified sound for any event at any time needs to be approved by the Director of Events to avoid disrupting college operations. Rowan-Cabarrus Community College does not allow tobacco products or illegal drugs. No alcohol is allowed on campus prior to approval by the Board of Trustees without prior approval. Exit doors must not be blocked and sprinkler heads shall remain uncovered. Weapons and fireworks are prohibited.

Fronting. (i) All Letters of Credit issued hereunder shall be Fronted Letters of Credit; provided that, Borrower may only request Letters of Credit from Issuing Banks that are specified in this Agreement as having a Fronting Limit. (ii) Each Lender severally agrees with each Issuing Bank to participate in an amount equal to its Pro Rata Share in the extension of credit resulting from the issuance (or extension, modification or amendment) of a Letter of Credit by such Issuing Bank and each drawing of the Stated Amount thereunder, in the manner and the amount provided in Section 2.2(d) (Drawings and Reimbursements), and the issuance of such Letter of Credit shall be deemed to be a confirmation by the Issuing Bank and each Lender of such participation in such amount; provided that, no Lender shall be required to participate in a Letter of Credit if the sum of such ▇▇▇▇▇▇’s L/C Obligations, Loans and unpaid Letter of Credit Fees owing to such Lender would exceed such ▇▇▇▇▇▇’s Commitment as a result of such participation.

Fronting. Sometimes insurance companies wish to offer insurance in jurisdictions where they are not licensed: for example, an insurer may wish to offer an insurance programme to a multi-national company, to cover property and liability risks in every country in the world. In such situations, the insurance company may find a local insurance company which is authorised in the relevant country, arrange for the local insurer to issue an insurance policy covering the risks in that country, and enter into a reinsurance contract with the local insurer to transfer the risks. In the event of a loss, the policyholder would claim against the local insurer under the local insurance policy, the local insurer would pay the claim and would claim reimbursement under the reinsurance contract. Such an arrangement is called "fronting". Fronting is also sometimes used where an insurance buyer requires its insurers to have a certain financial strength rating and the prospective insurer does not satisfy that requirement: the prospective insurer may be able to persuade another insurer, with the requisite credit rating, to provide the coverage to the insurance buyer, and to take out reinsurance in respect of the risk. An insurer which acts as a "fronting insurer" (or a "front") usually receives a fronting fee for this service. The fronting insurer is taking a risk in such transactions, because it has an obligation to pay its insurance claims even if the reinsurer becomes insolvent and fails to reimburse the claims.

Fronting. All Letters of Credit having a Face Amount below $500,000 or US$500,000 (as the case may be), and all other Letters of Credit (unless the Borrower shall on a case-by-case basis elect otherwise), shall be issued on behalf of the Lenders by the Fronting Lender, and for this purpose: (a) the Principal Outstanding in respect of such Letters of Credit shall be considered to be allocated among the Lenders pro rata on the basis of their respective Commitments. (b) for greater certainty and without limiting the generality of section 14.1, the Principal Outstanding among the Lenders shall be adjusted in the 47 - 41 - circumstances and in the manner contemplated by section 14.1 in order to reflect the Issuance by the Fronting Lender on behalf of the Lenders; (c) the Fronting Lender shall be paid by the Borrower, at the time of each Issuance, a fronting fee on the basis of the currency of and in an amount equal to the Face Amount of the Letter of Credit then being issued multiplied by (i) for the RTC Facility, ten (10 b.p.) basis points per annum or (ii) for the LC Facility, five (5 b.p.) basis points per annum, based on the Issue Date and expiration date of such Letter of Credit.

Fronting. (a) Following the Closing Date until February 29, 2004, Retrocessionaire shall have the authority to require Retrocedent to issue Additional Canadian Contracts, subject to Applicable Law. Additional Canadian Contracts shall be reinsured by Retrocessionaire under this Retrocession Agreement and considered Reinsured Contracts for which Retrocessionaire's Pro Rata Portion of all amounts shall be 100%. On a quarterly basis, Retrocessionaire will pay Retrocedent a fronting fee of two percent (2%) of the gross written premiums for the Additional Canadian Contracts written during the prior quarter (the "Fronting Fee") and reimburse the Retrocedent for any amounts paid by Retrocedent for taxes, boards and bureaus as a result of the issuance of each Additional Canadian Contract. (b) Following the Closing Date, Retrocessionaire shall participate in USAIG aviation pool business by fully reinsuring Retrocedent's participation, and Retrocedent shall continue its participation as and to the extent permitted by USAIG (at a level not greater than its current level) until the earlier of (i) December 31, 2005, and (ii) such date as Retrocessionaire becomes a member of the USAIG pool (the "USAIG Fronting Period"). All acceptances on behalf of the Retrocedent and all participations of the Retrocedent as a member of the USAIG pool shall be reinsured by Retrocessionaire under this Retrocession Agreement and considered Reinsured Contracts for which Retrocessionaire's Pro Rata Portion of all amounts shall be 100%. On a quarterly basis, Retrocessionaire will pay Retrocedent a fronting fee of two percent (2%) of the net written premiums reported to the Retrocedent as its share of the USAIG members' net written premium for the prior quarter ("Fronting Fee") and reimburse the Retrocedent for any amounts paid by the Retrocedent for taxes, boards, bureaus and unless paid pursuant to Section 3.2(iii), guaranty fund assessments (net of any amounts credited by USAIG for such assessments) directly related to the Retrocedent's participation in the USAIG pool during the USAIG Fronting Period. Retrocessionaire shall reimburse Retrocedent for any other direct out of pocket expenses paid by the Retrocedent and directly related to the Retrocedent's participation in the USAIG pool provided such expenses relate principally to an underwriting year or portion thereof for which the Retrocessionaire is reinsuring the Retrocedent, in each case only to the extent that (i) the Retrocedent is obligated to...

Fronting. Services shall be limited to homeowners coverage in Texas. It is intended that 100% of the risk written shall be assumed by a S▇▇▇▇▇▇▇-controlled company. This would include any indirect costs such as guarantee fund assessments and forced writings (specifically including any Florida homeowners required to be written as a result of recent legislation).