Common use of Asset Seizure Clause in Contracts

Asset Seizure. (a) Any material portion of any Loan Party’s or its Subsidiaries’ assets is attached, seized, levied on, or comes into possession of a trustee or receiver; or (b) any court order enjoins, restrains, or prevents any Loan Party or Subsidiary thereof from conducting any material part of its business, in each case, as to each of clauses (a) and (b), which event continues in existence and is not remedied, dismissed or stayed for [***] days after a Loan Party obtains Knowledge thereof.

Asset Seizure. (ai) Any material portion of any Loan Party’s or its Subsidiaries’ assets is attached, seized, levied on, or comes into possession of a trustee or receiver; or (bii) any court order enjoins, restrains, or prevents any Loan Party or Subsidiary thereof from conducting any material part of its business, in each case, as to each of clauses (ai) and (bii), which event continues in existence and is not remedied, dismissed or stayed for [***] thirty (30) days after a Loan Party obtains Knowledge thereofthe date when such event first occurred.