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 reasonable judgment of Secured Party, any imminent 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 A, and any refinancings, amendments and modifications thereof. View More

Permitted Liens. Means (i) any Lien (as defined herein) for taxes not yet due or delinquent 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 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 with respect to a liability that is not yet due or delinquent or that are being contested in good faith by appropriate proceedings, (iv) any Lien arising under the Transaction Documents, and (v) the Lien in favor of Kerry P. Gray ("Gray") related to amounts owed by the Company to him (the "Gray Lien"), as long as (a) the loan amounts supported by the Gray Lien do not increase and (b) the Gray Lien is at all times subordinate to all Liens arising in favor of the Buyer under the Transaction Documents (the "Buyer Liens"). View More

Permitted Liens. Any of the following: (i) liens for current taxes or other governmental or regulatory assessments which are not delinquent, or which are being contested in good faith by the appropriate procedures and for which appropriate reserves are maintained; (ii) liens granted in favor of the Agent and/or the Secured Parties; (iii) licenses or sublicenses of Patents, in each instance granted to others not interfering in any material respect with the business of the Borrower; (iv) liens or security... interests existing on the date hereof in connection with indebtedness or obligations disclosed in Schedule 3(p) of the Purchase Agreement, but only if the existence of the lien or security interest is disclosed on Schedule 3(p) ("Existing Indebtedness"); or (v) liens or security interests granted by the Borrower to secure Senior Indebtedness. View More

Permitted Liens. Any of the following: (i) liens for current taxes or other governmental or regulatory assessments which are not delinquent, or which are being contested in good faith by the appropriate procedures and for which appropriate reserves are maintained; (ii) liens granted in favor of the Secured Party; (iii) purchase money liens in favor of Engel Machinery, Inc. existing on the date hereof; (iv) a lien in favor of NMHG Financial Services, Inc. existing on the date hereof; (v) liens on fixed or... capital assets or real property acquired, constructed or improved by the Borrower; provided that (a) such liens do not secure indebtedness in excess of $100,000 in the aggregate at any time outstanding and (b) such liens shall not apply to any other property or assets of the Borrower; (vi) security interests granted by the Borrower in favor of Apple, solely with respect to the Apple Collateral existing on the date hereof; (vii) statutory liens of landlords and liens of carriers', warehousemen's, mechanics', materialmen's, repairmen'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 the appropriate procedures and for which appropriate reserves are maintained; (viii) pledges and deposits made in the ordinary course of business in compliance with workers' compensation, unemployment insurance and other social security laws or regulations; (ix) deposits to secure the performance of bids, tenders, trade contracts, leases, statutory obligations, surety and appeal bonds, indemnities, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; (x) judgment liens in respect of judgments that do not constitute an Event of Default (as defined below); (xi) easements, zoning restrictions, licenses, covenants, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower; (xii) any interest or title of, or liens created by, a lessor under any leases or subleases entered into by the Borrower, as tenant, in the ordinary course of business; and (xiii) liens that are contractual rights of set-off (a) relating to the establishment of depository relations with banks not given in connection with the issuance of any Indebtedness, (b) relating to pooled deposit or sweep accounts of Borrower to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business or (c) relating to purchase orders and other agreements entered into by the Borrower with any customer in the ordinary course of business View More

Permitted Liens. Are: (a) Liens existing on the Closing Date and shown on the Perfection Certificate or arising under this Agreement or other Loan Documents; (b) Liens for taxes, fees, assessments or other government charges or levies, either not delinquent or being contested in good faith and for which Borrower maintains adequate reserves on its Books, if they have no priority over any of Agent's security interests; (c) Purchase money Liens (i) on Equipment acquired or held by Borrower incurred for financing... the acquisition of the Equipment securing no more than Five Hundred Thousand Dollars ($500,000.00) in the aggregate amount outstanding, or (ii) existing on equipment when acquired, if the Lien is confined to the property and improvements and the proceeds of the equipment, in each case such restrictions not to apply to the Liens on Equipment currently held by Maple. (d) Leases or subleases and non-exclusive licenses or sublicenses granted in the ordinary course of Borrower's business, if the leases, subleases, licenses and sublicenses permit granting Agent a security interest; (e) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Section 8.4 or 8.7; (f) Liens in favor of other financial institutions arising in connection with Borrower's deposit accounts held at such institutions, provided that Agent has a perfected security interest in the amounts held in such deposit accounts; and (g) Other Liens not described above arising in the ordinary course of business and not having or not reasonably likely to have a material adverse effect on Borrower and its Subsidiaries taken as a whole. (h) Liens limited to Equipment financed by Maple. (i) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in (a) through (h), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase View More

Permitted Liens. The following: (i) purchase money security interests in specific items of Equipment existing on the date hereof, or permitted to be incurred in the future in accordance with the Schedule; (ii) leases of specific items of Equipment, existing on the date hereof, or permitted to be incurred in the future in accordance with the Schedule; (iii) liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate... proceedings, provided the same have no priority over any of ORIX's security interests; (iv) liens of materialmen, mechanics, warehousemen, carriers, or other similar liens arising in the ordinary course of business and securing obligations which are not delinquent or are being contested in good faith by appropriate proceedings, (v) liens which constitute banker's liens, rights of set-off or similar rights as to deposit accounts or other funds maintained with a bank or other financial institution (but only to the extent such banker's liens, rights of set-off or other rights are in respect of customary service charges relative to such deposit accounts and other funds, and not in respect of any loans or other extensions of credit by such bank or other financial institution to Borrower), (vi) cash deposits or pledges of an aggregate amount not to exceed $100,000 to secure the payment of worker's compensation, unemployment insurance or other social security benefits or obligations, public or statutory obligations, surety or appeal bonds, bid or performance bonds, or other obligations of a like nature incurred in the ordinary course of business, (vii) a security interest in favor of SVB under the Existing SVB Loan Facility, securing an amount not in excess of the amount set forth in Section 6(b) of the Schedule. View More

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