Permitted Letters of Credit definition

Permitted Letters of Credit means (i) each standby letter of credit issued by a financial institution acceptable to the Administrative Agent for the account of the Borrower or any of its Subsidiaries in support of obligations arising in the ordinary course of business of the Borrower or such Subsidiary and (ii) each trade letter of credit issued by a financial institution acceptable to the Administrative Agent for the account of the Borrower or any of its Subsidiaries and for the benefit of sellers of goods to the Borrower or such Subsidiary in support of commercial transactions of the Borrower or such Subsidiary in the ordinary course of business.

Permitted Letters of Credit means each letter of credit described on Schedule 1.01.

Permitted Letters of Credit means letters of credit issued by a bank or financial institution for the account of Borrowers or their Subsidiaries for the purpose of securing or supporting Borrowers’ and their Subsidiaries’ obligations incurred in the ordinary course of business with respect to (a) landlords of real property leased by Borrowers and their Subsidiaries, and (b) performance, surety, statutory and appeal bonds, but excluding any Title IV Letter of Credit or any other letter of credit in favor of the Secretary of the DOE.

Examples of Permitted Letters of Credit in a sentence

• The Issuing Bank shall have the right to receive, solely for its own account, such amounts as it and the Company may agree, in writing, to compensate the Issuing Bank with respect to issuance fees and the Issuing Bank's out-of-pocket costs of issuing and servicing Permitted Letters of Credit.

• Other than the making of the Permitted Borrowing and the issuance of the Permitted Letters of Credit, the Borrower shall not have the right to obtain and no Lender shall have any obligation to make, issue or renew, any Advance or any Letter of Credit or any other extension of credit under the Credit Agreement or any other Loan Document, without the prior written consent of the Required Lenders.

• The Borrower will not, nor will it permit any Subsidiary to, apply for or become liable upon or in respect of any Letter of Credit other than Facility LCs and Permitted Letters of Credit.

• Obligations with respect of Permitted Letters of Credit secured by Liens as permitted by Section 6.15 (x) shall be excluded from the definition of Indebtedness for all purposes.

• Notwithstanding anything to the contrary herein, no Ford Letter of Credit may be issued other than Permitted Letters of Credit.

More Definitions of Permitted Letters of Credit

Permitted Letters of Credit means any letters of credit or surety bonds serving as financial guarantees required by Brazilian regulatory authorities for (i) work commitments as a part of concession agreements, (ii) estimated costs to abandonment wells and facilities at the end of the economic life of a field, or (iii) other requirements.

Permitted Letters of Credit means letters of credit in the maximum aggregate stated amount of $10,000,000.00 from time to time outstanding, issued by Bank One, N.A., in its individual capacity, having expiry dates later than would be permitted for a Facility LC but bearing fees and charges substantially identical to the then-current fees and charges applicable to Facility LCs.

Permitted Letters of Credit means those certain letters of credit issued by First Commonwealth or another Lender (or Affiliate of First Commonwealth or such other Lender) on behalf of the Borrower or another Loan Party (or a Subsidiary of a Loan Party) that are not Letters of Credit hereunder; provided, that the aggregate amount of any such letters of credit shall not exceed, at any time, $8,000,000.

Permitted Letters of Credit has the meaning specified in Section 5(b)(ii)(M).

Permitted Letters of Credit means letters of credit issued for the benefit of a Borrower and reimbursement obligations with respect thereto in the maximum aggregate stated amount of$2,000,000 from time to time outstanding; provided, that in no event shall any such letter of credit have a stated amount of $100,000 or more; provided, further, that to the extent there shall exist a Defaulting Lender with respect to which the Fronting Exposure arising from such Defaulting Lender is not covered in a manner contemplated by this Agreement, the foregoing

Permitted Letters of Credit shall have the meaning given such term in Section 2.13.

Permitted Letters of Credit means letters of credit or letter of credit facilities of any of HoldCo and its subsidiaries not exceeding $25,000,000 in the aggregate.