Common use of Permitted Liens Clause in Contracts

Permitted Liens. Create, incur, assume or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement).

Permitted Liens. CreateLessee shall not, directly or indirectly, create, incur, assume or suffer to exist any Lien upon on or with respect to this Lease, any Item of its PropertyEquipment, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code title thereto or any Requirement interest therein, except (i) the respective rights of Law of any jurisdictionOwner, a financing statement Lessor and Lessee as herein provided; (or the equivalent thereofii) that names it or any of its Subsidiaries as debtorLessor’s Liens; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); (ciii) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising contested in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as good faith by appropriate proceedings so long as adequate reserves are maintained with respect to such Liens are at all times junior to Agent's Liens and are required or provided by law; Taxes in accordance with GAAP; (fiv) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord'smaterialmen’s, mechanics’, materialmen'sworkmen’s, repairmen's ’s, employees’ or other like Liens arising in the Ordinary Course ordinary course of Business that secure obligations that are business and for amounts the payment of which is either not overdue yet delinquent or is being contested in good faith by appropriate proceedings (and for a period of more than 30 days which adequate reserves have been made in accordance with GAAP, or are being Properly Contested; if required to contest the same, adequate security has been posted by Lessee); and (kv) Liens securing for airport, navigation, and en-route charges arising in the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to ordinary course of business and for amounts the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts which is either not yet due; delinquent or is being contested in good faith by appropriate proceedings (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on for which adequate reserves have been made in accordance with GAAP, or if required to contest the property subject to such Lienssame, but only to the extent that the amount of debt secured thereby, and the property secured thereby, adequate security has been posted by Lessee). Lessee shall not be increased; and (n) Liens in favor permitted to contest any Lien if such contest gives rise to any reasonable likelihood of Borrower in respect the sale, forfeiture, confiscation, distraint, seizure or loss of its consignment interests encumbering its Consigned Inventory (as defined any Item of Equipment or any interest therein in the Revolver Loan Agreement)course of any such proceedings, or as a result of any such Lien or the respective interests of Lessor, Owner or any Financing Party will be similarly adversely affected. Lessee shall promptly, at its own expense, take such action as may be necessary to duly discharge any such Lien not excepted above if the same shall arise at any time with respect to any Item of Equipment.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (including statutory Liens of landlords and Liens of carriers, warehousemen, mechanics and materialmen and other than Liens imposed by law, but excluding Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) statutory Liens of suppliers imposed by law or pursuant to customary reservations or retentions of title provided that: (i) such Liens do not attach to Collateral with a value of more than $250,000 at any time, (ii) such Liens arise in the Ordinary Course of Business, and (iii) any such Liens are not perfected and are subordinated under law to the Liens in favor of Agent; (f) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (fg) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (gh) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (hi) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (ij) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (jk) carriers'subject to the terms of the Intercreditor Agreement, warehousemen'sLiens securing the Potlatch Indebtedness; (l) existing Liens shown on Schedule 10.2.2; (m) leases or subleases of Real Estate granted to others not interfering in any material respect with the business of any Borrower or Subsidiary; (n) any interest of title of a lessor under, landlord'sand Liens arising from UCC financing statements (or equivalent filings, mechanicsregistrations or agreements in foreign jurisdictions) relating to, materialmen's, repairmen's or other like leases permitted by this Agreement; (o) Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which to secure payment of customs duties in connection with the importation of goods, but only goods (it being understood that any Inventory subject to the extent such Liens secure amounts shall not yet dueconstitute Eligible Inventory); (mp) existing Liens shown of a collection bank arising under Section 4208 of the UCC on Schedule 9.2.2 and replacement items in the course of collection; (q) Liens imposed on the property subject Potlatch Escrow Account to such Liens, but only secure the obligations of Clearwater to Potlatch under the Retained Obligation Agreement and to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedfinancial institution at which such account is established; and (nr) Liens any extension, renewal or replacement, in favor whole or in part, of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined any Lien described in the Revolver Loan Agreementforegoing clauses (a) through (q); provided that any such extension, renewal or replacement shall be no more restrictive in any material respect than the Lien extended, renewed or replaced and shall not extend to any other Property of Borrowers or Subsidiaries other than such item of Property originally covered by such Lien or by improvement thereof or additions or accessions thereto.

Permitted Liens. Create, incur, assume or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's ’s Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers'’, warehousemen's’s, landlord's’s, mechanics, materialmen's’s, repairmen's ’s or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement).

Permitted Liens. CreateNone of the Borrowers will, incurnor will permit any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Propertyproperty or assets of any character whether now owned or hereafter acquired, or upon the income or profits therefrom; (b) transfer any of such property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a period of more than thirty (30) days after the same shall have been incurred any Indebtedness or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise transfer any receivables with or without recourse; provided that any of the Borrowers or any of their Subsidiaries may create or incur or suffer to be created or incurred or to exist: (i) Liens to secure taxes, assessments and other government charges in respect of obligations not overdue or Liens to secure claims for labor, material or supplies in respect of obligations not overdue; (ii) deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations; (iii) Liens on properties in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which such Borrower or such Subsidiary shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review; (iv) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties in existence less than 180 days from the date of creation thereof in respect of obligations not overdue; (v) encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens and other minor Liens, provided that none of such Liens (A) interferes materially with the use of the property affected in the ordinary conduct of the business of such Borrower or its Subsidiaries, and (B) individually or in the aggregate have a Material Adverse Effect; (vi) Liens securing Indebtedness permitted under §9.1(g); (vii) Liens on assets that are the subject of Sale Leaseback Transactions permitted under §9.1(n); (viii) Other Liens in existence on the Closing Date and listed in Schedule 9.2; (ix) Liens securing acquired indebtedness under §9.1(j), provided that such Liens secured such Indebtedness prior to the related acquisitions and are not spread to cover any additional assets or Indebtedness, and are not in violation of the penultimate sentence of §9.1; and (x) Other Liens in an aggregate principal amount not to exceed $25,000,000 at any time outstanding. Each of the Borrowers covenants and agrees that if any of its Subsidiaries shall create or assume any Lien upon any of its respective properties or assets, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "than Permitted Liens"): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (unless prior written consent shall have been obtained from the Lenders), such Borrower will make or cause to be made effective provision whereby the Obligations will be secured by such Lien equally and ratably with any and all other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations Indebtedness thereby secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as so long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising other Indebtedness shall be so secured. The covenants of each of the Borrowers contained herein shall only be in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as effect for so long as such Liens are (i) in existence Borrower shall be similarly obligated under any other Indebtedness. An Event of Default shall occur for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or so long as such other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure Indebtedness becomes secured notwithstanding any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms actions taken by any of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which Borrowers to ratably secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)Obligations hereunder.

Permitted Liens. CreateBorrower shall not create, incur, assume or suffer to exist any Lien upon upon, in or with respect to against, or pledge of, any of the Collateral or any of its Propertyproperties or assets or any of its shares, securities or other equity or ownership or partnership interests, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"): ”): (ai) Liens under the Loan Documents or otherwise arising in favor of Agent; Lender, (bii) Liens securing Debt that is permitted under Section 9.2.1(cimposed by law for taxes (other than payroll taxes); (c) Liens , assessments or charges of any Governmental Authority for Taxes claims not yet due or which are being Properly Contested; contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Lender in its sole discretion, (diii) (A) statutory Liens of landlords (provided that any such landlord has executed a Landlord Waiver and Consent in form and substance satisfactory to Lender) and of carriers, warehousemen, mechanics, materialmen, and (B) other than Liens for Taxes imposed by law or imposed under ERISA) arising that arise by operation of law in the Ordinary Course ordinary course of Businessbusiness from the date of creation thereof, but in each case only if (i) payment of the obligations secured thereby is for amounts not yet due or is which are being Properly Contestedcontested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Lender in its sole discretion, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (eiv) Liens (A) incurred or deposits made in the Ordinary Course ordinary course of Business business (including, without limitation, 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 government tenders, bids, contractsleases, contracts (other than for the repayment of Indebtedness), statutory obligations and other similar obligations, or (B) arising as long as a result of progress payments under government contracts, (v) purchase money Liens (A) securing Indebtedness permitted under Section 7.2(iii), or (B) in connection with the purchase by such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising Person of equipment in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and business, provided that such payables shall not exceed any limits on Indebtedness provided for herein and shall otherwise be Permitted Indebtedness hereunder, (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (kvi) Liens securing the Debt that is permitted under Section 9.2.1(f); Permitted Subordinated Debt, provided that such Liens are at all times subject subordinated to the terms of the Intercreditor Agreement; (l) Liens in favor of customs Lender pursuant to a written agreement acceptable to Lender; and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such (vii) Liens secure amounts not yet due; (m) existing Liens shown disclosed on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)7.3.

Permitted Liens. CreateThe Borrower will not, incurand will not permit any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing under income or profits therefrom; (b) transfer any of such property or assets or the Uniform Commercial Code income or any Requirement profits therefrom for the purpose of Law subjecting the same to the payment of Indebtedness or performance of any jurisdictionother obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a financing statement period of more than thirty (30) days after the same shall have been incurred any Indebtedness or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise transfer any “receivables” as defined in clause (g) of the equivalent thereof) definition of the term “Indebtedness,” with or without recourse; provided that names it the Borrower or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder may create or incur or suffer to file such financing statement (be created or the equivalent thereof) other than, as incurred or to all of the above, the following (collectively, "Permitted Liens"):exist: (ai) Liens in favor of Agentthe Borrower on all or part of the assets of Subsidiaries of the Borrower securing Indebtedness owing by Subsidiaries of the Borrower to the Borrower; (bii) Liens securing Debt that to secure taxes, assessments and other government charges in respect of obligations not overdue or Liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue; (iii) deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations; (iv) Liens on properties in respect of judgments or awards, the Indebtedness with respect to which is permitted under Section 9.2.1(cby §9.1(c); (cv) Liens for Taxes of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties, in existence less than 120 days from the date of creation thereof in respect of obligations not yet due or being Properly Contestedoverdue; (dvi) statutory encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which the Borrower or a Subsidiary of the Borrower is a party, and other minor Liens, provided that none of such Liens (other than Liens for Taxes or imposed under ERISAA) arising in interferes materially with the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation property affected in the ordinary conduct of the business of Borrowers the Borrower and its Subsidiaries, and (B) individually or their Subsidiariesin the aggregate have a Material Adverse Effect; (evii) Liens incurred existing on the date hereof and listed on Schedule 9.2 hereto; (viii) purchase money security interests in or deposits made purchase money mortgages on real or personal property acquired (in the Ordinary Course case of Business purchase money security interests) or leased (in the case of Capitalized Leases) after the Closing Date to secure purchase money Indebtedness or Capitalized Leases of the performance type and amount permitted by §9.1(f), which security interests or mortgages cover only the real or personal property so acquired or leased and any proceeds thereof (including, without limitation, leases, Accounts Receivable, instruments and documents); (ix) Liens on assets and property of government tendersthe Borrower and its Subsidiaries in favor of Interpool that secure the Interpool Convertible Subordinated Debt or the Existing Interpool Subordinated Debt; provided, bids, contracts, statutory obligations and other similar obligations, as long as that all such Liens are at all times junior and subordinate to Agent's the Liens and are required or provided granted by lawthe Borrower to the Administrative Agent for the benefit of the Lenders pursuant to the Security Documents on such terms set forth in the Subordination Documents; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (lx) Liens in favor of customs the Administrative Agent for the benefit of the Lenders and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to Administrative Agent securing the extent such Liens secure amounts not yet dueObligations; (mxi) existing Liens shown on Schedule 9.2.2 and replacement consisting of the interest of a lessee under any lease with respect to Containers where the Borrower is the lessor; (xii) Liens on the property listed on Schedule 9.2 hereto that are granted to secure any refinancing or renewal of Indebtedness permitted under §9.1, which refinancing or renewal is permitted under §9.1(h) hereof (subject to all the provisos contained therein); provided that (a) such Liens, but only Liens encumber the same property (and no additional assets or property of the Borrower) as secured the Indebtedness that was so refinanced or renewed and (b) the aggregate amount of Indebtedness secured by such property has not increased as a result of such refinancing or renewal; (xiii) interests of lessors in property leased to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedBorrower or a Subsidiary under §9.1(f); and (nxiv) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in on the Revolver Loan AgreementBorrower’s common stock redeemed pursuant to the Redemption Agreement solely to secure the Indebtedness permitted under §9.1(m).

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Propertyproperty or assets, whether now owned or hereafter acquiredexcept the following Liens (provided, file or authorize that, in the filing under the Uniform Commercial Code or any Requirement of Law case of any jurisdictionLiens created or arising at any time on or after the Petition Date, a financing statement (such Liens shall only be permitted hereunder if no Default or the equivalent thereof) that names it Event of Default shall exist or any of its Subsidiaries be continuing as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the abovetime that such Lien is to be created or to arise, the following or shall occur upon, or as a result of, such Lien being created or arising) (collectively, "“Permitted Liens"”): (a) Liens in favor of Agentthe Administrative Agent (for the benefit of the Secured Parties) granted pursuant to the Loan Documents and the DIP Orders to secure the Obligations; (b) Liens in favor of the Prepetition Secured Parties securing the Debt that is permitted under pursuant to Section 9.2.1(c10.2.1(b), so long as any such Lien pursuant to this clause (b) on any First-Priority DIP Collateral shall be subordinate to the Administrative Agent’s and the Secured Parties’ Liens thereon as set forth in the DIP Orders; (c) Liens for Taxes (including real estate taxes) not yet due or being Properly Contested; (d) statutory or common law Liens of landlords, sub-landlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction contractors or other like Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but but, with respect to any of the foregoing arising after the Petition Date, only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property real or personal property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) customary Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations obligations, surety, stay, customs, and appeal bonds, performance bonds, and other similar obligations, or arising as long as such Liens are at all times junior to Agent's Liens and are required or provided by lawa result of progress payments under government contracts; (f) pledges, deposits, or Liens arising in the Ordinary Course of Business that are subject in connection with (i) workers’ compensation, payroll taxes, unemployment insurance, and other social security legislation and (ii) securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to Lien WaiversBorrower, the Obligors, or any of the Subsidiaries; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiariesany Obligor, or any Property real or personal property of Borrowers or their Subsidiariesan Obligor, as long as such Liens are (i) judgment does not otherwise result in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liensan Event of Default under Section 11.1(h); (h) easements, rights-of-way, restrictions, covenants encroachments, other survey defects or matters that would be shown by a current, accurate survey of physical inspection, and covenants, building codes, restrictions (including zoning restrictions), encroachments, licenses, protrusions, or other agreements of record, and other similar charges charges, encumbrances or encumbrances irregularities in title on any Subject Real Estate, Property imposed by law or arising in the Ordinary Course of Business that do not or could not reasonably be expected to materially detract from the value of the affected property nor secure any monetary obligation and do not interfere with the Ordinary Course business of Businessthe Obligors in any material respect; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers'without duplication of any other Liens set forth in this Section 10.2.2, warehousemen'sLiens that are listed on Schedule 10.2.2 hereto, landlord'sto the extent such Liens are existing, mechanicsvalid, materialmen'sfully perfected and non-avoidable as of the Petition Date (or were properly perfected subsequent to the Petition Date to the extent permitted by section 546(b) of the Bankruptcy Code) (the “Permitted Prior Liens”), repairmen's or other like which such Permitted Prior Liens arising shall be subject to the priority set forth in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly ContestedDIP Orders; (k) Liens securing leases, non-exclusive licenses, subleases or non-exclusive sublicenses granted to others that do not (i) interfere in any material respect with the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to business of Borrower or the terms of the Intercreditor AgreementSubsidiaries or (ii) secure any Debt; (l) Liens arising from UCC financing statements filed regarding operating leases entered into by an Obligor; (m) Liens in favor of customs and or revenue authorities arising as a matter of law which to secure payment of customs duties in connection with the importation of goods; (n) Liens solely on any ▇▇▇▇ ▇▇▇▇▇▇▇ money deposits made by any Obligor or any Subsidiary in connection with any letter of intent or purchase agreement not prohibited by this Agreement; (o) Post-Petition Liens on the DIP Collateral in favor of the Prepetition Secured Parties and the Prepetition secured equipment lenders, in each case, granted as adequate protection liens pursuant to the DIP Orders, but only to the extent such Liens secure amounts not yet dueare expressly permitted pursuant to the DIP Orders and, in the case of the First-Priority DIP Collateral, are junior in priority to the Administrative Agent’s Liens securing the Obligations hereunder; (mp) existing Liens shown arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by any Obligor in the Ordinary Course of Business permitted by this Agreement; (q) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the Ordinary Course of Business and not for speculative purposes; (r) ▇▇▇▇▇ (i) on Schedule 9.2.2 cash advances in favor of the seller of any property to be acquired in an Investment permitted hereunder to be applied against the purchase price for such Investment and replacement (ii) consisting of an agreement to dispose of any property in an Asset Disposition permitted hereunder, to the extent that such Asset Disposition would have been permitted on the date of the creation of such ▇▇▇▇; (s) ground leases in respect of any Real Estate (other than (x) any ground leases demised by an Obligor or Subsidiary, as the lessor thereunder, of any Subject Real Property and (y) any ground leases demised to any Obligor, as the lessee thereunder, in each case, unless otherwise consented to in writing by the Administrative Agent) on which facilities owned or leased by any of the Obligors are located; provided that with respect to any Real Estate owned by any of the Obligors and demised pursuant to a ground lease by an Obligor or Subsidiary as the lessor thereunder, such ground leases are fully subordinate to the Administrative Agent’s Lien thereon (if any); (t) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto not to exceed the amount of such premiums in the Ordinary Course of Business; (u) Liens on specific items of inventory or other goods (in each case, other than any Obligor’s Bitcoin and other Cryptocurrencies) and the proceeds thereof securing such Person’s obligations in respect of documentary letters of credit or banker’s acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods in the Ordinary Course of Business; (v) deposits of cash with the owner or lessor of premises leased and operated by any Obligor to secure the performance of such Obligor’s obligations under the terms of the lease for such premises in the Ordinary Course of Business and if occurring after the Petition Date, such deposits are permitted pursuant to the Approved Budget; (w) Purchase Money Liens in respect of Purchase Money Debt permitted to be incurred under Section 10.2.1(c); (x) other than with respect to any First-Priority DIP Collateral, Liens on property subject to any sale-leaseback transaction not prohibited hereunder and the general intangibles related thereto, in each case, solely to the extent securing any obligations owing under such transaction; (y) Liens arising by operation of law in the United States under Article 2 of the UCC in favor of a reclaiming seller of goods or buyer of goods; (z) Liens existing on property at the time of its acquisition by an Obligor in accordance herewith, or existing on the property of any Person at the time such Person becomes an Obligor in accordance herewith, in either case, after the Closing Date, so long as such Lien is limited to such property so acquired and, in all cases, excluding Liens on the Equity Interests of any Person that becomes a Subsidiary; (aa) Liens granted or arising prior to the Petition Date, to the extent such Liens are existing, valid, fully perfected and non-avoidable as of the Petition Date; provided that the aggregate amount of Debt secured by such Liens at any time shall not exceed $100,000 at any time outstanding without the Required Lenders’ consent; (bb) Liens (which shall rank junior to the Liens securing the Obligations) upon the specific real or personal property leased under operating leases in the Ordinary Course of Business by Borrower or any of its Subsidiaries in favor of the lessor created at the inception of the lease transaction, securing obligations of Borrower or any of its Subsidiaries under or in respect of such lease and extending to or covering only the property subject to such Liens, but only lease and improvements thereon; (cc) Liens that are contractual rights of set-off or rights of pledge (i) relating to the extent that establishment of depository relations with banks or other deposit-taking financial institutions and not given in connection with the amount issuance of debt secured therebyDebt, (ii) relating to pooled deposit or sweep accounts of Borrower or any of the other Obligors to permit satisfaction of overdraft or similar obligations incurred in the in the Ordinary Course of Business of Borrower or any of the other Obligors or (iii) relating to purchase orders and other agreements entered into with customers of any Subsidiary in the property secured therebyOrdinary Course of Business; (dd) Liens on cash and Cash Equivalents securing reimbursement obligations under letters of credit permitted hereunder; (ee) Liens in connection with any zoning, shall not be increasedbuilding or similar requirement of law or right reserved to or vested in any Governmental Authority to control or regulate the use of any or dimensions of any Subject Real Property or the structure thereon; and (nff) Liens in favor Liens, if any, on affected Bitcoin securing any Permitted BTC Hedging Agreement. For the avoidance of Borrower in doubt, notwithstanding anything else herein to the contrary, no Lien on any property or assets of any Obligor (including any Permitted Lien or Permitted Prior Lien (except, other than with respect of its consignment interests encumbering its Consigned Inventory to the First-Priority DIP Collateral, any Prior Senior Lien (as defined in the Revolver Loan AgreementDIP Orders), if and solely to the extent provided pursuant to the DIP Order) shall rank pari passu with, or senior to, any Lien thereon granted in favor of the Administrative Agent or otherwise securing any of the Obligations.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Permitted Purchase Money Debt that is permitted under Section 9.2.1(c)and Refinancing Debt in respect thereof; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA, or with respect to any Plan, Pension Plan or Multiemployer Plan, the Code) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Obligor or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's ’s Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Obligor or their SubsidiariesSubsidiary, or any Property of Borrowers an Obligor or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation (other than a Mortgage) and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers'Liens in favor the Third Lien Creditors in respect the Third Lien Obligations (and Refinancing Debt in respect thereof) to the extent permitted under, warehousemen'sand subject in all respects to, landlord'sthe Third Lien Subordination Agreement (or a replacement or successor subordination agreement substantially in the form of the Third Lien Subordination Agreement or in such other form acceptable to the Agent); (k) existing Liens shown on Schedule 10.2.2., mechanicsprovided that any such Lien shall only secure the Indebtedness that it secures on the Restatement Effective Date and any Refinancing Debt in respect thereof; (l) leases, materialmen'slicenses, repairmen's subleases or other like Liens arising sublicenses granted to others in the Ordinary Course of Business that secure obligations that are do not overdue for a period interfere in any material respect with the business of more than 30 days the Parent or are being Properly Contestedthe Restricted Subsidiaries; (km) Liens securing arising from UCC financing statements filed regarding (i) operating leases entered into by a Borrower or Subsidiary in the Debt that is permitted under Section 9.2.1(f); provided that Ordinary Course of Business and (ii) goods consigned or entrusted to or bailed to a Person in connection with the processing, reprocessing, recycling or tolling of such Liens are at all times subject to the terms of the Intercreditor Agreementgoods; (ln) Liens in favor of customs and or revenue authorities arising as a matter of law which to secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (mo) existing Liens shown solely on Schedule 9.2.2 any ▇▇▇▇ ▇▇▇▇▇▇▇ money deposits made by any Borrower or any Subsidiary in connection with any letter of intent or purchase agreement permitted under this Agreement; (p) any other Liens which do not attach to Accounts, Inventory or Intellectual Property and replacement Liens on do not in the property subject aggregate secure obligations in aggregate principal amount in not to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedexceed $250,000; and (nq) Liens in favor of Borrower ABL Revolver Agent to secure the ABL Revolver Obligations (or Refinancing Debt in respect of its consignment interests encumbering its Consigned Inventory thereof), subject to the Intercreditor Agreement (as defined or a replacement or successor intercreditor agreement substantially in the Revolver Loan Agreementform of the Intercreditor Agreement or in such other form acceptable to the Agent).

Permitted Liens. CreateThe Issuer will not, incurand will not permit Emmis OpCo or any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing under the Uniform Commercial Code income or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtorprofits therefrom; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); transfer any of such property or assets or the income or profits therefrom outside the ordinary course of business for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) Liens for Taxes not yet due acquire, or being Properly Contested; agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business suffer to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue exist for a period of more than 30 thirty (30) days after the same shall have been incurred any Indebtedness or are being Properly Contested; claim against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors (kother than in respect of de minimus amounts); or (e) Liens securing sell, assign, pledge or otherwise transfer any “receivables” as defined in clause (g) of the Debt that is permitted under Section 9.2.1(fdefinition of the term “Indebtedness,” with or without recourse (other than in connection with the disposition of the business operations of such Person relating thereto or a disposition of defaulted receivables for collection and not as a financing arrangement); provided that such Liens are at all times subject Emmis OpCo or any of its Subsidiaries may create or incur or suffer to be created or incurred or to exist any Lien, deposit, pledge, encumbrance, security agreement or mortgage (1) to the terms extent expressly permitted by §10.2.1 of the Intercreditor Agreement; OpCo Credit Agreement (land any permitted amendment thereto) Liens and (2) for the avoidance of doubt, in favor of customs the OpCo Lenders and revenue authorities arising as a matter of law which OpCo Administrative Agent to secure payment of customs duties in connection with the importation of goodsOpCo Obligations under the OpCo Credit Agreement, but only and any Permitted Refinancing Indebtedness; provided further that this §10.2.1 shall not apply to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens liens granted on the property subject to such LiensSubject Preferred Stock or the Issuer’s or Emmis OpCo’s right, but only to the extent that the amount of debt secured thereby, title and the property secured thereby, shall not be increased; and (n) Liens interest in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)any TRS Transaction.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Collateral Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers Parent or their any of its Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Collateral Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers Parent or their any of its Subsidiaries, or any Property of Borrowers Parent or their its Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Collateral Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; (j) Liens on the Real Estate of Borrowers in favor of Bank of Arkansas securing the real estate term loan to ACM and TCM which is to be paid in full using the proceeds of Revolver Loans; provided, that all such liens shall be released and terminated within 60 Business Days after the Closing Date; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)10.2.2.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens including claims or Liens of materialmen, mechanics, carriers, warehousemen, processors, supplies, landlords and other similar Liens for labor, materials, supplies or rentals, and other similar amounts (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due overdue for a period of more than thirty (30) days, or is if more than thirty (30) days overdue, no action has been take to enforce such Liens and such Liens are being Properly Contested, and (ii) such Liens do not materially impair individually or in the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiariesaggregate have a Material Adverse Effect; (ei) Liens incurred or deposits made in the Ordinary Course of Business in connection with or to secure the performance of bids, trade and commercial contracts and leases and the payment of rent (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds, government tenders, bids, contracts, statutory obligations and other similar obligationsobligations incurred in the Ordinary Course of Business (including workers' compensation, unemployment insurance and other types of social security or similar legislation) and (ii) deposits or pledges in respect of letters of credit, bank guarantees, or similar instruments that have been posted in the Ordinary Course of Business of any Obligor or any Subsidiary, in each case, so long as (A) any Liens on an Obligor's property that secure surety bonds attach only to the contracts in respect of which such surety bonds are posted and, as long as to any other properties, such Liens are at all times junior to Agent's the Liens in favor of the Collateral Agent on the same properties that constitute Collateral under the Security Documents, and are required (B) no foreclosure, sale or provided by lawsimilar proceedings have been commenced with respect to any portion of the Collateral on account thereof; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers▇▇▇▇ ▇▇▇▇▇▇▇; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Obligor or their SubsidiariesSubsidiary, or any Property of Borrowers an Obligor or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 30 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's LiensLiens (if any) in such Property; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers'Liens on assets (other than Accounts and Inventory) acquired in a Permitted Acquisition, warehousemen'ssecuring Debt permitted by Section 10.2.1(f); (k) existing Liens shown on Schedule 10.2.2 and the replacement, landlord'srenewal or extension thereof (including Liens incurred, mechanicsassumed or suffered to exist in connection with any Permitted Refinancing, materialmen'srefunding, repairmen's renewal or extension of Debt pursuant to Section 10.2.1(h) (solely to the extent that such Liens were in existence on the Closing Date); provided that the scope of any such Lien shall not be increased, or otherwise expanded, to cover any additional property or type of asset, as applicable, beyond that in existence on the Closing Date, except for products and proceeds of the foregoing; (l) Liens securing Debt under the Revolving Loan Facility and Refinancing Debt in respect thereof, so long as the holders of such Debt remain subject to the Intercreditor Agreement; (m) Liens on Property arising out of conditional sale, title retention, consignment or other like Liens arising similar arrangements for the sale of goods entered into by any Obligor or any of its Subsidiaries in the Ordinary Course of Business that secure to the extent such Liens do not attach to any assets other than the goods subject to such arrangements; (n) Liens arising from the filing of precautionary UCC financing statements relating solely to personal property leased pursuant to operating leases entered into in the Ordinary Course of Business of the Borrowers and their Subsidiaries; (o) (i) contractual Liens of landlords to the extent relating to the property and assets relating to any lease agreements with such landlord; and (ii) contractual Liens of suppliers (including sellers of goods) or customers, in each case in the foregoing clauses (i) and (ii), granted in the Ordinary Course of Business to the extent limited to the property or assets relating to such contract and only to the extent payment of the obligations that are secured thereby is not yet due or is overdue for a period of more than 30 sixty (60) days, or if more than thirty (30) days or overdue, no action has been take to enforce such Liens and such Liens are being Properly Contested; (kp) any interest or title of a licensor, sublicensor, lessor or sublessor with respect to any assets under any inbound license or lease agreement entered into by any Borrower or any Subsidiary in the Ordinary Course of Business and do not interfere in any material respect with the Ordinary Course of Business of the Borrowers or their Subsidiaries or materially detract from the value of the relevant assets of the Borrowers or their Subsidiaries; (q) any non-exclusive license, non-exclusive sublicense, lease, or sublease granted by the Obligor or any Subsidiary to third parties in the ordinary course of its business and in accordance with any applicable terms of the Security Documents which do not: (i) interfere in any material respect with the Ordinary Course of Business of the Borrowers or their Subsidiaries or materially detract from the value of the relevant assets of the Borrowers or their Subsidiaries; or (ii) secure any Debt; (r) to the extent constituting Liens, any option or other agreement to purchase any asset of any Borrower or any of its Subsidiaries, the disposition of which is expressly permitted under this Agreement; (s) reasonable customary initial deposits and margin deposits to the extent required by Applicable Law, which secure Debt under Bank Products; (t) Liens in the nature of customary setoff rights in favor of any counterparty to any Swaps expressly permitted under this Agreement; (u) Liens on the unearned portion of insurance premiums granted in the ordinary course of business securing the Debt that financing of such premiums, so long as no foreclosure sale or similar proceeding has been commenced with respect to any portion of the Collateral on account thereof, and solely to the extent the financing is permitted under Section 9.2.1(f10.2.1(p); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (lv) Liens arising in the ordinary course of business in favor of customs brokers, custom and revenue authorities arising as a matter forwarding agents and similar Persons in respect of law which secure payment imported goods and merchandise in the custody of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet duePersons; (mw) existing Liens shown on Schedule 9.2.2 or rights of setoff against credit balances of the Borrowers with credit card issuers or credit card processors to secure obligations to any such credit card issuer or credit card processor incurred in the Ordinary Course of Business as a result of fees and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedchargebacks; and (nx) other Liens in favor (on assets other than on Equity Interests) and as to which the aggregate amount of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)obligations secured thereby does not exceed $500,000.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory contractual Liens and Liens imposed by law (other than Liens for Taxes or imposed under ERISA) such as carriers’, warehousemen’s, materialmen’s, landlords’, workmen’s, suppliers’, repairmen’s and mechanics’ Liens and other similar Liens arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due and payable or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiariesany Obligor; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), surety, stay customs and appeal bonds, statutory obligations and other similar obligations, or arising as long as such Liens are at all times junior to Agent's Liens and are required or provided by lawa result of progress payments under government contracts; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property Obligor to the extent such judgment does not constitute an Event of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's LiensDefault; (h) easements, rights-of-way, survey exceptions, title exceptions, restrictions, covenants or other agreements of record, minor defects or other irregularities in title and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not materially interfere with the Ordinary Course of Business; (i) municipal and zoning ordinances, building and other land use laws imposed by any governmental authority which are not violated in any material respect by existing improvements or the present use of Property, or in the case of any Real Estate subject to a mortgage, encumbrances disclosed in the title insurance policy issued to, and reasonably approved by, Agent; (j) leases, subleases, licenses, sublicenses granted to others in the Ordinary Course of Business; (k) any interest or title of a lessor or sublessor, licensor or sublicensor under any lease or license not prohibited by this Agreement or the other Security Documents; (l) normal and customary rights of setoff upon deposits or securities in favor of depository institutionsinstitutions or brokerages, and Liens of a collecting bank on Payment Items payment items in the course of collection, bankers’ Liens securing amounts owing to such bank with respect to overdrafts, cash management and operating account arrangements, including those involving pooled accounts and netting arrangements; andprovided that in no case shall such Liens secure (either directly or indirectly) the repayment of any Debt (other than on account of such overdrafts, netting or cash management); (jm) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens on insurance proceeds and deposits arising in the ordinary course of business in connection with the financing of insurance premiums; (n) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by such Person in the Ordinary Course of Business that secure obligations that are not overdue for a period in accordance with the past practices of more than 30 days or are being Properly Contestedsuch Person; (ko) Liens securing on Property of a Person existing at the time such Person is acquired or merged with or into or consolidated with any Obligor or a Subsidiary thereof (and not created in anticipation or contemplation thereof); (p) security given to a public or private utility or any Governmental Authority as required in the Ordinary Course of Business; (q) the filing of financing statements solely as a precautionary measure in connection with operating leases or consignments; (r) other Liens with respect to obligations that do not in the aggregate exceed $1,000,000 at any time outstanding; (s) the replacement, extension or renewal of any Permitted Lien; provided, that such Lien shall at no time be extended to cover any assets or property other than such assets or property subject thereto on the Original Closing Date or the date such Lien was incurred, as applicable; (t) Liens granted in connection with Debt that is permitted under by Section 9.2.1(f); 10.2.1(n) provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but attach only to the extent such Liens secure amounts Property of Foreign Subsidiaries and not yet due; to any Collateral; (mu) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement).10.2.2;

Permitted Liens. CreateThe Borrower will not, incurand will not permit any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing income or profits therefrom; (b) transfer any of such property or assets or the income or profits therefrom outside the ordinary course of business for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a period of more than thirty (30) days after the same shall have been incurred any Indebtedness or claim against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors (other than in respect of de minimus amounts); or (e) sell, assign, pledge or otherwise transfer any “receivables” as defined in clause (g) of the definition of the term “Indebtedness,” with or without recourse (other than in connection with the disposition of the business operations of such Person relating thereto or a disposition of defaulted receivables for collection and not as a financing arrangement); provided that the Borrower or any of its Subsidiaries may create or incur or suffer to be created or incurred or to exist: (i) Liens in favor of the Borrower on all or part of the assets of Subsidiaries of the Borrower securing Indebtedness owing by Subsidiaries of the Borrower to the Borrower; (ii) Liens to secure taxes, assessments and other government charges in respect of obligations not overdue or that are being diligently contested in good faith and in respect of which appropriate reserves have been set aside or Liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue or that are being diligently contested in good faith and in respect of which appropriate reserves have been set aside; (iii) deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations or other obligations incurred in the ordinary course of business or consistent with past practices or security or good faith deposits made in connection with a Permitted Acquisition which are not overdue; (iv) Liens on properties in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which the Borrower or such Subsidiary (as the case may be) shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review, the Indebtedness with respect to which is permitted by §10.1(d); (v) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties, in existence less than one hundred twenty (120) days from the date of creation thereof in respect of obligations not overdue; (vi) encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens and other minor Liens, provided that none of such Liens (A) interferes materially with the use of the property affected in the ordinary conduct of the business of the Borrower and its Subsidiaries, and (B) individually or in the aggregate has a Material Adverse Effect; (vii) Liens existing on the date hereof and listed on Schedule 10.2 hereto; (viii) purchase money security interests in or purchase money mortgages on real or personal property, other than Mortgaged Properties acquired after the date hereof, to secure Capitalized Leases or purchase money Indebtedness, in each case of the type and amount permitted by §10.1(f), which security interests or mortgages cover only the real or personal property so acquired or leased; (ix) Liens on each Mortgaged Property as and to the extent permitted by the Mortgage applicable thereto; and (x) Liens in favor of the Administrative Agent for the benefit of the Lenders and the Administrative Agent under the Uniform Commercial Code Loan Documents and any Interest Rate Agreements with a Lender; (xi) Liens on leasehold interests created by the Borrower or any Requirement of Law its Subsidiaries, as lessee, in favor of any jurisdiction, mortgagee of the leased premises to the extent not prohibited by the terms of the lease; (xii) Liens securing Indebtedness permitted by §10.1(f)(ii); (xiii) Liens constituting leasehold or license interests held by a financing statement (lessee or licensee in respect of leases or licenses made by the equivalent thereof) that names it Borrower or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder lessor or licensor with respect to file intellectual property, space or broadcast towers or sub-channel or broadcast spectrum or similar leases or licenses in each case entered into by the Borrower or such financing statement (or Subsidiary in the equivalent thereof) other than, as to all ordinary course of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agentits business consistent with past practices; (bxiv) Liens securing Debt that is permitted under Section 9.2.1(c); (c) Liens for Taxes not yet due constituting leasehold or being Properly Contested; (d) statutory Liens (other than Liens for Taxes similar interests of sublessees, time share participants or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required users in respect of any aircraft owned or provided leased by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, Borrower or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collectionSubsidiary; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (kxv) Liens securing constituting options of Persons other than the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject Borrower or any Subsidiary to the terms purchase Capital Stock of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)any non-wholly owned Subsidiary.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of AgentAgent for the benefit of the Secured Parties; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractscontracts (other than Indebtedness), leases (other than Capital Leases), statutory obligations obligations, surety and appeal bonds, performance bonds and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) judgment Liens arising by virtue securing judgments not constituting an Event of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's LiensDefault; (h) zoning restrictions, easements, rights-of-way, restrictionsrestrictions on use of real property, covenants minor defects or other agreements irregularities of record, title and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and incurred in the Ordinary Course of Business which do not interfere with the Ordinary Course of Business; (i) any interest or title or right of a lessor or sub-lessor under any lease or sub-lease entered into in the Ordinary Course of Business and covering only the assets so leased; (j) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (jk) carriers'Liens on assets of an Excluded Subsidiary that secures Permitted Debt of such Excluded Subsidiary; (l) Liens securing Revolving Loan Obligations and Refinancing Debt in respect thereof, warehousemen's, landlord's, mechanics, materialmen's, repairmen's so long as the holders of such Revolving Loan Obligations or other like Indebtedness remain subject to the Intercreditor Agreement; (m) Liens arising existing as of the Closing Date and shown on Schedule 10.2.2 and any extensions or renewals thereof in connection with any Refinancing Debt with respect to such Indebtedness secured by such Liens; (n) pledges and deposits made in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contestedin compliance with workmen’s compensation, unemployment insurance and other social security laws and regulations; (ko) any license or sub-license entered into in the Ordinary Course of Business and not interfering with such Obligor’s or its Subsidiaries’ conduct of its respective business, and the interest of any non-exclusive licensors under license agreements (including, for the avoidance of doubt, relating to Intellectual Property); (p) Liens arising from precautionary UCC financing statements filed in connection with operating leases; (q) Liens on ▇▇▇▇ ▇▇▇▇▇▇▇ money deposits made in connection with Permitted Acquisitions or other acquisitions of assets permitted hereunder; (r) Liens granted in the Ordinary Course of Business on the unearned portion of insurance premiums securing the Debt that financing of insurance premiums to the extent the financing is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement10.2.1(o) hereof; (ls) Liens in favor of customs and revenue authorities arising as a matter of law which to secure payment of customs duties not yet delinquent in connection with the importation of goods, but only to goods in the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount Ordinary Course of debt secured thereby, and the property secured thereby, shall not be increasedBusiness; and (nt) other Liens securing liabilities (other than Borrowed Money) in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)an aggregate amount not to exceed $5,000,000 at any time outstanding.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of AgentAgent securing the Obligations; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISAERISA but including carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Debt), statutory obligations (including in connection with workers’ compensation, unemployment insurance and other social security legislation (other than Liens for Taxes or imposed under ERISA)) and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising securing judgments for the payment of money in an aggregate amount not in excess of $5,000,000 (except to the Ordinary Course extent covered by independent third-party insurance as to which the insurer has acknowledged in writing its obligation to cover), unless any such judgment remains undischarged for a period of Business that are subject to Lien Waiversmore than 10 consecutive days during which execution is not effectively stayed; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (ih) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (i) existing Liens shown on Schedule 10.2.2 and any renewals or extensions thereof, provided that the Property covered thereby is not increased and any renewal or extension of the obligations secured or benefited thereby does not increase the maximum outstanding principal amount of such obligations; (j) carriers'Liens on fixed assets acquired in connection with a Permitted Acquisition so long as such Liens were existing at the time of such Acquisition by a Borrower or Subsidiary and were not incurred, warehousemen'sextended or renewed in contemplation of such Acquisition; provided that (i) the Lien shall attach solely to the property acquired, landlord'sand (ii) at the time of acquisition of such fixed assets, mechanics, materialmen's, repairmen's the aggregate amount remaining unpaid on all Debt secured by Liens on such fixed assets whether or other like Liens arising in not assumed by a Borrower or Subsidiary shall not exceed an amount equal to the Ordinary Course lesser of Business that secure obligations that are not overdue for a period the total purchase price or fair market value at the time of more than 30 days or are being Properly Contestedacquisition of such fixed assets; (k) other Liens securing that are created upon any of its Property (other than Collateral) after the Debt that is permitted under Section 9.2.1(f); provided that Closing Date, so long as the fair market value of such Property subject to such Liens are does not exceed $5,000,000 at all times subject to the terms of the Intercreditor Agreementany time outstanding; (l) Liens in favor of customs on deposits and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedunearned insurance premiums securing Debt permitted under Section 10.2.1(j); and (ni) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory on Collateral securing the Debt owing under the 2009 Debentures, as long as such Liens are subject to the 2009 Debenture Intercreditor Agreement and such Debt is permitted under Section 10.2.1(n), (as defined in ii) Liens on Collateral securing the Revolver Debt owing under the Last-Out Term Loan Agreement, as long as such Liens are subject to the Last-Out Term Loan Intercreditor Agreement and (iii) Liens on Collateral securing the Second Lien Debt as long as such Liens are subject to the Second Lien Debt Intercreditor Agreement and such Debt is permitted under Section 10.2.1(n).

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of AgentAgent securing the Obligations; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Credit Party or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business in connection with workers compensation, unemployment or other insurance obligations, or to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as long as such Liens are at all times junior to Agent's Liens and are required or provided by lawa result of progress payments under government contracts; (f) Liens of landlords, carriers, warehousemen, mechanics, repairmen, workmen and materialmen and other similar Liens arising in the Ordinary Course of Business for (i) amounts not yet overdue and (ii) amounts that are overdue and that are being Properly Contested; (g) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (gh) Liens arising by virtue of a judgment or judicial order against Borrowers any Credit Party or their SubsidiariesSubsidiary (including with respect to any appeal bonds), or any Property of Borrowers a Credit Party or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (hi) easements, rights-of-way, restrictionsrestrictions (including municipal and zoning ordinances, building and other land use laws and regulations imposed by any governmental authority which are not violated in any material respect by existing improvements, structures, facilities or buildings or the present use of any real property), covenants or other agreements of record, conditions, licenses, encroachments, protrusions and other similar charges or encumbrances on Real EstateEstate and other minor defects or irregularity in title, that do not secure any monetary obligation and do not materially interfere with the Ordinary Course of Business; (ij) normal and customary Liens and rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (jk) carriers'existing Liens shown on Schedule 10.2.2; (l) Liens on securities which are subject to repurchase agreements as contemplated in the definition of “Cash Equivalents”; (m) Liens on ▇▇▇▇▇▇▇ money deposits of cash or cash equivalents made by or received by the Credit Parties in connection with any Permitted Acquisition or Permitted Asset Disposition; (n) Liens securing Permitted Refinancings of Debt, warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like to the extent such Liens arising are permitted hereunder with respect to the Debt subject to such Permitted Refinancing; (o) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly ContestedBusiness; (kp) any interest or title of a lessor, sublessor, licensor or licensee (and any underlying lessor, sublessor, licensor or licensee) under any lease, license or similar agreement entered into by any Credit Party in the Ordinary Course of Business, including any sale leaseback transaction permitted hereunder; (q) Liens securing on property of a Person existing at the Debt that time such Person becomes a Subsidiary or at the time is permitted under Section 9.2.1(f)merged into or consolidated with any Borrower or any Subsidiary Guarantor in a Permitted Acquisition; provided that such Liens were not created in contemplation of such merger, consolidation or investment and do not extend to (i) Accounts or Inventory or (ii) any other assets other than those of the Person merged into or consolidated with such Borrower or such Subsidiary Guarantor or acquired by such Borrower or such Subsidiary Guarantor and such Liens would be permitted Liens under the other provisions hereof; (r) Liens on property other than Accounts or Inventory of any Credit Party securing any of their Debt or their other liabilities provided that the aggregate amount of all such Debt and other liabilities not exceed $1,000,000 at any time; (s) Liens on assets of Permitted Joint Venture Subsidiaries in favor of Borrowers or Guarantors, which at all times are subject to the Company Subordination Agreement and liens on assets of a Borrower or Guarantor securing obligations owing by such Borrower or Guarantor to any other Borrower or Guarantor which are at all times subject to a deep subordination agreement acceptable to the terms of the Intercreditor AgreementAgent in its sole discretion; (lt) Liens rights of debit or withdrawal against the Recourse Account in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties the card issuer under an Approved Private Label Credit Card Program; and (u) Liens on proceeds or refunds due under insurance policies in connection with the importation financing of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)premiums due thereunder.

Permitted Liens. CreateLessee will not directly or indirectly create, incur, assume or suffer to exist any Lien upon on or with respect to the Aircraft, any of its PropertyEngine, whether now owned or hereafter acquiredany Part, file or authorize the filing under the Uniform Commercial Code title thereto or any Requirement interest therein or in this Lease, except (i) the rights of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries Lessor as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all owner of the aboveAircraft, (ii) the following respective rights of Lessor and Lessee as provided herein, (collectivelyiii) the rights of others under agreements or arrangements to the extent permitted by the terms of Section 7.5 and Section 7.8(b)(iii) hereof, "Permitted (iv) Lessor Liens"): , (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); (cv) Liens for Taxes of Lessee (or, if any Permitted Sublease is then in effect, the sublessee) not yet due or being Properly Contested; (d) statutory Liens contested in good faith by appropriate proceedings so long as such proceedings do not involve any material danger of the sale, forfeiture, loss or loss of use of the Airframe or any Engine or interest therein or any risk of material liability (other than Liens for Taxes payment of the amount), or any risk of criminal penalties being imposed under ERISAon any Indemnitee and so long as adequate reserves therefor have been established, (vi) materialmen's, mechanic's, workmen's, repairmen's, employees, or other like liens arising in the Ordinary Course ordinary course of BusinessLessee's (or, but only if a Permitted Sublease is then in effect, the sublessee's) business (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made including those arising under maintenance agreements entered into in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the ordinary course of collection; and (jbusiness) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure securing obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that contested in good faith by appropriate proceedings so long as such Liens are at all times subject to the terms proceedings do not involve any material danger of the Intercreditor Agreement; sale, forfeiture, loss or loss of use of the Airframe or any Engine or any interest therein, or any risk of material liability (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure other than for payment of customs duties the amount), or any risk of criminal penalties being imposed on any Indemnitee and so long as adequate reserves therefor have been established, (vii) any Lien arising out of a judgment or award against Lessee, (or if a Permitted Sublease is in connection with effect, the importation of goodssublessee) unless the judgment secured is not within 30 days after the entry thereof discharged, but only to vacated or reversed, or the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured therebyexecution thereof stayed pending appeal, and (viii) any Lien with respect to which Lessee (or, if any Permitted Sublease is then in effect, the property secured thereby, sublessee) shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined have provided a bond adequate in the Revolver Loan Agreement)reasonable opinion of Lessor. Lessee will promptly, at its own expense, take (or cause to be taken) such actions as may be necessary duly to discharge any such Lien not excepted above if the same shall arise at any time.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly ContestedContested (without regard to clause (e) of the definition of Properly Contested so long as no efforts to enforce such Liens have been commenced); (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiariesany Obligor; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractscontracts (except those relating to Borrowed Money), surety, stay customs and appeal bonds, statutory obligations and other similar obligations, or arising as long as such Liens are at all times junior to Agent's Liens and are required or provided by lawa result of progress payments under government contracts; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property that do not constitute an Event of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's LiensDefault; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) municipal and zoning ordinances, building and other land use laws imposed by any governmental authority which are not violated in any material respect by existing improvements or the present use of Property; (j) leases, subleases, licenses, sublicenses granted to others in the Ordinary Course of Business; (k) any interest or title of a lessor or sublessor, licensor or sublicensor under any lease or license not prohibited by this Agreement or the other Security Documents, including any interest of a ▇▇▇▇▇▇; (l) normal and customary rights of setoff upon deposits in favor of depository institutionsinstitutions or brokerages, and Liens of a collecting bank on Payment Items in the course of collection, bankers’ Liens securing amounts owing to such bank with respect to overdrafts, cash management and operating account arrangements, including those involving pooled accounts and netting arrangements; andprovided that in no case shall such Liens secure (either directly or indirectly) the repayment of any Debt (other than on account of such overdrafts, netting or cash management); (jm) Liens on assets (other than Accounts and Inventory) acquired in a Permitted Acquisition, securing Debt permitted by Section 10.2.1(f) or Section 10.2.1(t); (n) contractual Liens and Liens imposed by law (other than Liens for Taxes or imposed under ERISA) such as carriers'’, warehousemen's, landlord's, mechanics’s, materialmen's’s, landlords’, workmen’s, suppliers’, repairmen's or ’s and mechanics’ Liens and other like similar Liens arising in the Ordinary Course of Business that secure Business, but only if (i) payment of the obligations that are secured thereby is not overdue for a period of more than 30 days yet delinquent or are is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of any Obligor; (ko) Liens on unearned premiums under insurance policies in connection with the financing of insurance premiums; (p) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by such Person in the Ordinary Course of Business in accordance with the past practices of such Person; (q) Liens on property or assets acquired pursuant to a Permitted Acquisition, or on property or assets of a Restricted Subsidiary in existence at the time such Restricted Subsidiary or property is acquired pursuant to a Permitted Acquisition; provided that (x) any Debt that is secured by such Liens is permitted hereunder and (y) such Liens are not incurred in connection with, or in contemplation or anticipation of, such Permitted Acquisition and do not attach to any other property or assets of the Obligors or any Restricted Subsidiaries other than the property and assets subject to such Liens at the time of such Permitted Acquisition, together with any extensions, renewals and replacements of the foregoing, so long as the Debt secured by such Liens is permitted hereunder and such extension, renewal or replacement does not encumber any additional assets or properties of the Obligors; (r) security given to a public or private utility or any Governmental Authority as required in the Ordinary Course of Business; (s) the filing of financing statements solely as a precautionary measure in connection with operating leases or consignments; (t) Liens with respect to obligations that do not in the aggregate exceed $1,000,000 at any time outstanding; (u) the replacement, extension or renewal of any Permitted Lien; provided, that such Lien shall at no time be extended to cover any assets or property other than such assets or property subject thereto on the date such Lien was incurred; (v) Liens securing the Debt that is permitted under Section 9.2.1(f10.2.1(i); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; and (w) existing Liens shown on Schedule 10.2.2. (x) any interest or title of a lessor under any lease entered into by any Obligor in the Ordinary Course of Business and covering only the assets so leased; (ly) Liens arising out of any Permitted Sale-Leaseback; (z) Liens in favor of customs and revenue authorities arising as a matter of law which to secure payment of customs duties in connection with the importation of goods, but only to goods in the extent such Liens secure amounts not yet dueOrdinary Course of Business; (maa) existing Liens shown on Schedule 9.2.2 encumbering Equity Interests issued by a joint venture that is not a Restricted Subsidiary and replacement Liens arising under rights of first offer, rights of first refusal, tag-along rights, drag-along rights, and other customary restrictions on the property subject transfer of such Equity Interests contained in organizational documents governing the terms of such joint venture to which an Obligor is a party or by which such LiensPerson is bound; (bb) Liens securing obligations in an aggregate principal amount not to exceed $5,000,000; provided, but only that, in the event such Liens are granted in Collateral such Liens are junior in priority to the extent that Liens granted to the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)Agent.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISAERISA or the Code with respect to any Pension Plan or Multiemployer Plan) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's ’s Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers'Liens on assets (other than Accounts and Inventory) acquired in a Permitted Acquisition, warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contestedsecuring Debt permitted by Section 10.2.1(f); (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject All exceptions to title to the terms of Real Estate contained in the Intercreditor Agreement;title policies issued and approved in writing by Agent covering the Mortgages; and (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)10.2.2.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of AgentCollateral Agent securing the Obligations; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISAERISA but including carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Debt), statutory obligations (including in connection with workers’ compensation, unemployment insurance and other social security legislation (other than Liens for Taxes or imposed under ERISA)) and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Collateral Agent's Liens and are required or provided by law’s Liens; (f) Liens arising securing judgments for the payment of money in an aggregate amount not in excess of $5,750,000 (except to the Ordinary Course extent covered by independent third-party insurance as to which the insurer has acknowledged in writing its obligation to cover), unless any such judgment remains undischarged for a period of Business that are subject to Lien Waiversmore than 10 consecutive days during which execution is not effectively stayed; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (ih) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (mi) existing Liens shown on Schedule 9.2.2 and replacement any renewals or extensions thereof, provided that the Property covered thereby is not increased and any renewal or extension of the obligations secured or benefited thereby does not increase the maximum outstanding principal amount of such obligations; (j) Liens on fixed assets acquired in connection with a Permitted Acquisition so long as such Liens were existing at the time of such Acquisition by a Borrower or Subsidiary and were not incurred, extended or renewed in contemplation of such Acquisition; provided that (i) the Lien shall attach solely to the property acquired, and (ii) at the time of acquisition of such fixed assets, the aggregate amount remaining unpaid on all Debt secured by Liens on such fixed assets whether or not assumed by a Borrower or Subsidiary shall not exceed an amount equal to the lesser of the total purchase price or fair market value at the time of acquisition of such fixed assets; (k) other Liens that are created upon any of its Property (other than Collateral) after the Closing Date so long as the fair market value of such property subject to such Liens, but only to the extent that the amount of debt secured thereby, liens does not exceed $5,750,000 at any time outstanding; (l) Liens on deposits and the property secured thereby, shall not be increasedunearned insurance premiums securing Debt permitted under Section 9.2(j); and (nm) (i) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory on Collateral securing the Debt owing under the 2009 Debentures, as long as such Liens are subject to the 2009 Debenture Intercreditor Agreement; (as defined in ii) Liens on Collateral securing the Debt owing under the Revolver Agreement, as long as such Debt is subject to the Intercreditor Agreement, (iii) Liens on Collateral securing the Second Lien Debt as long as such liens are subject to the Intercreditor Agreement and (iv) Liens on Collateral securing the Term A Loan AgreementDebt and, in each case, such Debt is permitted under Section 9.2.1(n) or Section 9.2.1(o).

Permitted Liens. Create, incur, assume Create or suffer permit to exist any Lien upon on any property, revenues or with respect to other assets, present or future, of any Obligor or any of its PropertySubsidiaries, whether now owned except for the following (collectively, “Permitted Liens”): (i) the IFC Security; (ii) Liens in existence on the date hereof which are listed, and the property subject thereto described, in Annex G; provided that (A) such Liens shall not apply to any other property or hereafter acquired, file or authorize asset of the filing under the Uniform Commercial Code Borrower or any Requirement Subsidiary and (B) such Liens shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; (iii) any Lien arising from any tax, assessment or other governmental charge or other Lien arising by operation of Law law, in each case if the obligation underlying any such Lien is not yet due or, if due, is being contested in good faith by appropriate proceedings so long as: (A) those proceedings do not involve any substantial danger of the sale, forfeiture or loss of any jurisdictionmaterial asset(s), a financing statement (title thereto or any interest therein, nor interfere in any material respect with the use or disposition thereof or the equivalent thereofimplementation of the Transactions or the carrying on of the business or Operations of each Obligor and its Subsidiaries; and (B) the applicable Obligor has set aside adequate reserves sufficient to promptly pay in full any amounts that names it such Obligor may be ordered to pay on final determination of any such proceedings; (iv) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Section 6.02(o); (v) Liens over export agreements and/or accounts receivables generated by sales or exports of products or entered into by any Obligor or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such in the ordinary course of business, securing pre-export financing statement (facilities provided by lenders or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agenttrusts; (bvi) Liens securing on fixed or capital assets acquired, constructed or improved by any Obligor or any Subsidiary; provided that (A) such security interests secure Financial Debt that permitted by Section 5.02(b), (B) such security interests and the Financial Debt secured thereby are incurred prior to or within 30 days after such acquisition or the completion of such construction or improvement, (C) the Financial Debt secured thereby does not exceed the cost or fair market value, whichever is permitted under Section 9.2.1(c)lower, of the fixed or capital assets being acquired, constructed or improved and (D) such security interests shall not apply to any other property or assets of any Obligor or any Subsidiary; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (hvii) easements, rights-of-way, restrictions, covenants or other agreements of record, encroachments and other similar charges or encumbrances on Real Estateencumbrances, that do and minor title deficiencies, in each case not secure any monetary obligation securing Financial Debt and do not interfere materially interfering with the Ordinary Course conduct of Business; (i) normal the business and customary rights Operations of setoff upon deposits in favor any applicable Obligor or any of depository institutions, and Liens of a collecting bank on Payment Items in the course of collectionits Subsidiaries; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (kviii) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are obligations at all times subject to the terms no time exceeding 20% of the Intercreditor AgreementConsolidated fixed assets of the Original Obligors and their Subsidiaries in aggregate principal amount; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement).

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c)secured the Second Lien Obligations to the extent the same are subordinated to the Liens in favor of Agent; (c) Purchase Money Liens securing Permitted Purchase Money Debt; (d) Liens for Taxes not yet due and payable or being Properly Contested; (de) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due and payable or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (ef) Liens incurred or deposits of cash made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations obligations, Hedging Agreements, surety and appeal bonds, performance bonds and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (fg) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (gh) Liens arising by virtue in respect of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property judgments that would not constitute an Event of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's LiensDefault hereunder; (hi) easements, rights-of-way, restrictions (including zoning restrictions), covenants or conditions, building code laws, covenants, other agreements of record, encroachments, protrusions and other similar encumbrances and other minor title defects affecting Real Estate, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere in any material respect with the Ordinary Course of BusinessBusiness or impair Agent’s Lien on Real Estate in any material respect, taken as a whole, and any exceptions on the final mortgagee title insurance policy issued in connection with any Mortgage; and such other minor defects of title or survey matters that are disclosed by current surveys that do not materially interfere with the current use of the Real Estate and do not otherwise impair Agent’s Lien on Real Estate in any material respect; (ij) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (jk) carriers'pledges or deposits of cash in the Ordinary Course of Business in connection with workers’ compensation, warehousemen'sunemployment insurance and other social security legislation, landlord's, mechanics, materialmen's, repairmen's or other like than any Lien imposed by ERISA; (l) Liens securing Debt permitted under Section 10.2.1(e); (m) Liens arising in the Ordinary Course of Business that secure obligations that in favor of carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising under Applicable Law in the Ordinary Course of Business which are not overdue for a period of more than 30 60 days or which are being Properly Contested; (kn) Liens securing incurred in favor of insurance companies (or their financing affiliates) in connection with the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to financing of insurance premiums in the terms Ordinary Course of the Intercreditor AgreementBusiness; (lo) any interest or title (and all encumbrances and other matters affecting such interest or title) of a lessor or sublessor under any lease permitted hereunder; (p) Liens solely on any ▇▇▇▇ ▇▇▇▇▇▇▇ money deposits made in connection with any letter of intent or purchase agreement permitted hereunder; (q) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the Ordinary Course of Business or to the extent permitted under the Loan Documents; (r) any zoning restrictions or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any Real Estate not materially detracting from the value of such Real Estate; (s) licenses of patents, trademarks and other intellectual property rights granted by Borrowers or any of their Subsidiaries in the Ordinary Course of Business and not interfering in any respect with the ordinary conduct of the business of Borrowers or such Subsidiary; (t) Liens incurred in the Ordinary Course of Business on deposits made in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of Borrowed Money); (u) Liens in favor of customs and revenue authorities arising as a matter of law which and in the Ordinary Course of Business to secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (mv) Liens in favor of any grower securing payment obligations to such grower which are not past due for a period of more than 60 days, subject to establishment by Agent of an appropriate Grower Reserve; (w) existing Liens shown on Schedule 9.2.2 10.2.2 and replacement Liens securing Refinancing Debt; provided, that, any Liens relating to such Refinancing Debt shall only attach to the Property which was subject to the Liens so refinanced; (x) Possessory Liens in favor of brokers and dealers arising in connection with the acquisition of disposition of Investments that are not Restricted Investments; provided that such Liens (i) attach only to such Investments and (ii) secure only obligations incurred in the Ordinary Course of Business and arising in connection with the acquisition or disposition of such Investments and not any obligation in connection with margin financing; (y) Liens on property in existence at the time such property subject is acquired pursuant to a Permitted Acquisition or on such Liens, but only property of a Subsidiary of an Obligor in existence at the time such Subsidiary is acquired pursuant to the extent a Permitted Acquisition; provided that the amount such Liens are not incurred in connection with or in anticipation of debt secured thereby, such Permitted Acquisition and the property secured thereby, shall do not be increasedattach to any other assets of any Loan Party or any Subsidiary; and (nz) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined licenses, sublicenses, leases or subleases granted to third parties in the Revolver Loan Agreement)Ordinary Course of Business or not materially interfering with the business of the Borrowers or any Subsidiary.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Obligor or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Obligor or their SubsidiariesSubsidiary, or any Property of Borrowers an Obligor or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like existing Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested;shown on Schedule 10.2.2. (k) Liens any Lien securing the Debt that is permitted under Section 9.2.1(f)10.2.1(e) on any Property acquired after the Closing Date and existing prior to the acquisition thereof by any Obligor or a Subsidiary of an Obligor or existing on any Property of any Person that becomes a Subsidiary after the Closing Date that exists prior to the time such Person becomes a Subsidiary; provided that (A) such Liens are at all times subject Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (B) such Lien shall not apply to any other Property an Obligor or a Subsidiary of an Obligor, (C) such Lien does not extend to any Property arising or acquired after the terms date of acquisition and (D) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof (other than with respect to (1) the capitalization of interest and (2) the capitalization of any prepayment premiums payable in respect of the Intercreditor Agreementobligations so extended, renewed or replaced); (l) Liens arising in connection with Capital Leases permitted under this Agreement provided that no such Lien shall extend to any Property other than assets subject to such Capital Leases; (m) Liens in favor of customs and revenue authorities arising as a matter of law which to secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor on insurance policies and the proceeds thereof securing the financing of Borrower in the premiums with respect of its consignment interests encumbering its Consigned Inventory thereto; (as defined o) licenses, sublicenses, leases and subleases entered into in the Revolver Loan AgreementOrdinary Course of Business and any landlords’ Liens arising under any such leases; (p) Liens on accounts receivable and proceeds thereof arising in connection with the transfer thereof pursuant to the Receivables Securitization, until the liens granted in connection with the Receivables Securitization are released pursuant to Section 10.1.11; (q) Liens arising under the Daimler Credit Facility and securing Debt permitted under Section 10.2.1(j); (r) other Liens on assets not constituting Collateral securing Debt permitted under Section 10.2.1(i) and (m); (s) Liens relating to the Receivables Securitization which will be releasing pursuant to Section 10.1.11; and (t) Liens on Refinanced Assets securing Debt permitted under Section 10.2.1(n).

Permitted Liens. CreateAs used herein, incur“Permitted Liens” means (a) liens for current real or personal property taxes not yet due and payable or which are being contested in good faith by Seller or its affiliates, assume or suffer to exist any Lien upon or in either case, with respect to any of its Propertywhich the Seller maintains adequate reserves, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; (b) Liens securing Debt workers’, carriers’ and mechanics’ or other like liens incurred in the ordinary course of Seller’s business with respect to which payment is not due and that is permitted under Section 9.2.1(c); do not impair the conduct of Seller’s business or the present or proposed use of the affected property, (c) Liens for Taxes not yet due any deposits or being Properly Contested; pledges to secure the payment of worker’s compensation, unemployment insurance or other social security benefits or obligations, or public or statutory obligations of a like general nature incurred in the ordinary course of business, (d) any statutory Liens (liens for utility assessments or other than Liens for Taxes charges or imposed under ERISA) assessments, in each case, arising in the Ordinary Course ordinary course of Business, but only if (i) payment of the obligations secured thereby business with respect to a liability that is not yet due or delinquent or which is being Properly Contestedcontested in good faith by Seller or its affiliates, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens any liens securing bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, surety or appeal bonds, bid or performance bonds or other obligations of a like general nature incurred or deposits made in the Ordinary Course ordinary course of Business business, including the bond (the “Lease Bond”) and other liens or charges (the “Lease Liens”) incurred to secure performance by Seller under the performance of government tendersLease, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens any liens arising out of judgments or awards so long as an appeal or proceeding for review is being prosecuted in good faith and for the Ordinary Course payment of Business that which adequate reserves, bonds or other security have been provided or are subject to Lien Waivers; fully covered by insurance, (g) Liens arising by virtue any security interest, lien or right in favor of a judgment any vendor of tangible personal property (including any tangible personal property financed with purchase money and any capital leases), (h) imperfections or judicial order against Borrowers irregularities of title and other liens that would not, individually or their Subsidiariesin the aggregate, or any Property materially detract from the value of Borrowers or their Subsidiariesthe assets to which they attach, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contestedzoning, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of recordplanning, and other similar charges or encumbrances on Real Estatelimitations and restrictions, that do not secure all rights of any monetary obligation and do not interfere with the Ordinary Course of Business; Governmental Entity (as defined below) to regulate a property, (i) normal and customary rights any lien set forth in any franchise or governing ordinance under which any portion of setoff upon deposits in favor of depository institutionsSeller’s business is conducted, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers'all rights of condemnation, warehousemen's, landlord's, mechanics, materialmen's, repairmen's eminent domain or other like Liens arising in the Ordinary Course similar rights of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; any person, (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject any lien to the terms of the Intercreditor Agreement; be released on or prior to, or as a result of, Closing, (l) Liens in favor any license agreement governing use of customs the Seller’s current accounting software (the “Accounting Software”), and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on any other lien which does not materially interfere with Seller’s use of the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)Turbine Assets.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) non-consensual, possessory or statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) Liens on assets of Universal to secure Debt under the Overdraft Facility; (j) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) other Liens securing existing on the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs date hereof and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)10.2.2.

Permitted Liens. CreateNo Borrower or Guarantor shall create, incur, assume or suffer to exist any Lien upon (or with respect to permit any of its PropertySubsidiaries to create, incur, assume or suffer to exist) any Lien upon, in or against, or pledge of, any of the Collateral or any of its properties or assets or any of its shares, securities or other equity or ownership or partnership interests, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "Permitted Liens"): ): (ai) Liens under the Loan Documents or otherwise arising in favor of Agent; Lender, (bii) Liens securing Debt that is permitted under Section 9.2.1(cimposed by law for taxes (other than payroll taxes); (c) Liens , assessments or charges of any Governmental Authority for Taxes claims not yet due or which are being Properly Contested; contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Lender in its sole discretion, (diii) (A) statutory Liens of landlords (provided that any such landlord has executed a Landlord Waiver and Consent in form and substance satisfactory to Lender) and of carriers, warehousemen, mechanics, materialmen, and (B) other than Liens for Taxes imposed by law or imposed under ERISA) arising that arise by operation of law in the Ordinary Course ordinary course of Businessbusiness from the date of creation thereof, but in each case only if (i) payment of the obligations secured thereby is for amounts not yet due or is which are being Properly Contestedcontested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Lender in its sole discretion, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (eiv) Liens (A) incurred or deposits made in the Ordinary Course ordinary course of Business business (including, without limitation, 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 government tenders, bids, contractsleases, contracts (other than for the repayment of Indebtedness), statutory obligations and other similar obligations, or (B) arising as long as a result of progress payments under government contracts, (v) purchase money Liens (A) securing Indebtedness permitted under Section 7.2(iii), or (B) in connection with the purchase by such Person of equipment in the normal course of business, provided that such payables shall not exceed any limits on Indebtedness provided for herein and shall otherwise be Permitted Indebtedness hereunder, (vi) Liens necessary and desirable for the operation of such Person's business, provided Lender has consented to such Liens are at all times junior to Agent's in writing before their creation and existence and the priority of such Liens and the debt secured thereby are required or provided by law; both subject and subordinate in all respects to the Liens securing the Collateral and to the Obligations and all of the rights and remedies of Lender, all in form and substance satisfactory to Lender in its sole discretion; (fvii) Liens arising in the Ordinary Course of Business that are subject pursuant to Lien Waivers; Permitted Subordinated Debt; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (kviii) Liens securing the Debt that is permitted under Section 9.2.1(f)Pivotal Seller Notes as in existence on the Closing Date; provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; and (lix) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown disclosed on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)7.3.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet more than 30 days past due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property subject thereto or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or on deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, Licenses, contracts (except those relating to Borrowed Money), workmen’s compensation, unemployment, social security or other similar legislation, statutory obligations and other similar obligations, surety, stay, appeal, indemnity, performance or other similar bonds, or arising as long as such Liens are at all times junior to Agent's Liens and are required or provided by lawa result of progress payments under government contracts; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) bankers’ Liens, normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) Liens for permitted Capital Leases; (k) carriers'’, processors’, warehousemen's, landlord's’s, mechanics’ landlords’, materialmen's, repairmen's or ’s and other like similar Liens arising in the Ordinary Course of Business that which secure obligations that amounts which are not overdue for a period of more than 30 days or are being Properly Contested; (kl) Liens (other than Liens on Accounts and Inventory) securing liabilities (other than Debt) not to exceed $2,000,000 in the aggregate outstanding at any time; (m) possessory Liens of securities intermediaries, commodity intermediaries, brokers and dealers securing obligations incurred in the Ordinary Course of Business; (n) Liens on assets of Foreign Subsidiaries to secure permitted Debt and other obligations of Foreign Subsidiaries; (o) Liens on equity interests of any joint venture provided under the applicable joint venture agreement; (p) Liens securing the Debt that is permitted under by Section 9.2.1(f10.2.1(g); provided provided, that such Liens are in existence at all times subject to the terms time such Person becomes a Subsidiary and encumber only assets of the Intercreditor Agreement;Person acquired; and (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (mq) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)10.2.2.

Permitted Liens. CreateBorrower shall not create, incur, assume or suffer to exist any Lien upon upon, in or with respect to against, or pledge of, any of the Collateral or any of its Propertyproperties or assets or any of its shares, securities or other equity or ownership or partnership interests, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "Permitted LiensPERMITTED LIENS"): ): (a) Liens under the Loan Documents or otherwise arising in favor of Agent; , for the benefit of itself and Lenders, (b) Liens securing Debt that is permitted under Section 9.2.1(c); (c) Liens imposed by law for Taxes taxes, assessments or charges of any Governmental Authority for claims not yet due or which are being Properly Contested; contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP, (dc) (i) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Businesslandlords, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contestedcarriers, warehousemen, mechanics, materialmen, and (ii) such other Liens do not materially impair the value imposed by law or use of the Property or materially impair that arise by operation of law in the business ordinary course of Borrowers business, in each case only for amounts not yet due or their Subsidiaries; which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Agent in its Permitted Discretion, (ed) Liens incurred or deposits made in the Ordinary Course ordinary course of Business business (including, without limitation, 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 government tenders, bids, contractsleases, contracts (other than for the repayment of Indebtedness), statutory obligations and other similar obligations, as long as (e) purchase money Liens (i) securing Indebtedness permitted under Section 7.2(c), or (ii) in connection with the purchase by such Liens are at all times junior to Agent's Liens Person of equipment in the normal course of business; provided, that such secured Indebtedness shall not exceed any limits on Indebtedness provided for herein and are required or provided by law; shall otherwise be Permitted Indebtedness hereunder, (f) Liens arising necessary and desirable for the operation of such Person's business; provided, that Agent has consented to such Liens in writing before their creation and existence and the Ordinary Course priority of Business that such Liens and the debt secured thereby are both subject and subordinate in all respects to Lien Waivers; the Liens securing the Collateral and to the Obligations and all of the rights and remedies of Agent and each Lender, all in form and substance satisfactory to Agent in its Permitted Discretion, (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiariesdisclosed on Schedule 7.3, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, reservations, exceptions, rights-of-way, restrictionscovenants, covenants or other agreements of recordconditions, restrictions and other similar charges or encumbrances on Real Estateincurred in the ordinary course of business that, in the aggregate, are not substantial in amount and that do not secure in any monetary obligation and do not case materially detract from the value of the property subject thereto or interfere with the Ordinary Course ordinary conduct of Business; business by the Borrower, (i) normal liens in respect of any writ of execution, attachment, garnishment, judgment or award in an amount less than $100,000, if (x) the time for appeal or petition for rehearing has not expired, an appeal or appropriate proceeding for review is being prosecuted in good faith and customary rights a stay of setoff upon deposits execution pending such appeal or proceeding for review has been secured, or (y) the underlying claim is fully covered by insurance, the insurer has acknowledged in favor of depository institutionswriting its responsibility to pay such claim and no action has been taken to enforce such execution, and Liens of a collecting bank on Payment Items in the course of collection; and attachment, garnishment, judgment or award, (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course liens of Business that secure obligations that lessors (except liens on Accounts are not overdue for a period of more than 30 days permitted under any circumstances) under or are being Properly Contested; in connection with operating leases, and (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject liens on cash collateral accounts established to the terms secure Borrower's reimbursement obligations with respect to letters of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)credit.

Permitted Liens. CreateThe Borrower will not, incurand will not permit any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing under the Uniform Commercial Code income or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtorprofits therefrom; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); transfer any of such property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) Liens for Taxes not yet due acquire, or being Properly Contested; agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business suffer to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue exist for a period of more than 30 thirty (30) days after the same shall have been incurred any Indebtedness or are being Properly Contested;claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise transfer any "RECEIVABLES" as defined in clause (g) of the definition of the term "INDEBTEDNESS," with or without recourse; PROVIDED that the Borrower or any of its Subsidiaries may create or incur or suffer to be created or incurred or to exist: (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (li) Liens in favor of customs and revenue authorities arising as a matter the Borrower on all or part of law which secure payment the assets of customs duties in connection with Subsidiaries of the importation Borrower securing Indebtedness owing by Subsidiaries of goods, but only the Borrower to the extent such Liens secure amounts not yet dueBorrower; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (nii) Liens in favor of Borrower to secure taxes, assessments and other government charges in respect of its consignment interests encumbering its Consigned Inventory obligations not overdue or Liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue; (iii) deposits or pledges made in connection with, or to secure payment of, workmen's compensation, unemployment insurance, old age pensions or other social security obligations; (iv) Liens on properties in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as defined execution is not levied thereunder or in respect of which the Revolver Loan Agreement).Borrower or such Subsidiary shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review;

Permitted Liens. Create, Such Borrower and the non-U.S. Subsidiaries thereof will not (a) create or incur, assume or suffer to exist be created or incurred or to exist, any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing under income or profits therefrom; (b) transfer any of such property or assets or the Uniform Commercial Code income or any Requirement profits therefrom for the purpose of Law subjecting the same to the payment of Indebtedness or performance of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any other obligation in priority to payment of its Subsidiaries as debtorgeneral creditors; sign (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement authorizing agreement, device or arrangement; (d) suffer to exist for a period of more than forty-five (45) days after the same shall have been incurred any secured party thereunder Indebtedness or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise transfer any “receivables” with or without recourse; provided that such Borrower may create or incur or suffer to file such financing statement (be created or the equivalent thereof) other than, as incurred or to all of the above, the following (collectively, "Permitted Liens"):exist: (ai) Liens in favor of Agentthe Borrowers on all or part of the assets of Subsidiaries of the Borrowers securing Indebtedness owing by Subsidiaries of the Borrowers to the Borrowers; or Liens in favor of any Subsidiary of the Borrowers on all or part of the assets of such Borrower securing Indebtedness owing by the Borrowers to Subsidiaries thereof; (bii) Liens securing Debt that is permitted under Section 9.2.1(c); (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (taxes, assessments and other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) government charges payment of the obligations secured thereby which is not yet due or is being Properly Contestedcontested in compliance with Section 8.7; or Liens on properties to secure claims for labor, and (ii) such Liens do material or supplies in respect of obligations that are not materially impair the value overdue or use of the Property or materially impair operation of the business of Borrowers or their Subsidiariesare being contested in compliance with Section 8.7; (eiii) Liens incurred deposits or deposits pledges made by such Borrower or such Subsidiary in the Ordinary Course of Business connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security legislation, or to secure the performance of government performance bonds, tenders, bids, contractsleases, trade contracts (other than for the repayment of Indebtedness), statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by lawobligations in each case in the ordinary course of business; (fiv) judgment Liens arising on properties of such Borrower or such Subsidiary in the Ordinary Course respect of Business judgments that are subject to Lien Waiversdo not constitute an Event of Default under clause (i) of Section 13.1; (gv) Liens arising by virtue in respect of a judgment any property of such Borrower or judicial order against Borrowers or their Subsidiariessuch Subsidiary of carriers, or any Property of Borrowers or their Subsidiarieswarehousemen, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, mechanics and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of recordmaterialmen, and other similar charges or encumbrances on Real Estatelike Liens, that do not secure any monetary obligation and do not interfere with in existence less than 120 days from the Ordinary Course date of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure creation thereof securing obligations that are not overdue for a period of more than 30 days or are being Properly Contestedcontested in compliance with Section 8.7; (kvi) easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens, other minor Liens and similar encumbrances on Real Estate of such Borrower or such Subsidiary, provided that none of such Liens (A) interferes materially with the use of the affected property in the ordinary conduct of the business of such Borrower or such Subsidiary, and (B) individually or in the aggregate have a Material Adverse Effect; (vii) Liens on any property or asset of such Borrower or any Subsidiary thereof existing on the date hereof and listed on Schedule 7.13 hereto, so long as such Liens secure only those obligations which they secure on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; (viii) purchase money security interests in or purchase money mortgages on real or personal property acquired after the date hereof to secure purchase money Indebtedness of the type and amount permitted by Section 9.1(h), incurred in connection with the acquisition of such property, which security interests or mortgages cover only the real or personal property so acquired; (ix) any Lien existing on any property or asset prior to the acquisition thereof by such Borrower or any Subsidiary thereof or existing on any property or asset of any Person that becomes a Subsidiary of such Borrower after the date hereof prior to the time such Person becomes a Subsidiary of such Borrower; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as applicable, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; (x) Liens securing the Debt that is Indebtedness permitted under clause (d) or (i) of Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement9.1; (lxi) Liens in favor of customs the Administrative Agent for the benefit of the Lenders and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to Administrative Agent created under the extent such Liens secure amounts not yet dueLoan Documents; (mxii) existing Liens shown on Schedule 9.2.2 and replacement Liens with respect to Lionbridge BV, any Lien created pursuant to the general conditions of a bank operating in the Netherlands based on the property subject to such Liens, but only to general conditions drawn up by the extent that the amount of debt secured thereby, Netherlands Bankers’ Association (Nederlandse Vereniging ▇▇▇ ▇▇▇▇▇▇) and the property secured thereby, shall not be increasedConsumers Union (Consumentenbond); and (nxiii) Liens in favor licenses of intellectual property granted by such Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined or any Subsidiary thereof in the Revolver Loan Agreement)ordinary course of business.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of AgentCollateral Agent securing the Obligations; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISAERISA but including carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Debt), statutory obligations (including in connection with workers’ compensation, unemployment insurance and other social security legislation (other than Liens for Taxes or imposed under ERISA)) and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Collateral Agent's Liens and are required or provided by law’s Liens; (f) Liens arising securing judgments for the payment of money in an aggregate amount not in excess of $5,750,000 (except to the Ordinary Course extent covered by independent third-party insurance as to which the insurer has acknowledged in writing its obligation to cover), unless any such judgment remains undischarged for a period of Business that are subject to Lien Waiversmore than 10 consecutive days during which execution is not effectively stayed; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (ih) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (mi) existing Liens shown on Schedule 9.2.2 and replacement any renewals or extensions thereof, provided that the Property covered thereby is not increased and any renewal or extension of the obligations secured or benefited thereby does not increase the maximum outstanding principal amount of such obligations; (j) Liens on fixed assets acquired in connection with a Permitted Acquisition so long as such Liens were existing at the time of such Acquisition by a Borrower or Subsidiary and were not incurred, extended or renewed in contemplation of such Acquisition; provided that (i) the Lien shall attach solely to the property acquired, and (ii) at the time of acquisition of such fixed assets, the aggregate amount remaining unpaid on all Debt secured by Liens on such fixed assets whether or not assumed by a Borrower or Subsidiary shall not exceed an amount equal to the lesser of the total purchase price or fair market value at the time of acquisition of such fixed assets; (k) other Liens that are created upon any of its Property (other than Collateral) after the Closing Date so long as the fair market value of such property subject to such Liens, but only to the extent that the amount of debt secured thereby, liens does not exceed $5,750,000 at any time outstanding; (l) Liens on deposits and the property secured thereby, shall not be increasedunearned insurance premiums securing Debt permitted under Section 9.2(j); and (nm) (i) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory on Collateral securing the Debt owing under the 2009 Debentures, as long as such Liens are subject to the 2009 Debenture Intercreditor Agreement; (as defined in ii) Liens on Collateral securing the Debt owing under the Revolver Agreement, as long as such Debt is subject to the Intercreditor Agreement, (iii) Liens on Collateral securing the Second Lien Debt as long as such liens are subject to the Intercreditor Agreement and (iv) Liens on Collateral securing the Term B/C/D Loan AgreementDebt and, in each case, such Debt is permitted under Section 9.2.1(n) or Section 9.2.1(o).

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of AgentCollateral Agent securing the Obligations; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISAERISA but including carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Debt), statutory obligations (including in connection with workers’ compensation, unemployment insurance and other social security legislation (other than Liens for Taxes or imposed under ERISA)) and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Collateral Agent's Liens and are required or provided by law’s Liens; (f) Liens arising securing judgments for the payment of money in an aggregate amount not in excess of $5,000,000 (except to the Ordinary Course extent covered by independent third-party insurance as to which the insurer has acknowledged in writing its obligation to cover), unless any such judgment remains undischarged for a period of Business that are subject to Lien Waiversmore than 10 consecutive days during which execution is not effectively stayed; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (ih) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (mi) existing Liens shown on Schedule 9.2.2 and replacement any renewals or extensions thereof, provided that the Property covered thereby is not increased and any renewal or extension of the obligations secured or benefited thereby does not increase the maximum outstanding principal amount of such obligations; (j) Liens on fixed assets acquired in connection with a Permitted Acquisition so long as such Liens were existing at the time of such Acquisition by a Borrower or Subsidiary and were not incurred, extended or renewed in contemplation of such Acquisition; provided that (i) the Lien shall attach solely to the property acquired, and (ii) at the time of acquisition of such fixed assets, the aggregate amount remaining unpaid on all Debt secured by Liens on such fixed assets whether or not assumed by a Borrower or Subsidiary shall not exceed an amount equal to the lesser of the total purchase price or fair market value at the time of acquisition of such fixed assets; (k) other Liens that are created upon any of its Property (other than Collateral) after the Closing Date, so long as the fair market value of such Property subject to such LiensLiens does not exceed $5,000,000 at any time outstanding (l) Liens on deposits and unearned insurance premiums securing Debt permitted under Section 9.2.1(i); (m) (i) Liens on Collateral securing the Debt owing under the 2009 Debentures, but only as long as such Liens are subject to the extent that 2009 Debenture Intercreditor Agreement and such Debt is permitted under Section 9.2.1(m)(i); (ii) Liens on Collateral securing the amount of debt secured therebyRevolver Debt, as long as such Debt is permitted under Section 9.2.1(m)(ii), and such Liens are subject to the property secured therebyIntercreditor Agreement; (iii) Liens on Collateral securing the Sun Debt, shall not be increasedas long as such Debt is permitted under Section 9.2.1(m)(iii), and such Liens are subject to the Sun Intercreditor Agreement; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory on Collateral securing Bank Product Debt (as defined in the Revolver Loan Agreement), as long as such Debt is permitted under Section 9.2.1(n), and such Liens are subject to the Intercreditor Agreement.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens including claims or Liens of materialmen, mechanics, carriers, warehousemen, processors, supplies, landlords and other similar Liens for labor, materials, supplies or rentals, and other similar amounts (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due overdue for a period of more than thirty (30) days, or is if more than thirty (30) days overdue, no action has been take to enforce such Liens and such Liens are being Properly Contested, and (ii) such Liens do not materially impair individually or in the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiariesaggregate have a Material Adverse Effect; (ei) Liens incurred or deposits made in the Ordinary Course of Business in connection with or to secure the performance of bids, trade and commercial contracts and leases and the payment of rent (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds, government tenders, bids, contracts, statutory obligations and other similar obligationsobligations incurred in the Ordinary Course of Business (including workers' compensation, unemployment insurance and other types of social security or similar legislation) and (ii) deposits or pledges in respect of letters of credit, bank guarantees, or similar instruments that have been posted in the Ordinary Course of Business of any Obligor or any Subsidiary, in each case, so long as (A) any Liens on an Obligor's property that secure surety bonds attach only to the contracts in respect of which such surety bonds are posted and, as long as to any other properties, such Liens are at all times junior to Agent's the Liens in favor of the Collateral Agent on the same properties that constitute Collateral under the Security Documents, and are required (B) no foreclosure, sale or provided by lawsimilar proceedings have been commenced with respect to any portion of the Collateral on account thereof; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Obligor or their SubsidiariesSubsidiary, or any Property of Borrowers an Obligor or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 30 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's LiensLiens (if any) in such Property; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers'Liens on assets (other than Accounts and Inventory) acquired in a Permitted Acquisition, warehousemen'ssecuring Debt permitted by Section 10.2.1(f); (k) existing Liens shown on Schedule 10.2.2 and the replacement, landlord'srenewal or extension thereof (including Liens incurred, mechanicsassumed or suffered to exist in connection with any Permitted Refinancing, materialmen'srefunding, repairmen's renewal or extension of Debt pursuant to Section 10.2.1(h) (solely to the extent that such Liens were in existence on the Closing Date); provided that the scope of any such Lien shall not be increased, or otherwise expanded, to cover any additional property or type of asset, as applicable, beyond that in existence on the Closing Date, except for products and proceeds of the foregoing; (l) Liens securing Debt under the Revolving Loan Facility and Refinancing Debt in respect thereof, so long as the holders of such Debt remain subject to the Intercreditor Agreement; (m) Liens on Property arising out of conditional sale, title retention, consignment or other like Liens arising similar arrangements for the sale of goods entered into by any Obligor or any of its Subsidiaries in the Ordinary Course of Business that secure to the extent such Liens do not attach to any assets other than the goods subject to such arrangements; (n) Liens arising from the filing of precautionary UCC financing statements relating solely to personal property leased pursuant to operating leases entered into in the Ordinary Course of Business of the Borrowers and their Subsidiaries; (o) (i) contractual Liens of landlords to the extent relating to the property and assets relating to any lease agreements with such landlord; and (ii) contractual Liens of suppliers (including sellers of goods) or customers, in each case in the foregoing clauses (i) and (ii), granted in the Ordinary Course of Business to the extent limited to the property or assets relating to such contract and only to the extent payment of the obligations that are secured thereby is not yet due or is overdue for a period of more than 30 sixty (60) days, or if more than thirty (30) days or overdue, no action has been take to enforce such Liens and such Liens are being Properly Contested; (kp) any interest or title of a licensor, sublicensor, lessor or sublessor with respect to any assets under any inbound license or lease agreement entered into by any Borrower or any Subsidiary in the Ordinary Course of Business and do not interfere in any material respect with the Ordinary Course of Business of the Borrowers or their Subsidiaries or materially detract from the value of the relevant assets of the Borrowers or their Subsidiaries; (q) any non-exclusive license, non-exclusive sublicense, lease, or sublease granted by the Obligor or any Subsidiary to third parties in the ordinary course of its business and in accordance with any applicable terms of the Security Documents which do not: (i) interfere in any material respect with the Ordinary Course of Business of the Borrowers or their Subsidiaries or materially detract from the value of the relevant assets of the Borrowers or their Subsidiaries; or (ii) secure any Debt; (r) to the extent constituting Liens, any option or other agreement to purchase any asset of any Borrower or any of its Subsidiaries, the disposition of which is expressly permitted under this Agreement; (s) reasonable customary initial deposits and margin deposits to the extent required by Applicable Law, which secure Debt under Bank Products; (t) Liens in the nature of customary setoff rights in favor of any counterparty to any Swaps expressly permitted under this Agreement; (u) Liens on the unearned portion of insurance premiums granted in the ordinary course of business securing the Debt that financing of such premiums, so long as no foreclosure sale or similar proceeding has been commenced with respect to any portion of the Collateral on account thereof, and solely to the extent the financing is permitted under Section 9.2.1(f10.2.1(p); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (lv) Liens arising in the ordinary course of business in favor of customs brokers, custom and revenue authorities arising as a matter forwarding agents and similar Persons in respect of law which secure payment imported goods and merchandise in the custody of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet duePersons; (mw) existing Liens shown on Schedule 9.2.2 or rights of setoff against credit balances of the Borrowers with credit card issuers or credit card processors to secure obligations to any such credit card issuer or credit card processor incurred in the Ordinary Course of Business as a result of fees and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedchargebacks; and (nx) other Liens in favor (on assets other than on Equity Interests) and as to which the aggregate amount of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)obligations secured thereby does not exceed $500,000.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractscontracts (other than Indebtedness), leases (other than Capital Leases), statutory obligations obligations, surety and appeal bonds, performance bonds and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) judgment Liens arising by virtue securing judgments not constituting an Event of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's LiensDefault; (h) zoning restrictions, easements, rights-of-way, restrictionsrestrictions on use of real property, covenants minor defects or other agreements irregularities of record, title and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and incurred in the Ordinary Course of Business which do not interfere with the Ordinary Course of Business; (i) any interest or title or right of a lessor or sub-lessor under any lease or sub-lease entered into in the Ordinary Course of Business and covering only the assets so leased; (j) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (jk) carriers'Liens on assets (other than Accounts and Inventory) acquired in a Permitted Acquisition, warehousemen'ssecuring Indebtedness permitted by Section 10.2.1(f); (l) Liens securing Permitted First Lien Debt permitted by Section 10.2.1(i); (m) Liens on assets of an Excluded Subsidiary that secures Permitted Debt of such Excluded Subsidiary; (n) Liens securing Indebtedness under the Term Loan Facility and Refinancing Debt in respect thereof, landlord's, mechanics, materialmen's, repairmen's or other like so long as the holders of such Indebtedness remain subject to the Intercreditor Agreement; (o) Liens arising in connection with the cash collateralization of the Comerica Letter of Credit and the JPM Letter of Credit; (p) existing Liens shown on Schedule 10.2.2 and any extensions or renewals thereof in connection with any Refinancing Debt with respect to such Indebtedness secured by such Liens; and (q) pledges and deposits made in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contestedin compliance with workmen’s compensation, unemployment insurance and other social security laws and regulations; (kr) Liens securing Indebtedness permitted by Section 10.2.1(e) (provided that Liens on any Hedge Agreement may be incurred under the Debt that Term Loan Facility or the Loan Documents, but not both); (s) any license or sub-license entered into in the Ordinary Course of Business and not interfering with such Obligor’s or its Subsidiaries’ conduct of its respective business, and the interest of any non-exclusive licensors under license agreements (including, for the avoidance of doubt, relating to Intellectual Property); (t) Liens arising from precautionary UCC financing statements filed in connection with operating leases; (u) Liens on ▇▇▇▇ ▇▇▇▇▇▇▇ money deposits made in connection with Permitted Acquisitions or other acquisitions of assets permitted hereunder; (v) Liens on Equity Interests in joint ventures securing obligations of such entities, and options, put and call arrangements, rights of first refusal and similar rights related to Equity Interests in joint ventures; (w) Liens in favor of Borrowers or any Subsidiary securing Indebtedness permitted under Section 10.2.1(n); (x) Liens granted in the Ordinary Course of Business on the unearned portion of insurance premiums securing the financing of insurance premiums to the extent the financing is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement10.2.1(o) hereof; (ly) Liens in favor of customs and revenue authorities arising as a matter of law which to secure payment of customs duties not yet delinquent in connection with the importation of goods, but only to goods in the extent such Liens secure amounts not yet dueOrdinary Course of Business; (mz) existing Liens shown on Schedule 9.2.2 arising in connection with (i) the Prepetition Escrowed Amounts, (ii) the Fee Claims Account and replacement Liens on (iii) the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedABL DIP Cash Collateral Account; and (naa) other Liens securing liabilities in favor an aggregate amount not to exceed $5,000,000 at any time outstanding. Notwithstanding the foregoing, no Obligor shall incur any Liens on any ABL Priority Collateral except (i) Permitted Liens that arise by operation of Borrower law and are junior to Agent’s Lien on ABL Priority Collateral securing the Obligations and (ii) other Permitted Liens that are junior to Agent’s Lien on any ABL Priority Collateral securing the Obligations pursuant to the Intercreditor Agreement or another intercreditor agreement satisfactory to Agent containing terms no less favorable to Lenders in respect of its consignment interests encumbering its Consigned Inventory (all material respects, taken as defined a whole, as the terms in the Revolver Loan Intercreditor Agreement).

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Obligor or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Obligor or their SubsidiariesSubsidiary, or any Property of Borrowers an Obligor or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, zoning and other restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers'Liens incurred in favor of insurance companies (or their financing affiliates) in connection with the financing of insurance premiums in the Ordinary Course of Business; (k) any interest or title of a lessor or sublessor under any lease (including Capital Leases) permitted hereunder; (l) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered in the Ordinary Course of Business; (m) any zoning or similar law or right reserved to or vested in any government office or agency to control or regulate the use of any real property not materially detracting from the value of such real property; (n) licenses of patents, warehousemen's, landlord's, mechanics, materialmen's, repairmen's trademarks and other Intellectual Property rights granted by any Obligor or other like Liens arising any of its Subsidiaries in the Ordinary Course of Business that secure obligations that are and not overdue for a period interfering in any respect with the ordinary conduct of more than 30 days the business of such Obligor or are being Properly Contestedany Subsidiary; (ko) Liens securing incurred in the Debt that is permitted under Section 9.2.1(fOrdinary Course of Business on deposits made in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money or other Debt); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (lp) Liens in favor of customs and revenue authorities arising as a matter of law which and in the Ordinary Course of Business to secure payment of customs duties in connection with the importation of goods, but only ; (q) on assets of any Subsidiary which is not an Obligor to the extent such Liens secure amounts not yet due;Debt of such Subsidiary that is permitted under Section 10.2.1 hereof; and (mr) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)10.2.2.

Permitted Liens. CreateThe Borrower will not, incurand will not permit any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing under the Uniform Commercial Code income or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtorprofits therefrom; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); transfer any of such property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) Liens for Taxes not yet due acquire, or being Properly Contested; agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business suffer to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue exist for a period of more than 30 thirty (30) days after the same shall have been incurred any Indebtedness or are being Properly Contested; claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (ke) Liens securing sell, assign, pledge or otherwise transfer any “receivables” as defined in clause (g) of the Debt that is permitted under Section 9.2.1(f)definition of the term “Indebtedness,” with or without recourse; provided that such Liens are at all times subject the Borrower or any of its Subsidiaries may create or incur or suffer to the terms of the Intercreditor Agreement;be created or incurred or to exist: (li) Liens in favor of customs and revenue authorities arising as a matter the Borrower on all or part of law which secure payment the assets of customs duties in connection with Subsidiaries of the importation Borrower securing Indebtedness owing by Subsidiaries of goods, but only the Borrower to the extent such Liens secure amounts not yet dueBorrower; (mii) Liens to secure taxes, assessments and other government charges in respect of obligations not overdue or Liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue; (iii) deposits or pledges made in connection with, or to secure payment of, workmen's compensation, unemployment insurance, old age pensions or other social security obligations; (iv) Liens on properties in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which the Borrower or such Subsidiary shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review; (v) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties, in respect of obligations not overdue or which the Borrower is diligently contesting in good faith; (vi) encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord's or lessor's liens and other minor Liens, provided that none of such Liens (A) interferes materially with the use of the property affected in the ordinary conduct of the business of the Borrower and its Subsidiaries, and (B) individually or in the aggregate have a Material Adverse Effect; (vii) Liens existing Liens shown on the date hereof and listed on Schedule 9.2.2 9.2 hereto; (viii) Liens to secure the performance of bids, tenders, contracts (other than contracts for the payment of Indebtedness), leases, statutory obligations, surety, customs, appeal, performance and replacement payment bonds and other obligations of like nature, in each such case arising in the ordinary course of business; (ix) Liens on the property subject with respect to such Liens, but only to the extent that the amount of debt secured thereby, Indebtedness permitted under Sections 9.1(f) and the property secured thereby, shall not be increased(i) hereof; and (nx) other Liens not otherwise permitted hereunder, provided that such Liens do not secure Indebtedness in favor an aggregate amount outstanding or committed in excess of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)$25,000,000, which Indebtedness is also permitted under Section 9.1 hereof.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens including claims or Liens of materialmen, mechanics, carriers, warehousemen, processors, supplies, landlords and other similar Liens for labor, materials, supplies or rentals, and other similar amounts (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due overdue for a period of more than thirty (30) days, or is if more than thirty (30) days overdue, no action has been take to enforce such Liens and such Liens are being Properly Contested, and (ii) such Liens do not materially impair individually or in the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiariesaggregate have a Material Adverse Effect; (ei) Liens incurred or deposits made in the Ordinary Course of Business in connection with or to secure the performance of bids, trade and commercial contracts and leases and the payment of rent (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds, government tenders, bids, contracts, statutory obligations and other similar obligationsobligations incurred in the Ordinary Course of Business (including workers’ compensation, unemployment insurance and other types of social security or similar legislation) and (ii) deposits or pledges in respect of letters of credit, bank guarantees, or similar instruments that have been posted in the Ordinary Course of Business of any Obligor or any Subsidiary, in each case, so long as (A) any Liens on an Obligor’s property that secure surety bonds attach only to the contracts in respect of which such surety bonds are posted and, as long as to any other properties, such Liens are at all times junior to Agent's the Liens in favor of the Collateral Agent on the same properties that constitute Collateral under the Security Documents, and are required (B) no foreclosure, sale or provided by lawsimilar proceedings have been commenced with respect to any portion of the Collateral on account thereof; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Obligor or their SubsidiariesSubsidiary, or any Property of Borrowers an Obligor or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 30 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens’s Liens (if any) in such Property; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers'Liens on assets (other than Accounts and Inventory) acquired in a Permitted Acquisition, warehousemen'ssecuring Debt permitted by Section 10.2.1(f); (k) existing Liens shown on Schedule 10.2.2 and the replacement, landlord'srenewal or extension thereof (including Liens incurred, mechanicsassumed or suffered to exist in connection with any Permitted Refinancing, materialmen'srefunding, repairmen's renewal or extension of Debt pursuant to Section 10.2.1(h) (solely to the extent that such Liens were in existence on the Closing Date); provided that the scope of any such Lien shall not be increased, or otherwise expanded, to cover any additional property or type of asset, as applicable, beyond that in existence on the Closing Date, except for products and proceeds of the foregoing; (l) Liens securing Debt under the Term Loan Facility and Refinancing Debt in respect thereof, so long as the holders of such Debt remain subject to the Intercreditor Agreement; (m) Liens on Property (other than ABL Priority Collateral) arising out of conditional sale, title retention, consignment or other like Liens arising similar arrangements for the sale of goods entered into by any Obligor or any of its Subsidiaries in the Ordinary Course of Business that secure to the extent such Liens do not attach to any assets other than the goods subject to such arrangements; (n) Liens arising from the filing of precautionary UCC financing statements relating solely to personal property leased pursuant to operating leases entered into in the Ordinary Course of Business of the Borrowers and their Subsidiaries; (o) (i) contractual Liens of landlords to the extent relating to the property and assets relating to any lease agreements with such landlord; and (ii) contractual Liens of suppliers (including sellers of goods) or customers, in each case in the foregoing clauses (i) and (ii), granted in the Ordinary Course of Business to the extent limited to the property or assets relating to such contract and only to the extent payment of the obligations that are secured thereby is not yet due or is overdue for a period of more than 30 sixty (60) days, or if more than thirty (30) days or overdue, no action has been take to enforce such Liens and such Liens are being Properly Contested; (kp) any interest or title of a licensor, sublicensor, lessor or sublessor with respect to any assets under any inbound license or lease agreement entered into by any Borrower or any Subsidiary in the Ordinary Course of Business and do not interfere in any material respect with the Ordinary Course of Business of the Borrowers or their Subsidiaries or materially detract from the value of the relevant assets of the Borrowers or their Subsidiaries; (q) any non-exclusive license, non-exclusive sublicense, lease, or sublease granted by the Obligor or any Subsidiary to third parties in the ordinary course of its business and in accordance with any applicable terms of the Security Documents which do not: (i) interfere in any material respect with the Ordinary Course of Business of the Borrowers or their Subsidiaries or materially detract from the value of the relevant assets of the Borrowers or their Subsidiaries; or (ii) secure any Debt; (r) to the extent constituting Liens, any option or other agreement to purchase any asset of any Borrower or any of its Subsidiaries, the disposition of which is expressly permitted under this Agreement; (s) reasonable customary initial deposits and margin deposits to the extent required by Applicable Law, which secure Debt under Bank Products; (t) Liens in the nature of customary setoff rights in favor of any counterparty to any Swaps expressly permitted under this Agreement; (u) Liens on the unearned portion of insurance premiums granted in the ordinary course of business securing the Debt that financing of such premiums, so long as no foreclosure sale or similar proceeding has been commenced with respect to any portion of the Collateral on account thereof, and solely to the extent the financing is permitted under Section 9.2.1(f10.2.1(p); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (lv) Liens arising in the ordinary course of business in favor of customs brokers, custom and revenue authorities arising as a matter forwarding agents and similar Persons in respect of law which secure payment imported goods and merchandise in the custody of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet duePersons; (mw) existing Liens shown on Schedule 9.2.2 or rights of setoff against credit balances of the Borrowers with credit card issuers or credit card processors to secure obligations to any such credit card issuer or credit card processor incurred in the Ordinary Course of Business as a result of fees and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedchargebacks; and (nx) other Liens in favor (on assets other than ABL Priority Collateral and Equity Interests) and as to which the aggregate amount of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)obligations secured thereby does not exceed $500,000.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due delinquent or being Properly Contested; (d) statutory Liens (other than including carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and landlord’s Liens but excluding Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due overdue for a period of more than 30 days or is being Properly Contested; provided, however, that a reserve or other appropriate provisions shall have been made therefor, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases (whether operating leases or Capital Leases), trade contracts (except those relating to Borrowed Money), statutory obligations (including workers’ compensation, unemployment insurance and other social security legislation), liability to insurance carriers under insurance or self-insurance arrangements, surety, customs, stay and appeal bonds, performance and return of money bonds, and other similar obligations, or arising as a result of progress payments under government contracts, as long as as, in the case of any such Liens that are on any asset or property that constitutes Collateral, such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary other than an attachment or judgment Lien constituting an Event of Default under Section 11.1(h), as long as such Liens are (i) in existence for less than 20 30 consecutive days or being Properly Contested, and (ii) in the case of any such Liens that are on any asset or property that constitutes Collateral, at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's leases or other like Liens arising subleases of Real Estate granted to third parties in the Ordinary Course of Business that secure obligations that are and not overdue for a period interfering in any material respect with the ordinary conduct of more than 30 days business by any Borrower or are being Properly ContestedSubsidiary; (k) Liens securing the Debt that is any interest or title of a lessor or sublessor under any operating lease or Capital Lease permitted under by Section 9.2.1(f10.2.1(n) and Section 10.2.1(o); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which to secure payment of customs duties in connection with the importation of goodsgoods in the Ordinary Course of Business; (m) any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any Real Estate; (n) licenses of patents, but only trademarks and other intellectual property rights granted by any Borrower or Subsidiary in the Ordinary Course of Business and not interfering in any material respect with the ordinary conduct of business by any Borrower or Subsidiary; (o) Liens created under the Sale and Leaseback Transactions permitted under Section 10.2.20, provided that any such Liens do not at any time encumber any Property other than the Property which is the subject of such Sale and Leaseback Transaction; (p) the Investments permitted under clause (f) of the definition of the term “Restricted Investments”, to the extent such Liens secure amounts not yet dueInvestments constitute Liens; (mq) (q) Liens created on the Toro Purchased Accounts pursuant to the Toro AR Purchase Agreement; and (r) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)10.2.2.

Permitted Liens. Create, incur, assume If the Issuer or suffer any Guarantor (or any entity required to exist become a Guarantor pursuant to this Indenture) creates any Lien (including without limitation any additional Lien) upon any Property or assets to secure any First Lien Obligation, it must concurrently with respect to any the creation of its Propertysuch Lien (or, whether now owned if later, concurrently with such entity becoming a Guarantor) grant a First Lien upon such Property or hereafter acquired, file or authorize assets as security for the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (Securities or the equivalent thereof) that names it applicable Note Guarantee, if such Property or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby asset is not yet due Collateral at such time, such that the property or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are assets subject to such Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times becomes Collateral subject to the terms of the Intercreditor Agreement; First Lien (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goodssubject to liens permitted by this Indenture), but only except to the extent such Liens Property or assets constitutes cash or cash equivalents required to secure amounts only letter of credit obligations under any credit facility or as otherwise permitted under the Intercreditor Agreement. If the foregoing obligation to ▇▇▇▇▇ ▇ ▇▇▇▇ on any property or assets to secure the Securities or a Note Guarantee arises due to the grant of a Lien on such property or assets to secure the Existing Issuer Credit Facility Obligations (or the obligations under any Replacement Credit Facility), then the Lien on such property or assets to secure the Securities or a Note Guarantee may be released in accordance with the provisions of Section 1308. If the foregoing obligation to ▇▇▇▇▇ ▇ ▇▇▇▇ on any property or assets to secure the Securities or a Note Guarantee arises due to the grant of a Lien (an “Initial Lien”) on such property or assets to secure First Lien Obligations other than the Existing Issuer Credit Facility Obligations (or the obligations under any Replacement Credit Facility), then the Lien on such property or assets to secure the Securities or a Note Guarantee shall be automatically released and discharged upon the release and discharge of the Initial Lien at such time as the Initial Lien is released, which release and discharge in the case of any sale of any such property or asset shall not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens affect any Lien that the Trustee or any Collateral Agent may have on the property subject to proceeds from such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)sale.

Permitted Liens. Create, incur, assume or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectivelyAs used herein, "Permitted Liens"): " means any of the following: (a) Liens liens for taxes, assessments and governmental charges or levies (i) not yet in favor default or (ii) that are being contested in good faith and by appropriate proceedings diligently conducted, provided that in the case of Agent; liens under this clause (ii), reserves or other appropriate provisions shall have been established therefor in accordance with generally accepted accounting principles ("GAAP") and enforcement of any such liens shall have been effectively stayed or fully bonded pending the final determination of such proceeding, (b) Liens securing Debt that is permitted under Section 9.2.1(c); (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (liens imposed by law, such as materialmen's, mechanics' carriers', workmen's and repairmen's liens and other than Liens for Taxes or imposed under ERISA) similar liens arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the ordinary course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure business securing obligations that are not overdue for a period of more than 30 60 days or which, if overdue, are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); contested in good faith and by appropriate proceedings diligently conducted, provided that reserves or other appropriate provisions shall have been established therefor in accordance with GAAP and enforcement of any such Liens are at all times subject lien is effectively stayed or fully bonded pending the final determination of such proceeding, (c) pledges or deposits to secure obligations under workers' compensation laws or similar legislation or to secure public or statutory obligations; (d) easements, zoning restrictions or other restrictions, rights-of-way, minor encroachments, covenants or encumbrances on real property imposed by law or arising in the ordinary course of business that do not arise out of the incurrence of any indebtedness and that do not and could not reasonably be expected to materially detract from the value of the affected property or interfere materially with the ordinary conduct of business of the Company or materially impair the use thereof to the terms indebtedness; (e) judgments and other similar liens arising in connection with court proceedings in an amount not in excess of $50,000, provided the execution or other enforcement of such liens is effectively stayed or fully bonded pending the final determination of the Intercreditor Agreement; proceeding referred to below and the claims secured thereby are being contested in good faith and by appropriate proceedings; and (lf) Liens liens (other than liens created or imposed under the Employee Retirement Income Security Act of 1974, as amended) incurred or deposits made in favor the ordinary course of customs business in connection with workers' compensation, unemployment insurance and revenue authorities arising as a matter other types of law which social security, or to secure payment the performance of customs duties tender, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive in any case of obligations incurred in connection with the importation borrowing of goods, but only to money or the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount obtaining of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreementadvances or credit).

Permitted Liens. CreateThe Borrower will not, incurand will not permit any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing income or profits therefrom; (b) transfer any of such property or assets or the income or profits therefrom outside the ordinary course of business for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a period of more than thirty (30) days after the same shall have been incurred any Indebtedness or claim against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors (other than in respect of de minimus amounts); or (e) sell, assign, pledge or otherwise transfer any “receivables” as defined in clause (g) of the definition of the term “Indebtedness,” with or without recourse (other than in connection with the disposition of the business operations of such Person relating thereto or a disposition of defaulted receivables for collection and not as a financing arrangement); provided that the Borrower or any of its Subsidiaries may create or incur or suffer to be created or incurred or to exist: (i) Liens in favor of the Borrower on all or part of the assets of Subsidiaries of the Borrower securing Indebtedness owing by Subsidiaries of the Borrower to the Borrower; (ii) Liens to secure taxes, assessments and other government charges in respect of obligations not overdue or that are being diligently contested in good faith and in respect of which appropriate reserves have been set aside or Liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue or that are being diligently contested in good faith and in respect of which appropriate reserves have been set aside; (iii) deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations or other obligations incurred in the ordinary course of business or consistent with past practices or security or good faith deposits made in connection with a Permitted Acquisition which are not overdue; (iv) Liens on properties in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which the Borrower or such Subsidiary (as the case may be) shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review, the Indebtedness with respect to which is permitted by §10.1(d); (v) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties, in existence less than one hundred twenty (120) days from the date of creation thereof in respect of obligations not overdue; (vi) encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens and other minor Liens, provided that none of such Liens (A) interferes materially with the use of the property affected in the ordinary conduct of the business of the Borrower and its Subsidiaries, and (B) individually or in the aggregate has a Material Adverse Effect; (vii) Liens existing on the date hereof and listed on Schedule 10.2 hereto; (viii) purchase money security interests in or purchase money mortgages on real or personal property, other than Mortgaged Properties acquired after the date hereof, to secure Capitalized Leases or purchase money Indebtedness, in each case of the type and amount permitted by §10.1(f), which security interests or mortgages cover only the real or personal property so acquired or leased; (ix) Liens on each Mortgaged Property as and to the extent permitted by the Mortgage applicable thereto; and (x) Liens in favor of the Administrative Agent for the benefit of the Lenders and the Administrative Agent under the Uniform Commercial Code Loan Documents and any Interest Rate Agreements with a Lender; (xi) Liens on leasehold interests created by the Borrower or any Requirement of Law its Subsidiaries, as lessee, in favor of any jurisdiction, mortgagee of the leased premises to the extent not prohibited by the terms of the lease; (xii) Liens securing Indebtedness permitted by §10.1(f)(ii) which security interests or mortgages cover only the real or personal property so acquired; (xiii) Liens constituting leasehold or license interests held by a financing statement (lessee or licensee in respect of leases or licenses made by the equivalent thereof) that names it Borrower or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder lessor or licensor with respect to file intellectual property, space or broadcast towers or sub-channel or broadcast spectrum or similar leases or licenses in each case entered into by the Borrower or such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising Subsidiary in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the ordinary course of collectionits business consistent with past practices; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (kxiv) Liens securing constituting options of Persons other than the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject Borrower or any Subsidiary to the terms purchase Capital Stock of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)any non-wholly owned Subsidiary.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Permitted Purchase Money Debt (provided that is such Liens shall not, for the avoidance of doubt, secure the Debt permitted under pursuant to Section 9.2.1(c10.2.1(p)); (c) (i) Liens for Taxes not yet due or being Properly Contested, (ii) Liens for Taxes that are set forth in Schedule 10.2.2(c); provided that such Taxes (and the Liens in respect thereof) are satisfied or are being Properly Contested not later than the date that is 90 days after the Closing Date and (iii) other Liens for Taxes in an aggregate amount not to exceed $500,000; provided that such Taxes (and the Liens in respect thereof) are satisfied or are being Properly Contested not later than the date that is 90 days after a Senior Officer of a Borrower becomes aware of such Liens; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Obligor or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Obligor or their SubsidiariesSubsidiary, or any Property of Borrowers an Obligor or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior each case not giving rise to Agent's Liensan Event of Default; (hg) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (ih) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (i) (x) Junior Liens securing Junior Debt permitted by Section 10.2.1(k) and (y) Liens on the assets of any SPE who is not an Obligor securing the Mortgage Loan Debt and the Refinancing Debt of Mortgage Loan Debt; (j) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with any Obligor; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated with such Obligor; (k) Liens on property existing at the time of acquisition thereof by any Obligor, provided that such Liens were in existence prior to the contemplation of such acquisition and do not extend to (i) any Accounts or Inventory or (ii) any property other than the property so acquired by such Obligor; (l) Liens incurred or deposits made in the ordinary course of business in connection with worker’s compensation, unemployment insurance or other social security obligations; (m) Liens, deposits or pledges to secure the performance of bids, tenders, contracts (other than contracts for the payment of Debt), leases, or other similar obligations arising in the ordinary course of business; (n) survey exceptions, encumbrances, easements or reservations of, or rights of others for, rights of way, zoning or other restrictions as to the use of properties, and defects in title which, in the case of any of the foregoing, were not incurred or created to secure the payment of Debt, and which in the aggregate do no materially adversely affect the value of such properties or materially impair the use for the purposes of which such properties are held by any Obligor; (o) judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; (p) Liens, deposits or pledges to secure public or statutory obligations, surety, stay, appeal, indemnity, performance or other similar bonds or obligations; and Liens, deposits or pledges in lieu of such bonds or obligations, or to secure such bonds or obligations, or to secure letters of credit in lieu of or supporting the payment of such bonds or obligations; (q) any interest or title of a lessor, licensor or sublicensor in the property subject to any lease, license or sublicense, including any interest of a Licensor in any License; (r) Liens arising from UCC financing statements regarding operating leases or consignments; (s) Liens securing Refinancing Debt of the Senior Note Debt; provided that any such Liens are (i) limited to the collateral securing the Obligations and do not extend to any other assets of the Parent and its Subsidiaries and (ii) expressly subordinated to the Liens securing the Obligations and subject to an intercreditor agreement, in form and substance and on terms and conditions, reasonably acceptable to Agent and the Co-Collateral Agents, and such intercreditor agreement is in full force and effect; (t) Liens for assessments and governmental charges not yet delinquent or being contested in good faith and for which adequate reserves have been established to the extent required by GAAP; (u) carriers'’, warehousemen's, landlord's’s, mechanics’, materialmen's’s, repairmen's or ’s and other like Liens imposed by law, arising in the Ordinary Course ordinary course of Business that secure business and securing obligations that are not overdue for a period of by more than 30 days or are being Properly Contested; (kv) Liens securing deposits in the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject ordinary course of business to the terms of the Intercreditor Agreementsecure liability to insurance carriers; (lw) Liens in favor of customs and revenue authorities arising as a matter of law which to secure payment of customs duties in connection with the importation of goods, but only to goods in the extent such Liens secure amounts not yet dueordinary course of business; (mx) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodity brokerage amounts incurred in the ordinary course of business and (iii) in favor of banking institutions arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; (y) existing Liens shown on Schedule 9.2.2 10.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedsecuring Refinancing Debt in respect thereof; and (nz) Liens in favor the licensing of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined Intellectual Property to third Persons on reasonable and customary terms in the Revolver Loan Agreement)ordinary course of business consistent with past practice; provided that such licensing does not (i) materially interfere with the business of the Parent or any other Obligor or (ii) interfere with the Agent’s liens or security interests or the Agent’s right to dispose of any Collateral subject to such Intellectual Property.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Obligated Party or their its Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Obligated Party or their its Subsidiaries, or any Property of Borrowers an Obligated Party or their its Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, zoning and other restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Disclosure Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)10.2.2.

Permitted Liens. CreateNone of the Borrowers will, incurnor will permit any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Propertyproperty or assets of any character whether now owned or hereafter acquired, or upon the income or profits therefrom; (b) transfer any of such property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a period of more than thirty (30) days after the same shall have been incurred any Indebtedness or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise transfer any receivables with or without recourse; provided that any of the Borrowers or any of their Subsidiaries may create or incur or suffer to be created or incurred or to exist: (i) Liens to secure taxes, assessments and other government charges in respect of obligations not overdue or Liens to secure claims for labor, material or supplies in respect of obligations not overdue; (ii) deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations; (iii) Liens on properties in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which such Borrower or such Subsidiary shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review; (iv) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties in existence less than 180 days from the date of creation thereof in respect of obligations not overdue; (v) encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens and other minor Liens, provided that none of such Liens (A) interferes materially with the use of the property affected in the ordinary conduct of the business of such Borrower or its Subsidiaries, and (B) individually or in the aggregate have a Material Adverse Effect; (vi) Liens securing Indebtedness permitted under §9.1(g); (vii) Liens on assets that are the subject of Sale Leaseback Transactions permitted under §9.1(n); (viii) Other Liens in existence on the Closing Date and listed in Schedule 9.2; (ix) Liens securing acquired indebtedness under §9.1(j), provided that such Liens secured such Indebtedness prior to the related acquisitions and are not spread to cover any additional assets or Indebtedness, and are not in violation of the final sentence of §9.1; and (x) Other Liens in an aggregate principal amount not to exceed $25,000,000 at any time outstanding. Each of the Borrowers covenants and agrees that if any of its Subsidiaries shall create or assume any Lien upon any of its respective properties or assets, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "than Permitted Liens"): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (unless prior written consent shall have been obtained from the Lenders), such Borrower will make or cause to be made effective provision whereby the Obligations will be secured by such Lien equally and ratably with any and all other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations Indebtedness thereby secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as so long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising other Indebtedness shall be so secured. The covenants of each of the Borrowers contained herein shall only be in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as effect for so long as such Liens are (i) in existence Borrower shall be similarly obligated under any other Indebtedness. An Event of Default shall occur for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or so long as such other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure Indebtedness becomes secured notwithstanding any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms actions taken by any of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which Borrowers to ratably secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)Obligations hereunder.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agentthe Administrative Agent for the benefit of the Secured Parties granted pursuant to any Loan Document; (b) Liens securing Debt that is permitted under Section 9.2.1(c)the Revolving Loan Debt, subject to the provisions of the Intercreditor Agreement; (c) Liens for to secure Taxes in respect of obligations not yet due overdue or being Properly Contested, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP, or Liens on Properties to secure claims for labor, material or supplies in respect of obligations not overdue or being Properly Contested, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; (d) statutory deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security or like obligations; (e) Liens on Properties in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which a Borrower or any such Subsidiary shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review; (f) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on Properties, in existence less than 120 days from the date of creation thereof in respect of obligations not overdue or being Properly Contested, if adequate reserves with respect thereto are maintained on the books of the applicable Person; (g) encumbrances on Real Estate consisting of easements, servitudes, rights of way, zoning restrictions, restrictions on the use of Real Estate and defects and irregularities in the title thereto, landlord’s or lessor’s liens and other minor Liens, provided that none of such Liens (other than Liens for Taxes or imposed under ERISAA) arising interferes materially with the use of the Property affected in the Ordinary Course of Business, but only if and (B) individually or in the aggregate has, or could reasonably be expected to have, a Material Adverse Effect; (h) Liens existing on the date hereof and listed on Schedule 10.2.2 hereto (other than Permitted Liens described in clauses (a), (b), (j), and (m) of this Section 10.2.2); (i) payment purchase money security interests in or purchase money mortgages or vendors’ hypothecs on Property acquired after the date hereof to secure purchase money Debt of the obligations secured thereby is not yet due type and amount permitted by Section 10.2.1(g), incurred in connection with the acquisition of such Property, which security interests, vendors’ hypothecs, mortgages, conditional sales agreements, installment sales agreements or is being Properly Contestedother like title retention agreements with respect to Property acquired cover only the Property so acquired, together with the accessories thereto and proceeds thereof; (i) the Rolex USA Liens, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Rolex Canada Liens and are required or provided by law; (f) any Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, Rolex Canada Ltd. to the extent constituting valid and Liens of a collecting bank on Payment Items perfected purchase money security interests in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contestedaccordance with Applicable Law; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that of a bank or financial institution with respect to funds deposited with such Liens are at all times subject to the terms institution, including in respect of the Intercreditor Agreementcontractual rights of set-off; (l) Liens representing the replacement, extension or renewal of any Liens permitted in favor clauses (a) through (k) above, provided that (A) any such replacement, extension or renewal Liens shall encumber the same Property (and no additional Property of customs the Loan Parties) as covered by the Liens that are so replaced, extended or renewed, and revenue authorities arising (B) the aggregate amount of Debt secured by such Property has not increased as a matter result of law which secure payment of customs duties or in connection with the importation of goodssuch replacement, but only to the extent such Liens secure amounts not yet dueextension or renewal; (m) existing Liens shown on Schedule 9.2.2 securing the Quebec Subordinated Debt permitted pursuant to Section 10.2.1(c), provided that such Liens shall, at all times be, subordinate and replacement Liens on the property subject to such Liens, but only junior in priority to the extent Liens securing the Obligations pursuant to the Quebec Subordination Agreements; (n) Reserved; (o) Liens created in connection with any goods or merchandise on consignment in which any Loan Party acts as “consignor”, provided that the amount Borrowers shall have delivered written notice to the Agents of debt secured therebythe applicable Loan Party’s intention to enter into such consignment arrangements at least ten (10) days prior to the entry thereof and shall have provided the Agents complete copies of the proposed consignment agreements (if any); (p) Reserved; (q) Liens securing any Additional Subordinated Debt permitted under Section 10.2.1(l), provided that such Liens shall, at all times, be subordinate and junior in priority to the property secured therebyLiens securing the Obligations pursuant to a Subordination Agreement in form, shall not be increasedscope and substance satisfactory to the Agents; and (nr) Liens in favor securing the ▇▇▇▇▇▇▇ Debt permitted under Section 10.2.1(m) and Liens securing the obligations of Borrower the Loan Parties under the ▇▇▇▇▇▇▇ Debt Documents in respect of its the consignment interests encumbering its Consigned Inventory (as defined arrangements described therein, provided that, in each case, such Liens shall, at all times, be subordinate and junior in priority to the Liens securing the Obligations to the extent provided in the Revolver Loan Agreement)▇▇▇▇▇▇▇ Subordination Agreement or another Subordination Agreement in form, scope and substance satisfactory to the Agents.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiariesany Borrower, or any Property of Borrowers or their Subsidiariesa Borrower, as long as such Liens are (i) (x) in existence for less than 20 45 consecutive days or being Properly Contested, Contested and (iiy) at all times junior to Agent's ’s Liens; (ii) not Liens which attach to the Collateral or (iii) an encumbrance against Collateral with a Value of less than $10,000,000 in the aggregate; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like existing Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contestedshown on Schedule 10.2.2; (k) Liens securing the replacement, extension or renewal of any Lien permitted by clause (j) above upon or in the same property subject thereto arising out of the extension, renewal or replacement of the Debt that is permitted under Section 9.2.1(fsecured thereby (without increase in the amount thereof); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens on any Real Estate, fixtures, and/or Equipment pledged to secure Debt permitted by Sections 10.2.1(b), (j), (o) and (p) or any Refinancing Debt relating thereto; provided that, any Debt secured by a Lien permitted by this clause (l) shall be subject to a collateral access agreement in favor of customs form and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only substance reasonably satisfactory to the extent such Liens secure amounts not yet due;Agent; and (m) Liens existing Liens shown on Schedule 9.2.2 and replacement Liens on Property at the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect time of its consignment interests encumbering its Consigned Inventory (acquisition by a Borrower pursuant to a Permitted Acquisition, so long as defined such Liens are not created in the Revolver Loan Agreement)contemplation of such Acquisition.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) non-consenual, possessory or statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) Liens on assets of Universal to secure Debt under the Overdraft Facility; (j) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) other Liens securing existing on the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs date hereof and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)10.2.2.

Permitted Liens. CreateTrustor and Operating Lessee shall be allowed to create, incur, assume or suffer to exist any Lien upon or otherwise permit the following encumbrances or other liens with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement Property (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "“Permitted Liens"): (a”) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; Loan Documents as to priority thereof: (li) Liens the liens and security interests created by the Loan Documents, (ii) those property specific exceptions to title recorded in favor the real estate records of customs the County and revenue authorities arising contained in Schedule B-1 of the title insurance policy or policies which have been approved by Beneficiary as a matter of law the Execution Date (“Permitted Exceptions”) (iii) liens, if any, for Impositions not yet due and payable or delinquent or which secure payment of customs duties are being diligently contested in connection good faith in accordance with the importation terms and conditions of goodsSection 2.4 of the Deed of Trust, but only to the extent such Liens secure amounts not yet due; (miv) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower liens in respect of its consignment interests encumbering its Consigned Inventory (as defined property or assets imposed by law which were incurred in the Revolver ordinary course of business, such as carriers’, warehousemen’s, landlord’s, mechanic’s, materialmen’s, repairmen’s and other similar liens arising in the ordinary course of business, and liens for workers’ compensation, unemployment insurance and similar programs, in each case arising in the ordinary course of business which are either not yet due and payable or being diligently contested in good faith in accordance with the Deed of Trust, (v) Leases and the Management Agreement, (vi) easements, rights of way, or restrictions incurred or entered into by Trustor and/or Operating Lessee as applicable in the ordinary course of business, which in each case could not be reasonably expected to have a material adverse effect, do not diminish in any material respect the value of the Property or affect in any material respect the validity, enforceability or priority of the liens created by the Loan Agreement)Documents, (vii) liens securing indebtedness permitted under clause (iii) of the definition of Permitted Debt in Section 10.6, so long as such lien is only in respect of the specific property relating to such obligation and notwithstanding the introductory clause to Section 10.6 to the contrary, is not secured by other portions of the Property, (viii) deposits securing or in lieu of surety, appeal or custom bonds in processing to which Trustor and/or Operating Lessee as applicable is a party, (ix) any judgment lien provided that the judgment it secures shall have been discharged of record or the execution thereof stayed pending appeal within thirty (30) days after entry thereof or within thirty (30) days after the expiration of any stay, as applicable in either case provided there is no imminent risk of forfeiture during such thirty (30) day period, and (x) such other title and survey exceptions as Beneficiary has approved or may approve in writing.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agentthe Administrative Agent for the benefit of the Secured Parties granted pursuant to any Loan Document; (b) Liens securing Debt that is permitted under Section 9.2.1(c)the Revolving Loan Debt, subject to the provisions of the Intercreditor Agreement; (c) Liens for to secure Taxes in respect of obligations not yet due overdue or being Properly Contested, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP, or Liens on Properties to secure claims for labor, material or supplies in respect of obligations not overdue or being Properly Contested, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; (d) statutory deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security or like obligations; (e) Liens on Properties in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which a Borrower or any such Subsidiary shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review; (f) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on Properties, in existence less than 120 days from the date of creation thereof in respect of obligations not overdue or being Properly Contested, if adequate reserves with respect thereto are maintained on the books of the applicable Person; (g) encumbrances on Real Estate consisting of easements, servitudes, rights of way, zoning restrictions, restrictions on the use of Real Estate and defects and irregularities in the title thereto, landlord’s or lessor’s liens and other minor Liens, provided that none of such Liens (other than Liens for Taxes or imposed under ERISAA) arising interferes materially with the use of the Property affected in the Ordinary Course of Business, but only if and (B) individually or in the aggregate has, or could reasonably be expected to have, a Material Adverse Effect; (h) Liens existing on the date hereofFourth Amendment Effective Date and listed on Schedule 10.2.2 hereto (other than Permitted Liens described in clauses (a), (b),(g), (i), (j), and (m) of this Section 10.2.2); (i) payment purchase money security interests in or purchase money mortgages or vendors’ hypothecs on Property acquired after the date hereof to secure purchase money Debt of the obligations secured thereby is not yet due type and amount permitted by Section 10.2.1(g), incurred in connection with the acquisition of such Property, which security interests, vendors’ hypothecs, mortgages, conditional sales agreements, installment sales agreements or is being Properly Contestedother like title retention agreements with respect to Property acquired cover only the Property so acquired, together with the accessories thereto and proceeds thereof; (i) the Rolex USA Liens, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Rolex Canada Liens and are required or provided by law; (f) any Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, Rolex Canada Ltd. to the extent constituting valid and Liens of a collecting bank on Payment Items perfected purchase money security interests in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contestedaccordance with Applicable Law; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that of a bank or financial institution with respect to funds deposited with such Liens are at all times subject to the terms institution, including in respect of the Intercreditor Agreementcontractual rights of set-off; (l) Liens representing the replacement, extension or renewal of any Liens permitted in favor clauses (a) through (k) above, provided that (A) any such replacement, extension or renewal Liens shall encumber the same Property (and no additional Property of customs the Loan Parties) as covered by the Liens that are so replaced, extended or renewed, and revenue authorities arising (B) the aggregate amount of Debt secured by such Property has not increased as a matter result of law which secure payment of customs duties or in connection with the importation of goodssuch replacement, but only to the extent such Liens secure amounts not yet dueextension or renewal; (m) existing Liens shown on Schedule 9.2.2 securing the Quebec Subordinated Debt permitted pursuant to Section 10.2.1(c), provided that such Liens shall, at all times be, subordinate and replacement Liens on the property subject to such Liens, but only junior in priority to the extent Liens securing the Obligations pursuant to the Quebec Subordination Agreements; (n) [Reserved]; (o) Liens created in connection with any goods or merchandise on consignment in which any Loan Party acts as “consignor”, provided that the amount Borrowers shall have delivered written notice to the Agents of debt secured therebythe applicable Loan Party’s intention to enter into such consignment arrangements at least ten (10) days prior to the entry thereof and shall have provided the Agents complete copies of the proposed consignment agreements (if any); (p) [Reserved]; (q) Liens securing any Additional Subordinated Debt permitted under Section 10.2.1(l), provided that such Liens shall, at all times, be subordinate and junior in priority to the property secured therebyLiens securing the Obligations pursuant to a Subordination Agreement in form, shall not be increasedscope and substance satisfactory to the Agents; and (nr) Liens in favor securing the ▇▇▇▇▇▇▇ Debt permitted under Section 10.2.1(m) and Liens securing the obligations of Borrower the Loan Parties under the ▇▇▇▇▇▇▇ Debt Documents in respect of its the consignment interests encumbering its Consigned Inventory (as defined arrangements described therein, provided that, in each case, such Liens shall, at all times, be subordinate and junior in priority to the Liens securing the Obligations to the extent provided in the Revolver ▇▇▇▇▇▇▇ Subordination Agreement or another Subordination Agreement in form, scope and substance satisfactory to the Agents. Any reference in any of the Loan Agreement)Documents to a Permitted Lien is not intended to subordinate or postpone, and shall not be interpreted as subordinating or postponing, or as any agreement to subordinate or postpone, any Lien created by any of the Loan Documents to any Permitted Lien.

Permitted Liens. CreateBorrower shall not create, incur, assume or suffer to exist any Lien upon upon, in or with respect to against, or pledge of, any of the Collateral or any of its Propertyproperties or assets or any of its shares, securities or other equity or ownership or partnership interests, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "Permitted LiensPERMITTED LIENS"): ): (ai) Liens under the Loan Documents or otherwise arising in favor of Agent; Lender, (bii) Liens securing Debt that is permitted under Section 9.2.1(cimposed by law for taxes (other than payroll taxes); (c) Liens , assessments or charges of any Governmental Authority for Taxes claims not yet due or which are being Properly Contested; contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Lender in its sole discretion, (diii) (A) statutory Liens of landlords (provided that any such landlord has executed a Landlord Waiver and Consent in form and substance satisfactory to Lender) and of carriers, warehousemen, mechanics, materialmen, and (B) other than Liens for Taxes imposed by law or imposed under ERISA) arising that arise by operation of law in the Ordinary Course ordinary course of Businessbusiness from the date of creation thereof, but in each case only if (i) payment of the obligations secured thereby is for amounts not yet due or is which are being Properly Contestedcontested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Lender in its sole discretion, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (eiv) Liens (A) incurred or deposits made in the Ordinary Course ordinary course of Business business (including, without limitation, 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 government tenders, bids, contractsleases, contracts (other than for the repayment of Indebtedness), statutory obligations and other similar obligations, or (B) arising as long as such a result of progress payments under government contracts, (v) purchase money Liens are at all times junior to Agent's Liens and are required or provided by law; (fA) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is Indebtedness permitted under Section 9.2.1(f7.2(iii); , or (B) in connection with the purchase by such Person of equipment in the normal course of business, provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; payables shall not exceed any limits on Indebtedness provided for herein and shall otherwise be Permitted Indebtedness hereunder,; (lvi) Liens in favor of customs an Equipment Lender and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such (vii) Liens secure amounts not yet due; (m) existing Liens shown disclosed on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)7.3.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Permitted Purchase Money Debt (provided that is such Liens shall not, for the avoidance of doubt, secure the Debt permitted under pursuant to Section 9.2.1(c10.2.1(p) and (r)); (ci) Liens for Taxes not yet due or being Properly Contested, (ii) Liens for Taxes that are set forth in Schedule 10.2.2(c); provided that such Taxes (and the Liens in respect thereof) are satisfied or are being Properly Contested not later than the date that is 90 days after the Closing Date and (iii) other Liens for Taxes in an aggregate amount not to exceed $500,000; provided that such Taxes (and the Liens in respect thereof) are satisfied or are being Properly Contested not later than the date that is 90 days after a Senior Officer of a Borrower becomes aware of such Liens; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Obligor or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Obligor or their SubsidiariesSubsidiary, or any Property of Borrowers an Obligor or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior Subsidiary not giving rise to Agent's Liensan Event of Default; (hg) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (ih) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; (i) (x) Liens securing the Second Lien Debt; andprovided that such Liens are subject to, and have the priority set forth in, the Intercreditor Agreement in all respects and (y) Liens on the assets of any SPE securing the Mortgage Loan Debt and the Refinancing Debt of Mortgage Loan Debt; (j) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with any Obligor; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated with such Obligor; (k) Liens on property existing at the time of acquisition thereof by any Obligor, provided that such Liens were in existence prior to the contemplation of such acquisition and do not extend to (i) any Accounts or Inventory or (ii) any property other than the property so acquired by such Obligor; (l) Liens incurred or deposits made in the ordinary course of business in connection with worker’s compensation, unemployment insurance or other social security obligations; (m) Liens, deposits or pledges to secure the performance of bids, tenders, contracts (other than contracts for the payment of Debt), leases, or other similar obligations arising in the ordinary course of business; (n) survey exceptions, encumbrances, easements or reservations of, or rights of others for, rights of way, zoning or other restrictions as to the use of properties, and defects in title which, in the case of any of the foregoing, were not incurred or created to secure the payment of Debt, and which in the aggregate do no materially adversely affect the value of such properties or materially impair the use for the purposes of which such properties are held by any Obligor; (o) judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; (p) Liens, deposits or pledges to secure public or statutory obligations, surety, stay, appeal, indemnity, performance or other similar bonds or obligations; and Liens, deposits or pledges in lieu of such bonds or obligations, or to secure such bonds or obligations, or to secure letters of credit in lieu of or supporting the payment of such bonds or obligations; (q) any interest or title of a lessor, licensor or sublicensor in the property subject to any lease, license or sublicense, including any interest of a Licensor in any License; (r) Liens arising from UCC financing statements regarding operating leases or consignments; (s) Liens securing Refinancing Debt of the Senior Note Debt; provided that any such Liens are (i) limited to the collateral securing the Obligations and do not extend to any other assets of the Parent and its Subsidiaries and (ii) expressly subordinated to the Liens securing the Obligations and subject to an intercreditor agreement, in form and substance and on terms and conditions, reasonably acceptable to Agent and the Co-Collateral Agents, and such intercreditor agreement is in full force and effect; (t) Liens for assessments and governmental charges not yet delinquent or being contested in good faith and for which adequate reserves have been established to the extent required by GAAP; (u) carriers'’, warehousemen's, landlord's’s, mechanics’, materialmen's’s, repairmen's or ’s and other like Liens imposed by law, arising in the Ordinary Course ordinary course of Business that secure business and securing obligations that are not overdue for a period of by more than 30 days or are being Properly Contested; (kv) Liens securing deposits in the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject ordinary course of business to the terms of the Intercreditor Agreementsecure liability to insurance carriers; (lw) Liens in favor of customs and revenue authorities arising as a matter of law which to secure payment of customs duties in connection with the importation of goods, but only to goods in the extent such Liens secure amounts not yet dueordinary course of business; (mx) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodity brokerage amounts incurred in the ordinary course of business and (iii) in favor of banking institutions arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; (y) existing Liens shown on Schedule 9.2.2 10.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedsecuring Refinancing Debt in respect thereof; and (nz) Liens in favor the licensing of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined Intellectual Property to third Persons on reasonable and customary terms in the Revolver Loan Agreement)ordinary course of business consistent with past practice; provided that such licensing does not (i) materially interfere with the business of the Parent or any other Obligor or (ii) interfere with the Agent’s liens or security interests or the Agent’s right to dispose of any Collateral subject to such Intellectual Property.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c)secured the Second Lien Obligations to the extent the same are subordinated to the Liens in favor of Agent; (c) Purchase Money Liens securing Permitted Purchase Money Debt; (d) Liens for Taxes not yet due and payable or being Properly Contested; (de) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due and payable or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (ef) Liens incurred or deposits of cash made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations obligations, Hedging Agreements, surety and appeal bonds, performance bonds and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (fg) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens▇▇▇▇ ▇▇▇▇▇▇▇; (h) ▇▇▇▇▇ in respect of judgments that would not constitute an Event of Default hereunder; (i) easements, rights-of-way, restrictions (including zoning restrictions), covenants or conditions, building code laws, covenants, other agreements of record, encroachments, protrusions and other similar encumbrances and other minor title defects affecting Real Estate, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere in any material respect with the Ordinary Course of BusinessBusiness or impair Agent’s Lien on Real Estate in any material respect, taken as a whole, and any exceptions on the final mortgagee title insurance policy issued in connection with any Mortgage; and such other minor defects of title or survey matters that are disclosed by current surveys that do not materially interfere with the current use of the Real Estate and do not otherwise impair Agent’s Lien on Real Estate in any material respect; (ij) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (jk) carriers'pledges or deposits of cash in the Ordinary Course of Business in connection with workers’ compensation, warehousemen'sunemployment insurance and other social security legislation, landlord's, mechanics, materialmen's, repairmen's or other like than any Lien imposed by ▇▇▇▇▇; (l) Liens securing Debt permitted under Section 10.2.1(e); (m) Liens arising in the Ordinary Course of Business that secure obligations that in favor of carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising under Applicable Law in the Ordinary Course of Business which are not overdue for a period of more than 30 60 days or which are being Properly Contested; (kn) Liens securing incurred in favor of insurance companies (or their financing affiliates) in connection with the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to financing of insurance premiums in the terms Ordinary Course of the Intercreditor AgreementBusiness; (lo) any interest or title (and all encumbrances and other matters affecting such interest or title) of a lessor or sublessor under any lease permitted hereunder; (p) Liens solely on any ▇▇▇▇ ▇▇▇▇▇▇▇ money deposits made in connection with any letter of intent or purchase agreement permitted hereunder; (q) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the Ordinary Course of Business or to the extent permitted under the Loan Documents; (r) any zoning restrictions or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any Real Estate not materially detracting from the value of such Real Estate; (s) licenses of patents, trademarks and other intellectual property rights granted by Borrowers or any of their Subsidiaries in the Ordinary Course of Business and not interfering in any respect with the ordinary conduct of the business of Borrowers or such Subsidiary; (t) Liens incurred in the Ordinary Course of Business on deposits made in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of- money bonds and other similar obligations (exclusive of obligations for the payment of Borrowed Money); (u) Liens in favor of customs and revenue authorities arising as a matter of law which and in the Ordinary Course of Business to secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (mv) Liens in favor of any grower securing payment obligations to such grower which are not past due for a period of more than 60 days, subject to establishment by Agent of an appropriate Grower Reserve; (w) existing Liens shown on Schedule 9.2.2 10.2.2 and replacement Liens securing Refinancing Debt; provided, that, any Liens relating to such Refinancing Debt shall only attach to the Property which was subject to the Liens so refinanced; (x) Possessory Liens in favor of brokers and dealers arising in connection with the acquisition of disposition of Investments that are not Restricted Investments; provided that such Liens (i) attach only to such Investments and (ii) secure only obligations incurred in the Ordinary Course of Business and arising in connection with the acquisition or disposition of such Investments and not any obligation in connection with margin financing; (y) Liens on property in existence at the time such property subject is acquired pursuant to a Permitted Acquisition or on such Liens, but only property of a Subsidiary of an Obligor in existence at the time such Subsidiary is acquired pursuant to the extent a Permitted Acquisition; provided that the amount such Liens are not incurred in connection with or in anticipation of debt secured thereby, such Permitted Acquisition and the property secured thereby, shall do not be increasedattach to any other assets of any Loan Party or any Subsidiary; and (nz) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined licenses, sublicenses, leases or subleases granted to third parties in the Revolver Loan Agreement)Ordinary Course of Business or not materially interfering with the business of the Borrowers or any Subsidiary.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due delinquent or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due delinquent or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens that relate to Accounts are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their Subsidiaries, Subsidiary not constituting an Event of Default under Section 11.1(g) or any Property of Borrowers securing appeal or their Subsidiaries, as long as other surety bonds related to such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liensjudgments; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased10.2.2; and (nk) Liens in favor on assets of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)any Subsidiary that is not an Obligor.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) existing Liens securing Debt shown on Schedule 10.2.2 and extensions, renewals, refundings and replacements thereof; provided that is permitted under Section 9.2.1(c)any such extension, renewal, refunding or replacement of any such Lien shall be limited to the Property covered by the Lien extended, renewed, refunded or replaced and that the obligations secured by any such extension, renewal, refunding or replacement Lien shall be in an amount not greater than the amount of the obligations then secured by the Lien extended, renewed, refunded or replaced; (c) Liens for Taxes not yet due or being Properly ContestedCustomary Permitted Liens; (d) statutory Purchase Money Liens (other than securing Debt permitted under Section 10.2.1(d); provided that such Purchase Money Liens for Taxes or imposed under ERISA) arising in are created within 90 days after the Ordinary Course of Business, but only if (i) payment incurrence of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiariesrelated Debt; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; (f) certain statutory and contractual rights of retention on the Inventory of Parent and its Subsidiaries located outside of the U.S. which are subordinate to Agent’s security interest therein; (g) Liens arising from judgments, decrees or attachments under circumstances that do not otherwise result in an Event of Default; (h) Liens arising from precautionary UCC-1 financing statement filings regarding Operating Leases covering only the Property subject thereto; (i) any Lien approved by Agent in connection with a Permitted Acquisition on or affecting any Property (other than Equity Interests) acquired by Parent or any of its Subsidiaries or Property of any acquired Subsidiary or Person which becomes a Subsidiary after the Closing Date of this Agreement; andprovided, that (i) such Lien is created prior to the date on which such Person becomes a Subsidiary, (ii) the Lien was not created in contemplation of such Acquisition, (iii) such Lien secures Debt permitted hereunder and the principal amount thereof has not increased in contemplation of or since such Acquisition and (iv) such Lien is removed or discharged within ninety (90) days of such Property being acquired or such Person becoming a Subsidiary, as the case may be; (j) carriers'Liens upon cash or Cash Equivalents securing obligations owing by Parent or any Subsidiary to Agent, warehousemen'sa Lender or an Affiliate thereof that arise as a result of the termination of a Hedging Agreement in respect of interest rates permitted hereunder to which Parent or any Subsidiary, landlord'sas applicable, mechanicsand Agent, materialmen'sa Lender, repairmen's or other like Liens arising an Affiliate thereof, as applicable, were subject; provided, that the Administrative Agent, the Lender or the Affiliate thereof, as applicable, that is the counterparty under such Hedging Agreement shall determine in its reasonable judgment such termination amount; provided, further, that such Lien shall run solely for the Ordinary Course benefit of Business that secure obligations that are not overdue for a period of more than 30 days Agent, the Lender or are being Properly Contested;the Affiliate thereof, as applicable; and (k) Liens securing the Debt that is permitted under Section 9.2.1(f)Permitted Term Debt; provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection compliance with the importation requirements of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan AgreementSection 10.2.1(m).

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent or Affiliates of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due delinquent or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due delinquent or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers Borrower or their Subsidiariesany Subsidiary; or (ii) such Liens secure obligations relating to claims or liabilities which are fully insured and being defended at the sole cost and expense and at the sole risk of the insurer prior to the commencement of foreclosure or other similar proceedings and with respect to which adequate reserves have been set aside on its books; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers Borrower or their Subsidiariesany Subsidiary, or any Property of Borrowers Borrower or their Subsidiariesany Subsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; (j) Liens on assets of Foreign Subsidiaries (other than MHS and its Subsidiaries) securing Debt permitted by Section 10.2.1(j); and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)10.2.2.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) existing Liens securing Debt shown on Schedule 10.2.2 (subject to Section 10.1.2(l) with respect to the Bolzoni Entities) and extensions, renewals, refundings and replacements thereof; provided that is permitted under Section 9.2.1(c)any such extension, renewal, refunding or replacement of any such Lien shall be limited to the Property covered by the Lien extended, renewed, refunded or replaced and that the obligations secured by any such extension, renewal, refunding or replacement Lien shall be in an amount not greater than the amount of the obligations then secured by the Lien extended, renewed, refunded or replaced; (c) Liens for Taxes not yet due or being Properly ContestedCustomary Permitted Liens; (d) statutory Purchase Money Liens (other than securing Debt permitted under Section 10.2.1(d); provided that such Purchase Money Liens for Taxes or imposed under ERISA) arising in are created within 90 days after the Ordinary Course of Business, but only if (i) payment incurrence of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiariesrelated Debt; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; (f) certain statutory and contractual rights of retention on the Inventory of Parent and its Subsidiaries located outside of the U.S. which are subordinate to Agent’s security interest therein; (g) Liens arising from judgments, decrees or attachments under circumstances that do not otherwise result in an Event of Default; (h) Liens arising from precautionary UCC-1 financing statement filings regarding Operating Leases covering only the Property subject thereto; (i) any Lien approved by Agent in connection with a Permitted Acquisition on or affecting any Property (other than Equity Interests) acquired by Parent or any of its Subsidiaries or Property of any acquired Subsidiary or Person which becomes a Subsidiary after the Closing Date of this Agreement; andprovided, that (i) such Lien is created prior to the date on which such Person becomes a Subsidiary, (ii) the Lien was not created in contemplation of such Acquisition, (iii) such Lien secures Debt permitted hereunder and the principal amount thereof has not increased in contemplation of or since such Acquisition and (iv) such Lien is removed or discharged within ninety (90) days of such Property being acquired or such Person becoming a Subsidiary, as the case may be; (j) carriers'Liens upon cash or Cash Equivalents securing obligations owing by Parent or any Subsidiary to Agent, warehousemen'sa Lender or an Affiliate thereof that arise as a result of the termination of a Hedging Agreement in respect of interest rates permitted hereunder to which Parent or any Subsidiary, landlord'sas applicable, mechanicsand Agent, materialmen'sa Lender, repairmen's or other like Liens arising an Affiliate thereof, as applicable, were subject; provided, that the Agent, the Lender or the Affiliate thereof, as applicable, that is the counterparty under such Hedging Agreement shall determine in its reasonable judgment such termination amount; provided, further, that such Lien shall run solely for the Ordinary Course benefit of Business that secure obligations that are not overdue for a period of more than 30 days Agent, the Lender or are being Properly Contestedthe Affiliate thereof, as applicable; (k) Liens securing the Debt that is permitted under Section 9.2.1(f)Permitted Term Debt; provided that such Liens are at all times subject to in compliance with the terms requirements of the Intercreditor Agreement;Section 10.2.1(m); and (l) Liens on Property of the Bolzoni Entities securing Debt permitted under Section 10.2.1(p) in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only an aggregate principal amount not to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)exceed EUR 50,000,000 at any time.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "Permitted Liens"): (a) Liens in favor of AgentLender; (b) Liens in favor of the Senior Lender securing the Senior Debt that is permitted under Section 9.2.1(c)hereunder so long as the Debt and Lien Subordination Agreement remains in full force and effect with respect thereto; (c) Purchase Money Liens securing Permitted Purchase Money Debt; (d) Liens for Taxes not yet due or being Properly Contested; (de) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (ef) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to AgentLender's Liens and are required or provided by law; (fg) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (gh) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to AgentLender's Liens; (hi) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (ij) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; (k) existing Liens shown on Schedule 10.2.2; (l) Liens on the Factored Accounts created for the purpose of evidencing the transfer and sale of Accounts sold to the Factors pursuant to the terms of the Factoring Agreements, provided that a Factor Intercreditor Agreement has been received by Lender and remains in effect with respect to each such Factoring Agreement; (m) any interest or title of a lessor or sublessor under any lease permitted hereunder; (n) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real Property not materially detracting from the value of such real Property; and (jo) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising incurred in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties on deposits made in connection with the importation workers' compensation, unemployment insurance and other types of goods, but only social security that are junior to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Lender's Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement).

Permitted Liens. CreateIt will not, incurand will not permit any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing under income or profits therefrom; provided that precautionary assignments on assets sold by the Uniform Commercial Code or any Requirement Borrower to Persons who are not Affiliates of Law of any jurisdiction, a financing statement the Borrower (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other thanin each case, as to all permitted hereunder) and subsequently managed by the Borrower shall not be considered a Lien upon the property or assets of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; Borrower; (b) Liens securing Debt that is permitted under Section 9.2.1(c); transfer any of such property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) Liens for Taxes not yet due acquire, or being Properly Contested; agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business suffer to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue exist for a period of more than 30 thirty (30) days after the same shall have been incurred any Indebtedness or are being Properly Contestedclaim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise transfer any “receivables” as defined in clause (g) of the definition of the term “Indebtedness,” with or without recourse; provided that the Guarantor or any of its Subsidiaries may create or incur or suffer to be created or incurred or to exist: (i) Liens in favor of the Guarantor on all or part of the assets of Subsidiaries of the Guarantor (other than Collateral) securing Indebtedness owing by Subsidiaries of the Guarantor to the Guarantor; (kii) Liens to secure taxes, assessments and other government charges in respect of obligations not overdue or Liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue; (iii) deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations; (iv) Liens on properties in respect of judgments or awards, the Indebtedness with respect to which is permitted by §9.1(c); (v) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties, in existence less than 120 days from the date of creation thereof in respect of obligations not overdue; (vi) encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which the Guarantor or a Subsidiary is a party, and other minor Liens, provided that none of such Liens (A) interferes materially with the use of the property affected in the ordinary conduct of the business of the Guarantor and its Subsidiaries, and (B) individually or in the aggregate have a Material Adverse Effect; (vii) Liens existing on the date hereof and listed on Schedule 9.2 hereto; (viii) purchase money security interests in or purchase money mortgages on real or personal property acquired (in the case of purchase money security interests) or leased (in the case of Capitalized Leases) after the Closing Date to secure purchase money Indebtedness or Capitalized Leases of the type and amount permitted by §9.1(f), which security interests or mortgages cover only the real or personal property so acquired or leased and any proceeds thereof (including, without limitation, leases, Accounts Receivable, instruments and documents); (ix) Liens in favor of the Administrative Agent for the benefit of the Secured Parties securing the Obligations; (x) Liens securing the Debt Revolving Credit Facility; (xi) Liens consisting of the interest of a lessee under any lease with respect to Containers where the Borrower or the Guarantor is the lessor; (xii) Liens on the property listed on Schedule 9.2 hereto that are granted to secure any refinancing or renewal of Indebtedness permitted under §9.1, which refinancing or renewal is permitted under Section 9.2.1(f§9.1(h) hereof (subject to all the provisos contained therein); provided that (a) such Liens encumber the same property (and no additional assets or property of the Borrower) as secured the Indebtedness that was so refinanced or renewed and (b) the aggregate amount of Indebtedness secured by such property has not increased as a result of such refinancing or renewal; (xiii) interests of lessors in property leased to the Borrower. The Guarantor or a Subsidiary under §9.1(f); (xiv) Liens incurred by a Securitization Entity in connection with a Securitization; and (xv) other Liens on the assets of the Guarantor and its Subsidiaries (other than Collateral) securing Indebtedness permitted under §9.1(n) or under §9.1(o); provided that such Liens do not encumber (x) any Collateral or (y) IP Rights and information and operational support systems that are at all times subject reasonably necessary for the operation of its respective businesses or relating to the terms administration and management of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined assets included in the Revolver Loan Agreement)Borrowing Base.

Permitted Liens. CreateBorrower shall not create, incur, assume or suffer to exist any Lien upon upon, in or with respect to against, or pledge of, any of the Collateral or any of its Propertyproperties or assets or any of its authorized but unissued or treasury shares, securities or other equity or ownership or partnership interests, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"): ”): (ai) Liens under the Loan Documents or otherwise arising in favor of Agent; Lender, (bii) Liens securing Debt that is permitted under Section 9.2.1(cimposed by law for taxes (other than payroll taxes); (c) Liens , assessments or charges of any Governmental Authority for Taxes claims not yet due or which are being Properly Contested; contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Lender in its sole discretion, (diii) (A) statutory Liens of landlords (provided that any such landlord has executed a Landlord Waiver and Consent in form and substance satisfactory to Lender) and of carriers, warehousemen (provided that any such warehousemen have executed a Warehouse Waiver and Consent in form and substance satisfactory to Lender), mechanics, materialmen, and (B) other than Liens for Taxes imposed by law or imposed under ERISA) arising that arise by operation of law in the Ordinary Course ordinary course of Businessbusiness from the date of creation thereof, but in each case only if (i) payment of the obligations secured thereby is for amounts not yet due or is which are being Properly Contestedcontested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Lender in its sole discretion, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (eiv) Liens (A) incurred or deposits made in the Ordinary Course ordinary course of Business business (including, without limitation, 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 government tenders, bids, contractsleases, contracts (other than for the repayment of Indebtedness), statutory obligations and other similar obligations, or (B) arising as long as such a result of progress payments under government contracts, (v) purchase money Liens are at all times junior to Agent's Liens and are required or provided by law; (fA) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is Indebtedness permitted under Section 9.2.1(f7.2(iii); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; , or (lB) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation purchase by such Person of goodsequipment in the normal course of business, but only to the extent provided that such payables shall not exceed any limits on Indebtedness provided for herein and shall otherwise be Permitted Indebtedness hereunder, and (vi) Liens secure amounts not yet due; (m) existing Liens shown disclosed on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)7.3.

Permitted Liens. CreateCAI will not, incurand will not permit any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing under income or profits therefrom; provided that precautionary assignments on assets sold by the Uniform Commercial Code or any Requirement Borrowers to Persons who are not Affiliates of Law of any jurisdiction, a financing statement the Borrower (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other thanin each case, as to all permitted hereunder) and subsequently managed by the Borrowers shall not be considered a Lien upon the property or assets of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; Borrowers; (b) Liens securing Debt that is permitted under Section 9.2.1(c); transfer any of such property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) Liens for Taxes not yet due acquire, or being Properly Contested; agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business suffer to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue exist for a period of more than 30 thirty (30) days after the same shall have been incurred any Indebtedness or are being Properly Contestedclaim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise transfer any “receivables” as defined in clause (g) of the definition of the term “Indebtedness,” with or without recourse; provided that CAI or any of its Subsidiaries may create or incur or suffer to be created or incurred or to exist: (i) Liens in favor of CAI on all or part of the assets of Subsidiaries of CAI (other than Collateral) securing Indebtedness owing by Subsidiaries of CAI to CAI; (kii) Liens to secure taxes, assessments and other government charges in respect of obligations not overdue or Liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue; (iii) deposits or pledges made in connection with, or to secure payment of, workmen's compensation, unemployment insurance, old age pensions or other social security obligations other than any Lien imposed by ERISA; (iv) Liens on properties in respect of judgments or awards, the Indebtedness with respect to which is permitted by §9.1(c); (v) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties, in existence less than 120 days from the date of creation thereof in respect of obligations not overdue; (vi) encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which CAI or a Subsidiary is a party, and other minor Liens, provided that none of such Liens (A) interferes materially with the use of the property affected in the ordinary conduct of the business of CAI and its Subsidiaries, and (B) individually or in the aggregate have a Material Adverse Effect; (vii) Liens existing on the Sixth Amendment Effective Date and listed on Schedule 9.2 hereto; (viii) purchase money security interests in or purchase money mortgages on real or personal property acquired (in the case of purchase money security interests) or leased (in the case of Capitalized Leases) after the Closing Date to secure purchase money Indebtedness or Capitalized Leases of the type and amount permitted by §9.1(e), which security interests or mortgages cover only the real or personal property so acquired or leased and any proceeds thereof (including, without limitation, leases, Accounts Receivable, instruments and documents); (ix) Liens in favor of the Administrative Agent for the benefit of the Secured Parties securing the Debt Obligations; (x) Liens consisting of the interest of a lessee under any lease with respect to Containers where any Borrower or Guarantor is the lessor; (xi) Liens on the property listed on Schedule 9.2 hereto that are granted to secure any refinancing or renewal of Indebtedness permitted under §9.1, which refinancing or renewal is permitted under Section 9.2.1(f§9.1(g) hereof (subject to all the provisos contained therein); provided that either (A)(1) such Liens encumber the same property (and no additional assets or property of the Borrowers) as secured the Indebtedness that was so refinanced or renewed and (2) the aggregate amount of Indebtedness secured by such property has not increased as a result of such refinancing or renewal or (B) the Indebtedness secured by such liens is permitted under §9.1(l); (xii) interests of lessors in property leased to the Borrowers or a Subsidiary under §9.1(e); (xiii) other Liens on the assets of CAI and its Subsidiaries (other than Collateral) securing Indebtedness permitted under §9.1(l); provided that such Liens do not encumber (x) any Collateral or (y) IP Rights and information and operational support systems that are at all times subject reasonably necessary for the operation of its respective businesses or relating to the terms administration and management of the Intercreditor Agreement; (l) Liens assets included in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to Borrowing Base and/or the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedDomestic Borrowing Base; and (nxiv) Liens in favor incurred by a Securitization Entity on assets of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreementsuch Securitization Entity securing Indebtedness permitted under §9.1(m).

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's ’s Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 twenty (20) consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers'Liens on assets (other than Accounts and Inventory) acquired in an Acquisition permitted pursuant to Section 10.2.4, warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contestedsecuring Debt permitted by Section 10.2.1(f); (k) Liens securing existing on the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor AgreementOriginal Closing Date and shown on Schedule 10.2.2; (l) Liens in favor of customs on the NMTC Equipment and revenue authorities arising the NMTC Disbursement Account securing the Debt permitted by Section 10.2.1(j), which Liens may have priority over Agent’s Liens so long as a matter of law which secure payment of customs duties in connection with the importation of goods, but only such Liens securing such Debt permitted by Section 10.2.1(j) are subject to the extent such Liens secure amounts not yet due;NMTC Intercreditor Agreement; and (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on trade names and/or Real Estate (but not, in any event, on any of the property subject to such LiensNMTC Equipment) securing the Permitted Term Loan, but only to the extent that the amount of debt secured therebyif such trade names and/or Real Estate, and the property secured therebyas applicable, shall do not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)at such time constitute Collateral.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) non-consenual, possessory or statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) Liens on assets of Universal to secure Debt under the Overdraft Facility; (j) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement).

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due delinquent or being Properly Contested; (d) statutory Liens (other than including carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and landlord’s Liens but excluding Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due overdue for a period of more than 30 days or is being Properly Contested; provided, however, that a reserve or other appropriate provisions shall have been made therefor, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases (whether operating leases or Capital Leases), trade contracts (except those relating to Borrowed Money), statutory obligations (including workers’ compensation, unemployment insurance and other social security legislation), liability to insurance carriers under insurance or self-insurance arrangements, surety, customs, stay and appeal bonds, performance and return of money bonds, and other similar obligations, or arising as a result of progress payments under government contracts, as long as as, in the case of any such Liens that are on any asset or property that constitutes Collateral, such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary other than an attachment or judgment Lien constituting an Event of Default under Section 11.1(h), as long as such Liens are (i) in existence for less than 20 30 consecutive days or being Properly Contested, and (ii) in the case of any such Liens that are on any asset or property that constitutes Collateral, at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's leases or other like Liens arising subleases of Real Estate granted to third parties in the Ordinary Course of Business that secure obligations that are and not overdue for a period interfering in any material respect with the ordinary conduct of more than 30 days business by any Borrower or are being Properly ContestedSubsidiary; (k) Liens securing the Debt that is any interest or title of a lessor or sublessor under any operating lease or Capital Lease permitted under by Section 9.2.1(f10.2.1(n) and Section 10.2.1(o); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which to secure payment of customs duties in connection with the importation of goodsgoods in the Ordinary Course of Business; (m) any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any Real Estate; (n) licenses of patents, but only trademarks and other intellectual property rights granted by any Borrower or Subsidiary in the Ordinary Course of Business and not interfering in any material respect with the ordinary conduct of business by any Borrower or Subsidiary; (o) Liens created under the Sale and Leaseback Transactions permitted under Section 10.2.20, provided that any such Liens do not at any time encumber any Property other than the Property which is the subject of such Sale and Leaseback Transaction; provided, further, that no such Liens encumber any Excluded Real Estate; (p) the Investments permitted under clause (f) of the definition of the term “Restricted Investments”, to the extent such Liens secure amounts not yet dueInvestments constitute Liens; (mq) Liens created on the Toro Purchased Accounts pursuant to the Toro AR Purchase Agreement; and (r) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)10.2.2.

Permitted Liens. Createa. Upon the execution by not less than 75% the Seasonal Trade Creditors of the Intercreditor Agreement and the Trade Agreement, incurthe Banks and the Agent hereby consent to Borrower granting a Shared Lien to the Seasonal Trade Agent for the benefit of the Seasonal Trade Creditors in an amount which shall not exceed a sum equal to the total of credit extended to Borrower by the Seasonal Trade Creditors from the Effective Date of the Trade Agreement (as defined therein) to January 15, assume 2000 less any payments of any kind, including but not limited to credits, set-offs, claims of recoupment, reclamation of goods or suffer to exist any Lien upon or with respect to any proceeds of its PropertyInventory, whether now owned in cash or hereafter acquiredotherwise, file made or authorize taken by Seasonal Trade Creditors to whom a lien has been granted at any time in compliance with the filing under Intercreditor Agreement. b. The Banks and Agent understand that the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or Borrower has negotiated with the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder Investor to file such financing statement (or obtain the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if Investment. Upon (i) payment delivery by the Investor of the obligations secured thereby is not yet due or is being Properly Contested, sum of $30,000,000 to Borrower on terms and conditions which are satisfactory to the Banks and the Agent in their sole discretion and (ii) such Liens do not materially impair the value or use execution by the Investor Agent, the Investors, the Seasonal Trade Agent, the Banks and the Agent of the Property or materially impair operation Intercreditor Agreement, the Banks and the Agent hereby consent to Borrower granting (x) the Shared Lien and (y) the Investor/Banks Shared Lien, to the Investor Agent in an amount not to exceed the sum of $15,000,000 for the sole purpose of securing such portion of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tendersInvestment Obligations; provided, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estatehowever, that do not secure any monetary obligation and do not interfere with distributions to the Ordinary Course Investor Agent on account of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue Shared Lien shall be made only as provided for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement;. (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only c. In addition to the extent such Liens secure amounts not yet due; Shared Lien and the Investor/Banks Shared Lien, upon (mi) existing Liens shown delivery by the Investors of the sum of $30,000,000 to Borrower on Schedule 9.2.2 terms and replacement Liens on the property subject to such Liens, but only conditions which are satisfactory to the extent that the amount of debt secured thereby, Agent and the property secured therebyBanks in their sole discretion and (ii) the execution by the Investor Agent of Intercreditor Agreement in form and substance satisfactory to the Banks and the Agent, the Banks and the Agent on written notice of their acceptance of the terms and conditions of the Investment and the Intercreditor Agreement, consent to Borrower and Guarantor granting a lien upon the Collateral and the Guarantor's assets to the Investor Agent for the sole purpose of securing the Investment Obligations; provided, however, anything herein to the contrary notwithstanding the liens granted by the Borrower and Guarantor to the Investor Agent under this Section 6.c. shall not be increased; and (n) fully junior in priority and payment to the lien of the Banks and the Shared Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory at all times that there shall be any Obligations owed to the Banks or any New Trade Credit (as defined in the Revolver Loan Intercreditor Agreement)) owed to the Seasonal Trade Creditors.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers Parent or their any of its Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's ’s Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers▇▇▇▇ ▇▇▇▇▇▇▇; (g) Liens arising by virtue of a judgment or judicial order against Borrowers Parent or their any of its Subsidiaries, or any Property of Borrowers Parent or their its Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)10.2.2.

Permitted Liens. CreateBorrower shall not create, incur, assume or suffer to exist any Lien upon upon, in or with respect to against, or pledge of, any of the Collateral, or any of its Propertyproperties or assets or any of its authorized but unissued or treasury shares, securities or other equity or ownership or partnership interests, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"): ”): (ai) Liens under the Loan Documents or otherwise arising in favor of Agent; Lender, (bii) Liens securing Debt that is permitted under Section 9.2.1(cimposed by law for taxes (other than payroll taxes); (c) Liens , assessments or charges of any Governmental Authority for Taxes claims not yet due or which are being Properly Contested; contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Lender in its sole discretion, (diii) (A) statutory Liens of landlords (provided that any such landlord has executed a Landlord Waiver and Consent in form and substance satisfactory to Lender) and of carriers, warehousemen (provided that any such warehousemen have executed a Warehouse Waiver and Consent in form and substance satisfactory to Lender), mechanics, materialmen, and (B) other than Liens for Taxes imposed by law or imposed under ERISA) arising that arise by operation of law in the Ordinary Course ordinary course of Businessbusiness from the date of creation thereof, but in each case only if (i) payment of the obligations secured thereby is for amounts not yet due or is which are being Properly Contestedcontested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Lender in its sole discretion, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (eiv) Liens (A) incurred or deposits made in the Ordinary Course ordinary course of Business business (including, without limitation, 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 government tenders, bids, contractsleases, contracts (other than for the repayment of Indebtedness), statutory obligations and other similar obligations, or (B) arising as long as a result of progress payments under government contracts, (v) purchase money Liens (A) securing Indebtedness permitted under Section 7.2(iii), or (B) in connection with the purchase by such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising Person of equipment in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and business, provided that such payables shall not exceed any limits on Indebtedness provided for herein and shall otherwise be Permitted Indebtedness hereunder, (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (kvi) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; MHR Subordinated Debt, and (lvii) Liens disclosed on Schedule 7.3; provided, that the Lien in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goodsGilbraltar Bank, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, FSB shall not be increased; and (n) Liens extend to any additional collateral or secure any Indebtedness in favor excess of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)$300,000.

Permitted Liens. CreateCAI will not, incurand will not permit any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing under income or profits therefrom; provided that precautionary assignments on assets sold by the Uniform Commercial Code or any Requirement Borrower to Persons who are not Affiliates of Law of any jurisdiction, a financing statement the Borrower (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other thanin each case, as to all permitted hereunder) and subsequently managed by the Borrower shall not be considered a Lien upon the property or assets of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; Borrower; (b) Liens securing Debt that is permitted under Section 9.2.1(c); transfer any of such property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) Liens for Taxes not yet due acquire, or being Properly Contested; agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business suffer to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue exist for a period of more than 30 thirty (30) days after the same shall have been incurred any Indebtedness or are being Properly Contestedclaim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise transfer any “receivables” as defined in clause (g) of the definition of the term “Indebtedness,” with or without recourse; provided that CAI or any of its Subsidiaries may create or incur or suffer to be created or incurred or to exist: (i) Liens in favor of CAI on all or part of the assets of Subsidiaries of CAI (other than Collateral) securing Indebtedness owing by Subsidiaries of CAI to CAI; (kii) Liens to secure taxes, assessments and other government charges in respect of obligations not overdue or Liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue; (iii) deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations; (iv) Liens on properties in respect of judgments or awards, the Indebtedness with respect to which is permitted by §9.1(c); (v) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties, in existence less than 120 days from the date of creation thereof in respect of obligations not overdue; (vi) encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which CAI or a Subsidiary is a party, and other minor Liens, provided that none of such Liens (A) interferes materially with the use of the property affected in the ordinary conduct of the business of CAI and its Subsidiaries, and (B) individually or in the aggregate have a Material Adverse Effect; (vii) Liens existing on the date hereof and listed on Schedule 9.2 hereto; (viii) purchase money security interests in or purchase money mortgages on real or personal property acquired (in the case of purchase money security interests) or leased (in the case of Capitalized Leases) after the Closing Date to secure purchase money Indebtedness or Capitalized Leases of the type and amount permitted by §9.1(f), which security interests or mortgages cover only the real or personal property so acquired or leased and any proceeds thereof (including, without limitation, leases, Accounts Receivable, instruments and documents); (ix) Liens in favor of the Administrative Agent for the benefit of the Secured Parties securing the Debt Obligations; (x) Liens consisting of the interest of a lessee under any lease with respect to Containers where the Borrower or a Guarantor is the lessor; (xi) Liens on the property listed on Schedule 9.2 hereto that are granted to secure any refinancing or renewal of Indebtedness permitted under §9.1, which refinancing or renewal is permitted under Section 9.2.1(f§9.1(h) hereof (subject to all the provisos contained therein); provided that (a) such Liens encumber the same property (and no additional assets or property of the Borrower) as secured the Indebtedness that was so refinanced or renewed and (b) the aggregate amount of Indebtedness secured by such property has not increased as a result of such refinancing or renewal; (xii) interests of lessors in property leased to the Borrower or a Subsidiary under §9.1(f); (xiii) Liens incurred by a Securitization entity in connection with a Securitization; and (xiv) other Liens on the assets of CAI and its Subsidiaries (other than Collateral) securing Indebtedness permitted under §9.1(n); provided that such Liens do not encumber (x) any Collateral or (y) IP Rights and information and operational support systems that are at all times subject reasonably necessary for the operation of its respective businesses or relating to the terms administration and management of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined assets included in the Revolver Loan Agreement)Borrowing Base.

Permitted Liens. CreateSuch Loan Party will not, incurand will not permit any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing under income or profits therefrom; provided that precautionary assignments on assets sold by the Uniform Commercial Code or any Requirement Loan Parties to Persons who are not Affiliates of Law of any jurisdiction, a financing statement the Loan Parties (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other thanin each case, as to all permitted hereunder) and subsequently managed by the Loan Parties shall not be considered a Lien upon the property or assets of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; Loan Parties; (b) Liens securing Debt that is permitted under Section 9.2.1(c); transfer any of such property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) Liens for Taxes not yet due acquire, or being Properly Contested; agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business suffer to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue exist for a period of more than 30 thirty (30) days after the same shall have been incurred any Indebtedness or are being Properly Contestedclaim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise transfer any “receivables” as defined in clause (g) of the definition of the term “Indebtedness,” with or without recourse; provided that any Loan Party or any of its Subsidiaries may create or incur or suffer to be created or incurred or to exist: (i) Liens in favor of CAI on all or part of the assets of Subsidiaries of CAI (other than Collateral) securing Indebtedness owing by Subsidiaries of CAI to CAI; (kii) Liens to secure taxes, assessments and other government charges in respect of obligations not overdue or Liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue; (iii) deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations; (iv) Liens on properties in respect of judgments or awards, the Indebtedness with respect to which is permitted by §9.1(c); (v) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties, in existence less than 120 days from the date of creation thereof in respect of obligations not overdue; (vi) encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which CAI or a Subsidiary is a party, and other minor Liens, provided that none of such Liens (A) interferes materially with the use of the property affected in the ordinary conduct of the business of CAI and its Subsidiaries, and (B) individually or in the aggregate have a Material Adverse Effect; (vii) Liens existing on the date hereof and listed on Schedule 9.2 hereto; provided that as described on Schedule 9.2, such Liens do not encumber any Collateral; (viii) purchase money security interests in or purchase money mortgages on real or personal property acquired (in the case of purchase money security interests) or leased (in the case of Capitalized Leases) after the Restatement Date to secure purchase money Indebtedness or Capitalized Leases of the type and amount permitted by §9.1(f), which security interests or mortgages cover only the real or personal property so acquired or leased and any proceeds thereof (including, without limitation, leases, Accounts Receivable, instruments and documents); (ix) Liens in favor of the Administrative Agent for the benefit of the Secured Parties securing the Obligations; (x) Liens securing the Debt Senior Revolving Credit Facility as in effect from time to time; provided that such Liens do not encumber or extend to any of the Collateral; (a) Liens consisting of the interest of a lessee under any lease with respect to Railcars where a Loan Party is the lessor, and (b) any Lien permitted by such Lease or other Liens arising by or through the applicable Lessee; provided that in the case of clause (b), the Lessee is required to discharge such Lien in accordance with the terms of the related Lease, in any event before such Lien results in a loss of the related Collateral; (xii) Liens on the property listed on Schedule 9.2 hereto as in effect on the Restatement Date that are granted to secure any refinancing or renewal of Indebtedness permitted under §9.1, which refinancing or renewal is permitted under Section 9.2.1(f§9.1(h) hereof (subject to all the provisos contained therein); provided that (a) such Liens encumber the same property (and no additional assets or property of the Loan Parties) as secured the Indebtedness that was so refinanced or renewed, (b) the aggregate amount of Indebtedness secured by such property has not increased as a result of such refinancing or renewal and (c) such Liens do not encumber any Collateral; (xiii) interests of lessors in property leased to the Loan Parties or a Subsidiary under §9.1(f); (xiv) other Liens on the assets of CAI and its Subsidiaries (other than Collateral) securing Indebtedness permitted under §9.1(n); provided that such Liens are at all times subject to do not encumber (x) any Collateral or (y) the terms railcar management system used by the Borrower in the ordinary course of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedits business; and (nxv) Liens in favor incurred by a Securitization Entity on assets of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreementsuch Securitization Entity securing Indebtedness permitted under §9.1(m).

Permitted Liens. CreateSuch Loan Party will not, incurand will not permit any of its Subsidiaries to, assume (a) create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing under income or profits therefrom; provided that precautionary assignments on assets sold by the Uniform Commercial Code or any Requirement Loan Parties to Persons who are not Affiliates of Law of any jurisdiction, a financing statement the Loan Parties (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other thanin each case, as to all permitted hereunder) and subsequently managed by the Loan Parties shall not be considered a Lien upon the property or assets of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; Loan Parties; (b) Liens securing Debt that is permitted under Section 9.2.1(c); transfer any of such property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) Liens for Taxes not yet due acquire, or being Properly Contested; agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business suffer to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue exist for a period of more than 30 thirty (30) days after the same shall have been incurred any Indebtedness or are being Properly Contestedclaim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise transfer any “receivables” as defined in clause (g) of the definition of the term “Indebtedness,” with or without recourse; provided that any Loan Party or any of its Subsidiaries may create or incur or suffer to be created or incurred or to exist: (i) Liens in favor of CAI on all or part of the assets of Subsidiaries of CAI (other than Collateral) securing Indebtedness owing by Subsidiaries of CAI to CAI; (kii) Liens to secure taxes, assessments and other government charges in respect of obligations not overdue or Liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue; (iii) deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations; (iv) Liens on properties in respect of judgments or awards, the Indebtedness with respect to which is permitted by §9.1(c); (v) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties, in existence less than 120 days from the date of creation thereof in respect of obligations not overdue; (vi) encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which CAI or a Subsidiary is a party, and other minor Liens, provided that none of such Liens (A) interferes materially with the use of the property affected in the ordinary conduct of the business of CAI and its Subsidiaries, and (B) individually or in the aggregate have a Material Adverse Effect; (vii) Liens existing on the date hereof and listed on Schedule 9.2 hereto; (viii) purchase money security interests in or purchase money mortgages on real or personal property acquired (in the case of purchase money security interests) or leased (in the case of Capitalized Leases) after the Closing Date to secure purchase money Indebtedness or Capitalized Leases of the type and amount permitted by §9.1(f), which security interests or mortgages cover only the real or personal property so acquired or leased and any proceeds thereof (including, without limitation, leases, Accounts Receivable, instruments and documents); (ix) Liens in favor of the Administrative Agent for the benefit of the Secured Parties securing the Obligations; (x) Liens securing the Debt Senior Revolving Credit Facility; (xi) Liens consisting of the interest of a lessee under any lease with respect to Railcars where a Loan Party is the lessor, and any Lien permitted by such Lease or other Liens arising by or through the applicable Lessee; (xii) Liens on the property listed on Schedule 9.2 hereto that are granted to secure any refinancing or renewal of Indebtedness permitted under §9.1, which refinancing or renewal is permitted under Section 9.2.1(f§9.1(h) hereof (subject to all the provisos contained therein); provided that (a) such Liens encumber the same property (and no additional assets or property of the Loan Parties) as secured the Indebtedness that was so refinanced or renewed and (b) the aggregate amount of Indebtedness secured by such property has not increased as a result of such refinancing or renewal; (xiii) interests of lessors in property leased to the Loan Parties or a Subsidiary under §9.1(f); (xiv) other Liens on the assets of CAI and its Subsidiaries (other than Collateral) securing Indebtedness permitted under §9.1(n); provided that such Liens do not encumber (x) any Collateral or (y) IP Rights and information and operational support systems that are at all times subject reasonably necessary for the operation of its respective businesses or relating to the terms administration and management of the Intercreditor Agreement; (l) Liens assets included in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedBorrowing Base; and (nxv) Liens in favor incurred by a Securitization Entity on assets of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreementsuch Securitization Entity securing Indebtedness permitted under §9.1(m).

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Liens in favor of First Lien Agent securing the First Lien Debt that is permitted under Section 9.2.1(c)to the extent such Liens are subject to the Intercreditor Agreement; (c) Purchase Money Liens securing Permitted Purchase Money Debt; (d) Liens for Taxes not yet due overdue or being Properly Contested; (de) inchoate statutory Liens (other than Liens for Taxes or Liens imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (ef) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (fg) Liens arising in the Ordinary Course of Business that are subject to Lien WaiversWaivers (as such term is defined in the First Lien Loan Agreement); (gh) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary, as long as such Liens do not give rise to a Default or an Event of Default hereunder and are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (hi) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (ij) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (jk) Liens securing Debt permitted by Section 10.2.1(c) so long as such Lien does not cover more than the property subject to such Capital Lease; (l) [reserved]; (m) statutory Liens of landlords, carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or materialmen and other like Liens arising imposed by Applicable Law in the Ordinary Course of Business that secure obligations that are for amounts not overdue for a period of more than 30 days yet due or which are being Properly Contested; (kn) Liens securing pledges and deposits made in the Debt Ordinary Course of Business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; (o) any Lien existing on any property or asset (other than Accounts or Inventory in favor of the First Lien Agent) prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or asset of any Person that is permitted under Section 9.2.1(f)became or becomes a Subsidiary after the Effective Date prior to the time such Person became or becomes a Subsidiary; provided that (i) such Liens are at all times Lien is not created in contemplation of such acquisition or such Person becoming a Subsidiary as the case may be, (ii) such Lien shall not apply to any other property or asset of the Borrower or any Obligor (other than any replacements of such property or assets and additions and accessions thereto, after-acquired property subject to a Lien securing Debt and other obligations incurred prior to such time and which Debt and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, and the terms proceeds and the products thereof and customary security deposits in respect thereof and in the case of the Intercreditor Agreement; multiple financings of equipment provided by any lender, other equipment financed by such lender), (liii) Liens in favor of customs such Lien shall secure only those obligations and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only unused commitments (and to the extent such Liens secure amounts obligations and commitments constitute Debt, such Debt is permitted hereunder) that it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof so long as the principal amount of such extensions, renewals and replacements does not yet dueexceed the principal amount of the obligations being extended, renewed or replaced (plus any accrued but unpaid interest (including any portion thereof which is payable in kind in accordance with the terms of such extended, renewed or replaced Debt) and premium payable by the terms of such obligations thereon and fees and expenses associated therewith) and (iv) the Debt secured by such Lien is incurred pursuant to and in accordance with the terms of Section 10.2.1(f); (mp) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liensrepresenting (i) any interest or title of a licensor, but only to the extent lessor or sublicensor or sublessor under any lease or license permitted by this Agreement, (ii) any Lien or restriction that the amount interest or title of debt secured therebysuch lessor, licensor, sublessor or sublicensor may be subject to, or (iii) the interest of a licensee, lessee, sublicensee or sublessee arising by virtue of being granted a license or lease permitted by this Agreement, in each case not interfering in any material respect with the ordinary conduct of the business of the Borrowers and the property secured therebySubsidiaries, shall not be increased; andtaken as a whole; (nq) any Lien in connection with debt permitted under Section 10.2.1(h); (r) Liens in favor arising out of Borrower in respect conditional sale, title retention, consignment or similar arrangements for the sale of its consignment interests encumbering its Consigned Inventory (as defined goods entered into in the Revolver Loan Agreement)Ordinary Course of Business; (s) the filing of UCC financing statements solely as a precautionary measure or required notice in connection with operating leases or consignment of goods; (t) Liens not otherwise permitted by this Section10.

Permitted Liens. CreateBorrower shall not create, incur, assume or suffer to exist any Lien upon upon, in or with respect to against, or pledge of, any of the Collateral or any of its Propertyproperties or assets or any of its shares, securities or other equity or ownership or partnership interests, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "Permitted Liens"): ): (ai) Liens under the Loan Documents or otherwise arising in favor of Agent; Lender, (bii) Liens securing Debt that is permitted under Section 9.2.1(cimposed by law for taxes (other than payroll taxes); (c) Liens , assessments or charges of any Governmental Authority for Taxes claims not yet due or which are being Properly Contested; contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by Borrower in accordance with GAAP to the satisfaction of Lender in its sole discretion, (diii) (A) statutory Liens of landlords (provided that any such landlord has executed a Landlord Waiver and Consent in form and substance satisfactory to Lender) and of carriers, warehousemen, mechanics, materialmen, and (B) other than Liens for Taxes imposed by law or imposed under ERISA) arising that arise by operation of law in the Ordinary Course ordinary course of Businessbusiness from the date of creation thereof, but in each case only if (i) payment of the obligations secured thereby is for amounts not yet due or is which are being Properly Contestedcontested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by Borrower in accordance with GAAP to the satisfaction of Lender in its Permitted Discretion, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (eiv) Liens (A) incurred or deposits made in the Ordinary Course ordinary course of Business business (including, without limitation, 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 government tenders, bids, contractsleases, contracts (other than for the repayment of Indebtedness), statutory obligations and other similar obligations, or (B) arising as long as such a result of progress payments under government contracts, (v) purchase money Liens are at all times junior to Agent's Liens and are required or provided by law; (fA) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is Indebtedness permitted under Section 9.2.1(f7.2(iii); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; , or (lB) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation purchase by Borrower of goodsequipment in the normal course of business, but only provided that such payables shall not exceed any limits on Indebtedness provided for herein and shall otherwise be Permitted Indebtedness hereunder, (vi) Liens necessary and desirable for the operation of the Borrower's business, provided Lender has consented to such Liens in writing before their creation and existence and the priority of such Liens and the debt secured thereby are both subject and subordinate in all respects to the extent such Liens secure amounts not yet due; securing the Collateral and to the Obligations and all of the rights and remedies of Lender, all in form and substance satisfactory to Lender in its Permitted Discretion; and (mvii) existing Liens shown disclosed on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)7.3.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of AgentCollateral Agent securing the Obligations; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISAERISA but including carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Debt), statutory obligations (including in connection with workers’ compensation, unemployment insurance and other social security legislation (other than Liens for Taxes or imposed under ERISA)) and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Collateral Agent's Liens and are required or provided by law’s Liens; (f) Liens arising securing judgments for the payment of money in an aggregate amount not in excess of $5,750,000 (except to the Ordinary Course extent covered by independent third-party insurance as to which the insurer has acknowledged in writing its obligation to cover), unless any such judgment remains undischarged for a period of Business that are subject to Lien Waiversmore than 10 consecutive days during which execution is not effectively stayed; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (ih) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (mi) existing Liens shown on Schedule 9.2.2 and replacement any renewals or extensions thereof, provided that the Property covered thereby is not increased and any renewal or extension of the obligations secured or benefited thereby does not increase the maximum outstanding principal amount of such obligations; (j) Liens on fixed assets acquired in connection with a Permitted Acquisition so long as such Liens were existing at the time of such Acquisition by a Borrower or Subsidiary and were not incurred, extended or renewed in contemplation of such Acquisition; provided that (i) the Lien shall attach solely to the property acquired, and (ii) at the time of acquisition of such fixed assets, the aggregate amount remaining unpaid on all Debt secured by Liens on such fixed assets whether or not assumed by a Borrower or Subsidiary shall not exceed an amount equal to the lesser of the total purchase price or fair market value at the time of acquisition of such fixed assets; (k) other Liens that are created upon any of its Property (other than Collateral) after the Closing Date so long as the fair market value of such property subject to such Liens, but only to the extent that the amount of debt secured thereby, liens does not exceed $5,750,000 at any time outstanding; (1) Liens on deposits and the property secured thereby, shall not be increasedunearned insurance premiums securing Debt permitted under Section 9.2(j); and (nm) (i) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory on Collateral securing the Debt owing under the 2009 Debentures, as long as such Liens are subject to the 2009 Debenture Intercreditor Agreement; (as defined in ii) Liens on Collateral securing the Debt owing under the Revolver Agreement, as long as such Debt is subject to the Intercreditor Agreement, (iii) Liens on Collateral securing the Second Lien Debt as long as such liens are subject to the Intercreditor Agreement and (iv) Liens on Collateral securing the Term B/C/D/E/F Loan AgreementDebt and, in each case, such Debt is permitted under Section 9.2.1(n) or Section 9.2.1(o).

Permitted Liens. CreateThe term “PERMITTED LIENS” means: (i) LIENS for taxes, incurassessments, assume or suffer to exist any Lien upon or with respect to any similar charges incurred in the ordinary course of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement business that are not yet due and payable; (or the equivalent thereofii) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens LIENS in favor of Agent; the SECURED PARTIES; (biii) Liens securing Debt that is permitted any existing LIENS specifically described on Schedule 1.12 hereof or which are being contested in compliance with the provisions of Section 4.5 hereof; (iv) any LIEN on specifically allocated money or securities to secure payments under Section 9.2.1(c); (c) Liens for Taxes not yet due workmen’s compensation, unemployment insurance, social security and other similar LAWS, or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, tenders or contracts (other than for the repayment of borrowed money) or to secure statutory obligations and or appeal bonds, or to secure indemnity, performance or other similar obligationsbonds in the ordinary course of business; (v) purchase money security interests in equipment (and security interests in equipment securing the refinancing of INDEBTEDNESS previously secured by a purchase money security interest therein) not to exceed in aggregate amount outstanding together with all other secured purchase money financing of the BORROWER and of its SUBSIDIARIES at any one time the sum of Two Million Dollars ($2,000,000.00), as long as provided that such Liens are at all times junior purchase money security interests do not attach to Agent's Liens any assets other than the specific item(s) of equipment acquired with the proceeds of the loan secured by such purchase money security interests and are required or provided by law; the proceeds thereof; (fvi) Liens LIENS of carriers, warehousemen, mechanics, materialmen and landlords arising in the Ordinary Course ordinary course of Business that are subject to Lien Waivers; business for sums not overdue or sums being diligently contested in good faith by appropriate procedures and for which adequate reserves have been set aside; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (hvii) easements, rights-of-way, restrictions, covenants or other agreements of record, encroachments and other similar charges or encumbrances on Real Estateencumbrances, that do and minor title deficiencies relating to real property owned or occupied by the GUARANTOR, in each case not secure any monetary obligation securing INDEBTEDNESS and do not interfere materially interfering with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms conduct of the Intercreditor Agreement; business of the GUARANTOR; and (lviii) Liens subsequently arising LIENS which are expressly approved in favor advance of customs and revenue authorities arising as a matter the creation of law which secure payment of customs duties any such LIENS by the ADMINISTRATIVE AGENT in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)writing.

Permitted Liens. CreateBorrower shall not create, incur, assume or suffer to exist any Lien upon upon, in or with respect to against, or pledge of, any of the Collateral, any of its Propertymembership interests in the Joint Venture (including any rights to receive profits or distributions) or any of its properties or assets or any of its authorized but unissued or treasury shares, securities or other equity or ownership or partnership interests, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"): ”): (ai) Liens under the Loan Documents or otherwise arising in favor of Agent; Lender, (bii) Liens securing Debt that is permitted under Section 9.2.1(cimposed by law for taxes (other than payroll taxes); (c) Liens , assessments or charges of any Governmental Authority for Taxes claims not yet due or which are being Properly Contested; contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Lender in its sole discretion, (diii) (A) statutory Liens of landlords (provided that any such landlord has executed a Landlord Waiver and Consent in form and substance satisfactory to Lender) and of carriers, warehousemen (provided that any such warehousemen have executed a Warehouse Waiver and Consent in form and substance satisfactory to Lender), mechanics, materialmen, and (B) other than Liens for Taxes imposed by law or imposed under ERISA) arising that arise by operation of law in the Ordinary Course ordinary course of Businessbusiness from the date of creation thereof, but in each case only if (i) payment of the obligations secured thereby is for amounts not yet due or is which are being Properly Contestedcontested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP to the satisfaction of Lender in its sole discretion, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (eiv) Liens (A) incurred or deposits made in the Ordinary Course ordinary course of Business business (including, without limitation, 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 government tenders, bids, contractsleases, contracts (other than for the repayment of Indebtedness), statutory obligations and other similar obligations, or (B) arising as long as a result of progress payments under government contracts, (v) purchase money Liens (A) securing Indebtedness permitted under Section 7.2(iii), or (B) in connection with the purchase by such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising Person of equipment in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and business, provided that such payables shall not exceed any limits on Indebtedness provided for herein and shall otherwise be Permitted Indebtedness hereunder, (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (kvi) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such MHR Subordinated Debt, (vii) Liens are at all times subject consisting of pledges of Borrower’s membership interests in the Joint Venture solely to lenders to the Joint Venture as long as (a) the terms and conditions of any documents, agreements and other instruments relating to such financing do not violate this Agreement or any of the Intercreditor Agreement; other Loan Documents and (lb) such financing is non-recourse to Borrower, any Guarantor and any of their properties and assets (other than such membership interests) and (viii) Liens disclosed on Schedule 7.3; provided, that the Lien in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goodsGilbraltar Bank, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, FSB shall not be increased; and (n) Liens extend to any additional collateral or secure any Indebtedness in favor excess of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)$300,000.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) a. Liens in favor of Agent; (b) b. Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) c. Liens for Taxes not yet due or being Properly Contested; (d) d. statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) e. Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as (i) such Liens are at all times junior to Agent's ’s Liens and are required or provided by law, (ii) the payment or performance of the obligations secured thereby is not delinquent, and (iii) such Liens or deposits do not materially impair the value or use of the Property or materially impair operation of the business of any Obligor or Subsidiary; (f) f. Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) g. Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) h. easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) i. normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; j. existing Liens outstanding as of the Closing Date as shown on Schedule 10.2.2; and (j) carriers'k. pledges or deposits in connection with workers’ compensation, warehousemen's, landlord's, mechanics, materialmen's, repairmen's or unemployment insurance and other like Liens arising social security legislation in the Ordinary Course of Business that secure Business, but only if (i) payment of the obligations that are secured thereby is not overdue for a period of more than 30 days yet due or are is being Properly Contested; , and (kii) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to do not materially impair the terms value or use of the Intercreditor AgreementProperty or materially impair operation of the business of any Obligor or Subsidiary; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement).

Permitted Liens. CreateLessee shall not, directly or indirectly, create, incur, assume or suffer to exist any Lien upon on or with respect to this Lease, any Item of its PropertyEquipment, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code title thereto or any Requirement interest therein, except (i) the respective rights of Law of any jurisdiction, Lessor and Lessee as herein provided; (ii) a financing statement Lessor’s Lien; (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); (ciii) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising contested in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as good faith by appropriate proceedings so long as adequate reserves are maintained with respect to such Liens are at all times junior to Agent's Liens and are required or provided by law; Taxes in accordance with GAAP; (fiv) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord'sinchoate materialmen’s, mechanics’, materialmen'sworkmen’s, repairmen's ’s, employees’ or other like Liens arising in the Ordinary Course ordinary course of Business that secure obligations that are business and for amounts the payment of which is either not overdue yet delinquent or is being contested in good faith by appropriate proceedings (and for a period of more than 30 days or are being Properly Contested; which adequate security has been posted by Lessee); and (kv) Liens securing for airport, navigation, and en-route charges arising in the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to ordinary course of business and for amounts the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts which is either not yet due; delinquent or is being contested in good faith by appropriate proceedings (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, for which adequate security has been posted by Lessee). Lessee shall not be increased; and (n) Liens in favor permitted to contest any Lien if such contest gives rise to any reasonable possibility of Borrower in respect the sale, forfeiture, confiscation, distraint, seizure or loss of its consignment interests encumbering its Consigned Inventory (as defined any Item of Equipment or any interest therein in the Revolver Loan Agreement).course of any such proceedings, or as a result of any such Lien or the respective interests of Lessor or any Financing Party will be adversely affected. Lessee shall promptly, at its own expense, take such action as may be necessary to duly discharge any such Lien not excepted above if the same shall arise at any time with respect to any Item of Equipment. *** Material has been omitted pursuant to a request for confidential treatment and filed separately with the SEC

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agentthe Agent or any Lender securing the Obligations; (b) Purchase money Liens securing or the interests of lessors under Capital Leases to the extent that such Liens or interests secure Permitted Purchase Money Debt that is permitted under Section 9.2.1(c)and so long as such Lien attaches only to the asset purchased or acquired and the proceeds thereof; (c) Liens incurred or deposits made in connection with the 60 ▇▇▇▇▇▇ Letter of Credit, but only up to the amount of the 60 ▇▇▇▇▇▇ Letter of Credit; (d) Liens for Taxes not yet due or being Properly Contested; (de) statutory Liens (other than Liens for Taxes arising by operation of law in favor of warehousemen, landlords, carriers, mechanics, materialmen, laborers, or imposed under ERISA) arising suppliers, incurred in the Ordinary Course of BusinessBusiness and not in connection with the borrowing of money, but only if and which Liens either (i) payment of the obligations secured thereby is are for sums not yet due delinquent, or is (ii) are being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (ef) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Debt), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to the Agent's ’s Liens, provided that the aggregate amount of liability secured by such Liens and are required or provided by law; (f) Liens arising does not exceed $250,000 in the Ordinary Course of Business that are subject to Lien Waiversaggregate at any time outstanding; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (jh) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's Liens incurred or other like Liens arising deposits made in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation workers’ compensation, unemployment insurance and other types of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)social security.

Permitted Liens. Create, incur, assume or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): (a) Liens in favor of Agentexisting on the Effective Date and shown on the Perfection Certificates or arising under this Agreement and the other Transaction Documents; (b) Liens securing Debt for taxes, fees, assessments or other government charges or levies, either not delinquent or being contested in good faith and for which the applicable Company Entity maintains adequate reserves on its books, provided that is permitted no notice of any such Lien has been filed or recorded under Section 9.2.1(c)the Internal Revenue Code of 1986, as amended , and the Treasury Regulations adopted thereunder; (c) statutory Liens for Taxes not yet due securing claims or being Properly Contesteddemands of materialmen, mechanics, carriers, warehousemen, landlords and other Persons imposed without action of such parties and incurred in the ordinary course of business; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising leases, subleases, licenses, and sublicenses granted in the Ordinary Course ordinary course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiariesbusiness; (e) banker’s liens, rights of setoff and Liens in favor of financial institutions incurred or deposits made in the Ordinary Course ordinary course of Business business arising in connection with a Company Entity’s deposit accounts or securities accounts held at such institutions to secure the performance solely payment of government tenders, bids, contracts, statutory obligations fees and other similar obligations, as long as such Liens are at all times junior to Agent's Liens costs and are required or provided by lawexpenses; (f) Liens arising to secure payment of public utility services, workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the Ordinary Course ordinary course of Business that are subject to Lien Waiversbusiness (other than Liens imposed by E▇▇▇▇); (g) Liens arising by virtue from judgments, decrees or attachments in circumstances not constituting an Event of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's LiensDefault under Section 7.4; (h) easements, reservations, rights-of-way, restrictions, covenants minor defects or other agreements of record, irregularities in title and other similar charges or encumbrances on Real Estate, that do affecting real property not secure any monetary obligation and do not interfere with the Ordinary Course of Businessconstituting a Material Adverse Effect; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in arising from the course of collection; andHercules Note; (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising non-exclusive licenses of intellectual property granted to third parties in the Ordinary Course ordinary course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contestedbusiness; (k) Liens securing deposits to secure the Debt that is permitted under Section 9.2.1(fperformance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; provided that such Liens are at all times subject to the terms of the Intercreditor Agreement;and (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with from the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)MBB/Conduit Financing.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due and payable or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due and payable or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or deposits of cash made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations obligations, Hedging Agreements, surety and appeal bonds, performance bonds and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue in respect of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property judgments that would not constitute an Event of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's LiensDefault hereunder; (h) easements, rights-of-way, restrictions, covenants or conditions, building code laws, covenants, other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers'pledges or deposits of cash in the Ordinary Course of Business in connection with workers’ compensation, warehousemen'sunemployment insurance and other social security legislation, landlord's, mechanics, materialmen's, repairmen's or other like than any Lien imposed by ERISA; (k) Liens securing Debt permitted under Section 10.2.1(e); (l) Liens arising in the Ordinary Course of Business that secure obligations that in favor of carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising under Applicable Law in the Ordinary Course of Business which are not overdue for a period of more than 30 60 days or which are being Properly Contested; (km) Liens securing incurred in favor of insurance companies (or their financing affiliates) in connection with the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to financing of insurance premiums in the terms Ordinary Course of the Intercreditor AgreementBusiness; (ln) any interest or title (and all encumbrances and other matters affecting such interest or title) of a lessor or sublessor under any lease permitted hereunder; (o) Liens solely on any ▇▇▇▇ ▇▇▇▇▇▇▇ money deposits made in connection with any letter of intent or purchase agreement permitted hereunder; (p) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the Ordinary Course of Business or to the extent permitted under the Loan Documents; (q) any zoning restrictions or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any Real Estate not materially detracting from the value of such Real Estate; (r) licenses of patents, trademarks and other intellectual property rights granted by Borrowers or any of their Subsidiaries in the Ordinary Course of Business and not interfering in any respect with the ordinary conduct of the business of Borrowers or such Subsidiary; (s) Liens incurred in the Ordinary Course of Business on deposits made in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of Borrowed Money); (t) Liens in favor of customs and revenue authorities arising as a matter of law which and in the Ordinary Course of Business to secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (mu) Liens in favor of any grower securing payment obligations to such grower which are not past due for a period of more than 60 days, subject to establishment by Agent of an appropriate Grower Reserve; (v) existing Liens shown on Schedule 9.2.2 10.2.2 and replacement Liens securing Refinancing Debt; provided, that, any Liens relating to such Refinancing Debt shall only attach to the Property which was subject to the Liens so refinanced; (w) Possessory Liens in favor of brokers and dealers arising in connection with the acquisition or disposition of Investments that are not Restricted Investments; provided that such Liens (i) attach only to such Investments and (ii) secure only obligations incurred in the Ordinary Course of Business and arising in connection with the acquisition or disposition of such Investments and not any obligation in connection with margin financing; (x) Liens on property in existence at the time such property subject is acquired pursuant to a Permitted Acquisition or on such Liens, but only property of a Subsidiary of an Obligor in existence at the time such Subsidiary is acquired pursuant to the extent a Permitted Acquisition; provided that the amount such Liens are not incurred in connection with or in anticipation of debt secured thereby, such Permitted Acquisition and the property secured thereby, shall do not be increasedattach to any other assets of any Obligor or any Subsidiary; and (ny) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined licenses, sublicenses, leases or subleases granted to third parties in the Revolver Loan Agreement)Ordinary Course of Business or not materially interfering with the business of the Borrowers or any Subsidiary.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Liens in favor of the Revolver Loan Agent securing the Revolver Debt that is permitted under Section 9.2.1(c)to the extent such Liens are subject to the Intercreditor Agreement; (c) Purchase Money Liens securing Permitted Purchase Money Debt; (d) Liens for Taxes not yet due overdue or being Properly Contested; (de) inchoate statutory Liens (other than Liens for Priority Payables, Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (ef) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (fg) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (gh) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary, as long as such Liens do not give rise to a Default or an Event of Default hereunder and are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (hi) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (ij) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (jk) Liens securing Debt permitted by Section 10.2.1(c) so long as such Lien does not cover more than the property subject to such Capital Lease; (l) with respect to any Collateral covered by the UK Security Agreements, any Security (as such term is defined in the UK Security Agreements) arising solely by operation of law or in the ordinary course of trading securing amounts not more than 30 days overdue and not arising as a result of any default or omission of an Obligor or its Subsidiaries; (m) statutory Liens of landlords, carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or materialmen and other like Liens arising imposed by Applicable Law in the Ordinary Course of Business that secure obligations that are for amounts not overdue for a period of more than 30 days yet due or which are being Properly Contested; (kn) pledges and deposits made in the Ordinary Course of Business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; (o) any Lien existing on any property or asset (other than Accounts or Inventory in favor of the Revolver Agent) prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or asset of any Person that became or becomes a Subsidiary after the Closing Date prior to the time such Person became or becomes a Subsidiary; provided, that (i) such Lien is not created in contemplation of such acquisition or such Person becoming a Subsidiary as the case may be, (ii) such Lien shall not apply to any other property or asset of the Borrower or any Obligor (other than any replacements of such property or assets and additions and accessions thereto, after-acquired property subject to a Lien securing Debt and other obligations incurred prior to such time and which Debt and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, and the proceeds and the products thereof and customary security deposits in respect thereof and in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender), (iii) such Lien shall secure only those obligations and unused commitments (and to the extent such obligations and commitments constitute Debt, such Debt is permitted hereunder) that it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof so long as the principal amount of such extensions, renewals and replacements does not exceed the principal amount of the obligations being extended, renewed or replaced (plus any accrued but unpaid interest (including any portion thereof which is payable in kind in accordance with the terms of such extended, renewed or replaced Debt) and premium payable by the terms of such obligations thereon and fees and expenses associated therewith) and (iv) the Debt secured by such Lien is incurred pursuant to and in accordance with the terms of Section 10.2.1(f); (p) Liens securing representing (i) any interest or title of a licensor, lessor or sublicensor or sublessor under any lease or license permitted by this Agreement, (ii) any Lien or restriction that the Debt that is interest or title of such lessor, licensor, sublessor or sublicensor may be subject to, or (iii) the interest of a licensee, lessee, sublicensee or sublessee arising by virtue of being granted a license or lease permitted by this Agreement, in each case not interfering in any material respect with the ordinary conduct of the business of the Borrowers and the Subsidiaries, taken as a whole; (q) any Lien in connection with debt permitted under Section 9.2.1(f10.2.1(h); provided that such Liens are at all times subject to the terms of the Intercreditor Agreement; (lr) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the Ordinary Course of Business; (s) the filing of UCC financing statements solely as a precautionary measure or required notice in connection with operating leases or consignment of goods; (t) Liens not otherwise permitted by this Section10.2.2 to the extent that the aggregate outstanding amount of the obligations secured thereby at any time outstanding does not exceed $500,000; (u) Liens in favor of customs and revenue authorities arising as a matter of law which to secure payment of customs duties in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (mv) Liens of bailees in the Ordinary Course of Business; (w) utility and similar deposits in the Ordinary Course of Business; (x) non-exclusive licenses and sublicenses granted by a Borrower or any of its Subsidiaries and leases and subleases by a Borrower or any Subsidiary to third parties in the Ordinary Course of Business not interfering with the business of a Borrower or any of its Subsidiaries; and (y) existing Liens shown on Schedule 9.2.2 10.2.2. For purposes of determining compliance with this Section 10.2.2, (x) a Lien need not be incurred solely by reference to one category of Liens described above but may be incurred under any combination of such categories (including in part under one such category and replacement in part under any other such category) and (y) in the event that a Lien (or any portion thereof) meets the criteria of one or more of such categories of Liens on described above, the property subject to Borrowers, in their sole discretion, may classify or may subsequently reclassify at any time such Liens, but only Lien (or any portion thereof) in any manner that complies with this covenant. Notwithstanding anything to the extent that contrary contained in this Agreement or any other Loan Document (including any provision for, reference to, or acknowledgement of, any Lien or Permitted Lien), nothing herein and no approval by the amount Agent or any Lender of debt secured therebyany Lien or Permitted Lien (whether such approval is oral or in writing) shall be construed as or deemed to constitute a subordination by the Agent or such Lender of any security interest or other right, and interest or Lien in or to the property secured thereby, shall not be increased; and (n) Liens Collateral or any part thereof in favor of Borrower in respect any Lien or Permitted Lien or any holder of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)any Lien or Permitted Lien.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of the Applicable Agent; (b) Purchase Money Liens securing Permitted Purchase Money Debt that is permitted under Section 9.2.1(c)or any Refinancing Debt with respect thereto; (c) Liens for Taxes that are not yet due delinquent or that are being Properly Contested; (d) statutory Liens (other than (i) Liens for Taxes or imposed under ERISA, and (ii) except for those liens in respect of contribution amounts not yet due or payable to the pension fund, Liens imposed under the Pension Benefits Act (Ontario) or under applicable pension standards legislation of another Canadian jurisdiction) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due delinquent or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Borrower or their SubsidiariesSubsidiary; (e) Liens incurred or pledges or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to the Applicable Agent's ’s Liens and are required or provided by lawon Collateral; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers any Borrower or their SubsidiariesSubsidiary, or any Property of Borrowers a Borrower or their SubsidiariesSubsidiary, as long as such Liens are (i) in existence for less than 20 30 consecutive days or being Properly Contested, and (ii) at all times junior to the Applicable Agent's Liens’s Liens on Collateral; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) the reservations, limitations, provisos and conditions expressed in any original grants from Her Majesty The Queen in Right of Canada of real or immoveable property, which do not materially impair the use of the affected land for the purpose used or intended to be used by such Person; (j) title defects or irregularities that are of a minor nature and that in the aggregate do not materially impair the use of the affected property for the purpose for which it is used by such Person; (k) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (jl) carriers'’, warehousemen's, landlord's’s, mechanics’, materialmen's’s, repairmen's ’s or other like Liens arising in the Ordinary Course of Business that secure securing obligations that are not overdue for a period of more than 30 days delinquent or that are being Properly Contested; (km) Liens securing pledges or deposits in the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms Ordinary Course of the Intercreditor Agreement; (l) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties Business in connection with the importation of goodsworkers’ compensation, but only to the extent such Liens secure amounts not yet due;unemployment insurance and other social security legislation, other than any Lien imposed by ERISA; and (mn) existing Liens shown on Schedule 9.2.2 10.2.2 and replacement any renewals or extensions thereof, provided that (i) the Property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased, (iii) the direct or any contingent obligor(s) with respect thereto is (are) not changed, and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by this Agreement<; and>< (o) ><Liens on the property Term Loan Collateral granted in connection with a Term Loan Facility and any Refinancing Debt in respect thereof (provided that such Liens are subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Intercreditor Agreement)>.

Permitted Liens. Create, incur, assume or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, the following (collectively, "Permitted Liens"): The term “PERMITTED LIENS” means: (a) Liens LIENS for taxes, assessments, or similar charges incurred in the ordinary course of business that are not yet due and payable (or which are being contested in compliance with the provisions of Section 4.5 hereof); (b) LIENS in favor of Agent; (b) Liens securing Debt that is permitted under Section 9.2.1(c); the SECURED PARTIES; (c) Liens for Taxes not yet due or being Properly Contested; any existing LIENS specifically described on Schedule 1.13 hereof; (d) statutory Liens (any LIEN on specifically allocated money or securities to secure payments under workmen’s compensation, unemployment insurance, social security and other than Liens for Taxes similar LAWS, or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, tenders or contracts (other than for the repayment of borrowed money) or to secure statutory obligations and or appeal bonds, or to secure indemnity, performance or other similar obligationsbonds in the ordinary course of business; (e) purchase money security interests in equipment (and security interests in equipment securing the refinancing of INDEBTEDNESS previously secured by a purchase money security interest therein) not to exceed in aggregate amount outstanding together with all other secured purchase money financing of the BORROWER and of its SUBSIDIARIES at any one time the sum of Two Million Dollars ($2,000,000.00), as long as provided that such Liens are at all times junior purchase money security interests do not attach to Agent's Liens any assets other than the specific item(s) of equipment acquired with the proceeds of the loan secured by such purchase money security interests and are required or provided by law; the proceeds thereof; (f) Liens LIENS of carriers, warehousemen, mechanics, materialmen and landlords arising in the Ordinary Course ordinary course of Business that are subject to Lien Waivers; business for sums not overdue or sums being diligently contested in good faith by appropriate procedures and for which adequate reserves have been set aside; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, encroachments and other similar charges or encumbrances on Real Estateencumbrances, that do and minor title deficiencies relating to real property owned or occupied by the GUARANTOR, in each case not secure any monetary obligation securing INDEBTEDNESS and do not interfere materially interfering with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times subject to the terms conduct of the Intercreditor Agreement; business of the GUARANTOR; and (lh) Liens subsequently arising LIENS which are expressly approved in favor advance of customs and revenue authorities arising as a matter the creation of law which secure payment of customs duties any such LIENS by the ADMINISTRATIVE AGENT in connection with the importation of goods, but only to the extent such Liens secure amounts not yet due; (m) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)writing.

Permitted Liens. Create, incur, assume None of the Credit Parties nor any Restricted Subsidiary of any Credit Party will create or incur or suffer to be created or incurred or to exist any Lien upon or with respect to any of its Property, property or assets of any character whether now owned or hereafter acquired, file or authorize upon the filing under income or profits therefrom other than: (i) to the Uniform Commercial Code extent constituting a Lien, non-exclusive licenses of Intellectual Property (other than to the extent such licenses would restrict the ability of the Credit Party, a Restricted Subsidiary or any Requirement the Administrative Agent to sell or license the subject Intellectual Property or impair the security interests granted to the Administrative Agent) in the ordinary course of Law business not interfering with the business of any jurisdictionCredit Party or its Restricted Subsidiaries; (ii) leases or subleases of real property granted to third parties in the ordinary course of business not interfering with the business of any Credit Party or its Restricted Subsidiaries, so long as any such third party shall have entered into a financing statement non-disturbance agreement in form and substance satisfactory to the Administrative Agent; (iii) Liens of landlords, carriers, warehousemen, mechanics and materialmen and other like Liens created in the ordinary course of business, for amounts not yet due or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, which are being contested in good faith by appropriate proceedings and as to all which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP; (iv) pledges or deposits made in connection with worker’s compensation, employee benefit plans, unemployment or other insurance, old age pensions, or other Social Security benefits, and good faith deposits in connection with tenders, contracts, bids, statutory obligations or leases to which it is a party or deposits to secure, or in lieu of, surety, penalty or appeal bonds, performance bonds, letters of credit and other similar obligations or arising as a result of progress payments under government contracts or contracts with public utilities, in each case, in the ordinary course of business; (v) minor defects, irregularities, encumbrances, easements, rights of way, and clouds on title as normally exist with respect to similar properties which do not materially interfere with the present or proposed use of the above, the following (collectively, "Permitted Liens"):Credit Party’s or its Restricted Subsidiaries’ real property; (avi) Liens in favor of Agentthe Administrative Agent and the other Secured Parties securing the Obligations; (bvii) Liens securing Debt in existence on the Closing Date and listed on Schedule 7.03; provided that (i) the Lien does not extend to any additional property and (ii) to the extent such amount secured constitutes Indebtedness, such Indebtedness is permitted under by Section 9.2.1(c7.02(d); (cviii) Liens created after the date hereof by conditional sale or other title retention agreements (including Capitalized Leases and pursuant to sale-leaseback transactions permitted by this Agreement) or in connection with purchase money Indebtedness with respect to equipment and fixed assets acquired by any Credit Party or its Restricted Subsidiaries, involving the incurrence of an aggregate amount of purchase money Indebtedness and obligations with respect to conditional sale or title retention agreements of not more than the greater of (x) $25,000,000 and (y) 42.0% of Consolidated EBITDA outstanding at any one time for Taxes not yet due or being Properly Contested; (d) statutory all such Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers or their Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers or their Subsidiaries, or any Property of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contested; (k) Liens securing the Debt that is permitted under Section 9.2.1(f); provided that such Liens are at all times attach only to the assets subject to the terms such purchase money debt and such Indebtedness is incurred within one hundred twenty (120) days following such purchase and does not exceed 100% of the Intercreditor Agreementpurchase price of the subject assets); (lix) Liens securing judgments for the payment of money not constituting an Event of Default so long as the enforcement of such Lien has been effectively stayed and so long as such Lien is junior to the Lien in favor of the Administrative Agent granted under the Security Documents; (x) Liens in favor of customs and revenue authorities a banking institution arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry to secure payment usual and customary fees, returned items and other like exposure with respect to such account relating to deposit or securities accounts maintained by Parent, the Borrower or any of customs duties in connection their Restricted Subsidiaries with the importation of goods, but only to the extent such Liens secure amounts not yet duebanking institution; (mxi) existing Liens shown securing Indebtedness permitted pursuant to Section 7.02(c); provided, that (A) in the case of Liens on Schedule 9.2.2 Collateral (other than ABL Priority Liens), such Liens shall be junior in priority to the Liens that secure the Obligations and replacement (B) in the case of any ABL Priority Liens, such Liens may be senior in priority to the Liens securing the Obligations and the Obligations shall be secured by Liens on the property subject applicable ABL Priority Collateral that are pari passu with or junior to such ABL Priority Liens; (xii) other Liens not permitted above securing Indebtedness or other obligations not to exceed the greater of (x) $10,000,000 and (y) 17.0% of Consolidated EBITDA; provided that if on Collateral, but only such Liens shall be junior to the extent that Liens securing the amount of debt secured thereby, and the property secured thereby, shall not be increased; Obligations and (nxiii) Liens in favor securing Incremental Equivalent/Ratio Debt incurred pursuant to clauses (a), (b) and (c)(i) and (ii) of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)Incremental Amount and any Permitted Refinancing thereof that modifies, refinances, refunds, renews or extends secured Incremental Equivalent/Ratio Debt.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "“Permitted Liens"”): (a) Liens in favor of Agent; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due or being Properly Contested; (d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers Borrower or their Subsidiariesany Subsidiary; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Debt), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law’s Liens; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; (g) Liens arising by virtue of a judgment or judicial order against Borrowers Borrower or their Subsidiariesany Subsidiary, or any Property of Borrowers Borrower or their Subsidiariesany Subsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's ’s Liens; (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business; (i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and; (j) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like existing Liens arising in the Ordinary Course of Business that secure obligations that are not overdue for a period of more than 30 days or are being Properly Contestedshown on Schedule 10.2.2; (k) Liens securing industrial revenue or pollution control bonds issued by Borrower; provided, however, that (a) the aggregate principal amount of Debt that is permitted under Section 9.2.1(f); provided that secured by such Liens are at all times subject to shall not exceed the terms lesser of cost or fair market value, as determined in good faith by the board of directors or other governing body of Borrower, of the Intercreditor Agreementassets or property so financed, and (b) such Liens shall not encumber any property or assets of Borrower or any Subsidiaries other than the assets or property so financed; (l) Liens incurred in favor of insurance companies (or their financing affiliates) in connection with the financing of insurance premiums in the Ordinary Course of Business; (m) any interest or title of a lessor or sublessor under any lease permitted hereunder; (n) Liens solely on any ▇▇▇▇ ▇▇▇▇▇▇▇ money deposits made in connection with any letter of intent or purchase agreement permitted hereunder; (o) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the Ordinary Course of Business; (p) any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property not materially detracting from the value of such real property; (q) licenses of patents, trademarks and other intellectual property rights granted by Borrower or any of its Subsidiaries in the Ordinary Course of Business and not interfering in any respect with the ordinary conduct of the business of Borrower or such Subsidiary; (r) Liens incurred in the Ordinary Course of Business on deposits made in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of Debt); (s) Liens in favor of customs and revenue authorities arising as a matter of law which and in the Ordinary Course of Business to secure payment of customs duties in connection with the importation of goods; (t) Liens (other than Liens on Collateral) securing the Existing 2018 Senior Secured Notes so long as any such Liens are subject to (x) that certain Collateral Access Agreement, but only dated as of November 20, 2012, between the Agent and U.S. Bank National Association, as collateral agent for the holders of the Existing 2018 Senior Secured Notes, and acknowledged and agreed to by the Borrower and Holdings, or (y) any other access agreement in form and substance reasonably acceptable to Agent; and (u) other Liens (i) on assets of Borrower or any Guarantor (other than Liens on Collateral) securing Debt in an aggregate principal amount not to exceed $500,000,000 at any time outstanding so long as any such Liens shall be subject to an intercreditor agreement, in form and substance reasonably acceptable to Agent, (ii) on assets of any Subsidiary of Borrower which is not an Obligor to the extent such Liens secure amounts not yet due; Debt of such Subsidiary that is permitted under Section 10.2.1 hereof or (miii) existing Liens shown on Schedule 9.2.2 and replacement Liens on the property subject to such Liens, but only to the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increased; and (n) Liens Equity Interests in favor of Borrower in respect of its consignment interests encumbering its Consigned Inventory (as defined in the Revolver Loan Agreement)joint ventures.

Permitted Liens. Create, incur, assume Create or suffer to exist any Lien upon or with respect to any of its Property, whether now owned or hereafter acquired, file or authorize the filing under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; sign any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, except the following (collectively, "Permitted Liens"): (a) Liens in favor of Agentcreated pursuant to any Loan Document; (b) Purchase Money Liens securing Debt that is permitted under Section 9.2.1(c)Permitted Purchase Money Debt; (c) Liens for Taxes not yet due delinquent or being Properly Contested; (d) statutory Liens of carriers, warehousemen, materialmen, landlords, workmen, suppliers, repairmen and mechanics, whether contractual or imposed by law (other than Liens for Taxes taxes or imposed under ERISA) ), and other similar Liens arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due delinquent and payable or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of Borrowers any Obligor or their its Subsidiaries; (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids, contractsleases, contracts (except those relating to Borrowed Money), surety, stay customs and appeal bonds, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent's Liens and are required or provided by law; (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers▇▇▇▇ ▇▇▇▇▇▇▇; (g) Liens arising by virtue of a judgment or judicial order against Borrowers to the extent such judgment or their Subsidiaries, or any Property judicial order does not constitute an Event of Borrowers or their Subsidiaries, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's LiensDefault; (h) easements, rights-of-way, survey exceptions, title exceptions, restrictions, covenants or other agreements of record, minor defects or other irregularities in title and other similar charges or encumbrances on Real Estate, Estate that do not secure any monetary obligation and do not materially interfere with the Ordinary Course of Business; (i) municipal and zoning ordinances, building and other land use laws imposed by any Governmental Authority which are not violated in any material respect by existing improvements or the present use of Property; (j) leases subleases, licenses, sublicenses not prohibited hereby and granted to others in the Ordinary Course of Business; (k) any interest or title of a lessor or sublessor, licensor or sublicensor under any lease or license not prohibited by this Agreement or the other Loan Documents, including any interest of a ▇▇▇▇▇▇; (l) normal and customary rights of setoff upon deposits or securities in favor of depository institutionsinstitutions or brokerages, and Liens of a collecting bank on Payment Items payment items in the course of collection, bankers’ Liens securing amounts owing to such bank with respect to overdrafts, cash management and operating account arrangements, including those involving pooled accounts and netting arrangements; andprovided, that, in no case shall such Liens secure (either directly or indirectly) the repayment of any Debt (other than on account of such overdrafts, netting or cash management); (jm) carriers', warehousemen's, landlord's, mechanics, materialmen's, repairmen's or other like Liens on amounts payable under insurance policies and deposits arising in the Ordinary Course of Business that secure obligations that are not overdue for a period in connection with the financing of more than 30 days or are being Properly Contestedinsurance premiums; (kn) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by such Person in the Ordinary Course of Business in accordance with the past practices of such Person; (o) Liens on Property (other than accounts and Inventory) acquired pursuant to a Permitted Acquisition, or on Property of a Subsidiary in existence at the time such Subsidiary is acquired pursuant to a Permitted Acquisition; provided, that, (i) any Debt that is secured by such Liens is permitted pursuant to Section 10.2.1(t), and (ii) such Liens are not incurred in connection with, or in contemplation or anticipation of, such Permitted Acquisition and do not attach to any other Property of any Obligor or any Subsidiary other than the Property subject to such Liens at the time of such Permitted Acquisition, together with any extensions, renewals and replacements of the foregoing, so long as the Debt secured by such Liens is permitted pursuant to Section 10.2.1(t) and such extension, renewal or replacement does not encumber any additional assets or properties of such Obligor or any Subsidiary; (p) security required to be given to a public or private utility or any Governmental Authority in connection with the supply of services or utilities in the Ordinary Course of Business. (q) Liens securing the Debt that is permitted Obligors’ obligations under Section 9.2.1(f); provided that the Revolving Loan Documents, to the extent such Liens are at all times subject to the terms of the Intercreditor Agreement; (lr) Liens in favor the filing of customs and revenue authorities arising financing statements solely as a matter of law which secure payment of customs duties precautionary measure in connection with the importation of goods, but only to the extent such Liens secure amounts not yet dueoperating leases or consignments; (ms) the replacement, extension or renewal of any Permitted Lien; provided, that, (i) such Lien shall at no time be extended to cover any Property other than such Property subject thereto on the initial date such Lien was incurred, and (ii) the amount secured or benefited thereby is not increased (except by the amount of any accrued interest, payment in kind interest, reasonable closing costs, expenses, fees and premium paid in connection with such replacement, extension or renewal); (i) Liens granted by Subsidiaries that are not Obligors securing Debt incurred by such Subsidiaries and permitted to be incurred pursuant to Section 10.2.1(l); and (ii) Liens granted by a CVG China Subsidiary securing Debt permitted to be incurred pursuant to Section 10.2.1(m); (u) Liens existing Liens as of the Closing Date and shown on Schedule 9.2.2 and replacement 10.2.2; (v) Liens securing Refinancing Debt, subject to the Refinancing Conditions; (w) customary Liens granted on the property assets of any Foreign Subsidiary (other than Equity Interests) in connection with Permitted Foreign A/R Facility Indebtedness (which in the case of any factoring arrangements may include any deposit accounts of the relevant selling Foreign Subsidiary and other assets of such Foreign Subsidiary (other than Equity Interests) that customarily are the subject to such Liens, but only to of a factoring arrangement in the extent that the amount of debt secured thereby, and the property secured thereby, shall not be increasedsubject jurisdiction); and (nx) other Liens securing obligations in favor of Borrower an aggregate principal amount not to exceed $5,000,000, subject to Section 10.1.18 with respect to any such Liens specifically addressed on Schedule 10.1.18; (y) provided, that, notwithstanding anything to the contrary set forth in respect of its consignment interests encumbering its Consigned Inventory this Section 10.2.2, neither any Obligor nor any Subsidiary shall create, incur, assume or (as defined other than in the Revolver Loan Agreement)case of any Liens granted by the owner of any Real Estate leased by any Obligor or a Subsidiary which encumber such Real Estate to secure obligations of such owner to any third party) suffer to exist any Lien on any Real Estate owned or leased by any Obligor or any Subsidiary securing Borrowed Money.