Common use of Judgments; Settlements Clause in Contracts

Judgments; Settlements. If one or more (a) judgments, orders, decrees or arbitration awards requiring the Borrower and/or its Subsidiaries to pay an aggregate amount of Two Hundred Thousand Dollars ($200,000) or greater shall be rendered against Borrower and/or its Subsidiaries other than those covered by insurance (less a reasonable deductible) for which the insurer has acknowledged coverage and the same shall not have been vacated or stayed within thirty (30) days thereafter (provided that no Credit Extensions will be made prior to such matter being vacated or stayed); or (b) settlements is agreed upon by Borrower and/or its Subsidiaries for the payment by Borrower and/or its Subsidiaries of an aggregate amount of Two Hundred Thousand Dollars ($200,000) or greater or that could reasonably be expected to have a Material Adverse Effect.

Judgments; Settlements. If one or more (a) judgments, orders, decrees or arbitration awards requiring the Borrower and/or its Subsidiaries to pay that are not covered by insurance and which require payment in an aggregate amount of Two Hundred Fifty Thousand Dollars ($200,000250,000) or greater shall be rendered against Borrower and/or its Subsidiaries other than those covered by insurance (less a reasonable deductible) for which the insurer has acknowledged coverage and the same shall not have been vacated or stayed within thirty ten (3010) days thereafter (provided that no Credit Extensions will be made prior to such matter being vacated or stayed); or (b) settlements is agreed upon by Borrower and/or its Subsidiaries for the payment by Borrower and/or its Subsidiaries of an aggregate amount of Two Hundred Fifty Thousand Dollars ($200,000250,000) or greater or that could reasonably be expected to have a Material Adverse Effect.