Contested Obligation Sample Clauses
A Contested Obligation clause defines the procedures and rights of parties when there is a dispute over whether a specific contractual obligation must be performed. Typically, this clause outlines steps such as providing written notice of the dispute, suspending performance of the contested obligation until the issue is resolved, and possibly requiring the parties to engage in dispute resolution processes like negotiation or arbitration. Its core practical function is to prevent unnecessary performance or enforcement of obligations that are legitimately in dispute, thereby protecting both parties from potential losses or liabilities while the disagreement is addressed.
Contested Obligation. (i) Any of the Loan Documents shall for any reason cease to be, or are asserted by any Credit Party not to be a legal, valid and binding obligations of any Credit Party, enforceable in accordance with their terms; or (ii) the validity, perfection or priority of MLBFS' first lien and security interest on any of the Collateral is contested by any Person; or (iii) any Credit Party shall or shall attempt to repudiate, revoke, contest or dispute, in whole or in part, such Credit Party's obligations under any Loan Document.
Contested Obligation. (i) Any Loan Document shall for any reason cease to be, or is asserted by the Borrower or any Guarantor, as applicable, not to be, a legal, valid and binding obligation of that Person, enforceable in accordance with its terms; or (ii) the validity, perfection or priority of the Lender's first lien and security interest on any of the Collateral under this Agreement or any of the Trust Property under the Indenture is contested by any Person; or (iii) any Guarantor repudiates, revokes, contests or disputes, in whole or in part, such Guarantor's obligations under any Guaranty Agreement.
Contested Obligation. The Loan Agreement or any other Loan Document shall fail to be, or is claimed by the Customer or any Credit Party to not be, in any material respect, in full force and effect or shall not, or is claimed by any Credit Party not to, give MLBFS the security interests, Liens, rights, powers and privileges purported to be created thereby (except as such documents may be terminated or no longer in force and effect in accordance with the terms thereof, other than those indemnities and provisions which by their terms shall survive).
Contested Obligation. Any of the Loan Documents shall for any reason cease to be, or are asserted by any Credit Party not to be a legal, valid and binding obligations of any Credit Party, enforceable in accordance with their terms; or (ii) the validity, perfection or priority of MLC's first lien and security interest on any of the Collateral is contested by any Person; or (iii) any Credit Party shall or shall attempt to repudiate, revoke, contest or dispute, in whole or in part, such Credit Party's obligations under any Loan Document. Judgments. A judgment shall be entered against any Credit Party in excess of $5,000,000.00 and the judgment is not paid in full and discharged, or stayed and bonded to the satisfaction of MLC.