Performance LCs definition
Performance LCs means letters of credit securing performance obligations of TEL and/or any of its Subsidiaries under contracts entered into by TEL or its Subsidiaries in the ordinary course of business relating to the exploration for Hydrocarbons and the development, transportation and production of Hydrocarbons and Mineral Interests. "Performance LCs" expressly exclude letters of credit securing Debt or trade accounts payable. "Performance LCs" further expressly excludes any letter of credit which (or the reimbursement obligation for which) would be reflected as a liability on a balance sheet of the account party prepared in accordance with GAAP.
Performance LCs means bid, performance or other letters of credit or bank guarantees (in each case other than Financial Standby LCs).