Permitted Obligations

Permitted Obligations. Shall mean (i) the Loan Obligations, (ii) Obligations incurred in the ordinary course of business, and (iii) other Obligations that shall not exceed the total sum of $200,000.00.

Permitted Obligations. (a) the Loan Obligations; (b) Obligations giving rise to Permitted Liens; (c) accounts payable and accrued payables arising in the ordinary course of business which are not past due in accordance with their terms; provided Borrower may contest accounts payable in appropriate proceedings if done so in good faith and if adequate reserves are set aside on the books of Borrower; and (d) Obligations to Borrower's shareholders, members, or partners, as applicable, that are expressly subordinate to... the Loan Obligations View More