PERMITTED INDEBTEDNESS shall mean: (a) current Indebtedness maturing in less than one year and incurred in the ordinary course of business for raw materials, supplies, equipment, services, taxes or labor; (b) the Indebtedness secured by the Purchase Money Liens; (c) Indebtedness of Borrower which is subordinated to the prior payment and satisfaction of Borrower's Obligations to CIT by means of a subordination agreement in form and substance satisfactory to CIT; (d) deferred taxes and other expenses incurred in the ordinary course of business; (e) other Indebtedness existing on the date of execution of this Agreement and listed in the most recent financial statement delivered to CIT or otherwise disclosed to CIT in writing prior to the Closing Date; (f) Indebtedness for Capital Leases and Capital Expenditures permitted pursuant to Section 9.4.11 hereof; (g) the replacement, refinancing or renewal of any of the above so long as the principal amount of such Indebtedness is not increased; (h) obligations in respect of performance bonds and completion guarantees provided by the Borrower or any Subsidiary of the Borrower in the ordinary course of business; and (i) other Indebtedness not otherwise permitted by clauses (a) through (h) above in an amount not exceeding in the aggregate at any time $500,000.
PERMITTED INDEBTEDNESS shall mean: (i) Indebtedness maturing in less than one year and incurred in the ordinary course of business for raw materials, supplies, equipment, services, taxes or labor; (ii) Indebtedness secured by the Purchase Money Liens; (iii) Indebtedness of the Borrower which is subordinated to the prior payment and satisfaction of the Borrower's Obligations to Lenders Agent, CITBC and the Other Lenders by means of the Intercreditor Agreement; (iv) Indebtedness arising under this Financing Agreement; (v) deferred taxes and other expenses incurred in the ordinary course of business; (vi) other Indebtedness existing on the First Closing Date and listed in Schedule 1(c); (vii) Capital Leases, provided the amount thereof shall not exceed $5,000,000 in the aggregate outstanding at any one time; and (viii) Indebtedness of the Borrower under the Seller Note (Mattxxxx). PERSON shall mean and include an individual, a corporation, an association, a partnership, a trust estate, a government or any department or agency thereof. PROCEEDS shall mean "proceeds", as such term is defined in the UCC and, to the extent not included in such definition, shall include, without limitation, (a) any and all proceeds of any insurance, indemnity, warranty, guaranty or letter of credit payable to the Borrower, from time to time with respect to any of the Collateral, (b) all payments (in any form whatsoever) paid or payable to the Borrower from time to time in connection with any taking of all or any part of the Collateral by any governmental authority or any Person acting under color of governmental authority, (c) all judgments in favor of the Borrower in respect of the Collateral and (d) all other amounts from time to time paid or payable or received or receivable under or in connection with any of the Collateral.
PERMITTED INDEBTEDNESS shall mean: (i) current Indebtedness maturing in less than one year and incurred in the ordinary course of business for raw materials, supplies, equipment, services, taxes or labor; (ii) the indebtedness secured by the Purchase Money Liens; (iii) Indebtedness of the Parent and any direct or indirect Subsidiary which is subordinated to the prior payment and satisfaction of the Companies' Obligations to the Agent by means of a subordination agreement in form and substance satisfactory to the Agent; (iv) Indebtedness arising under the Letters of Credit and this Agreement; (v) deferred taxes and other expenses incurred in the ordinary course of business; (vi) the indebtedness in the original principal amount not to exceed $2,000,000, the proceeds of which are used to finance the acquisition of real property and a building located at Sarasota, Florida; (vii) other indebtedness existing on the date of execution of this Agreement and listed in the most recent financial statement delivered to the Agent or otherwise disclosed to the Agent in writing prior to the Closing Date. PERSON shall mean an individual, entity or tribunal. PLEDGE AGREEMENT shall have the meaning ascribed to it in Section 2(j). PREPAYMENT PREMIUM shall mean the amount due the Agent by the Companies upon a voluntary prepayment, in whole or in part, of the Term Loans, determined by multiplying the amount so prepaid by (i) three percent (3%) if the prepayment is prior to the First Anniversary Date; (ii) two percent (2%) if the prepayment is on or after the First Anniversary Date but prior to the Second Anniversary Date; and (iii) one percent (1%) if the prepayment is on or after the Second Anniversary Date PROMISSORY NOTE shall mean the notes, in the forms of Exhibits A, B and C attached hereto, delivered by the Companies to the Agent to evidence the Term Loans pursuant to, and repayable in accordance with, the provisions of Section 4 and the Revolving Loans pursuant to Section 3 of this Agreement.
Examples of PERMITTED INDEBTEDNESS shall in a sentence
For the purpose of this Paragraph 4.3, "PERMITTED INDEBTEDNESS" shall mean indebtedness to trade creditors incurred in the ordinary course of business.
More Definitions of PERMITTED INDEBTEDNESS shall
PERMITTED INDEBTEDNESS shall mean: (a) current Indebtedness maturing in less than one year and incurred in the ordinary course of business for raw materials, supplies, equipment, services, Taxes or labor; (b) the Indebtedness secured by Purchase Money Liens; (c) Subordinated Debt; (d) Indebtedness arising under Letters of Credit and this Financing Agreement; (e) deferred Taxes and other expenses (including unsecured Indebtedness in respect of reimbursement obligations incurred in connection with surety and appeal bonds, performance bonds and other similar obligations relating to the operation of the Real Estate in accordance with the terms of this Agreement) incurred in the ordinary course of business; (f) other Indebtedness existing on the date of execution of this Financing Agreement and listed in the most recent financial statement delivered to the Agent and the Lenders or otherwise disclosed to the Agent and the Lenders in writing prior to the Closing Date;
PERMITTED INDEBTEDNESS shall mean: i) current Indebtedness maturing in less than one year and incurred in the ordinary course of business for raw materials, supplies, equipment, services, taxes or labor; ii) Indebtedness secured by the Purchase Money Liens; iii) Indebtedness of the Companies which is subordinated to the prior payment and satisfaction of the Companies' Obligations to CITBC by means of a subordination agreement in form and substance satisfactory to CITBC; 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) the Subordinated Debt; vii) other Indebtedness existing on the date of execution of this Financing Agreement and listed in the most recent financial statement delivered to CITBC or otherwise disclosed to CITBC in writing prior to the Closing Date; and viii) any restructuring or refinancing of the foregoing (excluding Subordinated Debt or any Indebtedness in excess of $200,000 absent the prior written consent of CITBC), provided that any such restructuring or refinancing, shall not be on terms substantially less favorable to the Companies than the terms of such original Indebtedness and shall not be in excess of the original principal amount thereof.
PERMITTED INDEBTEDNESS shall mean: (A) current Indebtedness maturing in less than one year and incurred in the ordinary course of business for raw materials, supplies, equipment, services, Taxes or labor; (B) the Indebtedness secured by Purchase Money Liens; (C) Indebtedness arising under this Financing Agreement; (D) deferred Taxes and other expenses incurred in the ordinary course of business; (E) other Indebtedness existing on the date of execution of this Financing Agreement and listed in the most recent financial statement delivered to CIT or otherwise disclosed to CIT in writing prior to the Closing Date; (F) other Indebtedness up to $100,000 in the aggregate outstanding at any time; and (G) other Indebtedness in excess of $100,000 in the aggregate provided that the Company has provided written notice to CIT not less than ten (10) Business Days prior to the incurrence of such Indebtedness.
PERMITTED INDEBTEDNESS shall mean: (A) current indebtedness maturing in less than one year and incurred in the ordinary course of business for raw materials, supplies, equipment, services, taxes or labor; (B) the indebtedness secured by the Purchase Money Liens; (C) indebtedness arising under the Letters of Credit and this Financing Agreement; (D) deferred taxes and other expenses incurred in the ordinary course of business; and (E) other indebtedness existing on the date of execution of this Financing Agreement and listed in the most recent financial statement delivered to CITBC or otherwise disclosed to CITBC in writing. PURCHASE MONEY LIENS shall mean liens on any item of Equipment acquired after the date of this Financing Agreement provided that (A) each such lien shall attach only to the property to be acquired, (B) a description of the property so acquired is furnished to CITBC, and (C) the debt incurred in connection with such acquisitions shall not exceed in the aggregate $10,000 in any fiscal year.
PERMITTED INDEBTEDNESS shall mean: (i) Indebtedness maturing in less than one year and incurred in the ordinary course of business for raw materials, supplies, equipment, services, taxes or labor; (ii) Indebtedness of the Borrower which is subordinated to the prior payment and satisfaction of the Borrower's Obligations to Lenders Agent, CITBC and any Transferees by means of the Intercreditor Agreement; (iii) Indebtedness arising under this Financing Agreement; (iv) deferred taxes and other expenses incurred in the ordinary course of business; (v) other Indebtedness existing on the date of this Agreement and listed in Schedule 1(c); (vi) Capital Leases, provided the amount thereof shall not exceed $1,500,000 in the aggregate outstanding at any one time. PERSON shall mean and include an individual, a corporation, an association, a partnership, a trust estate, a government or any department or agency thereof.
PERMITTED INDEBTEDNESS shall mean: (i) Indebtedness maturing in less than one year and incurred in the ordinary course of business for raw materials, supplies, services, taxes or labor; (ii) Indebtedness secured by Purchase Money Liens; (iii) deferred taxes and other expenses incurred in the ordinary course of business;(iv) Indebtedness arising under the Letters of Credit and this Financing Agreement; and (v)
PERMITTED INDEBTEDNESS shall mean: (i) current indebtedness ---------------------- maturing in less than one year and incurred in the ordinary course of business for raw materials, supplies, equipment, services, taxes or labor; (ii) the indebtedness secured by the Purchase Money Liens; (iii) indebtedness under Capital Leases permitted by Section 7.11, (iv) Subordinated Debt; (v) indebtedness arising under the Letters of Credit and this Financing Agreement; (vi) deferred taxes and other expenses incurred in the ordinary course of business; (vii) other indebtedness existing on the date of execution of this Financing Agreement and listed on Exhibit E hereto and made a part hereof; and (viii) indebtedness, the terms and conditions of which have been approved by the Required Lenders.