OF A BANKING INSTITUTION
ARISING AS A MATTER OF LAW ENCUMBERING DEPOSITS (INCLUDING THE RIGHT OF
SET-OFF);
(M)
LIENS (I) ON CASH ADVANCES IN FAVOR OF THE SELLER OF ANY PROPERTY TO BE
ACQUIRED IN AN INVESTMENT PERMITTED PURSUANT TO SECTIONS 7.02(F), (I) AND (N) TO
BE APPLIED AGAINST THE PURCHASE PRICE FOR SUCH INVESTMENT, AND (II) CONSISTING
OF AN AGREEMENT TO DISPOSE OF ANY PROPERTY IN A DISPOSITION PERMITTED UNDER
SECTION 7.05, IN EACH CASE, SOLELY TO THE EXTENT SUCH INVESTMENT OR DISPOSITION,
AS THE CASE MAY BE, WOULD HAVE BEEN PERMITTED ON THE DATE OF THE CREATION OF
SUCH LIEN;
(N)
LIENS ON PROPERTY OR EQUITY INTERESTS OF ANY FOREIGN SUBSIDIARY (OTHER THAN
A BORROWER) (I) THAT IS NOT A LOAN PARTY AND (II) WHICH PROPERTY OR EQUITY
INTERESTS DO NOT CONSTITUTE COLLATERAL, WHICH LIENS SECURE INDEBTEDNESS OF SUCH
FOREIGN SUBSIDIARY PERMITTED UNDER SECTION 7.03;
(O)
LIENS SECURING INDEBTEDNESS PERMITTED UNDER SECTION 7.03(D) (I) OF THE
COMPANY OR A RESTRICTED SUBSIDIARY IN FAVOR OF A LOAN PARTY AND (II) OF ANY
RESTRICTED SUBSIDIARY THAT IS NOT A LOAN PARTY IN FAVOR OF ANY OTHER RESTRICTED
SUBSIDIARY THAT IS NOT A LOAN PARTY;
(P)
LIENS EXISTING ON PROPERTY AT THE TIME OF ITS ACQUISITION OR EXISTING ON
THE PROPERTY OF ANY PERSON AT THE TIME SUCH PERSON BECOMES A RESTRICTED
SUBSIDIARY (OTHER THAN BY DESIGNATION AS A RESTRICTED SUBSIDIARY PURSUANT TO
SECTION 6.15), IN EACH CASE AFTER THE DATE HEREOF (OTHER THAN LIENS ON THE
EQUITY INTERESTS OF ANY PERSON THAT BECOMES A RESTRICTED SUBSIDIARY); PROVIDED
THAT (I) SUCH LIEN WAS NOT CREATED IN CONTEMPLATION OF SUCH ACQUISITION OR SUCH
PERSON BECOMING A RESTRICTED SUBSIDIARY, (II) SUCH LIEN DOES NOT EXTEND TO OR
COVER ANY OTHER ASSETS OR PROPERTY (OTHER THAN THE PROCEEDS OR PRODUCTS THEREOF
AND OTHER THAN IMPROVEMENTS AND AFTER-ACQUIRED PROPERTY SUBJECTED TO A LIEN
SECURING INDEBTEDNESS AND OTHER OBLIGATIONS INCURRED PRIOR TO SUCH TIME AND
WHICH INDEBTEDNESS AND OTHER OBLIGATIONS ARE PERMITTED HEREUNDER THAT REQUIRE,
PURSUANT TO THEIR TERMS AT SUCH TIME, A PLEDGE OF AFTER-ACQUIRED PROPERTY, IT
BEING UNDERSTOOD THAT SUCH REQUIREMENT SHALL NOT BE PERMITTED TO APPLY TO ANY
PROPERTY TO WHICH SUCH REQUIREMENT WOULD NOT HAVE APPLIED BUT FOR SUCH
ACQUISITION), AND (III) THE INDEBTEDNESS SECURED THEREBY IS PERMITTED UNDER
SECTION 7.03(E), (G), (H) OR (K);
(Q)
ANY INTEREST OR TITLE OF A LESSOR UNDER LEASES ENTERED INTO BY THE COMPANY
OR ANY OF THE RESTRICTED SUBSIDIARIES IN THE ORDINARY COURSE OF BUSINESS;
(R)
LIENS ARISING OUT OF CONDITIONAL SALE, TITLE RETENTION, CONSIGNMENT OR
SIMILAR ARRANGEMENTS FOR SALE OF GOODS ENTERED INTO BY THE COMPANY OR ANY OF THE
RESTRICTED SUBSIDIARIES IN THE ORDINARY COURSE OF BUSINESS PERMITTED BY THIS
AGREEMENT;
(S)
LIENS DEEMED TO EXIST IN CONNECTION WITH INVESTMENTS IN REPURCHASE
AGREEMENTS UNDER SECTION 7.02;
102
(T)
LIENS ENCUMBERING REASONABLE CUSTOMARY INITIAL DEPOSITS AND MARGIN DEPOSITS
AND SIMILAR LIENS ATTACHING TO COMMODITY TRADING ACCOUNTS OR OTHER BROKERAGE
ACCOUNTS INCURRED IN THE ORDINARY COURSE OF BUSINESS AND NOT FOR SPECULATIVE
PURPOSES;
(U)