Permitted Financial Institution definition

Permitted Financial Institution means any domestic commercial bank having capital and surplus in excess of $5.0 billion and whose long-term debt is rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency).

Permitted Financial Institution means any bank or trust company which is organized or licensed as a branch or agency under the Laws of Canada, the United States of America or any province or state thereof and which has a rating that is equal to or greater than A- from S&P or A3 from Moody’s or the equivalent rating from another Major Rating Agency or, if no such bank or trust company meets this threshold, a bank listed on Schedule I, II or III of the Bank Act (Canada) that is no more than one rating below the highest rated bank listed on Schedule I of the Bank Act (Canada) as rated by any two Major Rating Agencies.

Permitted Financial Institution means (a) any commercial bank organized under the laws of (i) the United States or any state thereof or (ii) any member country of the Organization for Economic Co-operation and Development (an “OECD Bank”), in each case which has a combined capital and surplus and undivided profits of at least US$500 million (or the equivalent in other currencies) and (b) any Brazilian financial institution so long as the local national scale rating of such Person is “AA” or higher by S&P or Fitch and “Aa” or higher by Moody’s, including, in the case of clauses (a) and (b) above, any branch or wholly owned subsidiary thereof. “Total Secured Debt” means, (i) with respect to the Company, total Indebtedness secured by a Lien upon the property or assets of the Company and/or its consolidated Restricted Subsidiaries, or (ii) with respect to the Notes Guarantor and its consolidated Subsidiaries, total Indebtedness secured by a Lien upon the property or assets of the Notes Guarantor and/or its consolidated Subsidiaries, as of the date of the most recent consolidated quarterly balance sheet of the Company and its Restricted Subsidiaries or the Notes Guarantor and its consolidated Subsidiaries, as the case may be. “Total Secured Debt to Covenant EBITDA Ratio” means, with respect to the Company or the Notes Guarantor, as the case may be, at any date (i) Total Secured Debt divided by (ii) Covenant EBITDA for the period of four consecutive fiscal quarters ending on or most recently prior to such date. “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force at the date as of which this instrument was executed. 27

Examples of Permitted Financial Institution in a sentence

• The Borrower will not, and will not permit any of the Subsidiaries to, enter into any Hedging Transaction, other than (i) Hedging Transactions entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities and (ii) Hedging Transactions consisting of Permitted Financial Institution Subsidiary Indebtedness.

• As of the Closing Date, the Liens on the assets or property of the Borrower and its Subsidiaries (other than Permitted Encumbrances (but for purposes of this Section 4.25 including Permitted Encumbrances described in clause (v) of the definition thereof) and Liens securing Permitted Financial Institution Subsidiary Indebtedness), collectively, secure obligations that do not exceed $25,000,000 in the aggregate.

• The Borrower will not, and will not permit any of the Subsidiaries to, enter into any Hedging Transaction, other than (i) those permitted under section (k) of the defined term Permitted Financial Institution Indebtedness, or (ii) Hedging Transactions entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities.

• The Borrower will not, and will not permit any of the Subsidiaries to, enter into any Hedging Transaction, other than (i) Hedging Transactions entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities, and (ii) Hedging Transactions constituting Permitted Financial Institution Subsidiary Indebtedness.

• The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Hedging Transaction, other than (i) those permitted under section (k) of the defined term Permitted Financial Institution Indebtedness, or (ii) Hedging Transactions entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities.

More Definitions of Permitted Financial Institution

Permitted Financial Institution means any of Banco do Brasil S.A., Banco Bradesco S.A., HSBC Bank Brasil S.A.—Banco Múltiplo, Itaú Unibanco Holding S.A. or its affiliates, Banco Santander Brasil S.A. or any other Brazilian bank with a local rating of A (or equivalent) or higher from S&P, Fitch or Moody’s.

Permitted Financial Institution is defined in Section .

Permitted Financial Institution means any of (i) Itau BBA USA Securities, Inc., X.X. Xxxxxx Securities LLC, Xxxxxx Xxxxxxx & Co. LLC or any of their respective affiliates, or (ii) any other financial institution, or any of its respective affiliates, regulated by the Argentine Central Bank, the Brazilian Central Bank or the United States Federal Reserve.