Common use of Tranche A Commitment Clause in Contracts

Tranche A Commitment. On and subject to the terms and conditions of this Reimbursement and Pledge Agreement, each Issuing Bank agrees to issue, extend and renew for the account of Mont Re one or more standby letters of credit (a “Tranche A Letter of Credit”), from time to time before the Tranche A Commitment Termination Date and, as more fully set forth in §2.2, each Tranche A Lender agrees to purchase a participation in such Tranche A Letters of Credit, provided, however, that after giving effect to any request for such issuance, extension or renewal, (a) the Total Outstandings shall not exceed the Total Commitment at any one time, (b) the sum of the Tranche A Outstanding Amount shall not exceed the Total Tranche A Commitment at any one time, and (c) the Total Outstandings shall not exceed the Collateral Coverage Amount. The Borrowers, the Issuing Banks and the Lenders agree that the Existing Letters of Credit listed on Schedule 2.1.1 shall be Tranche A Letters of Credit hereunder.

Tranche A Commitment. On and subject to the terms and conditions of this Reimbursement and Pledge Agreement, each Issuing the Fronting Bank agrees to issue, extend and renew for the account of Mont Re one or more standby letters of credit (a “Tranche A Letter of Credit”), from time to time before the Tranche A Commitment Termination Date and, as more fully set forth in §2.2, each Tranche A Lender agrees to purchase a participation in such Tranche A Letters of Credit, provided, however, that after giving effect to any request for such issuance, extension or renewal, (a) the Total Outstandings shall not exceed the Total Commitment at any one time, (b) the sum of the Tranche A Outstanding Amount shall not exceed the Total Tranche A Commitment at any one time, and (c) the Total Outstandings shall not exceed the Collateral Coverage Amount. The Borrowers, the Issuing Banks Fronting Bank and the Lenders agree that the Existing Letters of Credit listed on Schedule 2.1.1 shall continue to be Tranche A Letters of Credit hereunder.