Permitted Guarantee definition
Permitted Guarantee means (a)(i) any guarantee arising under the Notes Documents and (ii) any guarantee arising under the Second Lien Notes Documents (but excluding any additional Second Lien Notes (other than additional Second Lien Notes issued in respect of interest paid in kind thereunder)) and the SN Interest Second Lien Notes Documents (but excluding any additional SN Interest Second Lien Notes (other than additional SN Interest Second Lien Notes issued in respect of interest paid in kind thereunder)) granted by an Obligor (on a pari passu or junior-ranking basis as compared to the respective Note Guarantee); (b) any guarantee in respect of the Termed Out Amount in a maximum principal amount not exceeding the principal amount of the Termed Out Amount immediately following the Restructuring Effective Date, or Permitted Financial Indebtedness incurred under clause (k) or (l) of the definition thereof or any Permitted Refinancing Indebtedness in respect thereof; (c) any guarantee issued by a member of the Group in the ordinary course of business and not in respect of Financial Indebtedness, including for the avoidance of doubt, any guarantee given to ship-managers or ship-owners in relation to vessel charter contracts or capacity offtake agreements, in each case in the ordinary course of business; (d) any guarantee issued by a member of the Group in respect of the Permitted Financial Indebtedness of another member of the Group; provided that the aggregate outstanding principal amount of guarantees issued after the Restructuring Effective Date by Obligors in respect of Financial Indebtedness of members of the Group that are not Obligors shall not exceed at any time $300,000,000 (or its equivalent in another currency or currencies), plus the Available Amount that is Not Otherwise Applied, less the aggregate principal amount of loans made by Obligors to members of the Group that are not Obligors pursuant to clause (b) of the definition of Permitted Loan, less the total amount of cash and non-cash consideration paid for Equity Interests issued pursuant to clause (d)(vi) of the definition of Permitted Share Issue (not including any consideration paid for any Equity Interests issued by non-Obligors to Obligors as a result of the requirements of applicable law) as such amount may be reduced by the aggregate amount of dividends and share capital redemptions received by any Obligor in respect of any such Equity Interests pursuant to clause (d)(vi) of the definition of Permitted Shar...
Permitted Guarantee has the meaning ascribed to it in Clause 22.13 (Guarantees).
Permitted Guarantee means a guarantee or indemnity from an entity with a Required Rating in respect of Party A’s obligations under the Swap Transaction in a form and substance reasonably satisfactory to the Trustee and the Issuer and on substantially the same terms as the Credit Support Document relating to the Swap Transaction;
Examples of Permitted Guarantee in a sentence
No Obligor will and each Obligor will procure that none of its Subsidiaries will, grant or agree to grant or permit to subsist any guarantee by it, other than a Permitted Guarantee.
Contract, create, incur, assume or permit to exist any Guarantee Obligations, except Permitted Guarantee Obligations.
The Borrower will not, nor will it permit any Subsidiary to, contract, create, incur, assume or permit to exist any Guarantee Obligations, except Permitted Guarantee Obligations.
The Company may re-designate the Relevant Increase between each of the baskets within each Permitted Basket (which appear in the same provision or the same definition (including the definition of Permitted Business Acquisition, Permitted Disposal, Permitted Financial Indebtedness, Permitted Guarantee, Permitted Loan, Permitted Payment, Permitted Sale and Leaseback and Permitted Security)) at its sole discretion.
Except for a Permitted Guarantee or a Permitted Transaction, the Borrower may not (and shall ensure that no other member of the Group will) incur or allow to remain outstanding any guarantee, indemnity or other assurance against loss in respect of any obligation of any person.
More Definitions of Permitted Guarantee
Permitted Guarantee has the meaning given to that term in Clause 22.12 (Third party guarantees);
Permitted Guarantee means any guarantee or indemnity:
Permitted Guarantee means:
(a) any guarantee arising under the Finance Documents;
(b) any guarantee permitted under C▇▇▇▇▇ 22.19 (Financial Indebtedness);
(c) any guarantee given in respect of the netting or set-off arrangements permitted pursuant to “Permitted Security”;
(d) any indemnity given in the ordinary course of the documentation of an acquisition or disposal transaction which is a Permitted Acquisition or Permitted Disposal which indemnity is in a customary form and subject to customary limitations;
(e) any guarantee not permitted by the preceding paragraphs and in respect of Financial Indebtedness which does not exceed USD2,500,000 (or its equivalent) in aggregate for the Obligors at any time; or
(f) any other guarantee provided with the express prior written consent of the Lender.
Permitted Guarantee means: 308
Permitted Guarantee means any (i) unsecured guarantee by the Borrower (or similar instrument providing unsecured recourse to Borrower) of up to 5% of the obligations of, or commitments to, an SPE under any Permitted SPE Financing, plus any expenses related to the enforcement thereof, (ii) unsecured guarantee by the Borrower (or similar instrument providing unsecured recourse to Borrower) of the obligations of, or commitments to, an SPE under any Permitted SPE Financing, plus any expenses related to the enforcement thereof, which guarantee is triggered upon the occurrence of certain actions or omission to act by the Borrower, applicable SPE and other related persons, or (iii) the payment of any expenses of an SPE in connection with the SPE’s establishment and entry into a Permitted SPE Financing.
Permitted Guarantee means any Guarantee that is (a) an endorsement of a check for collection in the ordinary course of business or (b) a Guarantee of and only of the obligations of the Loan Parties under the Loan Documents.
Permitted Guarantee means one or more of the following guarantees of the Company or any Guarantor: (a) guarantees of Indebtedness of an Excluded Subsidiary consisting of loans or lines of credit incurred by such Excluded Subsidiary in the ordinary course of business that are secured solely by the assets of Excluded Subsidiary and which such guarantees are secured, if at all, solely by the Equity Interests issued by such Excluded Subsidiary to the Company or the Guarantor, as applicable, that is providing such guarantee, (b) unsecured guarantees of Permitted Funding Indebtedness or Agency Repurchase Indebtedness and (c) guarantees of obligations of an entity in which the Company, any Guarantor or an Excluded Subsidiary has directly or indirectly made an Investment that is not otherwise prohibited hereunder, which guarantee under this clause (c) shall be unsecured and shall be limited to usual and customary carve out matters with respect to fraud, misappropriation, breaches of representations and warranties and misapplication by the Company, the Guarantors or such entity.