L/C Supportable Obligations definition

L/C Supportable Obligations means and includes obligations of the Borrower or its Subsidiaries incurred in the ordinary course of business as are reasonably acceptable to the Administrative Agent and the respective Letter of Credit Issuer and otherwise permitted to exist pursuant to the terms of this Agreement.

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L/C Supportable Obligations means (i) obligations of the Borrower or any of the Restricted Subsidiaries with respect to workers compensation, surety bonds and other similar statutory obligations and (ii) such other obligations of Intermediate Holdings, the Borrower or any of the Restricted Subsidiaries as are not prohibited pursuant to the terms of this Agreement (other than obligations in respect of (x) the Senior Notes, (y) any other Indebtedness or other obligations that are subordinated in right of payment to the Obligations and (z) any Equity Interests).

L/C Supportable Obligations payment obligations of the Borrower and its Subsidiaries as permitted pursuant to Section 4.16.

Examples of L/C Supportable Obligations in a sentence

Such Letter of Credit may be issued for the account of the Borrower Agent, on behalf of any Borrower, and for the benefit of any holder of L/C Supportable Obligations.
Each notice shall be in the form of Exhibit C, appropriately completed (each a “Letter of Credit Request”) to specify: (i) the name of the respective Issuing Lender thereof; (ii) the date of issuance of such Letter of Credit (which shall be a Business Day); (iii) the initial Stated Amount of such Letter of Credit; (iv) the beneficiary of such Letter of Credit and the L/C Supportable Obligations to be supported thereby; and (v) the stated expiration date of such Letter of Credit.
Intermediate HoldCo and the Borrower shall not enter into, nor shall they permit any of their Subsidiaries to enter into, any insurance contract or policy to be supported by a Synthetic L/C if the obligations supported by such Synthetic L/C are not Synthetic L/C Supportable Obligations.
Such Letter of Credit may be issued for the account of the Borrower Agent, on behalf of any Borrower, a for the benefit of any holder of L/C Supportable Obligations.
The Synthetic L/Cs shall be used solely to support Synthetic L/C Supportable Obligations.

More Definitions of L/C Supportable Obligations

L/C Supportable Obligations means (i) obligations of the Borrower or any of its Subsidiaries with respect to workers compensation, surety bonds and other similar statutory obligations and (ii) such other obligations of the Borrower or any of its Subsidiaries as are reasonably acceptable to the respective Issuing Bank and otherwise permitted to exist pursuant to the terms of this Agreement (other than obligations in respect of (w) Prepetition Obligations outstanding under the Prepetition Credit Agreement, (x) the Senior Subordinated Notes, (y) any other Debt or other obligations that are subordinated in right of payment to the Obligations and (z) any Equity Interests).

L/C Supportable Obligations means obligations of the Corporation or any of its Subsidiaries incurred in the ordinary course of business and which do not violate the applicable provisions, if any, of this Agreement.

L/C Supportable Obligations means obligations of the Borrower or any of its Subsidiaries incurred in the ordinary course of business.

L/C Supportable Obligations means (i) obligations of the Borrower or any of its Subsidiaries with respect to workers’ compensation, surety bonds and other similar statutory or regulatory obligations, (ii) obligations of the Borrower or any of its Subsidiaries entered into in the ordinary course of business (including, without limitation, with respect to customer contracts and obligations to the seller of goods) and (iii) such other obligations of the Borrower or any of its Subsidiaries as are reasonably acceptable to the respective Issuing Lender and otherwise permitted to exist pursuant to the terms of this Agreement (other than obligations in respect of Indebtedness which is subordinated to any of the Obligations (including any Permitted Subordinated Debt) or capital stock).

L/C Supportable Obligations means such obligations of Borrower or any Subsidiary as are not inconsistent with the policies of the Letter of Credit Issuer determined reasonably and in good faith.

L/C Supportable Obligations means obligations of the Parent Guarantors, the Borrowers or any of their Subsidiaries permitted hereunder (other than obligations in respect of (w) any Exit Notes (and any Permitted Refinancing Indebtedness in respect thereof), (x) any Exit Term Loans (and any Permitted Refinancing Indebtedness in respect thereof), (y) any Indebtedness or other obligations that are subordinated in right of payment to the Obligations and (z) any Equity Interests).

L/C Supportable Obligations means obligations of Furniture Brands or its Restricted Subsidiaries incurred in the ordinary course of business with respect to insurance obligations and workers' compensation, surety bonds and other similar statutory obligations, and all obligations customarily supported by Standby Letters of Credit and satisfactory to the Administrative Agent.