Permitted Indebtedness

Permitted Indebtedness. Means (a) the indebtedness evidenced by the Note, and (b) indebtedness that (i) is expressly subordinate to the Note pursuant to a written subordination agreement with the Secured Party that is acceptable to the Secured Party in its sole and absolute discretion and (ii) matures at a date later than the 91st day following the Maturity Date.

Permitted Indebtedness. (i) Indebtedness evidenced by this Note and the Other Notes; (ii) Indebtedness listed on the Disclosure Schedule to the Securities Purchase Agreement; (iii) trade payables incurred in the ordinary course of business consistent with past practice; and (iv) Subordinated Indebtedness not to exceed $5,000,000 in the aggregate at any time.

Permitted Indebtedness. (a) the Company's Indebtedness to the Noteholder under this Note; (b) Subordinated Debt; (c) Indebtedness existing on the date hereof and disclosed on the Perfection Certificate(s) delivered in accordance with the Security Agreement; (d) unsecured Indebtedness to trade creditors incurred in the ordinary course of business; (e) Indebtedness consisting of capitalized lease obligations and purchase money Indebtedness, in each case incurred by the Company to finance the acquisition, repair,... improvement or construction of fixed or capital assets of such person, provided that (i) the aggregate outstanding principal amount of all such Indebtedness does not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) at any time and (ii) the principal amount of such Indebtedness does not exceed the lower of the cost or fair market value of the property so acquired or built or of such repairs or improvements financed with such Indebtedness (each measured at the time of such acquisition, repair, improvement or construction is made); (f) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of the Company's business; and (g) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (e) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose materially more burdensome terms upon the Company. View More