Permitted Liens

Permitted Liens. (i) liens created by this Agreement, (ii) liens created by or in connection with capitalized leases entered into in the ordinary course of Debtor's business, (iii) liens for taxes, assessments, or other governmental charges not yet due, or which are being contested in good faith by appropriate action promptly initiated and diligently conducted, and any reserve as shall be required by generally accepted accounting principles shall have been made therefor,... (iv) liens of landlords, vendors, carriers, warehousemen, mechanics, laborers and materialmen arising by law in the ordinary course of Debtor's business for sums not yet due or, which are being contested in good faith by appropriate action promptly initiated and diligently conducted, and any reserve as shall be required by generally acceptable accounting principles shall have been made therefor, (v) pledges or deposits made in the ordinary course of Debtor's business in connection with workmen's compensation, unemployment insurance, social security and other like laws and (vi) liens in favor of The Frost National Bank under the Frost Bank Loan, subject to the superior rights of Secured Party in the Collateral described in Paragraph 1(b)(i) above, other than Returned Goods (as hereinafter defined). View More

Permitted Liens. The Liens described in the foregoing clauses (i) through (ii) collectively, the "Permitted Liens"

Permitted Liens. Shall mean Liens for taxes that are not yet due and payable or contested in good faith and statutory, mechanics, material persons and other liens imposed by law that are not yet due and payable or being contested in good faith and certain Liens incurred by the Company under and with respect to (i) that Revolving Credit and Security Agreement dated as of April 28, 2000 by and between the Company and P.N.C. Bank, National Association (the "P.N.C. Agreement") and (ii) that Convertible Promissory... Note (the "Costa Note") and that Security Agreement (the "Costa Security Agreement") dated as of December 4, 2002 by and between the Company and Pat V. Costa. View More

Permitted Liens. Means (a) liens for taxes, assessments, governmental charges or levies or mechanics' and other statutory liens which are not material in amount relative to the property affected and which are not yet delinquent or can be paid without penalty or are being contested in good faith by appropriate proceedings in respect thereof; (b) imperfections of title which are not substantial in amount relative to the property affected and which do not materially interfere with the present... use of the property subject thereto or affected thereby; and (c) liens arising from travel agency regulations relating to customer funds. 4 View More

Permitted Liens. Means liens arising or incurred in the ordinary course of business (of which, to Seller's knowledge, none exist) which, in the aggregate, do not exceed $10,000.

Permitted Liens. Means (a) inchoate Liens for taxes, assessments or governmental charges or levies not yet due and payable or delinquent and Liens for taxes, assessments or governmental charges or levies, which are being contested in good faith as permitted by the Senior Debt Documents and for which adequate reserves have been made; (b) Liens in respect of property of the Debtor imposed by law, which were incurred in the ordinary course of business and do not secure indebtedness for borrowed money, and (c)... Liens arising under applicable gaming Laws, provided that no such Lien constitutes a Lien securing repayment of indebtedness. View More

Permitted Liens. Means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental charges or levies not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Debtors) have been established in accordance with GAAP, (b) Liens imposed by law which were incurred in the ordinary ... course of business, such as carriers', warehousemen's and mechanics' Liens, statutory landlords' Liens, and other similar Liens arising in the ordinary course of business, and (x) which do not individually or in the aggregate materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business of the Debtors or (y) which are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property or asset subject to such Lien, (c) Liens incurred in connection with Permitted Indebtedness (as defined in the Debenture) under clause (f) thereunder provided that such Liens are not secured by assets of the Debtors other than the assets so acquired or leased and replacements and proceeds thereof, (d) Liens in favor of the Secured Parties created under this Agreement, (e) the Prior Liens, (f) Liens (other than any Lien imposed by ERISA) consisting of pledges or deposits required in the ordinary course of business in connection with workers' compensation, unemployment insurance and other social security legislation or to secure the performance of tenders, statutory obligations, surety, stay, customs and appeals bonds, bids, leases, governmental contracts, trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money) or to secure liability to insurance carriers, (g) Liens consisting of judgment or judicial attachment liens, provided that the enforcement of such Liens is effectively stayed and all such Liens secure claims in the aggregate at any time outstanding for the Company and its Subsidiaries do not exceed $150,000, (h) easements, rights-of-way, zoning and other restrictions, minor defects or other irregularities in title, and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, do not in any case interfere in any material respect with the ordinary conduct of the businesses of the Company, (i) Liens arising from precautionary UCC financing statements filed under any lease permitted by the Transaction Documents and (j) Liens arising from travel agency regulations relating to customer funds. View More

Permitted Liens. Shall mean (i) Liens for taxes or other governmental charges not at the time delinquent or thereafter payable without penalty or being contested in good faith, provided provision is made to the reasonable satisfaction of Secured Party for the eventual payment thereof if subsequently found payable; (ii) Liens of carriers, warehousemen, mechanics, materialmen, vendors, and landlords incurred in the ordinary course of business for sums not overdue or being contested in good faith, provided... provision is made to the reasonable satisfaction of Secured Party for the eventual payment thereof if subsequently found payable; (iii) Liens existing as of the date hereof and identified in item 9 of Attachment 2 to this Security Agreement; (iv) in the event Debtor requests that Secured Party make an additional loan to Debtor pursuant to an Additional Loan Election, but Secured Party elects not to make such additional loan, Liens in favor of any third party lender(s) securing indebtedness in an aggregate amount not to exceed the principal amount of $3,000,000 at any time outstanding; (v) Liens in favor of Secured Party; (vi) Liens on leased equipment granted in connection with the leasing of such equipment in favor of the lessor of such equipment; (vii) Liens created by or resulting from any litigation or legal proceeding which is currently being contested in good faith by appropriate proceedings; and (viii) Liens created by or resulting from purchase money financings. View More

Permitted Liens. The term Permitted Lien shall mean (i) royalties, overriding royalties, reversionary interests, production payments and similar burdens if the net cumulative effect of such burdens does not (when considered cumulatively with the matters discussed in clause (ii) below) operate to deprive any Borrower of any material right in respect of any such Borrower's assets or properties (except for rights customarily granted with respect to such interests); (ii) sales... contracts or other arrangements for the sale of production of oil, gas or associated liquid or gaseous hydrocarbons which would not (when considered cumulatively with the matters discussed in clause (i) above) deprive any 3 Borrower of any material right in respect of any of such Borrower's assets or properties (except for rights customarily granted with respect to such contracts and arrangements); (iii) statutory liens for taxes or other assessments that are not yet delinquent (or that, if delinquent, are being contested in good faith by appropriate proceedings and for which any such Borrower has set aside on their books adequate reserves in accordance with GAAP); (iv) easements, rights of way, servitudes, permits, surface leases and other rights in respect to surface operations, pipelines, grazing, logging, canals, ditches, reservoirs or the like, conditions, covenants and other restrictions, and easements of streets, alleys, highways, pipelines, telephone lines, power lines, railways and other easements and rights of way on, over or in respect of any Borrower's assets or properties; (v) materialmen's, mechanic's, repairman's, employee's, contractor's, sub-contractor's, operator's and other Liens incidental to the construction, maintenance, development or operation of any Borrower's assets or properties to the extent not delinquent (or which, if delinquent, are being contested in good faith by appropriate proceedings and for which any such Borrower have set aside on its books adequate reserves in accordance with GAAP); (vi) all contracts, agreements and instruments, and all defects and irregularities and other matters affecting any Borrower's assets and properties which were in existence at the time any such Borrower's assets and properties were originally acquired by such Borrower and all routine operational agreements entered into in the ordinary course of business, which contracts, agreements, instruments, defects, irregularities and other matters and routine operational agreements are not such as to, individually or in the aggregate, interfere materially with the operation, value or use of any such Borrower's assets and properties, considered in the aggregate; (vii) liens in connection with workmen's compensation, unemployment insurance or other social security, old age pension or public liability obligations; (viii) legal or equitable encumbrances deemed to exist by reason of the existence of any litigation or other legal proceeding or arising out of a judgment or award with respect to which an appeal is being prosecuted in good faith; (ix) rights reserved to or vested in any municipality, governmental, statutory or other public authority to control or regulate any Borrower's assets and properties in any manner, and all applicable laws, rules and orders from any governmental authority; (x) Liens created by or pursuant to this Agreement or pursuant to Security Instruments between the Bank and any Borrower; and (xi) Liens existing at the date of this Agreement which have been disclosed to Bank in any Borrower's Financial Statements or otherwise in writing to Bank. View More

Permitted Liens. Mean those liens and security interests to which any of the Collateral is subject, and shall consist of only liens on furniture, fixtures, or equipment to secure the purchase price thereof, and such existent liens on or security interests in Collateral as is listed on Schedule One hereto.