Permitted Lien

Permitted Lien. Means (i) the rights of Lessor as owner of the Equipment and Lessee as herein provided, (ii) Lessor Liens, (iii) Liens for taxes of Lessee (either not yet due or being contested in good faith by appropriate proceedings so long as such proceedings do not involve any material risk of the sale, forfeiture or loss of the Equipment or any interest therein), (iv) materialmen's, mechanics', workmen's, repairmen's, employees' or other like Liens arising in the ordinary course of Lessee's business... (including those arising under maintenance agreements entered into in the ordinary course of business) securing obligations that are not overdue for a period of more than thirty (30) days or are being contested in good faith by appropriate proceedings so long as such proceedings do not involve any material risk of the sale, forfeiture or loss of the Equipment or any interest therein, (v) Liens arising out of any judgment or award against Lessee unless the judgment secured shall not, within thirty (30) days after the entry thereof, have been discharged, vacated, reversed or execution thereof stayed pending appeal or shall not have been discharged, vacated or reversed within thirty (30) days after the expiration of such stay, so long as during either such 30-day period there is not any material risk of the sale, forfeiture or loss of the Equipment or any interest therein, (vi) any other Lien with respect to which Lessee shall have provided a bond, cash collateral or other security adequate in the reasonable opinion of Lessor, and (vii) Liens approved in writing by Lessor. View More

Permitted Lien. Shall mean Liens (including Liens for Taxes (as defined below), inchoate mechanic and materialmen Liens for construction in progress, workers' or unemployment compensation Liens and other Liens under the social security laws or regulations arising in the ordinary course of business and inchoate workmen, maritime, repairmen, warehousemen, customer, employee and carriers Liens arising in the ordinary course of business) with respect to obligations or claims which are either not delinquent or are... being contested in good faith and which are not material in amount and would not interfere with the ownership, operation or financing of the Rig by Buyer. 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, 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 under $150,000 to support the working capital of the Company so long as the Company has complied with the terms provided for in the Transaction Documents relating thereto (including, without limitation, entering into an intercreditor agreement acceptable to the Secured Party); (c) encumbrances and restrictions on real property (including easements, covenants, conditions, rights of way and similar restrictions) that do not prohibit or materially interfere with any of the applicable property, (d) other Liens imposed by operation of law or arising in the Ordinary Course of Business for amounts which are not due and payable or as would not in the aggregate materially adversely affect the value of, or materially adversely interfere with the use of, the property subject thereto, (e) Liens incurred or deposits made in the Ordinary Course of Business in connection with social security, (f) Liens on goods in transit incurred pursuant to documentary letters of credit, in each case arising in the Ordinary Course of Business, including statutory liens in favor of carriers, warehousemen, mechanics and materialmen, to secure claims for labor, materials or supplies, (g) licenses of intellectual property in the Ordinary Course of Business, (h) deposits or pledges made in connection with, or to secure payment of, workers' compensation, unemployment insurance or similar programs mandated by law; (i) Liens arising under this Agreement or any Transaction Documents; and (j) Liens which are permitted in writing by the Secured Party in its sole and absolute discretion. View More

Permitted Lien. Means (a) any Lien for taxes not delinquent or for taxes being diligently contested in good faith by Borrower by appropriate proceedings, provided appropriate reserves therefor are established by Borrower; (b) any mechanic's, artisan's, materialman's, landlord's, carrier's or other like Lien arising in the ordinary course of business with respect to obligations which are not due provided that, the aggregate amount of such Liens does not at any time exceed Fifty Thousand Dollars ($50,000); (c)... any Lien arising out of a judgment, order or award with respect to which Borrower shall in good faith be prosecuting diligently an appeal or proceeding for review and with respect to which there shall be in effect a subsisting stay of execution pending such appeal or proceeding for review, provided appropriate reserves therefor are established by Borrower; (d) any deposit of funds made in the ordinary course of business to secure obligations of Borrower under worker's compensation laws, unemployment insurance laws or similar legislation, to secure public or statutory obligations of Borrower, to secure surety, appeal or customs bonds in proceedings to which Borrower is a party, or to secure Borrower's performance in connection with bids, tenders, contracts (other than contracts for the payment of money), leases or subleases made by Borrower in the ordinary course of business; (e) purchase money Liens arising in connection with and securing indebtedness permitted under this Agreement in an amount not to exceed Fifty Thousand Dollars ($50,000) in the aggregate amount outstanding, provided such Liens secure only the equipment, assets or other capital expenditures actually purchased or made with such indebtedness; and (f) any Lien specifically consented to by Lender in writing. View More

Permitted Lien. Any of the following items: (i) Security Interests granted by the Borrower pursuant to the Security; (ii) easements, rights of way, servitudes or other similar rights; (iii) any rights reserved to or vested in any governmental entity to levy taxes, provided always that all such taxes, levies, rates, assessments or other governmental charges thereunder are not delinquent, or if delinquent, are being contested in good faith by appropriate proceedings; (iv) undetermined or inchoate mechanics'... liens and similar liens for which payment for services rendered or goods supplied is not delinquent as of the date hereof; and (v) liens granted in the ordinary course of business to a governmental entity respecting operations pertaining to workers compensation, unemployment insurance, employer's health taxes or other social security or a statutory obligations that secure amounts that are not yet due or that are being diligently contested in good faith by appropriate proceedings View More

Permitted Lien. Shall mean the existing Lien on a certificate of deposit owned by Borrowers, in a face amount not to exceed at any time $3,100,000, plus accrued interest, which certificate of deposit secures the Existing Secured Debt.

Permitted Lien. Is amended to move the word "and" from immediately prior to clause (k) to immediately after clause (k) and to insert thereafter a new clause (l) to read as follows: (l) Liens on assets of Mortgage Banking Subsidiaries securing obligations of Mortgage Banking Subsidiaries.

Permitted Lien. Shall mean: (i) Liens for taxes or assessments and similar charges, which either are not delinquent or being contested diligently and in good faith by appropriate proceedings, and as to which Borrower has set aside adequate reserves on its books; (ii) statutory Liens, such as mechanic's, materialman's, warehouseman's, carrier's or other like Liens incurred in good faith in the ordinary course of business; (iii) zoning ordinances, easements, licenses, reservations, provisions, covenants,... conditions, waivers or restrictions on the use of property and other title exceptions that do not materially and adversely affect the use or value of a person's property; (iv) Liens in respect of judgments or awards with respect to which no Event of Default would exist; (v) Liens to secure payment of insurance premiums in connection with workers' compensation, unemployment insurance and similar programs; (vi) Liens on equipment or facilities acquired through capital lease or other purchase financing; or (vii) Liens securing Indebtedness existing as of the date of this Agreement. View More

Permitted Lien. Shall have the meaning ascribed to such term in the Debenture.

Permitted Lien. Shall have the meaning assigned to such term in the Purchase Agreements.