PERMITTED ENCUMBRANCES shall mean: i) liens existing on the date hereof and listed on Schedule 1 hereto and other liens expressly permitted, or consented to, by the Agent; ii) Purchase Money Liens; iii) Customarily Permitted Liens; iv) liens granted the Agent by the Companies; v) liens of judgment creditors which are bonded or covered by insurance maintained by the Company in each case to the satisfaction of the Agent in the exercise of its reasonable business judgment; and vi) liens for Taxes and sales taxes not yet due and payable; vii) liens for Taxes and sales taxes due and payable which are being diligently contested in good faith by the Companies by appropriate proceedings and which liens are not x) senior to the liens of the Agent or y) for Taxes due the United States of America and which have been filed of record, viii) other liens and encumbrances whether such liens are (w) statutory liens of landlords and/or liens of carriers, warehousemen, mechanics, materialmen and other like liens imposed by law, (x) for Taxes and/or sales taxes, (y) arising in connection with ERISA and/or (z) of judgment creditors, provided that (A) the amount (including all interest and penalties applicable thereto) under clauses (w), (x), (y) and (z) does not exceed $500,000 in the aggregate at any time and (B) the Agent may (in its sole discretion) establish an additional Availability Reserve against the maximum amount of Revolving Loans and Letters of Credit that would otherwise be available under Section 3 and 4 of this Financing Agreement in an amount equal to the Companies' potential liability therefor (including all interest and penalties applicable thereto) (herein the "Additional Availability Reserve") and (C) there is no imminent risk of sale of Collateral in connection therewith and (ix) liens on pledged deposits arising in connection with Permitted Transactions. PERMITTED INDEBTEDNESS shall mean: i) current indebtedness maturing in less than one year and incurred in the ordinary course of business consistent with the Companies' past practices; ii) the indebtedness secured by the Purchase Money Liens; iii) Subordinated Debt; iv) indebtedness arising under the Letters of Credit and this Financing Agreement; v) deferred taxes and other expenses incurred in the ordinary course of business; vi) other unsecured Indebtedness not exceeding $250,000 in the aggregate outstanding at any time; and vii) other indebtedness existing on the date of execution of this Financing Agreement and listed in the mos...
PERMITTED ENCUMBRANCES shall mean: (a) Liens existing on the date hereof set forth on Schedule 2, but not the extension of coverage thereof to other property or the extension of maturity, refinancing or other modification of the terms thereof or the increase of the Indebtedness secured thereby; (b)
PERMITTED ENCUMBRANCES shall mean: (A) liens expressly permitted, or consented to, by CITBC; (B) Purchase Money Liens; (C) Customarily Permitted Liens; (D) liens granted CITBC by the Company; (E) liens of judgment creditors provided such liens do not exceed, in the aggregate, at any time, $50,000.00 (other than liens bonded or insured to the reasonable satisfaction of CITBC); and (F) liens for taxes not yet due and payable or which are being diligently contested in good faith by the Company by appropriate proceedings and which liens are not I) other than with respect to Real Estate, senior to the liens of CITBC or II) for taxes due the United States of America.
Examples of PERMITTED ENCUMBRANCES shall in a sentence
For purposes of this Section 5.5, the term "PERMITTED ENCUMBRANCES" shall mean and include the Leasehold Mortgage and any recorded financing statements related thereto.
For purposes of this Section 3.9, "PERMITTED ENCUMBRANCES" shall mean easements, rights-of-way, restrictions, minor defects or irregularities in title and other similar charges or encumbrances not interfering in any material respect with the ordinary conduct of the business of such Loan Party.
PERMITTED ENCUMBRANCES shall mean collectively, (a) the Liens and security interests created or permitted by the Loan Documents (including any Liens filed against equipment leases that are otherwise permitted pursuant to the terms hereunder), (b) all Liens, encumbrances and other matters disclosed in the Title Policy that do not have a Material Adverse Effect on the use, value or operation of the Property, and (c) Liens, if any, for Impositions imposed by any Governmental Authority not yet delinquent.
The term "PERMITTED ENCUMBRANCES" shall mean the items set forth on Exhibit B to this Agreement and any and all written tenant leases for apartment units at the Property (the "TENANT LEASES").
More Definitions of PERMITTED ENCUMBRANCES shall
PERMITTED ENCUMBRANCES shall mean: (i) liens expressly permitted, ---------------------- or consented to, by the Agent in writing; (ii) Purchase Money Liens; (iii) Customarily Permitted Liens; (iv) liens granted the Agent for the ratable benefit of the Lenders by the Company; (v) liens of judgment creditors provided such liens do not exceed, in the aggregate, at any time, $200,000 (other than liens bonded or insured to the reasonable satisfaction of the Agent; (vi) liens for taxes not yet due and payable or which are being diligently contested in good faith by the Company by appropriate proceedings and which liens are not (x) senior to the liens of the Agent or (y) for taxes due the United States of America; and (vii) liens subordinate in priority to the liens of the Agent that have been approved by the Required Lenders.
PERMITTED ENCUMBRANCES shall mean: (i) liens described on Schedule 1(b) hereto existing on the Filing Date, and liens expressly permitted, or consented to, by Required Lenders in writing; (ii) Customarily Permitted liens; (iii) liens granted Lenders Agent, CITBC or any other Lender by the Borrower; and (iv) liens for taxes not yet due and payable or which are being diligently contested in good faith by the Borrower by appropriate proceedings and which liens are not (x) senior to the liens of Lenders Agent, CITBC or any other Lender or (y) for taxes due the United States of America; provided, however, that in no event shall Permitted Encumbrances include the Tax Liens.
PERMITTED ENCUMBRANCES shall mean: (i) liens described on Schedule 1(b) hereto existing on the Closing Date, and liens expressly permitted, or consented to, by CITBC in writing; (ii) Purchase Money Liens; (iii) Customarily Permitted Liens; iv) liens granted CITBC by the Borrower; (v) liens of judgment creditors provided such liens do not exceed, in the aggregate for the Borrower,
PERMITTED ENCUMBRANCES shall mean: (i) liens described on Schedule 1(b) hereto existing on the First Closing Date, and liens expressly permitted, or consented to, by Required Lenders in writing; (ii) Purchase Money Liens; (iii) Customarily Permitted Liens; iv) liens granted Lenders Agent, CITBC or any other Lender by the Borrower; (v) liens of judgment creditors provided such liens do not exceed, in the aggregate for the Borrower, at any time, $100,000 (other than liens bonded or insured to the reasonable satisfaction of Required Lenders); (vi) liens for taxes not yet due and payable or which are being diligently contested in good faith by the Borrower by appropriate proceedings and which liens are not (x) senior to the liens of Lenders Agent, CITBC or any other Lender or (y) for taxes due the United States of America; and (vii) liens on the Accounts (Mattxxxx) xxcuring Borrower's obligations under the Seller Note (Mattxxxx).
PERMITTED ENCUMBRANCES shall mean: (a) liens existing on the date hereof on specific items of Equipment and other liens expressly permitted, or consented to in writing by the Agent and/or the Required Lenders; (b) Purchase Money Liens; (c) liens of local or state authorities for franchise or other like Taxes, provided that the aggregate amounts of such liens shall not exceed $250,000 in the aggregate at any one time; (d) 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 the applicable Companies, as applicable, in accordance with GAAP); (e) deposits made (and the liens thereon) in the ordinary course of business of any of the Companies (including, without limitation, security deposits for leases, indemnity bonds, surety bonds and appeal bonds) in
PERMITTED ENCUMBRANCES shall mean: (a) liens of local or state authorities for franchise or other like Taxes, provided that the aggregate amounts of such liens shall not exceed $50,000.00 in the aggregate at any one time; (b) 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 the Company in accordance with GAAP; (c) deposits made (and the liens thereon) in the ordinary course of business of the Company (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; (d) liens granted CIT by the Company; (e) liens of judgment creditors provided such liens do not exceed, in the aggregate, at any time, $50,000.00 (other than liens bonded or insured to the reasonable satisfaction of CIT); and (f) tax liens which are not yet due and payable or which are being diligently contested in good faith by the Company by appropriate proceedings, and which liens are not (x) filed on any public records, or (y) for Taxes due the United States of America or any state thereof having similar priority statutes, as further set forth in paragraph 7.6 hereof.
PERMITTED ENCUMBRANCES shall mean: (A) liens existing on the date hereof and listed on Schedule 1 hereto and other liens expressly permitted , or consented to, by the Agent; (B) Purchase Money Liens; (C) Customarily Permitted Liens; (D) liens granted the Agent for the benefit of the Lenders by the Company; (E) liens of judgment creditors provided such liens do not exceed, in the aggregate , at any time, $100,000.00 (other than liens bonded or insured to the reasonable satisfaction of the Agent and liens which the Company is in good faith prosecuting on appeal or proceeding for a review, and in respect of which a stay of execution pending such appeal or proceeding for review has been secured); (F) liens for taxes not yet due and payable or which are being diligently contested in good faith by the Company by appropriate proceedings and which liens are not for taxes due the United States of America; (G) the replacement, extension or removal of any lien on Equipment existing on the date hereof; and (H) any lien on Equipment that is substituted collateral for Equipment on which the holder of such lien previously had a lien.