Permitted Debt

Permitted Debt. Debt (a) existing or arising under this Note and any refinancing thereof; (b) existing as of the date of this Note and set out in Schedule A; (c) owed in respect of any netting services, overdrafts and related liabilities arising from treasury, depository and cash management services in connection with any automated clearinghouse transfers of funds; and (d) unsecured insurance premiums and trade payables owing in the ordinary course of business

Permitted Debt. Shall mean (i) Obligations of the Company to Holder hereunder or under any other document related to or in connection with this Note; (ii) Debt of the Company under the BFI Loan Documents not to exceed a principal amount of $7,000,0000 at any one time outstanding, or amendments, extensions, renewals, refinancings, or replacements of such Debt with (A) BFI Business Finance or (B) with any other lender, provided that (x) the maximum available principal amount of such Debt being extended, renewed,... refinanced, or replaced under this clause (ii) does not increase, (y) in no case shall the Company be permitted to draw in excess of $7,000,000 of principal at any one time outstanding and (z) any refinancing or replacement of -3- the BFI Loan Documents with loans from any other lender shall be on terms and in the form reasonably acceptable to Holder; (iii) Debt of the Company under the Existing Note; (iv) Debt of the Company and any Subsidiary of the Company existing on the date hereof and disclosed to Holder on Schedule A hereto or extensions, renewals and refinancings of such Debt, provided that the principal amount of such Debt being extended, renewed or refinanced does not increase and the terms thereof are not modified to impose more burdensome terms upon Company or the relevant Subsidiary; (v) Debt of Orange 21 Europe, S.r.l. (formerly known as Spy Optic, S.r.l.) and LEM S.r.l. and extensions, renewals and refinancings of such Debt; (vi) accounts payable to trade creditors for goods and services and current operating liabilities (not the result of the borrowing of money) incurred in the ordinary course of business of Company or any Subsidiary of the Company in accordance with customary terms; (vii) Debt consisting of guarantees resulting from endorsement of negotiable instruments for collection by the Company or a Subsidiary of the Company in the ordinary course of business; (viii) interest rate swaps, currency swaps and similar financial products entered into or obtained in the ordinary course of business; and (ix) capital leases or other Debt incurred solely to acquire equipment, computers, software or implement tenant improvements which is secured in accordance with clause (x) of the definition of "Permitted Liens" and is not in excess of the lesser of the purchase price or the fair market value of such equipment, computers, software or tenant improvements on the date of acquisition. View More

Permitted Debt. (viii) Debt with respect to any Escrow Securities and any Guarantee thereof and (ix)

Permitted Debt. Means: (a) the Obligation; (b) Debt which existed on the date of the Original Agreement and which is listed on Part B of Schedule 2.3; (c) Debt arising from endorsing negotiable instruments for collection in the ordinary course of business; (d) Subordinated Debt (and guarantees by Restricted Companies of Subordinated Debt of other Restricted Companies, if such guarantees are subordinated, upon terms satisfactory to... Agent, to the payment and collection of the Obligation); (e) in addition to the foregoing, (i) Debt of Unrestricted Subsidiaries which is non-recourse to the Restricted Companies and their assets, (ii) fees and other amounts payable under the Forest Service Permits in the ordinary course of business, and (iii) inter-Company Debt between Restricted Companies; (f) up to $12,975,000 of Debt arising under the guaranty by Borrower of amounts owed by SSI under its Credit Agreement dated as of December 30, 1998, as amended, restated or supplemented from time to time (with any remaining Debt under such guaranty included in clause (g) below); and (g) in addition to the foregoing, up to $100,000,000 of additional Debt of the Companies in the aggregate at any point in time. View More

Permitted Debt. Means the specific indebtedness described on Schedule One hereto.

Permitted Debt. Permitted Indebtedness as defined in the Debenture.

Permitted Debt. Shall mean (i) trade payables incurred in the ordinary course of business; (ii) one or more debt facilities used to finance the purchase of raw materials for products manufactured by the Company and inventory; (iii) factoring of accounts receivables; (iv) surety bonds and letters of credit issued or obtained in the ordinary course of business; (v) the refinancing of debt existing as of the date of this Agreement, upon substantially similar... terms; (vi) up to $3,000,000 of new Indebtedness; and (vii) debt incurred pursuant to that certain Interest Bearing Non-Convertible Installment Promissory Note that forms a part of the Securities Purchase and Share Exchange Agreement. View More

Permitted Debt. The individual and collective reference to the following: (a) Indebtedness incurred in connection with the Purchase Agreement and the Convertible Debenture Financing, (b) up to approximately $974,614 Indebtedness existing on the date of the Purchase Agreement as described in Schedule 3.1(aa) attached to the Purchase Agreement and (c) up to $3,000,000 in connection with the Company's revolving inventory and sales contract financing agreement with E.U.... Capital. View More

Permitted Debt. Means (i) the Notes; (ii) Debt existing and outstanding on the Date of Closing; (iii) the incurrence by the Company or any of its Subsidiaries of intercompany Indebtedness between or among the Company and any of its Subsidiaries; (iv) the accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms (including any Additional Notes), and the... payment of dividends on Disqualified Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Capital Stock for purposes of the definition thereof; provided in each such case, that the amount thereof is included in Fixed Charges of the Company as accrued; (v) Indebtedness issued to or borrowed from Elan Pharma International or an Affiliate thereof by the Company in consideration of the elimination of the royalty provisions of the Midrin Asset and Inventory Purchase Agreement dated as of June 29, 2001 by and among the Company, Elan Pharma International Limited and Elan Pharmaceuticals, Inc. in an aggregate principal amount not to exceed $1.5 million, so long as the Company fulfills its obligations under that certain letter agreement dated the date hereof between the Company and the Purchasers; and (vi) the incurrence by the Company or any of its Subsidiaries of additional Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any one time outstanding not to exceed $250,000. View More

Permitted Debt. (i) the Loans; (ii) any unsecured indebtedness arising in the ordinary course of business of Borrowers, including trade payables, utility costs, payroll and benefit obligations, accrued tax liabilities and other non- -11- SILICON VALLEY BANK LOAN AND SECURITY AGREEMENT - ------------------------------------------------------------------------------- extraordinary accounts payable; (iii) the Bridge Loan Debt; (iv) the... Convertible Notes; (v) the Seller Debt; and (vi) such other indebtedness described on EXHIBIT ___ attached hereto. [TO BE DETERMINED IF THERE SHALL BE ANY]. View More