Permitted Purchase Money Liens definition

Permitted Purchase Money Liens purchase money security interests in personal property acquired after the date hereof to secure purchase money Indebtedness, to the extent that the amount of money borrowed does not exceed the value of the personal property purchased, and the security interest granted does not extend beyond the personal property purchased.
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Permitted Purchase Money Liens means any purchase money Lien on real property or equipment or other goods acquired (including any acquisition pursuant to a Capitalized Lease) by the Company or any of its Subsidiaries (a "PURCHASE MONEY LIEN") in the ordinary course of its business so long as: (i) the transaction in which such Purchase Money Lien is proposed to be created is not prohibited by this Agreement; (ii) such Purchase Money Lien attaches only to the asset acquired (and to the extent applicable, any insurance thereon) in such transaction and does not extend to or cover any other assets of the Company or any of its Subsidiaries; (iii) the Indebtedness secured or covered by such Purchase Money Lien does not exceed 100% of the cost to the Company and its Subsidiaries of the asset acquired; and (iv) such Indebtedness is either (x) incurred on the date of acquisition of the asset acquired or (y) incurred for the purpose of refinancing or refunding any Indebtedness secured by a Permitted Purchase Money Lien, so long as the unpaid balance thereof following such refinancing does not exceed the amount thereof prior to such refinancing.
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Permitted Purchase Money Liens means Liens encumbering machinery, ------------------------------ equipment, vehicles or other capital assets (but expressly excluding Mineral Interests) securing Permitted Purchase Money Debt, the proceeds of which are used to finance the purchase of such assets; provided, that, such Liens shall not attach to or encumber any other assets, and such Liens shall be granted substantially simultaneously with the purchase of such assets.
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Examples of Permitted Purchase Money Liens in a sentence

  • Create, incur or assume any indebtedness for borrowed money or issue or assume any other note, debenture, bond or other evidences of indebtedness, or guarantee any such indebtedness or such evidences of indebtedness of others, other than (i) borrowings from Bank, (ii) indebtedness secured by Permitted Purchase Money Liens, and (iii) borrowings outstanding on the date hereof and disclosed in writing to Bank.

  • Create or suffer to exist any Lien or transfer upon or against any of its property or assets now owned or hereafter acquired, except Permitted Encumbrances and Permitted Purchase Money Liens.

  • Notwithstanding the foregoing, in no event shall Borrowers encumber, pledge, grant or permit a Lien in or assign any Real Estate (other than Permitted Purchase Money Liens) in favor of a Person other than Administrative Agent.

  • Lender hereby agrees with Parent and each Borrower that, provided no Default or Event of Default has occurred which is continuing, upon the incurrence by any Credit Party of Permitted Purchase Money Debt, if requested by the lender of such Permitted Purchase Money Debt, Lender will subordinate the Liens created and evidenced by the Security Documents to the Permitted Purchase Money Liens securing such Permitted Purchase Money Debt with respect to the asset acquired with the proceeds of such Debt.


More Definitions of Permitted Purchase Money Liens

Permitted Purchase Money Liens means any purchase money Lien on real property or equipment or other goods acquired (including any acquisition pursuant to a Capitalized Lease) by the Company or any of its Subsidiaries (a " Purchase Money Lien") in the ordinary course of its business so long as: (i) the transaction in which such Purchase Money Lien is proposed to be created is not prohibited by this Agreement;
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Permitted Purchase Money Liens means purchase money security interests incurred by the Company to an obligor other than the Bank, provided that (A) they are confined to the property acquired, (B) the indebtedness secured thereby does not exceed the total cost of the purchase, construction, or improvement of the subject asset, (C) any such indebtedness, if repaid in whole or in part, cannot be reborrowed, D) the Bank has been given the right of first refusal to finance such transaction, and (E) the aggregate dollar amount of all such security interests at any time outstanding shall not exceed $ 100,000.00.
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Permitted Purchase Money Liens means Liens securing the payment of Permitted Purchase Money Debt, provided that (a) such Liens secure only the payment of such Indebtedness, (b) such Liens extend only to the fixed or capital assets acquired with the proceeds of such Permitted Purchase Money Debt, and (c) such Liens are promptly released as and when the Permitted Purchase Money Debt corresponding thereto has been paid in full.
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Permitted Purchase Money Liens means purchase money Liens upon or in real property or equipment acquired or held by Borrower or any of its Subsidiaries in the ordinary course of business to secure the purchase price of such property or equipment or to secure Indebtedness incurred solely for the purpose of financing the acquisition of any such property or equipment to be subject to such Liens, or Liens existing on any such property or equipment at the time of acquisition (other than any such Liens created in contemplation of such acquisition that do not secure the purchase price), or extensions, renewals or replacements of any of the foregoing for the same or a lesser amount; provided, however, that no such Lien shall extend to or cover any property other than the property or equipment being acquired, and no such extension, renewal or replacement shall extend to or cover any property not theretofore subject to the Lien being extended, renewed or replaced; and provided further that the aggregate principal amount of the outstanding Indebtedness secured by Permitted Purchase Money Liens, together with the amount of outstanding Indebtedness incurred with respect to Capital Lease Obligations, shall not at any time exceed the amount permitted under Section 6.5(e).
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Related to Permitted Purchase Money Liens

  • Permitted Purchase Money Indebtedness means, as of any date of determination, Indebtedness (other than the Obligations, but including Capitalized Lease Obligations), incurred after the Closing Date and at the time of, or within 20 days after, the acquisition of any fixed assets for the purpose of financing all or any part of the acquisition cost thereof, in an aggregate principal amount outstanding at any one time not in excess of $5,000,000.

  • Purchase Money Obligations means any Indebtedness Incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real or personal) or assets (including Capital Stock), and whether acquired through the direct acquisition of such property or assets or the acquisition of the Capital Stock of any Person owning such property or assets, or otherwise.

  • Purchase Money Note means a promissory note of a Receivables Subsidiary evidencing a line of credit, which may be irrevocable, from the Company or any Subsidiary of the Company to a Receivables Subsidiary in connection with a Qualified Receivables Financing, which note is intended to finance that portion of the purchase price that is not paid by cash or a contribution of equity.

  • Permitted Liens means, with respect to any Person:

  • Permitted Debt means any Financial Indebtedness: