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.
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Permitted Debt.
Shall mean means: (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, Documents, 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 Line of Credit Note; (iv) Debt of the Company under the Harlingwood Notes; (v) Debt of the Company and any Subsidiary of the Company existing on the date hereof and disclosed to Holder on Schedule A hereto or and 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) (vi) Debt of Spy Optic Europe S.r.l.S.U. (formerly known as Orange 21 Europe, S.r.l. (formerly known as and Spy Optic, S.r.l.) and LEM S.r.l. and extensions, renewals and refinancings of such Debt; (vi) (vii) 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) (viii) 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) (ix) interest rate swaps, currency swaps and similar financial products entered into or obtained in the ordinary course of business; and (ix) (x) capital leases or other Debt incurred solely to acquire equipment, computers, software or implement tenant improvements which is secured in accordance with clause (x) (viii) 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.
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Permitted Debt.
Shall shall mean (i) Obligations of the Company to Holder hereunder or under any other document related to or in connection with
this the Note; (ii)
Obligations of the Company under the Promissory Note dated as March 19, 2010 (the "March 2010 Note"), by the Company in favor of Holder and under any other document related to or in connection therewith; (iii) Debt of the Company under the BFI Loan Documents not to exceed
a principal amount of $7,000,0000 $4,000,0000 at any one time outstanding, or
... amendments, extensions, renewals, refinancings, or replacements renewals and refinancings of such Debt with (A) BFI Business Finance or (B) with any other lender, Debt, provided that (x) the maximum available principal amount of such Debt being extended, renewed, refinanced, renewed or replaced refinanced under this clause (ii) the BFI Loan Documents does not increase, (y) increase and in no case shall the Company be permitted to draw in excess of $7,000,000 of principal $4,000,000 at any one time outstanding and (z) any refinancing or replacement of -3- under 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; Documents; (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) (viii) capital leases or other Debt incurred solely to acquire equipment, computers, software or implement tenant improvements which is secured in accordance with clause (x) (ix) 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.
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Permitted Debt.
Shall shall mean (i) Obligations of the Company to Holder hereunder or under any other document related to or in connection with
this the Note; (ii)
Obligations of the Company under (a) the Promissory Note dated as March 19, 2010 (the "March 2010 Note"), by the Company in favor of Holder and under any other document related to or in connection therewith and (b) the Promissory Note dated as of October 4, 2010 (the "October 2010 Note"), by the Company in favor of Holder and under any other... document related to or in connection therewith; (iii) Debt of the Company under the BFI Loan Documents not to exceed a principal amount of $7,000,0000 $4,000,0000 at any one time outstanding, or amendments, extensions, renewals, refinancings, or replacements renewals and refinancings of such Debt with (A) BFI Business Finance or (B) with any other lender, Debt, provided that (x) the maximum available principal amount of such Debt being extended, renewed, refinanced, renewed or replaced refinanced under this clause (ii) the BFI Loan Documents does not increase, (y) increase and in no case shall the Company be permitted to draw in excess of $7,000,000 of principal $4,000,000 at any one time outstanding and (z) any refinancing or replacement of -3- under 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; Documents; (iv) Debt of the Company and any Subsidiary of the Company existing on the date hereof and disclosed to -3- 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) (viii) capital leases or other Debt incurred solely to acquire equipment, computers, software or implement tenant improvements which is secured in accordance with clause (x) (ix) 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.
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Permitted Debt.
Shall shall mean (i) Obligations of the Company to Holder hereunder or under any other document related to or in connection with
this the Note; (ii) Debt of the Company under the BFI Loan Documents not to exceed
a principal amount of $7,000,0000 $4,000,0000 at any one time outstanding, or
amendments, extensions,
renewals, refinancings, or replacements renewals and refinancings of such
Debt with (A) BFI Business Finance or (B) with any other lender, Debt, provided that
(x) the
maximum available...renewed, refinanced, renewed or replaced refinanced under this clause (ii) the BFI Loan Documents does not increase, (y) the terms thereof are not modified to impose more burdensome terms upon the Company, and in no case shall the Company be permitted to draw in excess of $7,000,000 of principal $4,000,000 at any one time outstanding and (z) any refinancing or replacement of -3- under the BFI Loan Documents with loans from any other lender shall be on terms and in the form reasonably acceptable to Holder; Documents; (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 hereto1 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) (iv) 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) (v) 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) (vi) 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) (vii) interest rate swaps, currency swaps and similar financial products entered into or obtained in the ordinary course of business; and (ix) (viii) capital leases or other Debt incurred solely to acquire equipment, computers, software or implement tenant improvements which is secured in accordance with clause (x) (viii) 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. 1 If referencing SEC Reports to disclose Debt, please make specific references (page numbers) to such SEC reports.
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