Permitted Indebtedness

Permitted Indebtedness. (a)Borrower's Indebtedness to Bank under this Agreement and the other Loan Documents; (b)Indebtedness existing on the Effective Date which is shown on the Perfection Certificate; (c)Subordinated Debt; (d)unsecured Indebtedness to trade creditors or unsecured Indebtedness incurred in connection with credit cards, in each case incurred in the ordinary course of business; (e)Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business;... (f)Indebtedness secured by Liens permitted under clauses (a) and (c) of the definition of "Permitted Liens" hereunder; (g)unsecured Indebtedness which by its terms is convertible into equity securities of Borrower (the "Permitted Convertible Debt") provided that (i) the aggregate principal amount of the Permitted Convertible Debt shall not exceed Two Hundred Million Dollars ($200,000,000.00) at any time outstanding (ii) no scheduled principal payments may be made with respect to the Permitted Convertible Debt, and (iii) if a default or an event of default (however defined) occurs under the Permitted Convertible Debt ("Permitted Convertible Debt Default"), all outstanding liabilities and obligations of Borrower to Bank shall immediately be repaid in full; (h)Indebtedness incurred in the ordinary course of business under performance, surety, statutory, or appeal bonds in an aggregate principal amount not to exceed One Hundred Thousand Dollars ($100,000.00) in any fiscal year; (i)Indebtedness consisting of Permitted Investments; (j)overdrafts paid within ten (10) days; (k)Indebtedness (i) consisting of the obligation to pay rent when due under real property leases entered into in the ordinary course of Borrower's business and (ii) incurred solely in connection with deposits for real property in the ordinary course of business; (l)reimbursement obligations in respect of letters of credit in the aggregate amount not to exceed Five Hundred Thousand Dollars ($500,000.00) outstanding at any time; (m)other unsecured Indebtedness not otherwise permitted by Section 7.4 not exceeding Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate outstanding at any time; and (n)extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (m) 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. Letters of credit issued by non-Affiliates of the Loan Parties in an amount not to exceed $10,000,000 at any time outstanding; provided that (i) such letters of credit shall bear fees or interest not in excess of then applicable market rates with a combined maximum rate of 5% of the applicable available amount of the applicable letter of credit (for the avoidance of doubt, up to a maximum amount of 5% of $10,000,000), (ii) such letters of credit shall not provide for any cash payments,... prepayments, repayments or redemptions (and no such cash payments, prepayments, repayments or redemptions shall be made) for interest, fees, premiums or other non-principal amounts at any time that aggregate more than 5% of the applicable available amount of the applicable letter of credit (for the avoidance of doubt, up to a maximum amount of 5% of $10,000,000), (iii) in the case of all such letters of credit (taken as a whole) issued and outstanding in an aggregate principal amount in excess of $5,000,000, such letters of credit that would cause the total amount of issued and outstanding unsecured letters of credit to exceed $5,000,000 shall be subordinated (including payment subordination) in a manner reasonably acceptable to the Agent and the Lenders, and (iv) all such letters of credit shall be unsecured, except to the extent expressly permitted by clause (q) of the definition of ‘Permitted Liens'. View More

Permitted Indebtedness. (a) Indebtedness of Borrower in favor of Lenders arising under this Agreement or any other Transaction Document; (b) Indebtedness not to exceed $150,000 in the aggregate in any fiscal year of Borrower secured by a lien described in clause (c) of the defined term "Permitted Liens;" provided such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness; (c) Subordinated Debt; and (d) Indebtedness to trade creditors incurred in the... ordinary course of business; (e) Contingent Obligations incurred in the ordinary course of business, including, Indebtedness incurred on Borrower's corporate credit cards; (f) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business; (g) Indebtedness that constitutes a Permitted Investment; (h) other unsecured Indebtedness in an aggregate principal amount outstanding not to exceed Twenty Five Thousand Dollars ($25,000) View More

Permitted Indebtedness. (i) any amounts owing to the Lender by the Borrower; (ii) Master Promissory Note totalling US $1,000,000 at 8% which is comprised of 6 security agreements with an effective date of November 2, 2019, commencing on Feb. 14, 2019 with a maturity date of Feb. 14, 2020; (iii) any Indebtedness which is postponed and subordinated to the Loan to the satisfaction of the Lender; (iv) trade payables and normal accruals of the Borrower in the ordinary course of business not yet due and payable or with... respect to which the Borrower is contesting in good faith the amount or validity thereof by appropriate proceedings and then only to the extent that the Borrower has established adequate reserves therefor, if required under GAAP; (v) reimbursement obligations for reasonable travel and normal course of business expenses; and (vi) any extension, renewal or replacement of the foregoing on equivalent terms View More

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