Permitted Liens

Permitted Liens. Means (a) liens for current taxes, water and sewer charges and other statutory liens and trusts not yet due and payable or that are being contested in good faith, (b) liens incurred in the ordinary course of business, such as carriers', warehousemen's, landlords' and mechanics' liens and other similar liens arising in the ordinary course of business, (c) liens on personal property leased under operating leases, (d) liens, pledges or deposits incurred or made in connection with workmen's... compensation, unemployment insurance and other social security benefits, or securing the performance of bids, tenders, leases, contracts (other than for the repayment of borrowed money), statutory obligations, progress payments, surety and appeal bonds and other obligations of like nature, in each case incurred in the ordinary course of business, (e) pledges of or liens on manufactured products as security for any drafts or bills of exchange drawn in connection with the importation of such manufactured products in the ordinary course of business, (f) liens or other claims arising under Article 2 of the Uniform Commercial Code that are special property interests in goods identified as goods to which a contract refers, (g) liens arising under Article 9 of the Uniform Commercial Code that are purchase money security interests, (h) such imperfections or minor defects of title, easements, rights-of-way and other similar restrictions (if any) as are insubstantial in character, amount or extent, do not materially detract from the value or interfere with the present or proposed use of the properties or assets of the party subject thereto or affected thereby, and do not otherwise materially adversely affect or impair the business or operations of such party, (i) liens associated with certain lines of credit provided to Petals through Ridgefield Bank, and (j) liens associated with the term notes issued by Petals to Southridge Partners, LP and Southshore Capital Management, Ltd. View More

Permitted Liens. Means: (i) Liens for Crew's Wages and salvage (including contract salvage) which shall not have been due and payable for more than ten (10) days after termination of a voyage or which shall then be contested by Owners in good faith; (ii) Liens for Crew's Wages, salvage (including contract salvage), general average and damages arising out of tort which are covered by insurance; (iii) ... Liens incident to current operations (except for Crew's Wages, salvage (including contract salvage) and general average), or liens for the wages of a stevedore when employed directly by Owners or the operator, Master or agent 12 of the Vessels, in all cases, which are not yet due and payable or which shall then be contested by Owners in good faith and for which adequate reserves are being maintained; (iv) Liens covered by insurance and any deductible applicable thereto; (v) Liens for repairs or with respect to any changes made in the Vessels required by applicable laws, treaties and conventions or by applicable rules and regulations thereunder which are not yet due and payable or which shall then be contested by Owners in good faith and for which adequate reserves are being maintained; and, View More

Permitted Liens. Has the meaning specified therefor in the Loan Agreement.

Permitted Liens. Means (a) Liens or deposits made to secure payment of worker's compensation (or to participate in any fund in connection with worker's compensation), unemployment insurance, pensions, or social security programs, (b) Liens imposed by mandatory provisions of law such as for materialmen's mechanics, warehousemen's and other Liens arising in the ordinary course of the business of the Company or its Subsidiaries, securing Indebtedness on which payment is not yet due, (c) Liens for taxes imposed... upon the Company's or any of its Subsidiaries' income, profits or property, if the same are not yet due and payable or if the same are being contested in good faith and as to which adequate reserves are maintained in accordance with GAAP, (d) Liens in connection with leases, real estate bids, or contracts (other than contracts involving the borrowing of money) or to secure (or in lieu of) surety, stay, appearance or customs bonds and Liens to secure the payment of taxes, assessments, customs, duties or other similar charges, (e) Liens consisting of zoning restrictions, easements or other restrictions on the use of real property PROVIDED THAT such Liens do not impair the use of such property for the uses intended, and none of which is violated by existing or proposed structure or land use, (f) any Lien existing on any property of any person at the time it becomes a Subsidiary or of a successor to or merged with or into the Company so long as (i) that Lien does not encumber any other property of any Company or any Subsidiary and (ii) the aggregate amount of Indebtedness secured by that Lien never exceeds 100% of the fair market value of that property, (g) Liens on any personal property or fixtures acquired by the Company or any Subsidiary after the date of the Note and created contemporaneously with the date of that acquisition to secure Indebtedness incurred in connection with the purchase, rental or lease of such personal property or fixtures, and (h) any Lien described in clauses (f) and (g) above resulting from renewing, extending, or -23- refunding outstanding Indebtedness so long as the principal amount of the Indebtedness so secured is not increased and that Lien is not extended to any other property. View More

Permitted Liens. Means the following: (i) Liens in favor of the Secured Parties and/or the Collateral Agent pursuant to the Transaction Documents; and (ii) Liens arising by mandatory provisions of applicable laws.

Permitted Liens. Means (i) 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 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 -23- 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) Liens on all accounts receivable, contract rights with respect to products of the Company or its Subsidiaries and inventory (together, in each case, with all proceeds thereof) of the Company and/or its Subsidiaries securing their obligations with respect to Credit Loans under Permitted Bank Debt, provided, that any Liens securing such obligations shall be limited solely to the accounts receivable, contract rights with respect to products of the Company or its Subsidiaries and inventory (together, in each case, with all proceeds thereof) of the Company and/or its Subsidiaries, which Liens shall be senior to the Liens securing the Notes in accordance with the terms of a lien subordination agreement to be entered into with the "Collateral Agent" (under and as defined in the Pledge and Security Agreement) on behalf of the Holders, and in form and substance reasonably satisfactory to the Collateral Agent, (v) Liens on cash of the Company securing the Company's L/C Obligations, provided, that any Liens securing such L/C Obligations shall be limited solely to cash of the Company in an aggregate amount any time not exceeding the L/C Obligations, which Liens shall be senior to the Liens securing the Notes, (vi) Liens securing the Argyle Notes that are junior and subordinated to the Lines securing the Note in accordance with the "Argyle Subordination Agreement" (as defined in the Securities Purchase Agreement, (vii) Liens securing the Company's obligations under the Notes, and (viii) other Liens approved by the Collateral Agent in writing. View More

Permitted Liens. Means such of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced and be continuing: (i) Liens in favor of TTFC; (ii) Liens for taxes, assessments and other governmental charges or levies or the claims or demands of landlords, carriers, warehousemen, mechanics, laborers, materialmen and other like Persons arising by operation of law in the ordinary course of business for sums which are not yet due and payable; (iii) 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; (iv) a Lien on any item of Equipment created substantially simultaneously with the acquisition of such Equipment for the purpose of financing such acquisition, provided that such Lien shall attach only to the Equipment acquired; and (v) liens on Borrower's intellectual property to Kevin Kimberlin Partners, L.P. and Oshkim Limited Partnership (for purposes of this definition, the "Partners") which liens are the subject of an intercreditor agreement among the Partners, Borrower and TTFC. View More

Permitted Liens. : i. the liens and security interests created or contemplated by this Agreement; ii. liens and security interests securing indebtedness incurred in the ordinary course of business and arising out of the lease or purchase of goods, or the financing or refinancing of goods previously acquired, provided that such liens and security interests cover only such goods and contract rights, deposits and/or other intangible ... assets related to such goods and proceeds of any of the foregoing; iii. transfers of possession, exchanges and other acts permitted by Section 3(a)(x) of this Agreement; iv. liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; v. mechanics', materialmen's, carriers', warehousemen's and other like liens arising in the ordinary course of business in respect of obligations not overdue for a period in excess of 30 days or that are being contested in good faith by appropriate proceedings promptly instituted and diligently prosecuted; provided further that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefore; vi. easements, rights of way, restrictions and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, are not material in amount and which 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 Debtor; vii. any right of the United States government to requisition any Aircraft or otherwise to compel a Carrier to deliver possession of or provide use of any Aircraft for government purposes; viii. liens on and security interests in fixtures located at the facility at 6744 S. Howell Avenue, Oak Creek, Wisconsin 53154; and ix. any attachment or judgment lien not constituting an Event of Default under the Notes. View More

Permitted Liens. Means (a) liens, charges or encumbrances listed on Schedule 1 attached hereto; (b) liens for taxes, assessments or governmental charges not delinquent or being contested in good faith by the Borrower for which adequate reserves are established and maintained in accordance with GAAP; (c) liens or deposits in connection with worker's compensation or other insurance or to secure the performance of bids, trade contracts 32 (other than for borrowed money),... leases, public or statutory obligations, surety or appeal bonds or other obligations of like nature incurred in the ordinary course of business; (d) easements, restrictions, minor title irregularities and similar matters which have no material adverse effect as a practical matter upon the ownership or use of its property by the Borrower; and (e) liens under the Loan Documents, the Bond Documents or the Restructure Documents or to secure any indebtedness owing to the Bank or any affiliate of the Bank. View More

Permitted Liens. Shall mean: (a) liens for taxes, assessments or governmental charges not delinquent or being contested in good faith and by appropriate proceedings and for which adequate reserves in accordance with GAAP are maintained on the books of the Company or AirGATE; (b) liens imposed by Law, such as mechanics', workers', materialmens', carriers' or other like liens arising in the ordinary course of business of the Company or AirGATE which secure the payment of obligations which are not past due or... which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP are maintained on the books of the Company or AirGATE; (c) liens existing on the Closing Date and described on Schedule 8.1; (d) purchase money security interests or liens for the purchase of fixed assets to be used in the business of the Company or AirGATE, securing solely the fixed assets so purchased and the proceeds thereof; and (e) rights of way, zoning restrictions, easements and similar encumbrances affecting the Company's or AirGATE's real property which do not materially interfere with the use of such property. View More