Purchase Money Liens. Liens (i) that are placed upon fixed or capital assets, acquired, constructed or improved by the Borrower or any Subsidiary, provided that (A) such Liens only secure Indebtedness permitted by Section 9.4(c), (B) such Liens and the Indebtedness secured thereby are incurred prior to or within 120 days after such acquisition or the completion of such construction or improvement, (C) the Indebtedness secured thereby does not exceed 90% of the cost of acquiring, constructing or improving such fixed or capital assets, and (D) such Liens shall not apply to any other property or assets of the Borrower or any Subsidiary; or (ii) arising out of the refinancing, extension, renewal or refunding of any Indebtedness secured by any such Liens, provided that the principal amount of such Indebtedness is not increased and such Indebtedness is not secured by any additional assets.
Purchase Money Liens. Liens which are placed upon fixed or capital assets, acquired, constructed or improved by the Parent or Lessee or any Subsidiary, PROVIDED that (A) such Liens secure Indebtedness permitted by Paragraph (o)(c) below, (B) such Liens and the Indebtedness secured thereby are incurred prior to or within 30 days after such acquisition or the completion of such construction or improvement, (C) the Indebtedness secured thereby does not exceed 100% of the cost of acquiring, constructing or improving such fixed or capital assets; and (D) such Liens shall not apply to any other property or assets of the Parent, Lessee or any Subsidiary; and
Purchase Money Liens. Liens on fixed assets (or any improvement thereon) or in rights relating thereto, in each case, acquired or constructed by the Company or any Subsidiary after the Series A Closing Day to secure Debt of the Company or such Subsidiary incurred in connection with such acquisition or construction, provided that
(i) no such Lien shall extend to or cover any property other than the property (or improvement thereon) being acquired or constructed,
(ii) the amount of Debt secured by any such Lien shall not exceed an amount equal to the lesser of (A) the cost to the Company or such Subsidiary of the property (or improvement thereon) being acquired or constructed or (B) the Fair Market Value (as determined in good faith by the Company) of such property, determined at the time of such acquisition or at the time of substantial completion of such construction, and
(iii) such Lien shall be created concurrently with or within 120 days after such acquisition or the substantial completion of such construction;
Purchase Money Liens. Liens which are placed upon fixed or capital assets, acquired, constructed or improved by a Borrower or any of its Material Subsidiaries, including, without limitation, Capital Lease obligations, provided that (A) such Liens secure Indebtedness permitted by section 11.4(c), (B) such Liens and the Indebtedness secured thereby are incurred prior to or within 20 days after such acquisition or the completion of such construction or improvement, (C) the Indebtedness secured thereby does not exceed 100% of the cost of acquiring, constructing or improving such fixed or capital assets; and (D) such Liens shall not apply to any other property or assets of the Borrowers or any of their respective Material Subsidiaries;
Purchase Money Liens. Capital Leases, Synthetic Leases and Liens (i) that are placed upon fixed or capital assets, acquired, constructed or improved by any Borrower or any Subsidiary, provided that (A) the maximum principal amount of Indebtedness secured thereby does not exceed $25,000,000 in the aggregate at any one time (using Capitalized Lease Obligations in lieu of principal amount, in the case of any Capital Leases, and using the present value, based on the implicit interest rate, in lieu of principal amount, in the case of any Synthetic Lease), (B) such Liens and the Indebtedness secured thereby are incurred prior to or within 120 days after such acquisition or the completion of such construction or improvement, (C) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets; and (D) such Liens shall not apply to any other property or assets of any Borrower or any Subsidiary; or (ii) arising out of the refinancing, extension, renewal or refunding of any Indebtedness secured by any such Liens, provided that the principal amount of such Indebtedness is not increased and such Indebtedness is not secured by any additional assets; and
Purchase Money Liens. With the exception of, as in effect on the date hereof, the Purchase Money Lien granted to Pro-Tech Armored Products of Massachusetts, Inc. (as evidenced by Uniform Commercial Code filing #41947748, as amended) the Borrower will not and will not permit Material Subsidiaries to permit the aggregate Canadian Dollar Exchange Equivalent of its Indebtedness arising under Purchase Money Liens to exceed $500,000 in the aggregate.
Purchase Money Liens purchase money Liens or purchase money security interests upon or in any property (other than the Collateral) acquired or held by any Loan Party in the ordinary course of business to secure the purchase price of such property or to secure Indebtedness incurred solely for the purpose of financing the acquisition of such property; provided, however, that (i) any such Lien is created solely for the purpose of securing Indebtedness representing, or incurred to finance, refinance or refund, the cost (including the cost of construction) of the property subject thereto, (ii) the principal amount of the Indebtedness secured by such Lien does not exceed one hundred percent (100%) of such cost, (iii) such Lien does not extend to or cover any other property other than such item of property and any improvements on such item and (iv) the aggregate principal amount of the Indebtedness secured by the Liens permitted by this Section 8.1(c) (Purchase Money Liens) at any time outstanding shall not exceed fifty million Dollars ($50,000,000) in the aggregate;
Purchase Money Liens. (c) statutory Liens of landlords and Liens of carriers, warehousemen, bailees, mechanics, materialmen and other like Liens imposed by law, created in the ordinary course of business and for amounts not yet due (or which are being contested in good faith, by appropriate proceedings or other appropriate actions which are sufficient to prevent imminent foreclosure of such Liens) and with respect to which adequate reserves or other appropriate provisions are being maintained by each of the Companies, as applicable, in accordance with GAAP; (d) deposits made (and the Liens thereon) in the ordinary course of business of any of the Companies and securing obligations not past due (including, without limitation, security deposits for leases, indemnity bonds, surety bonds and appeal bonds) in connection with workers' compensation, unemployment insurance and other types of social security benefits or to secure the performance of tenders, bids, contracts (other than for the repayment or guarantee of borrowed money or purchase money obligations), statutory obligations and other similar obligations arising as a result of progress payments under government contracts; (e) easements (including, without limitation, reciprocal easement agreements and utility agreements), encroachments, minor defects or irregularities in title, variation and other restrictions, charges or encumbrances (whether or not recorded) affecting the Real Estate, if applicable, and which in the aggregate (A) do not materially interfere with the occupation, use or enjoyment by any of the Companies of its business or property so encumbered, (B) do not secure obligations for the payment of money, and (C) in the reasonable business judgment of CIT do not materially and adversely affect the value of such Real Estate; (f) Liens granted CIT by the Companies or any one of them; (g) tax Liens for which the taxes are not yet due and payable or which are being diligently contested in good faith by the Companies by appropriate proceedings, and which Liens are not (x) filed on any public records, (y) other than with respect to Real Estate, senior to the Liens of CIT or (z) for Taxes due the United States of America or any state thereof having similar priority statutes, as further set forth in Paragraph 7.8 of Section 7 hereof; and (h) Liens granted in favor of Ableco Group Agent and the Ableco Group Lenders to secure the Ableco Debt.
Purchase Money Liens. Purchase money obligations and related liens ---------- Not to exceed $10,000,000 ------ ------------------------------------------------------ ------------------------ ---------------------------------------------
Purchase Money Liens. Section 8.02(b)(ii) is amended by replacing the reference to "Section 8.02(a)(iv) above" with a reference to "Section 8.02(a)(iii) above".
