Common use of Other Liens; Permitted Liens Clause in Contracts

Other Liens; Permitted Liens. Companies shall not create, incur or suffer to exist any Lien upon any of their assets, now owned or later acquired, as security for any indebtedness, with the exception of the following (each a “Permitted Lien”; collectively, “Permitted Liens”): (i) In the case of real property, covenants, restrictions, rights, easements and minor irregularities in title which do not materially interfere with Companies’ business or operations as presently conducted; (ii) Liens in existence on the date of this Agreement that are described in Exhibit F and secure indebtedness for borrowed money permitted under Section 5.4; (iii) The Security Interest and Liens created by the Security Documents; (iv) purchase money Liens or capitalized lease obligations for the acquisition of machinery and equipment (including vehicles) of the Companies not exceeding the lesser of cost or fair market value thereof, provided such obligations are subject to the limitation set forth in Section 5.4(d); and (v) Liens in respect of judgments or awards, individually or in the aggregate of less than $100,000, for which appeals or proceedings for review are being prosecuted and in respect of which a stay of execution upon any such appeal or proceeding for review shall have been secured and with respect to which Xxxxx Fargo’s security interest in the Collateral (securing all of the Indebtedness) remains senior in priority to any such Liens, provided that (A) such Person shall have established adequate reserves for such judgments or awards in accordance with GAAP, (B) such judgments or awards shall be fully insured (subject to deductibles) and the insurer shall not have denied coverage, or (C) such judgments or awards shall have been bonded to the satisfaction of Xxxxx Fargo.

Other Liens; Permitted Liens. Companies Company shall not create, incur or suffer to exist any Lien upon any of their its assets, now owned or later acquired, as security for any indebtedness, with the exception of the following (each a “Permitted Lien”; collectively, “Permitted Liens”): (i) In the case of real property, covenants, restrictions, rights, easements and minor irregularities in title which do not materially interfere with Companies’ Company’s business or operations as presently conducted; (ii) Liens in existence on the date of this Agreement that are described in Exhibit F and secure indebtedness for borrowed money permitted under Section 5.4; (iii) The Security Interest and Liens created by the Security Documents; (iv) purchase Purchase money Liens or capitalized lease obligations for relating to the acquisition of machinery and equipment (including vehicles) of the Companies Equipment not exceeding the lesser of cost or fair market value thereofand so long as no Default Period is then in existence and none would exist immediately after such acquisition, provided such obligations are subject to the limitation set forth in Section 5.4(d); and (v) Liens for taxes not yet due or which are being contested in good faith if adequate reserves with respect of judgments thereto are maintained on Company’s books; (vi) Carriers’, warehousemen’s, mechanic’s, materialmen’s, repairmen’s or awards, individually or other like Liens arising in the aggregate ordinary course of less than $100,000, for business which appeals are not overdue or proceedings for review which are being prosecuted contested in good faith, and in respect of which a stay of execution upon any such appeal (vii) Pledges or proceeding for review shall have been secured and with respect to which Xxxxx Fargo’s security interest deposits in the Collateral (securing all ordinary course of the Indebtedness) remains senior business in priority to any such Liensconnection with workers’ compensation, provided that (A) such Person shall have established adequate reserves for such judgments or awards in accordance with GAAP, (B) such judgments or awards shall be fully insured (subject to deductibles) unemployment insurance and the insurer shall not have denied coverage, or (C) such judgments or awards shall have been bonded to the satisfaction of Xxxxx Fargoother social security legislation.

Other Liens; Permitted Liens. Companies Company shall not create, incur or suffer to exist any Lien upon any of their its assets, now owned or later acquired, as security for any indebtedness, with the exception of the following (each a “Permitted Lien”; collectively, “Permitted Liens”): (i) In the case of real property, covenants, restrictions, rights, easements and minor irregularities in title which do not materially interfere with Companies’ Company’s business or operations as presently conducted; (ii) Liens in existence on the date of this Agreement that are described in Exhibit F and secure indebtedness for borrowed money permitted under Section 5.4; (iii) The Security Interest and Liens created by the Security Documents; (iv) purchase Purchase money Liens or capitalized lease obligations for relating to the acquisition of machinery and equipment (including vehicles) of the Companies Equipment not exceeding the lesser of cost or fair market value thereofvalue, provided not exceeding $100,000.00 in the aggregate during any fiscal year and so long as no Default Period is then in existence and none would exist immediately after such obligations are acquisition; (v) such security as Company may post in the ordinary course of business to obtain performance bonds upon prior notice to Wxxxx Fargo and subject to the limitation set forth in Section 5.4(d)prior consent of Wxxxx Fargo (which consent shall not be unreasonably withheld) provided that such security will not otherwise cause a Default Period; (vi) statutory liens of landlords, carriers, warehousers, bailees, mechanics, materialmen and (v) Liens in respect of judgments or awards, individually or other like liens imposed by law in the aggregate ordinary course of less than $100,000business for amounts not yet due or being contested in good faith, for which appeals or proceedings for review are being prosecuted and in respect of which a stay of execution upon any such appeal or proceeding for review shall have been secured and with respect to which Xxxxx Fargo’s security interest in the Collateral (securing all of the Indebtedness) remains senior in priority to any such Liens, provided that (A) such Person shall have established adequate reserves for such judgments or awards appropriate provisions are being maintained by the Company in accordance with GAAP, ; and (Bvii) such judgments liens for taxes which are not yet due and payable or awards shall be fully insured (subject which are being contested in good faith by the Company on terms acceptable to deductibles) and the insurer shall not have denied coverage, or (C) such judgments or awards shall have been bonded to the satisfaction of Xxxxx Wxxxx Fargo.

Other Liens; Permitted Liens. Companies Company shall not create, incur or suffer to exist any Lien upon any of their its assets, now owned or later acquired, as security for any indebtedness, with the exception of the following (each a “Permitted Lien”; collectively, “Permitted Liens”): (i) In the case of real property, covenants, restrictions, rights, easements and minor irregularities in title which do not materially interfere with Companies’ Company’s business or operations as presently conducted; (ii) Liens in existence on the date of this Agreement that are described in Exhibit F and secure indebtedness for borrowed money permitted under Section 5.4; (iii) The Security Interest and Liens created by the Security Documents; (iv) purchase Purchase money Liens or capitalized lease obligations for relating to the acquisition of machinery and equipment (including vehicles) of the Companies Equipment not exceeding the lesser of cost or fair market value thereofor $100,000.00 in the aggregate during any fiscal year, provided and so long as no Default Period is then in existence and none would exist immediately after such obligations are subject to the limitation set forth in Section 5.4(d); acquisition and (v) Liens for taxes, assessments or governmental charges or levies on its property if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in respect of judgments or awards, individually or in the aggregate of less than $100,000, good faith and by appropriate proceedings and for which appeals or proceedings for review are being prosecuted and adequate reserves in respect of which a stay of execution upon any such appeal or proceeding for review shall have been secured set aside on its books; (vi) Liens imposed by law, such as carriers’, warehousemen’s and with respect to which Xxxxx Fargo’s security interest mechanics’ liens and other similar liens arising in the Collateral (securing all ordinary course of the Indebtedness) remains senior business which secure payment of obligations not more than 60 days past due or which are being contested in priority to any such Liens, provided that (A) such Person shall have established good faith by appropriate proceedings and for which adequate reserves for such judgments or awards in accordance with GAAP, (B) such judgments or awards shall be fully insured (subject to deductibles) and the insurer shall not have denied coverage, or (C) such judgments or awards shall have been bonded to the satisfaction set aside on its books; and (vii) Liens arising out of Xxxxx Fargopledges or deposits under worker’s compensation laws, unemployment insurance, old age pensions, or other social security or retirement benefits, or similar legislation.

Other Liens; Permitted Liens. Companies Borrower shall not create, incur or suffer to exist any Lien upon any of their its assets, now owned or later acquired, as security for any indebtedness, with the exception of the following (each a “Permitted Lien”; collectively, “Permitted Liens”): (i) In statutory liens of landlords (provided that the landlords for Borrower’s Premises located at 0000 Xxxxxxxxxx Xxxxxx, Xxxxx 000, Xxx Xxxxx, Xxxxxxxxxx 00000 and 0000 Xxxxx 00, Xxxxx X, Xxxxxxxxxxxxx, Xxx Xxxx 00000 shall have waived any such liens to the satisfaction of Xxxxx Fargo) and liens of carriers, warehousemen, bailees, mechanics, materialmen and other like liens imposed by law, created in the ordinary course of business and for amounts not yet due (or which are being contested in good faith, by appropriate proceedings or other appropriate actions which are sufficient to prevent imminent foreclosure of such liens) and with respect to which adequate reserves or other appropriate provisions are being maintained by the Borrower in accordance with GAAP; (ii) deposits made (and the liens thereon) in the ordinary course of business of Borrower (including, without limitation, security deposits for leases, indemnity bonds, surety bonds and appeal bonds) in connection with workers’ compensation, unemployment insurance and other types of social security benefits or to secure the performance of tenders, bids, contracts (other than for the repayment or guarantee of borrowed money or purchase money obligations), statutory obligations and other similar obligations arising as a result of progress payments under government contracts; (iii) in the case of real property, covenants, restrictions, rights, easements (including, without limitation, reciprocal easement agreements and utility agreements) and minor defects or irregularities in title which title, variation and other restrictions, charges or encumbrances (whether or not recorded) which, in the aggregate, do not materially interfere with Companies’ Borrower’s business or operations as presently conducted; (iiiv) liens of judgment creditors provided such liens do not exceed, in the aggregate, at any time, $250,000 (excluding judgments bonded or insured to the reasonable satisfaction of Xxxxx Fargo); (v) tax liens in respect of taxes which are not yet due and payable or which are being diligently contested in good faith by the Borrower by appropriate proceedings, and which liens are not (a) filed on any public records, (b) senior to the liens of Xxxxx Fargo or (c) for taxes due the United States of America or any state thereof having similar priority statutes; (vi) Liens in existence on the date of this Agreement that are described in Exhibit F and secure indebtedness for borrowed money permitted under Section 5.4F; (iiivii) The the Security Interest and Liens created by the Security Documents; and (ivviii) purchase money Liens or capitalized lease obligations for relating to the acquisition of machinery and equipment (including vehicles) of the Companies Equipment not exceeding the lesser of cost or fair market value thereofvalue, provided such obligations are subject to the limitation set forth in Section 5.4(d); and (v) Liens in respect of judgments not exceeding $75,000 for any one purchase or awards, individually or $200,000 in the aggregate of less than $100,000during any fiscal year, for which appeals or proceedings for review are being prosecuted and so long as no Default Period is then in respect of which a stay of execution upon any existence and none would exist immediately after such appeal or proceeding for review shall have been secured acquisition and with respect to which Xxxxx Fargo’s security interest in the Collateral (securing all of the Indebtedness) remains senior in priority to any such Liens, provided that (A) such Person shall have established adequate reserves for such judgments or awards in accordance with GAAP, (B) such judgments or awards shall be fully insured (subject to deductibles) and the insurer shall not have denied coverage, or (C) such judgments or awards shall have been bonded Liens attach only to the satisfaction assets acquired with the proceeds of Xxxxx Fargosuch purchase money indebtedness.