Permitted Indebtedness

Permitted Indebtedness. Shall mean any Indebtedness of the Company under the Convertible Note as amended from time to time or any Indebtedness permitted pursuant to Section 7.1 of the Term Loan Credit Agreement (as in effect prior to the date hereof and as though continuing in effect), which Section 7.1 is incorporated herein by reference, mutatis mutandis, with the following amendments: (i) clause (a) thereof is hereby deleted and replaced with "(a) [reserved];" (ii) clause (b) thereof is hereby deleted and replaced... with "(b) [reserved];" (iii) clause (c) thereof is hereby amended and restated in its entirety as follows: "(c) (i) Indebtedness of the Company owing to SWK Funding LLC in an aggregate principal amount not to exceed $6,500,000.00, (ii) Indebtedness of the Company under the SWK Tranche B Loans and (iii) the amount of any paid-in-kind interest added to the principal amount of the Indebtedness set forth in the foregoing clauses (i) or (ii) pursuant to the terms of the SWK Credit Agreement;" and (iv) clause (o) thereof is hereby amended by replacing the reference to "clauses (a)" therein with "clauses (c)". View More

Permitted Indebtedness. Any of: (a) the indebtedness evidenced by the Debentures, (b) the Indebtedness set forth on Schedule 3.1(bb), (c) lease obligations and purchase money indebtedness of up to $5,000,000, in the aggregate, incurred in connection with the acquisition of capital assets and lease obligations with respect to newly acquired or leased assets, (d) leases obligations in respect of existing as of business locations following the date hereof, (e) indebtedness that is expressly subordinate to the Debentures... pursuant to a written subordination agreement with the Purchasers that is acceptable to a majority in interest of the then Holders and matures at a date later than the 91st day following the Maturity Date, (f) intragroup loans between the Company and any of its Subsidiaries, (g) indebtedness incurred in connection with the new facility of the Company and its Subsidiaries provided that such indebtedness is secured, if any, only by such new facility, (h) indebtedness to the Company or any of its Subsidiaries incurred in the aggregate amount of up to $5,000,000 of outstanding indebtedness View More

Permitted Indebtedness. (a) any Indebtedness with a yield of 8% per annum or less and that is secured by all or substantially all of the assets of the Company through a first priority security interest; (b) any indebtedness outstanding as of the date hereof, (c) lease obligations and purchase money indebtedness incurred in connection with the acquisition of capital assets and lease obligations with respect to newly acquired or leased assets in the ordinary course of business, and (d) any indebtedness issued by the... Company to any SBA-approved lender or SBA-approved financial institution View More

Permitted Indebtedness. Means: (a) any indebtedness under this Loan Agreement; (b) any indebtedness listed on Schedule VIII and any Permitted Refinancing Indebtedness in respect of such Indebtedness; (c) Permitted Purchase Money Indebtedness and any Permitted Refinancing Indebtedness in respect of such indebtedness; (d) Permitted Intercompany Investments; (e) indebtedness incurred in the ordinary course of business under performance, surety, statutory, and appeal bonds; (f) indebtedness owed to any Person providing... property, casualty, liability, or other insurance to the Loan Parties, so long as the amount of such indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the period in which such indebtedness is incurred and such indebtedness is outstanding only during such period; (g) the incurrence by any Loan Party of indebtedness incurred for the bona fide purpose of hedging the interest rate, commodity, or foreign currency risks associated with such Loan Party's operations and not for speculative purposes; (h) indebtedness incurred in respect of credit cards, credit card processing services, debit card , stored value cards, purchase cards (including so-called procurement cards or P-cards) or other similar cash management services, in e, incurred in the ordinary course of business; (i) contingent liabilities in respect of any indemnification obligation, adjustment of purchase price, non-compete, or similar obligation of any Loan Party incurred in connection with the consummation of an acquisitions; (j) indebtedness outstanding under a letter of credit facility; provided that (i) such indebtedness consists entirely of reimbursement obligations in respect of letters of credit, surety bonds and/or other similar instruments issued thereunder (and related fees and expenses); (ii) the aggregate principal amount of such indebtedness (which shall be equal to the face amount of the letters of credit, surety bonds and/or other similar instruments issued thereunder) does not exceed $1,500,000; and (iii) such indebtedness is unsecured, other than with respect to Liens on cash collateral to the extent permitted by clause (p) of the definition of Permitted Liens; (k) inventory financing incurred by the Borrower in the ordinary course of the Borrower's business and consistent with the Borrower's past practices; provided that the aggregate amount outstanding at any time with respect to such financing shall not exceed $10,000,000; and (l) indebtedness the net proceeds of which are at least sufficient to pay all principal and accrued interest (including any default interest) with respect to the Loans and are placed in escrow satisfactory to the Lender (in its sole and absolute discretion) for such purpose. View More

Permitted Indebtedness. The definition of "Permitted Indebtedness" set forth in the Credit Agreement is hereby amended by (A) deleting the reference to "and" at the end of clause (p) therein, (B) deleting the period at the end of clause (q) therein and replacing it with ", and" and (C) adding the following new clause (r) at the end thereof: "(r) Indebtedness of Reno SPE arising in connection with the Reno Mortgage, provided, that, (i) the aggregate principal amount of such Indebtedness shall not exceed $6,750,000 and... shall be on terms and conditions reasonably satisfactory to Agent, (b) by no later than three (3) Business Days after the date of the incurrence of such Indebtedness, all of the Net Cash Proceeds thereof shall be remitted to the Agent Payment Account and applied to payment of the Obligations, but shall not reduce the Commitments and (c) such Indebtedness shall be incurred by no later than 60 days after the date of Amendment No. View More

Permitted Indebtedness. Debt of a Person whose assets or equity interests are acquired in a Permitted Acquisition; provided that such debt (i) was in existence prior to the date of such Permitted Acquisition, (ii) was not incurred in connection with, or in contemplation of, such Permitted Acquisition and (iii) such Indebtedness is not guaranteed in any respect by Borrower or any of its Subsidiaries (other than the acquired entities); provided that for the avoidance of doubt the "Deferred Cash Payment Amount" described... in the Theraplant Amendment, as in effect on the date hereof, is not assumed debt subject to this clause (q); provided further that for the avoidance of doubt, the assumed debt set forth on Schedule 1.03 of the True Harvest Acquisition Agreement shall be permitted pursuant to this clause (q); View More

Permitted Indebtedness. Means (a) indebtedness with an aggregate principal amount of up to $40,000,000 incurred pursuant to secured loan facilities of the Company and any extensions, refinancings, modifications, amendments and restatements thereof, provided that such loan facilities are approved by the Board of Directors and the principal amount thereof is not increased above $40,000,000, (b) guarantees of the obligations of any wholly-owned subsidiary of the Company provided to landlords or sublessors in connection... with real estate leases, (c) obligations under letters of credit in an aggregate outstanding amount of up to $2,000,000 in connection with real estate leases and (d) obligations under equipment leases (not to exceed $150,000 with respect to any individual equipment lease or $1,000,000 in the aggregate unless otherwise contemplated in the annual operating budget approved by the Board of Directors). View More

Permitted Indebtedness. Means (i) Indebtedness evidenced by this Note; (ii) debt incurred to make acquisitions; (iii) trade payables incurred in the ordinary course of business consistent with past practice, (iv) unsecured indebtedness not in excess of $100,000 in the aggregate, and (v) Indebtedness secured by Permitted Liens.

Permitted Indebtedness. The meaning set forth in the Schedule.

Permitted Indebtedness. In Section 1.1 of the Loan Agreement shall be hereby amended to amend and restate clause (m) thereof as follows: "(m) Indebtedness in respect of a revolving credit facility in an aggregate principal amount not to exceed $22,000,000 (the "Revolving Credit Facility"), so long as (i) no Subsidiary of the Borrower that is not a Loan Party shall be the borrower, a guarantor, obligor or otherwise obligated thereunder, (ii) the lenders providing the Revolving Credit Facility are third parties that... are not (A) a Loan Party, (B) a Lender, (C) a lender under the Senior Facility Agreement, (D) any Person set forth on Schedule 1.1 or (E) any Affiliate or Subsidiary of any of the foregoing; and (iii) only one Revolving Credit Facility may be in effect or exist at any time; and" View More