Permitted Indebtedness

Permitted Indebtedness. Means (a) the indebtedness evidenced by the Notes, (b) the Indebtedness existing on the Original Issue Date and set forth on Schedule 3.01(bb) attached to the Purchase Agreement, (c) lease obligations and purchase money indebtedness of up to $3,000,000, in the aggregate, incurred in connection with the acquisition of capital assets and lease obligations with respect to newly acquired or leased assets used in manufacturing the Company's and its Subsidiaries' products, (d) indebtedness that (i)... is expressly subordinate to the Notes pursuant to a written subordination agreement with the Holders that is acceptable to each Holder in its sole and absolute discretion and (ii) matures at a date later than the 91st day following the Maturity Date, (e) financing for premiums on general business or director and officer insurance up to $3 million per calendar year, and (f) the Subordinated Debt. View More

Permitted Indebtedness. Has the meaning assigned in the Notes.

Permitted Indebtedness. Means (i) indebtedness evidenced by the Note and the Secured Note (ii) indebtedness existing as of the closing date, (iii) intercompany indebtedness, (iv) indebtedness for intercompany loans, (v) indebtedness in an amount not to exceed $100,000, and (vi) indebtedness in connection with the Spartan Financing.

Permitted Indebtedness. The Loan and the other indebtedness of the Company that is permitted under the Loan Documents.

Permitted Indebtedness. Means and includes: (i) Indebtedness of Debtor to Secured Party, (ii) Additional Indebtedness arising from the endorsement of instruments in the ordinary course of business, (iii) Additional Indebtedness existing on the date hereof and set forth in Schedule B, (iv) Subordinated Indebtedness, (v) Indebtedness between and among Ironwood and Microbia and any other affiliates thereof, (vi) Additional Indebtedness not to exceed $1 million dollars in the aggregate at any given time (vii)... Indebtedness secured by Permitted Liens; (vii) existing Indebtedness with Secured Party to secure the financing of specific equipment not to exceed $2,000,000 to be assigned by Secured Party to Webster Bank. View More

Permitted Indebtedness. Means (a) the indebtedness evidenced by the Notes, (b) the ndebtedness existing on the Original Issue Date, (c) lease obligations and purchase money indebtedness of up to $100,000, in the aggregate, incurred in connection with the acquisition of capital assets and lease obligations with respect to newly acquired or leased assets, (d) up to $2,500,000, in the aggregate, of additional non-equity linked indebtedness incurred by the Company it being understood, that in the case of this clause (d),... such transactions shall not have any equity components of any nature and the Company must provide the Holder with a written subordination agreement with respect to such additional Indebtedness, which agreement shall be reasonably satisfactory to the Holder and (e) indebtedness incurred in connection with an issuance or issuances contemplated by clause (d) under the definition of Exempt Issuance (as defined in the Note). Notwithstanding anything herein to the contrary, in no event shall any indebtedness be "Permitted Indebtedness" if such incurrence causes the Current Ratio (as used under GAAP) of the Company and its Subsidiaries on a consolidated basis to be less than 1.0. View More

Permitted Indebtedness. Means and includes: (i) Indebtedness of Debtor to Secured Party, (ii) Additional Indebtedness arising from the endorsement of instruments in the ordinary course of business, and (iii) Subordinated Indebtedness.

Permitted Indebtedness. (A) Indebtedness incurred by the Company that is made expressly subordinate in right of payment to the Indebtedness evidenced by this Note, as reflected in a written agreement acceptable to the Holder and approved by the Holder in writing (which approval shall not be unreasonably delayed), and which Indebtedness does not provide at any time for (1) the payment, prepayment, repayment, repurchase or defeasance, directly or indirectly, of any principal or premium, if any, thereon until ninety-one... (91) days after the Maturity Date or later and (2) total interest and fees at a rate in excess of the Interest Rate hereunder, (B) Indebtedness secured by Permitted Liens, (C) Indebtedness to trade creditors incurred in the ordinary course of business, and (D) extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the terms modified to impose more burdensome terms upon the Company or its Subsidiary, as the case may be, provided that no such Indebtedness in clauses (A), (B), (C) or (D) shall include Indebtedness that is convertible into shares of the Company's Common Stock or into securities ultimately convertible into shares of the Company's Common Stock. View More

Permitted Indebtedness. Is: (a) Borrower's indebtedness to Lenders and Agent under this Agreement or the Loan Documents; (b) Indebtedness existing on the Closing Date and shown on the Perfection Certificate; (c) Subordinated Debt; (d) Indebtedness to trade creditors incurred in the ordinary course of business; (e) Indebtedness secured by Permitted Liens;. (f) Indebtedness of Borrower to any Subsidiary and Contingent Obligations of any Subsidiary with respect to obligations of Borrower (provided that the primary... obligations are not prohibited hereby), and Indebtedness of any Subsidiary to any other Subsidiary and Contingent Obligations of any Subsidiary with respect to obligations of any other Subsidiary (provided that the primary obligations are not prohibited hereby); (g) Other Indebtedness not otherwise permitted by Section 7.4 not exceeding Five Hundred Thousand Dollars ($500,000.00) in the aggregate outstanding at any time; and (h) Extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (g) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be View More

Permitted Indebtedness. Means and includes: (i) Indebtedness of Debtor to Secured Party, (ii) Additional Indebtedness arising from the endorsement of instruments in the ordinary course of business, (iii) Additional Indebtedness existing on the date hereof and set forth in Schedule B and any extension, renewal or refinancing thereof, and further subject to the limitations set forth in clause (vi) below, (iv) Subordinated Indebtedness, (v) Additional Indebtedness secured by Liens permitted under clause (vi) of the... definition of Permitted Liens, (vi) Debtor's revolving credit facility with Silicon Valley Bank that is the subject of that certain Loan and Security Agreement ("SVB Revolver Agreement") dated as of August 20, 2002, as amended between Debtor and Silicon Valley Bank or any refinancing thereof with another lender, but only to the extent that the principal amount outstanding under the SVB Revolver Agreement does not at any time exceed $15,000,000, and (vii) any future debt obligations incurred by Debtors' subsidiary, Athena Net India Private Limited, but only to the extent that the principal amount outstanding does not exceed US$500,000. View More