Permitted Debt definition
Permitted Debt means any Financial Indebtedness:
Permitted Debt has the meaning assigned to such term in Section 4.06.
Permitted Debt means the following:
Examples of Permitted Debt in a sentence
No Credit Party will, or will permit any Subsidiary to, directly or indirectly, create, assume or suffer to exist any Lien on any asset now owned or hereafter acquired by it, except for Permitted Liens and, solely to the extent a Permitted Refinancing has occurred with respect to the underlying Permitted Debt of such Permitted Liens pursuant to the terms hereof, Permitted Liens incurred in such Permitted Refinancing.
More Definitions of Permitted Debt
Permitted Debt has the meaning specified in Section 7.01.
Permitted Debt has the meaning set forth in Section 6.1.
Permitted Debt has the meaning set forth in Section 4.09(b).
Permitted Debt as defined in Section 6.2(b).
Permitted Debt shall have the meaning set forth in Section 9.10 hereof.
Permitted Debt means:
Permitted Debt means collectively, (a) the Note and the other obligations, indebtedness and liabilities specifically provided for in any Loan Document and secured by this Agreement, the Security Instrument and the other Loan Documents, (b) trade payables and other liabilities incurred in the ordinary course of Borrower’s business and payable by or on behalf of Borrower in respect of the operation of the Property, not secured by Liens on the Property (other than liens being properly contested in accordance with the provisions of this Agreement or the Security Instrument), such payables and liabilities (which shall not include taxes, accrued payroll and benefits, customer, membership and security deposits and deferred income), not to exceed at any one time outstanding two percent (2%) of the Principal Amount of the Loan, provided that (but subject to the remaining terms of this definition) each such amount shall be paid within sixty (60) days following the date on which each such amount is incurred, provided, that such two percent (2.0%) limitation shall not include normal and customary retainages related to Alterations that are reserved for by Borrower, (c) purchase money indebtedness and capital lease obligations incurred in the ordinary course of Borrower’s business, having scheduled annual debt service not to exceed $600,000, (d) contingent obligations to repay customer, membership and security deposits held in the ordinary course of Borrower’s business, (e) obligations incurred in the ordinary course of Borrower’s business for the financing of any applicable portfolio insurance premiums, (f) any Management Fees not yet due and payable under the Management Agreement, (g) taxes or other charges not yet due and payable or delinquent or which are being diligently contested in good faith in accordance with Section 5.1(b)(ii) hereof, (h) indebtedness relating to Liens in respect of property or assets imposed by law which were incurred in the 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 requirements of the Loan Documents, (i) the Revolver Loan and (j) such other unsecured indebtedness approved by L...