Involuntary Lien Sample Clauses
An Involuntary Lien clause defines the rights and obligations of parties when a lien is placed on a property without the owner's consent, typically as a result of unpaid debts such as taxes, judgments, or contractor claims. This clause outlines the procedures for addressing such liens, including notification requirements, timelines for resolution, and potential remedies if the lien is not promptly cleared. Its core function is to protect the interests of parties involved in a transaction by ensuring that any unexpected encumbrances on the property are managed efficiently, thereby reducing the risk of financial loss or legal complications.
Involuntary Lien. The filing or commencement of any involuntary Lien, garnishment, attachment or the like shall be issued against or with respect to the Collateral.
Involuntary Lien. The attachment of any involuntary lien in the sum of THREE HUNDRED THOUSAND DOLLARS ($300,000.00) or more, of any kind or character, upon the assets or property of the Borrower, except for taxes due, but not in default, and liens being contested in such a manner as to prevent the foreclosure thereof and except for Permitted Liens.
Involuntary Lien. The attachment of any involuntary Lien in the sum of $25,000 or more, of any kind or character, on any property of Borrower which has not been released for a period of 60 days.
Involuntary Lien. The attachment of any involuntary lien in the sum of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00) or more, of any kind or character, upon the assets or property of the Borrowers, except for taxes due, but not in default, and liens being contested in such a manner as to prevent the foreclosure thereof and except for Permitted Liens.
Involuntary Lien. The attachment of any involuntary lien in the sum of THREE HUNDRED THOUSAND DOLLARS ($300,000.00) or more, of any kind or character, upon the assets or property of GLOG, or either of them, except for taxes due, but not in default, and liens being contested in such a manner as to prevent the foreclosure thereof and except for Permitted Liens.