Coach 2006 Annual Report Download - page 111
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(i) Liens in favor of the Borrower on all or part of the assets of Subsidiaries of the Borrower securing Indebtedness owing by
Subsidiaries of the Borrower to the Borrower;
(ii) Liens to secure taxes, assessments and other government charges in respect of obligations not overdue or Liens on properties to
secure claims for labor, material or supplies in respect of obligations not overdue;
(iii) deposits or pledges made in connection with, or to secure payment of, workmen's compensation, unemployment insurance,
old age pensions or other social security obligations;
(iv) Liens on properties in respect of judgments or awards that have been in force for less than the applicable period for taking an
appeal so long as execution is not levied thereunder or in respect of which the Borrower or such Subsidiary shall at the time in good faith be
prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or
review;
(v) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties, in respect of obligations not
overdue or which the Borrower is diligently contesting in good faith;
(vi) encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real
property and defects and irregularities in the title thereto, landlord's or lessor's liens and other minor Liens, provided that none of such
Liens (A) interferes materially with the use of the property affected in the ordinary conduct of the business of the Borrower and its
Subsidiaries, and (B) individually or in the aggregate have a Material Adverse Effect;
(vii) Liens existing on the date hereof and listed on Schedule 9.2 hereto;
(viii) Liens to secure the performance of bids, tenders, contracts (other than contracts for the payment of Indebtedness), leases,
statutory obligations, surety, customs, appeal, performance and payment bonds and other obligations of like nature, in each such case
arising in the ordinary course of business;
(ix) Liens with respect to Indebtedness permitted under Sections 9.1(f) and (i) hereof; and
(x) other Liens not otherwise permitted hereunder, provided that such Liens do not secure Indebtedness in an aggregate amount
outstanding or committed in excess of $25,000,000, which Indebtedness is also permitted under Section 9.1 hereof.
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