Permitted Liens

Permitted Liens. Means: (i) liens in favor of Secured Party, (ii) liens for taxes not yet due or for taxes being contested in good faith and which do not involve, in the judgment of Secured Party, any risk of the sale, forfeiture or loss of any of the Collateral, (iii) inchoate material men's, mechanic's, repairmen's and similar liens arising by operation of law in the normal course of business for amounts which are not delinquent, [and (iv) Liens existing on the date hereof and set forth in Schedule B and any... continuations or assignments thereof, (v) non-exclusive licenses of Intellectual Property in the ordinary course of business, and (vi) Liens upon any Equipment acquired by Debtor after the date hereof to secure (i) the purchase price of such equipment or other personal property, or (ii) lease obligations or indebtedness incurred solely for the purpose of financing the acquisition of such Equipment; provided that (A) such Liens are confined solely to the Equipment so acquired and the amount secured does not exceed the acquisition price thereof, and (B) no such Lien shall be created, incurred, assumed or suffered to exist in favor of Debtor's officers, directors or shareholders holding five percent (5%) or more of Debtor's equity securities. View More

Permitted Liens. (a) Liens granted to secure indebtedness of Company permitted under the Purchase Agreement and incurred to finance the acquisition (whether by purchase or capitalized lease) of tangible assets (other than Inventory), but only on the assets acquired with the proceeds of such indebtedness, (b) Liens for taxes, assessments or other governmental charges or levies not at the time delinquent or thereafter payable without penalty or being contested in good faith by appropriate proceedings and for... which adequate reserves in accordance with GAAP shall have been set aside on its books, (c) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens existing on the date of the Notes or of Liens described in clause (a) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of indebtedness being extended, renewed or refinanced does not increase, (d) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics and materialman and other similar Liens arising in favor of a person imposed without action by such person, in each case that are incurred in the ordinary course of business for sums not overdue or being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books, (e) Liens (other than Liens arising under the Employee Retirement Income Security Act of 1974, as amended, or Section 412(n) of the Internal Revenue Code of 1986, as amended) incurred in the ordinary course of business in connection with workers' compensation, unemployment insurance, social security or other forms of governmental insurance or benefits, or to secure performance of tenders, statutory obligations, leases and contracts (other than for borrowed money) entered into in the ordinary course of business or to secure obligations on surety or appeal bonds, (f) judgment Liens in existence less than 60 days after the entry thereof or with respect to which execution has been stayed in an amount not to exceed $500,000 singly or in the aggregate and (g) Liens existing on the date hereof and described on Attachment 2 hereto View More

Permitted Liens. Has the meaning set forth in the Loan Agreement.

Permitted Liens. (i) Liens imposed by law for taxes, fees, assessments or other governmental charges or levies that are not yet due or are being contested in good faith by appropriate proceedings; (ii) carriers', warehousemen's, mechanics', materialmen's, repairmen's, landlord's and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in good faith by appropriate proceedings; (iii) pledges and... deposits made in the ordinary course of business in compliance with workers' compensation, unemployment insurance and other social security laws or regulations; (iv) judgment liens in respect of judgments that do not constitute an Event of Default under Section 8 hereof; (v) Liens arising solely by virtue of any statutory or common law provision or granted to banks in the ordinary course of business relating to banker's Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; (vi) 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; (vii) Liens consisting of cash collateral securing, and in an amount not to exceed the undrawn amount of, any letter of credit; (viii) Liens solely on deposits, advances, contractual payments, including implementation allowances or escrows made or paid by Borrower to or with customers or clients in the ordinary course of business; and (ix) Liens that are expressly subordinate to the Transaction Lien, and for which the documentation evidencing such express subordination has been approved by Lender, such approval not to be unreasonably withheld. View More

Permitted Liens. (i) liens created by or resulting from the actions of Purchaser or entities affiliated with Purchaser, (ii) statutory and contractual landlord liens incurred in the ordinary course of business for sums [a] not yet due and payable or [b] being contested in good faith, (iii) pledges or deposits made to secure any Company's payment of worker's compensation, unemployment insurance or other forms of governmental insurance or benefits or to participate in any fund in connection with worker's... compensation or unemployment insurance, in each case incurred in the ordinary course of business consistent with past practice, (iv) zoning and similar restrictions on the use of, and easements, restrictions, covenants, title defects and similar encumbrances on, real property that do not impair the use of such real property (other than of an inconsequential nature) or materially detract from the value of such real property upon which such restriction or encumbrance exists and that are not violated by existing structures or land use, (v) liens for taxes not yet due and payable, (vi) statutory mechanic's liens and materialmen's liens for services or materials and similar statutory liens for amounts not due and payable incident to construction and maintenance of real property, and (vii) statutory liens of warehousemen and carriers and similar statutory liens securing obligations that are not yet due and payable. View More

Permitted Liens. (i) any Lien for taxes not yet due or delinquent of the Parent or being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, (ii) any statutory Lien arising in the ordinary course of business by operation of law with respect to a liability of the Parent that is not yet due or delinquent, (iii) any Lien created by operation of law, such as materialmen's liens, mechanics' liens and other similar liens, arising in the... ordinary course of business of the Parent with respect to a liability of the Parent that is not yet due or delinquent or that are being contested in good faith by appropriate proceedings, (iv) Liens (A) upon or in any equipment acquired or held by the Parent solely to secure the purchase price of such Parent equipment or Parent Indebtedness incurred solely by the Parent for the purpose of financing the acquisition or lease of such equipment of the Parent, or (B) existing on such equipment at the time of its acquisition, provided that the Lien is confined solely to the property of the Parent so acquired by the Parent and improvements thereon, and the proceeds of such equipment, in either case, with respect to Indebtedness of the Parent in an aggregate amount not to exceed together with the same type of ICA-T $250,000, (v) Liens incurred in connection with the extension, renewal or refinancing of the Indebtedness of the Parent secured by Liens of the type described in clause (iv) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness being extended, renewed or refinanced does not increase, (vi) Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of custom duties in connection with the importation of goods for the Parent, (viii) Liens with respect to accounts receivable and inventory financing of the Parent provided such Liens are solely on the accounts receivable of the Parent that are being used to obtain such accounts receivable and/or inventory financing for the Parent as expressly identified and in such amounts as provided in writing in such accounts receivable and/or inventory financing documentation, and (ix) Liens in favor of the Collateral Agent and/or the Holder perfecting the Collateral Agent's and/or the Holder's security interests in the assets of the Parent to the extent provided for in the Security Documents securing all obligations of the Parent to the Holder and/or the Collateral Agent under this Note and/or any of the other Transaction Documents View More

Permitted Liens. Means: (a) liens in favor of Lender; (b) liens for taxes or assessments or other governmental charges or levies if not yet due and payable or the non-payment of which is being contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside on the Borrowers' or the applicable Subsidiarys' books, but only so long as no foreclosure, distraint, sale or similar proceedings have been commenced with respect thereto and remain unstayed for a period of thirty... (30) days after their commencement; (c) liens on leased equipment granted in connection with the leasing of such equipment in favor of the lessor of such equipment; (d) liens of record as of the date hereof listed on Schedule 4(f) attached hereto; and (e) liens securing the Subordinated Debt. View More

Permitted Liens. Shall mean all (i) all existing liens on the assets of a Grantor which have been disclosed to the Buyers by the Company on a Schedule I attached hereto, and (ii) all purchase money security interests hereinafter incurred by a Grantor in the ordinary course of business.

Permitted Liens. (i) inchoate liens for taxes, fees, assessments or other governmental charges not yet due; (ii) in the case of Bank Collateral consisting of cash on deposit, liens of a depositary bank or collecting bank in such deposits granted in the ordinary course of business securing amounts owing to such bank for cash management or operating account arrangements; and (iii) subordinated liens subject to subordination and/or intercreditor agreements in form and substance reasonably satisfactory to the... Secured Party View More

Permitted Liens. Means: (1) The Liens securing the Revolving Note; (2) A Lien of general taxes which are not yet due or payable; (3) Liens on the property of Borrower securing (a) the non-delinquent performance of bids, trade contracts (other than for borrowed money), leases and statutory obligations, (b) contingent obligations on surety, performance and appeal bonds, and (c) other non-delinquent obligations of a like nature; in each case incurred in the ordinary course of business and treating as... non-delinquent any delinquency which is being contested in good faith and by appropriate action, which action has the effect of preventing the forfeiture or sale of the property subject thereto; (4) Liens arising in the ordinary course of business (such as Liens of carriers, warehouseman, landlords, materialmen, repairmen and mechanics and other similar liens imposed by law) which secure payment of obligations not more than ninety (90) days past due or which are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside; (5) Purchase money Liens on any equipment or fixture acquired after the date hereof to be used by a Borrower in the normal course of its business, and created or incurred simultaneously with the acquisition of such equipment or fixture, if such Lien is limited to the property so acquired and the indebtedness secured by Lien does not exceed the purchase price of such property and any ancillary costs associated therewith; and (6) Such other liens or encumbrances arising after the date hereof that are approved by Lender in writing. View More