Permitted LC Debt definition
Permitted LC Debt means Indebtedness of the Borrower, any Subsidiary or other Loan Party in respect of letters of credit (other than a Letter of Credit) so long as (a) the outstanding amount of such Indebtedness does not exceed $11,000,000 in the aggregate and (b) the reimbursement obligations of the Borrower, any Subsidiary or other Loan Party in respect of such letters of credit are fully secured by cash or Cash Equivalents.
Examples of Permitted LC Debt in a sentence
The ratio of (i) Indebtedness (other than Permitted LC Debt) of the Borrower and its Subsidiaries to (ii) EBITDA for the four consecutive fiscal quarters most recently ended prior to the date of determination, to exceed 6.0 to 1.0 at any time.
The ratio of (i) Indebtedness (other than Permitted LC Debt) of the Borrower and its Subsidiaries to (ii) EBITDA for the four consecutive fiscal quarters most recently ended prior to the date of determination, to exceed 5.0 to 1.0 at any time.
The ratio of (i) Indebtedness (other than Permitted LC Debt) of the Borrower and its Subsidiaries to (ii) EBITDA for the four consecutive fiscal quarters most recently ended prior to the date of determination, to exceed 7.0 to 1.0 at any time.