Common Equity" has the meaning specified in Section 6.16(b).
"Performing First Lien Bank Loans" has the meaning specified in Section 6.16(b).
"Performing Non-Cash Pay High Yield Securities" has the meaning specified in
Section 6.16(b).
"Performing Non-Cash Pay Mezzanine Obligations" has the meaning specified in
Section 6.16(b).
"Performing Second Lien Bank Loans" has the meaning specified in
Section 6.16(b).
"Performing Secured Cash Pay High Yield Securities" has the meaning specified in
Section 6.16(b).
20
"Performing Unsecured Bank Loans" has the meaning specified in Section 6.16(b).
"Performing Unsecured Cash Pay High Yield Securities" has the meaning specified
in Section 6.16(b).
"Permitted Encumbrances" means:
(A)
LIENS IMPOSED BY LAW FOR TAXES THAT ARE NOT YET DUE OR ARE BEING
CONTESTED IN GOOD FAITH BY THE BORROWERS OR A SUBSIDIARY THEREOF AND FOR WHICH
ADEQUATE RESERVES HAVE BEEN SET ASIDE;
(B)
LANDLORDS', CARRIERS', WAREHOUSEMEN'S, MECHANICS', MATERIALMEN'S,
REPAIRMEN'S AND OTHER LIKE LIENS IMPOSED BY LAW, ARISING IN THE ORDINARY COURSE
OF BUSINESS AND SECURING OBLIGATIONS THAT ARE NOT OVERDUE BY MORE THAN 30 DAYS
OR ARE BEING CONTESTED IN GOOD FAITH BY THE BORROWERS OR A SUBSIDIARY THEREOF;
(C)
PLEDGES AND DEPOSITS MADE IN THE ORDINARY COURSE OF BUSINESS IN
COMPLIANCE WITH WORKERS' COMPENSATION, UNEMPLOYMENT INSURANCE AND OTHER SOCIAL
SECURITY LAWS OR REGULATIONS AND DEPOSITS SECURING LIABILITY TO INSURANCE
CARRIERS IN RELATION TO THE FOREGOING;
(D)
DEPOSITS TO SECURE THE PERFORMANCE OF BIDS, TRADE CONTRACTS,
LEASES, STATUTORY OBLIGATIONS, SURETY AND APPEAL BONDS, PERFORMANCE BONDS AND
OTHER OBLIGATIONS OF A LIKE NATURE, IN EACH CASE IN THE ORDINARY COURSE OF
BUSINESS;
(E)
JUDGMENT LIENS IN RESPECT OF JUDGMENTS THAT DO NOT CONSTITUTE AN
EVENT OF DEFAULT; AND
(F)
EASEMENTS, ZONING RESTRICTIONS, RIGHTS-OF-WAY AND SIMILAR
ENCUMBRANCES ON REAL PROPERTY IMPOSED BY LAW OR ARISING IN THE ORDINARY COURSE
OF BUSINESS THAT DO NOT SECURE ANY MONETARY OBLIGATIONS AND DO NOT MATERIALLY
INTERFERE WITH THE ORDINARY CONDUCT OF BUSINESS OF ANY BORROWER OR ANY
SUBSIDIARY;
provided that the term "Permitted Encumbrances" shall not include any Lien
securing Indebtedness.
"Permitted Investments" means:
(A)
DIRECT OBLIGATIONS OF, OR OBLIGATIONS THE PRINCIPAL OF AND
INTEREST ON WHICH ARE UNCONDITIONALLY GUARANTEED BY, THE UNITED STATES OF
AMERICA (OR BY ANY AGENCY THEREOF TO THE EXTENT SUCH OBLIGATIONS ARE BACKED BY
THE FULL FAITH AND CREDIT OF THE UNITED STATES OF AMERICA), IN EACH CASE
MATURING WITHIN ONE YEAR FROM THE DATE OF ACQUISITION THEREOF;
(B)
INVESTMENTS IN COMMERCIAL PAPER MATURING WITHIN 270 DAYS FROM THE
DATE OF ACQUISITION THEREOF AND HAVING, AT SUCH DATE OF ACQUISITION, THE HIGHEST
CREDIT RATING OBTAINABLE FROM S&P OR MOODY'S;
(C)
INVESTMENTS IN CERTIFICATES OF DEPOSIT, BANKER'S ACCEPTANCES AND
TIME DEPOSITS MATURING WITHIN 180 DAYS FROM THE DATE OF ACQUISITION THEREOF
ISSUED OR GUARANTEED BY OR PLACED WITH, AND MONEY MARKET DEPOSIT ACCOUNTS ISSUED
OR OFFERED BY, ANY DOMESTIC OFFICE OF ANY COMMERCIAL BANK ORGANIZED UNDER THE
LAWS OF THE UNITED STATES OF AMERICA OR ANY STATE THEREOF WHICH HAS A COMBINED
CAPITAL AND SURPLUS AND UNDIVIDED PROFITS OF NOT LESS THAN $500,000,000;
(D)
FULLY COLLATERALIZED