Common use of Mortgages and Pledges Clause in Contracts

Mortgages and Pledges. Create, incur, assume, or suffer to exist any mortgage, pledge, lien, or other encumbrance of any kind upon, or any security interest in, any of its property or assets, whether now owned or hereafter acquired, except (i) liens for taxes not yet delinquent or being contested in good faith and by appropriate proceedings; (ii) liens in connection with workers' compensation, unemployment insurance, or other social security obligations; (iii) deposits or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, surety or appeal bonds, and other obligations of like nature arising in the ordinary course of business; (iv) mechanic's, xxxxxxx'x, materialman's, landlord's, carrier's, or other like liens arising in the ordinary course of business with respect to obligations that are not due or that are being contested in good faith; (v) those mortgages, pledges, liens, and encumbrances reflected in the financial statements referred to in Section 5.07 above; (vi) mortgages, pledges, liens, and encumbrances in favor of Statesman; (vii) zoning restrictions, easements, licenses, restrictions on the use of real property or minor irregularities in the title thereto, which do not, in the opinion of the Cooperative, materially impair the use of such property in the operation of the business of the Cooperative or the value of such property for the purposes of such business; and (viii) any mortgage, encumbrance or other lien upon, or security interest in, any property hereafter acquired by the Cooperative created contemporaneously with such acquisition to secure or provide for the payment or financing of any part of the purchase price thereof, or the assumption of any mortgage, encumbrance or lien upon, or security interest in, any such property hereafter acquired existing at the time of such acquisition, or the acquisition of any such property subject to any mortgage, encumbrance or other lien or security interest without the assumption thereof, provided that each such mortgage, encumbrance, lien or security interest shall attach only to the property so acquired and fixed improvements thereon. Nothing contained in this Section 8.01 shall prohibit the Cooperative from entering into any lease required to be capitalized by generally accepted accounting principles in accordance with the Financial Accounting Standards Board Statement No. 13 (Accounting for Leases) in effect on the date of this Agreement, provided such lease is not otherwise prohibited by the terms of this Agreement.

Mortgages and Pledges. Create, incur, assume, or suffer to --------------------- exist any mortgage, pledge, lien, or other encumbrance of any kind upon, or any security interest in, any of its property or assets, whether now owned or hereafter acquired, except (i) liens for taxes not yet delinquent or being contested in good faith and by appropriate proceedings; (ii) liens in connection with workers' compensation, unemployment insurance, or other social security obligations; (iii) deposits or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, surety or appeal bonds, and other obligations of like nature arising in the ordinary course of business; (iv) mechanic's, xxxxxxx'x, materialman's, landlord's, carrier's, or other like liens arising in the ordinary course of business with respect to obligations that are not due or that are being contested in good faith; (v) those mortgages, pledges, liens, and encumbrances reflected in the financial statements referred to in Section 5.07 above; (vi) mortgages, pledges, liens, and encumbrances in favor of Statesman; (vii) zoning restrictions, easements, licenses, restrictions on the use of real property or minor irregularities in the title thereto, which do not, in the opinion of the Cooperative, materially impair the use of such property in the operation of the business of the Cooperative or the value of such property for the purposes of such business; and (viii) any mortgage, encumbrance or other lien upon, or security interest in, any property hereafter acquired by the Cooperative created contemporaneously with such acquisition to secure or provide for the payment or financing of any part of the purchase price thereof, or the assumption of any mortgage, encumbrance or lien upon, or security interest in, any such property hereafter acquired existing at the time of such acquisition, or the acquisition of any such property subject to any mortgage, encumbrance or other lien or security interest without the assumption thereof, provided that each such mortgage, encumbrance, lien or security interest shall attach only to the property so acquired and fixed improvements thereon. Nothing contained in this Section 8.01 shall prohibit the Cooperative from entering into any lease required to be capitalized by generally accepted accounting principles in accordance with the Financial Accounting Standards Board Statement No. 13 (Accounting for Leases) in effect on the date of this Agreement, provided such lease is not otherwise prohibited by the terms of this Agreement.

Mortgages and Pledges. Create, incur, assume, or suffer to exist any mortgage, pledge, lienexist, or other encumbrance of --------------------- permit any kind uponSubsidiary to create, incur, assume, or suffer to exist, any security interest in, Lien on any of its property or assets, whether now owned or hereafter acquired, except (i) liens existing Liens and Liens on the same properties or assets securing renewals or extensions of the obligations secured by such existing Liens, (ii) Liens for taxes not yet delinquent or being contested in good faith and by appropriate proceedings; , (iiiii) liens Liens in connection with workers' worker's compensation, unemployment insurance, or other social security obligations; , (iiiiv) deposits or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, surety or appeal bonds, and other obligations of like nature arising in the ordinary course of business; , (ivv) mechanic's, xxxxxxx'xworker's, materialman's, landlord's, carrier's, or other like liens Liens arising in the ordinary course of business with respect to obligations that are not due or that are being contested in good faith; (v) those mortgages, pledges, liens, and encumbrances reflected in the financial statements referred to in Section 5.07 above; (vi) mortgages, pledges, liens, and encumbrances Liens in favor of Statesman; all of the Lenders, (vii) zoning restrictions, rights of way, easements, licenses, restrictions on the use of real property or minor irregularities in the title thereto, which do not, in the opinion of the CooperativeCompany, materially impair the use of such property in the operation of the business of the Cooperative Company and its Subsidiaries or the value of such property for the purposes of such business; and (viii) any mortgage, encumbrance or other lien upon, or security interest in, Lien on any property hereafter acquired by the Cooperative Company or a Subsidiary created contemporaneously with such acquisition to secure or provide for the payment or financing of any part of the purchase price thereof, or the assumption of any mortgage, encumbrance or lien upon, or security interest in, Lien on any such property hereafter acquired existing at the time of such acquisition, or the acquisition of any such property subject to any mortgage, encumbrance or other lien or security interest Lien without the assumption thereof, provided that each such mortgage, encumbrance, lien or security interest Lien shall attach only to the property so acquired and fixed improvements thereon, (ix) judgment Liens and any other similar Liens arising in connection with court proceedings, provided that execution and other enforcement of such Lien is effectively stayed and the judgment or claim secured thereby is being actively contested in good faith and by appropriate proceedings, and (x) additional Liens securing Debt that in the aggregate does not exceed ten percent (10%) of Consolidated Net Worth at any time outstanding. Nothing contained in this Section 8.01 9.2 shall prohibit the Cooperative Company or any Subsidiary from entering into any lease required to be capitalized by generally accepted accounting principles GAAP in accordance with the Financial Accounting Standards Board Statement No. 13 (Accounting for Leases) in effect on the date of this AgreementJune 1, 1992, provided such lease is not otherwise prohibited by the terms of this Agreement.

Mortgages and Pledges. Create, incur, assume, or suffer to exist any mortgage, pledge, lien, or other encumbrance of any kind upon, or any security interest in, any of its property or assets, whether now owned or hereafter acquired, except (i) liens for taxes not yet delinquent or being contested in good faith and by appropriate proceedings; (ii) liens in connection with workers' compensation, unemployment insurance, or other social security obligations; (iii) deposits or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, surety or appeal bonds, and other obligations of like nature arising in the ordinary course of business; (iv) mechanic's, xxxxxxx'x, materialman's, landlord's, carrier's, or other like liens arising in the ordinary course of business with respect to obligations that are not due or that are being contested in good faith; (v) those mortgages, pledges, liens, and encumbrances reflected in the financial statements referred to in Section 5.07 9.07 above; (vi) mortgages, pledges, liens, and encumbrances in favor of StatesmanMLCC; (vii) zoning restrictions, easements, licenses, restrictions on the use of real property or minor irregularities in the title thereto, which do not, in the opinion of the Cooperative, materially impair the use of such property in the operation of the business of the Cooperative or the value of such property for the purposes of such business; and (viii) any mortgage, encumbrance or other lien upon, or security interest in, any property hereafter acquired by the Cooperative created contemporaneously with such acquisition to secure or provide for the payment or financing of any part of the purchase price thereof, or the assumption of any mortgage, encumbrance or lien upon, or security interest in, any such property hereafter acquired existing at the time of such acquisition, or the acquisition of any such property subject to any mortgage, encumbrance or other lien or security interest without the assumption thereof, provided that each such mortgage, encumbrance, lien or security interest shall attach only to the property so acquired and fixed improvements thereon. Nothing contained in this Section 8.01 12.01 shall prohibit the Cooperative from entering into any lease required to be capitalized by generally accepted accounting principles in accordance with the Financial Accounting Standards Board Statement No. 13 (Accounting for Leases) in effect on the date of this Agreement, provided such lease is not otherwise prohibited by the terms of this Agreement.

Mortgages and Pledges. Create, incur, assume, or suffer --------------------- to exist any mortgage, pledge, lien, or other encumbrance of any kind upon, or any security interest in, any of its property or assets, whether now owned or hereafter acquired, except (i) liens for taxes not yet delinquent or being contested in good faith and by appropriate proceedings; (ii) liens in connection with workers' compensation, unemployment insurance, or other social security obligations; (iii) deposits or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, surety or appeal bonds, and other obligations of like nature arising in the ordinary course of business; (iv) mechanic's, xxxxxxx'x, materialman's, landlord's, carrier's, or other like liens arising in the ordinary course of business with respect to obligations that are not due or that are being contested in good faith; (v) those mortgages, pledges, liens, and encumbrances reflected in the financial statements referred to in Section 5.07 9.07 above; (vi) mortgages, pledges, liens, and encumbrances in favor of StatesmanMLCC; (vii) zoning restrictions, easements, licenses, restrictions on the use of real property or minor irregularities in the title thereto, which do not, in the opinion of the Cooperative, materially impair the use of such property in the operation of the business of the Cooperative or the value of such property for the purposes of such business; and (viii) any mortgage, encumbrance or other lien upon, or security interest in, any property hereafter acquired by the Cooperative created contemporaneously with such acquisition to secure or provide for the payment or financing of any part of the purchase price thereof, or the assumption of any mortgage, encumbrance or lien upon, or security interest in, any such property hereafter acquired existing at the time of such acquisition, or the acquisition of any such property subject to any mortgage, encumbrance or other lien or security interest without the assumption thereof, provided that each such mortgage, encumbrance, lien or security interest shall attach only to the property so acquired and fixed improvements thereon. Nothing contained in this Section 8.01 12.01 shall prohibit the Cooperative from entering into any lease required to be capitalized by generally accepted accounting principles in accordance with the Financial Accounting Standards Board Statement No. 13 (Accounting for Leases) in effect on the date of this Agreement, provided such lease is not otherwise prohibited by the terms of this Agreement.

Mortgages and Pledges. CreateThe Company will not create, incur, assume, or suffer to exist exist, or permit any of its Subsidiaries to create, incur, assume or suffer to exist, any mortgage, pledge, lien, or other encumbrance of any kind upon, or any security interest in, any of its property or assets, whether now owned or hereafter acquired, except (i) liens for taxes not yet delinquent or being contested in good faith and by appropriate proceedings; , (ii) liens pledges or deposits in connection with workers' compensation, unemployment insurance, or other social security obligations; (iii) deposits obligations or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases, public or statutory obligations, surety or appeal bonds, and other obligations of like nature arising in the ordinary course of business; (iviii) mechanic's, xxxxxxx'xworker's, materialman's, landlord's, carrier's, or other like liens arising in the ordinary course of business with respect to obligations that are not due or that are being contested in good faith; faith and by appropriate proceedings, (v) those mortgages, pledges, liens, and encumbrances reflected in the financial statements referred to in Section 5.07 above; (viiv) mortgages, pledges, liens, and encumbrances in favor of Statesman; the Agent and the Lenders securing indebtedness owing to the Lenders under this Agreement, (viiv) mortgages and security interests which are described on Schedule 8.2 attached hereto and extensions, renewals and replacements of any such mortgage or security interest as long as the amount secured thereby is not increased, (vi) zoning restrictions, easements, licenses, restrictions on the use of real property or minor irregularities in the title thereto, which do not, in the opinion of the CooperativeCompany, materially impair the use of such property in the operation of the business of the Cooperative Company or such Subsidiary, as the case may be, or the value of such property for the purposes of such business, (vii) mortgages and security interests on property and assets securing indebtedness or Capital Lease Obligations which is or are permitted by Section 8.1(v) or Section 8.1(vi) and which is or are incurred to finance the acquisition of such property or assets; provided that (A) each such mortgage or security interest is created substantially simultaneously with the acquisition of the related property or assets, (B) each such mortgage or security interest does not at any time encumber any property or assets other than the related property or assets financed by such indebtedness or Capital Lease Obligations, (C) the principal amount of indebtedness or Capital Lease Obligations secured by each such mortgage or security interest is not increased, and (D) the principal amount of indebtedness or Capital Lease Obligations secured by each such mortgage or security interest at no time exceeds 100% of the original purchase price of the related property or assets at the time acquired, and (viii) any mortgage, encumbrance or other lien upon, or mortgages and security interest in, any interests on property hereafter acquired by the Cooperative created contemporaneously with such acquisition to secure or provide for the payment or financing of any part of the purchase price thereof, or the assumption of any mortgage, encumbrance or lien upon, or security interest in, any such property hereafter acquired and assets existing at the time the Company or any Subsidiary of such acquisition, or the acquisition of any Company acquires such property subject to any mortgage, encumbrance or other lien or security interest without assets (and not created in contemplation thereof) as long as the assumption thereof, provided that each such mortgage, encumbrance, lien or security interest shall attach only to outstanding principal amount of the property so acquired and fixed improvements thereon. Nothing contained in this Section 8.01 shall prohibit the Cooperative from entering into any lease required to be capitalized by generally accepted accounting principles in accordance with the Financial Accounting Standards Board Statement No. 13 (Accounting for Leases) in effect on the date of this Agreement, provided such lease indebtedness secured thereby is not otherwise prohibited by increased after the terms of this AgreementCompany or such Subsidiary acquires the related property or assets.

Mortgages and Pledges. Create, incur, assume, or suffer to exist exist, or permit any Subsidiary to create, incur, assume or suffer to exist, any mortgage, pledge, lien, or other encumbrance of any kind upon, or any security interest in, the Virginia Property, the Florida Property or any of its the Company's or such Subsidiary's other property or assets, whether now owned or hereafter acquired, except (i) liens for taxes not yet delinquent or being contested in good faith and by appropriate proceedings; , (ii) liens in connection with workers' compensation, unemployment insurance, or other social security obligations; , (iii) deposits or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, surety or appeal bonds, and other obligations of like nature arising in the ordinary course of business; (iv) mechanic's, xxxxxxx'xworker's, materialman's, landlord's, carrier's, or other like liens arising in the ordinary course of business with respect to obligations that are not due or that are being contested in good faith; faith and by appropriate proceedings, (v) those mortgages, pledges, liens, and encumbrances reflected in the financial statements referred to in Section 5.07 above; (viiv) mortgages, pledges, liens, and encumbrances in favor of Statesman; the Bank, (viiv) any mortgage, encumbrance or other lien upon, or security interest in, any property hereafter acquired by the Company or a Subsidiary created contemporaneously with such acquisition to secure or provide for the payment or financing of any part of the purchase price thereof, provided that the indebtedness of the Company and its Subsidiaries secured by all such purchase money mortgages, encumbrances, liens and security interests will not exceed $3,000,000 in the aggregate at any time outstanding, and provided further that each such mortgage, encumbrance, lien or security interest shall attach only to the property so acquired and fixed improvements thereon, (vi) zoning restrictions, easements, licenses, restrictions on the use of real property or minor irregularities in the title thereto, which do not, in the opinion of the CooperativeCompany or such Subsidiary, as the case may be, materially impair the use of such property in the operation of the business of the Cooperative Company or such Subsidiary, as the case may be, or the value of such property for the purposes of such business; , and (viiivii) any mortgageattachment, encumbrance or judgment and other lien upon, or security interest in, any property hereafter acquired by the Cooperative created contemporaneously with such acquisition to secure or provide for the payment or financing of any part of the purchase price thereof, or the assumption of any mortgage, encumbrance or lien upon, or security interest in, any such property hereafter acquired existing at the time of such acquisition, or the acquisition of any such property subject to any mortgage, encumbrance or other lien or security interest without the assumption thereof, provided that each such mortgage, encumbrance, lien or security interest shall attach only to the property so acquired non-tax liens if stayed and fixed improvements thereon. Nothing contained in this Section 8.01 shall prohibit the Cooperative from entering into any lease required to be capitalized by generally accepted accounting principles in accordance with the Financial Accounting Standards Board Statement No. 13 (Accounting for Leases) in effect on the date of this Agreement, provided such lease is not otherwise prohibited by the terms of this Agreementbonded off pending appeal.