Subsidiary Permitted Liens

Subsidiary Permitted Liens. 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 Subsidiary) have been established in accordance with GAAP, (b) Liens imposed by law which were incurred in the ordinary course of the... Subsidiary's business, such as carriers', warehousemen's and mechanics' Liens, statutory landlords' Liens, and other similar Liens arising in the ordinary course of the Subsidiary's business, and which (x) 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 Subsidiary or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing for the foreseeable future the forfeiture or sale of the property or asset subject to such Lien, and (c) Liens incurred in connection with Subsidiary Permitted Indebtedness under clause (c) thereunder, provided that such Liens are not secured by assets of the Subsidiary other than the assets so acquired or leased. View More