Judgments; Attachment Sample Clauses
The "Judgments; Attachment" clause establishes the consequences and procedures if a court judgment is entered against a party or if their assets become subject to legal attachment or seizure. Typically, this clause outlines the rights of the non-defaulting party, such as the ability to declare a default or accelerate obligations, if the other party's assets are frozen or a judgment remains unsatisfied for a specified period. Its core function is to protect parties from the financial instability or risk posed by adverse legal actions against their counterpart, ensuring that such events trigger appropriate remedies or safeguards in the agreement.
Judgments; Attachment. (i) one or more judgments, orders or decrees shall be entered against the Parent Borrower and/or any of its Restricted Subsidiaries involving a liability (to the extent not covered by a reputable and solvent independent third-party insurance company as to which the insurer has been notified of such judgment or order and has not denied or failed to acknowledge coverage thereof) of $25,000,000 or50,000,000 or more in the aggregate for all such judgments, orders, decrees and settlements for the Parent Borrower and its Restricted Subsidiaries, and any such judgments, orders, decrees or settlements shall not have been vacated, discharged or stayed or bonded pending appeal within sixty (60) days from the entry thereof or (ii) any writ or warrant of attachment or execution or similar process is issued, commenced or levied against all or substantially all of the property of any Credit Party and is not released, vacated or fully bonded within sixty (60) days after its issue, commencement or levy;
Judgments; Attachment. There is entered against the Borrower (i) any one or more (A) judgments or orders for the payment of money or (B) writ or warrant of attachment or execution or similar process which, in either case, in the aggregate exceed the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage) which remains unsatisfied, unstayed, undischarged, unvacated and unbonded for a period in excess of sixty (60) days, or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, either (A) the Borrower is not actively challenging the validity, enforceability or effectiveness of such judgment or the grounds for same or (B) there is a period of sixty (60) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or
Judgments; Attachment. Any other creditor, customer or tax authority obtains a judgment or lien against Debtor or any guarantor, or any attachment, sale or seizure issues or is executed against any assets of Debtor or any guarantor.
Judgments; Attachment. (i) a final, non-appealable judgment, arbitral award or order is issued against the Borrower in an amount in excess of the equivalent of $750,000 or (ii) an attachment or analogous process is levied or enforced upon or issued against any of the assets of any Credit Party for an amount in excess of the equivalent of $750,000 and is not discharged within 30 days;
Judgments; Attachment. One or more judgments, orders, or decrees for the payment of money either individually or in an aggregate amount in excess of $250,000 (to the extent not paid, fully bonded or covered by a solvent and unaffiliated insurer that has not denied coverage) is entered by a court of competent jurisdiction against any Loan Party, or any one or more Loan Parties suffers one or more writs, warrant of attachment, or similar process, or a judgment creditor obtains possession of any of the Assets of any one or more Loan Parties by any means, including levy, distraint, replevin, or self-help and the same shall remain undischarged for a period of forty-five (45) consecutive days during which execution shall not be effectively stayed (by reason of pending appeal or otherwise), or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Loan Party to enforce any such judgment and such action shall not have been stayed;
Judgments; Attachment. Any other creditor, customer or tax authority obtains a judgment or lien against Debtor or any guarantor, or any attachment, sale or seizure issues or is executed against any assets of Debtor or any guarantor, and such is not paid, discharged, dismissed or bonded over within 30 days, so long as Debtor is not otherwise in default of this or any other agreement with Secured Party.
Judgments; Attachment. A final judgment or judgments is/are entered against Borrower for the payment of more than $1,000,000 which is/are not covered by insurance and not satisfied or appealed within 30 days following entry, or all or a substantial part of the assets of Borrower are attached, seized, subject to writ or warrant or are levied on or come into the possession or control of a receiver, trustee, custodian or assignee for the benefit of creditors.