Common use of Permitted Additional Debt Clause in Contracts

Permitted Additional Debt. The term “Permitted Additional Debt” shall mean: (a) Indebtedness, whether secured or unsecured, for which the Lender's prior written consent has been obtained, which consent may be withheld, granted or granted conditionally subject to such protective and other conditions as the Lender may require in its sole and absolute discretion; (b) Indebtedness (excluding borrowed funds) incurred in the ordinary course of business of operating the Property which are payable without interest if paid by the applicable due date; (c) any tax, assessment, charge, levy or claim described in Section 10.1.1 provided that Borrower is in compliance with the terms of Section 10.1.1 and (d) the factoring agreement with Crown Financial, LLC dated of even date herewith (the “Factoring Agreement”).