Permitted Protest

Permitted Protest. Means the right of any Grantor to protest any Lien other than any such Lien that secures the Secured Obligations, any taxes (other than payroll taxes or taxes that are the subject of a United States federal tax lien), or any rental payment, provided that (a) a reserve with respect to such obligation is established on the books of such Grantor in an amount that is reasonably satisfactory to Lender, (b) any such protest is instituted and diligently prosecuted by such Grantor in good faith, and... (c) Lender is satisfied that, while any such protest is pending, there will be no impairment of the enforceability, validity, or priority of any of the Liens of Lender in and to the Collateral for the benefit of the Lender. View More

Permitted Protest. Means the right of any Grantor to protest any Lien (other than any Lien that secures the Secured Obligations), taxes (other than payroll taxes or taxes that are the subject of a United States federal tax lien), or rental payment, provided that (a) a reserve with respect to such obligation is established on such Grantor's books and records in such amount as is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently by such Grantor in good faith, and (c) while... any such protest is pending, there will be no impairment of the enforceability, validity, or priority of the Agent's Liens. View More