Permitted Lien

Permitted Lien. Any (i) Lien arising under this Agreement, (ii) applicable restrictions on transfer under the Securities Act of 1933, as amended, and (iii) Lien arising under the OpCo LLC Agreement that do not prohibit the transactions contemplated by this Agreement

Permitted Lien. With respect to any Company, any of the following: (a) mechanics and materialman Liens and other statutory Liens (including Liens for taxes, fees, assessments and other governmental charges or levies) in respect of any amount (i) which is not at the time overdue or (ii) which may be overdue but the validity of which is being contested at the time in good faith by appropriate proceedings and for which such Company has maintained adequate reserves, in each case so long as the holder of such Lien... has not taken any action to foreclose or otherwise exercise any remedies with respect to such Lien; (b) with respect to Dragonwave-X, those Liens on its assets to secure Indebtedness owing in the original principal amount of $2,000,000 to Eudora Partners LLC (as more fully described in Schedule 3.12 to the SPA); (c) with respect to Azcoms, those Liens on its assets to secure Indebtedness owing to Terracotta Credit REIT, LLC in the original principal amount of $5,355,000 (as more fully described in Schedule 3.12 to the SPA); and (d) Liens which are permitted in writing by the Secured Party in its sole and absolute discretion. View More

Permitted Lien. Any of the following: (a) mechanics and materialman Liens and other statutory Liens (including Liens for taxes, fees, assessments and other governmental charges or levies) in respect of any amount (i) which is not at the time overdue or (ii) which may be overdue but the validity of which is being contested at the time in good faith by appropriate proceedings and for which the Company has maintained adequate reserves, in each case so long as the holder of such Lien has not taken any action to... foreclose or otherwise exercise any remedies with respect to such Lien; (b) Liens in favor of the Secured Party; (c) Liens existing on the Closing Date and listed on Schedule 1 hereto and any renewals or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased, (iii) the direct or any contingent obligor with respect thereto is not changed and (iv) any renewal or extension of the obligation secured or benefited thereby is permitted to be incurred under the Transaction Documents; (d) Liens securing judgments for the payment of money not constituting an Event of Default; (e) Liens securing Indebtedness or other liabilities in respect of capital leases, synthetic lease obligations and purchase money obligations for fixed or capital assets, provided that (i) the aggregate amount of all such Indebtedness or other liabilities at any time outstanding does not exceed $2,000,000, (ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition; (f) leases, licenses, subleases or sublicenses granted to others in the ordinary course of business that do no (i) interfere in any material respect with the ordinary conduct of the business of the Company and it subsidiaries, or (ii) secure any Indebtedness; (g) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business; (h) Liens (i) of a collecting bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection, and (ii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of setoff) that are customary in the banking industry; (i) easements, rights-of-way, restrictions and similar encumbrances affecting real property that, in the aggregate, are not substantial in amount, and that do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person, and any zoning or similar law or right reserved to or vested in any governmental authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Company and its subsidiaries; (j) deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business consistent with past practices; (k) Liens on cash or cash equivalents pledged to secure or otherwise support obligations of the Company or any of its subsidiaries (other than obligations with respect to borrowed money) arising in the ordinary course of business; (l) Liens on insurance proceeds securing the payment of financed insurance premiums that are promptly paid on or before the date they become due (provided that such Liens extend only to such insurance proceeds and not to any other property or assets) arising in the ordinary course of business; and (m) Liens which are permitted in writing by the Secured Party in its sole and absolute discretion. View More

Permitted Lien. Means (i) any Lien that does not materially affect the value of the property subject to the Lien and does not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries, (ii) any Lien for taxes not yet due or delinquent or being contested in good faith by appropriate proceedings for which adequate reserves have been established in the Company’s financial statements, (iii) any statutory Lien arising in the ordinary course of business by... operation of law with respect to a liability that is not yet due or delinquent, (iv) any minor imperfections in title, zoning restriction or similar Lien with respect to real property, or (v) any Lien pursuant to the Company’s and its Subsidiaries’ secured loans or credit facilities that are disclosed in the SEC Reports View More