Supercuts 2002 Annual Report Download - page 66

under workers compensation, unemployment insurance and other social security legislation), surety or appeal bonds or other Liens of like
general nature incurred in the ordinary course of business and not in connection with the borrowing of money;
(c) any attachment or judgment Lien, unless the judgment it secures has not, within 60 days after the entry thereof, been discharged or
execution thereof stayed pending appeal, or has not been discharged within 60 days after the expiration of any such stay;
(d) Liens securing Debt of a Restricted Subsidiary to the Company or to a Wholly Owned Restricted Subsidiary;
(e) Liens securing Debt existing on property or assets of the Company or any Restricted Subsidiary as of the date of this Agreement that are
described in Schedule 10.4;
(f) encumbrances in the nature of leases, subleases, zoning restrictions, easements, rights of way, minor survey exceptions and other rights and
restrictions of record on the use of real property and defects in title arising or incurred in the ordinary course of business, which, individually
and in the aggregate, do not materially impair the use or value of the property or assets subject thereto or which relate only to assets that in the
aggregate are not material;
(g) Liens (i) existing on property at the time of its acquisition by the Company or a Restricted Subsidiary and not created in contemplation
thereof, whether or not the Debt secured by such Lien is assumed by the Company or a Restricted Subsidiary; or (ii) on property created
contemporaneously with its acquisition or within 180 days of the acquisition or completion of construction thereof to secure or provide for all
or a portion of the purchase price or cost of construction of such property after the date of Closing; or (iii) existing on property of a Person at
the time such Person is merged or consolidated with, or becomes a Restricted Subsidiary of, or substantially all of its assets are acquired by, the
Company or a Restricted Subsidiary and not created in contemplation thereof; provided that in the case of clauses (i), (ii) and (iii) such Liens
do not extend to additional property of the Company or any Restricted Subsidiary (other than property that is an improvement to or is acquired
for specific use in connection with the subject property) and, in the case of clause (ii) only, that the aggregate principal amount of Debt secured
by each such Lien does not exceed the lesser of cost of acquisition or construction or the fair market value (determined in good faith by one or
more officers of the Company to whom authority to enter into the transaction has been delegated by the board of directors of the Company) of
the property subject thereto;
(h) Liens resulting from extensions, renewals or replacements of Liens permitted by paragraphs (e) and (g), provided that (i) there is no
increase in the principal amount or decrease in maturity of the Debt secured thereby at the time of such extension, renewal or replacement, (ii)
any new Lien attaches only to the same property theretofore subject to such earlier Lien and (iii) immediately after such extension, renewal or
replacement no Default or Event of Default would exist; and
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