Permitted Credit definition

Permitted Credit means a letter of credit that is a Financial Credit or a Performance Credit and shall not include any “direct pay” letter of credit or any letter of credit which contains any provisions providing for automatic reinstatement of the stated amount after any drawing thereunder.
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Permitted Credit means a standby Credit used directly or indirectly to cover a default in (a) the performance of any non-financial or commercial obligations of the Company or any Subsidiary or other Affiliate under specific contracts, including a Credit issued in favor of a bank or other surety who in connection therewith issues a guarantee or similar undertaking, performance bond, surety bond or other similar instrument that covers a default in the performance of any non-financial or commercial obligations under specific contract, or (b) the payment of any financial obligation of the Company or any Subsidiary or other Affiliate.
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Permitted Credit means a Letter of Credit that is a Financial Credit or a Performance Credit and shall not include any “direct pay” Letter of Credit or any Letter of Credit which contains any provisions providing for automatic reinstatement of the stated amount after any drawing thereunder.
Sample 1Sample 2

Examples of Permitted Credit in a sentence

  • The Insurer may at any time and at its sole discretion give notice in writing to the Insured reducing any Permitted Credit Limit or cancelling or varying the cover granted by this Policy in respect of any particular Insured Buyer or Approved Country.

  • The Permitted Credit Limits under the Policy, any other limits or Deductibles, premiums, limit management charges and any other charges are expressed in the Policy Currency, and such amounts will not vary according to changes in the exchange rate between the Policy Currency and any other currency, unless specifically agreed by the Insurer in writing.

  • Credit Limit Endorsement is an endorsement issued by the Insurer and specifies the approved Permitted Credit Limit in respect of the named Insured Buyer or specifies that the Permitted Credit Limit is “Nil or 0” reflecting that no cover is available.

  • Permitted Credit Limit in respect of any indebtedness of an Insured Buyer is either the limit specified by the Insurer in a Credit Limit Endorsement or where no Credit Limit Endorsement has been issued is an amount not exceeding the discretionary credit limit (if available) that has been established by the Insured in accordance with the criteria outlined in the Schedule.

  • Permitted Credit Limit in respect of any indebtedness of an Insured Buyer is the limit specified by the Insurer in a Credit Limit Endorsement.

  • Snow is composed of millions of star-shaped hexagonal ice crystals.- Steel mesh (The surface of a helicopter landing area is a made of steel mesh.) 2- Water (The helicopter landing area is an area of water.) 6- Other (The type of the helicopter landing area is other than one of the above.) 98- Unknown (The surface type of the helicopter landing area has not been established.) 99Id: 9 Helicopter landing area type (Helicopter land.

  • The Issuer shall procure that during each calendar year, there shall be a period of 5 consecutive calendar days during which the amount outstanding under the Permitted Credit Facility shall amount to zero.

  • Once the new member has shown interest by attending a council social event orservice project, and is mindful and comfortable in the way your local council operates, then ask them to start coming to meetings.

  • The Issuer shall procure that during each calendar year there shall be a period of five (5) consecutive days during which the amount outstanding under any Permitted Credit Facility, less cash and cash equivalents of the Group, amounts to zero (0) or less.

  • The first sentence of Section 8.05(a) is hereby amended and restated to read: at any Participating Store any fixed payment or closed-end type credit product or any open-end consumer credit program, credit facility, credit card program, charge program or debit or secured card program or facility other than a Permitted Credit Program.


More Definitions of Permitted Credit

Permitted Credit means any credit extended by us to the Owner as described in the Ship Management Agreement ), including, but not limited to our fees, not exceeding an amount in aggregate of US$1,000,000 (United States Dollars One million only); and
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Related to Permitted Credit

  • Specified Credit Party means any Credit Party that is not an “eligible contract participant” under the Commodity Exchange Act.

  • Amended Credit Agreement means the Existing Credit Agreement as amended hereby.

  • Affected Creditor means a creditor whose claim relates to a liability that is reduced or converted to shares or other instruments of ownership by the exercise of the write down or conversion power pursuant to the use of the bail-in tool;

  • Additional Credit Party means each Person that becomes a Guarantor by execution of a Joinder Agreement in accordance with Section 5.10.

  • Second Lien Credit Agreement means the Second Lien Credit Agreement, dated as of the Closing Dates thereof among the Borrower, the other Credit Parties from time to time party thereto, the Second Lien Lenders and the Second Lien Administrative Agent, as the same may be amended, restated and/or modified from time to time subject to the terms thereof.

  • Bank Credit Agreement means the Revolving Credit and Term Loan Agreement, dated as of January 26, 2015, by and among the Company and certain of its Subsidiaries, Bank of America, N.A., as administrative agent, and the other financial institutions party thereto, as amended, restated, joined, supplemented or otherwise modified from time to time, and any renewals, extensions or replacements thereof, which constitute the primary bank credit facility of the Company and its Subsidiaries.

  • Original Credit Agreement shall have the meaning assigned to such term in the recitals hereto.

  • New Credit Agreement means the Credit Agreement, dated as of the Issue Date, by and among Level 3 Parent, LLC, Level 3 Financing, Inc., Wilmington Trust, National Association, as administrative agent, the New Credit Agreement Agent and each lender party thereto from time to time, as may be amended, restated, supplemented or otherwise modified from time to time.

  • U.S. Credit Agreement means that certain credit agreement dated as of even date herewith by and among the U.S. Borrower, as borrower, the lenders party thereto, as lenders, and the U.S. Administrative Agent, as administrative agent.

  • Existing ABL Credit Agreement means that certain ABL credit agreement, dated as of April 19, 2013, among Petco Animal Supplies, Inc., the lenders party thereto, Bank of America, N.A., (as successor to Credit Suisse AG) as administrative agent, Xxxxx Fargo Bank, National Association, as collateral agent, and the subsidiaries of Petco Animal Supplies, Inc. from time to time party thereto, as amended by that certain First Amendment to the ABL Credit Agreement, dated as of November 21, 2014.

  • Senior Credit Agreement means that Credit Agreement dated as of December 1, 2006 (as amended, supplemented or otherwise modified from time to time), among the Issuer, Holdings, IV, Holdings V, Holdings III, each lender from time to time party thereto and the Administrative Agent.

  • ABL Credit Agreement as defined in the recitals hereto.

  • First Lien Credit Agreement has the meaning set forth in the recitals hereto.

  • Second Lien Loan Documents means the “Loan Documents” as defined in the Second Lien Credit Agreement.

  • Senior Secured Credit Agreement means that certain Credit Agreement, dated as of September 27, 2018, among the Borrowers, the lenders from time to time party thereto, JPMCB as administrative agent, JPMCB as collateral agent, and the other parties thereto, as amended, restated, amended, restated, extended, supplemented, refinanced or otherwise modified from time to time.

  • U.S. Credit Party means the U.S. Borrower and each U.S. Subsidiary Guarantor.

  • Prepetition Credit Agreement has the meaning specified in the recitals hereto.

  • Warehouse Lender means any lender providing financing to Seller for the purpose of warehousing, originating or purchasing a Mortgage Loan, which lender has a security interest in such Mortgage Loan to be purchased by Purchaser.

  • Credit Agreement Collateral Agent has the meaning assigned to such term in the introductory paragraph of this Agreement.

  • Five-Year Credit Agreement means the Five Year Credit Agreement dated March 31, 1999, among the Company, the Subsidiary Borrowers party thereto, the Lenders and the Administrative Agent, as Administrative Agent, as such agreement may be amended, restated or extended from time to time.

  • Borrower Credit Agreement Obligations the collective reference to the unpaid principal of and interest on the Loans and Reimbursement Obligations and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and Reimbursement Obligations and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, this Agreement, or the other Loan Documents, or any Letter of Credit, or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the foregoing agreements).

  • Credit Agreement Collateral Documents means the Security Agreement, the other Collateral Documents (as defined in the Credit Agreement) and each other agreement entered into in favor of the Credit Agreement Collateral Agent for the purpose of securing any Credit Agreement Obligations.

  • Open-end credit means credit extended by a creditor under an agreement in which:

  • Credit Parties means the Borrower and the Guarantors.

  • DIP Credit Agreement means the Senior Secured Superpriority Debtor-in-Possession Credit Agreement, dated as of April 1, 2009, among the Companies, the Investor and the other lenders and agents from time to time party thereto, after giving effect to all amendments, waivers, supplements, modifications and any substitutions therefor.

  • Earned credit means the amount of the bid incentive allocated to a contractor upon completion of a contract in which the contractor met or exceeded his or her goals for the utilization of BEPDs in the performance of the contract.