No Litigation or Liens Clause Samples
The "No Litigation or Liens" clause prohibits parties from being involved in ongoing legal disputes or having any liens placed against their assets relevant to the agreement. In practice, this means that a party must confirm they are not currently subject to lawsuits or claims that could affect their ability to fulfill contractual obligations, and that their property or assets are free from encumbrances such as mortgages or judgments. This clause serves to protect the other party from potential legal or financial complications that could arise if the counterparty is entangled in litigation or has outstanding liens, thereby ensuring the reliability and stability of the contractual relationship.
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No Litigation or Liens. The Company is not a party to any action, proceeding, arbitration or lawsuit which is pending before or by any court, commission, governmental agency or other administrative or regulatory body or authority or which, to Seller’s knowledge after reasonable investigation, is threatened against the Company, and there is no lien or judgment against any of the Company’s assets or capital stock.
No Litigation or Liens. Except as otherwise disclosed by Borrower to Lender as of the date of this Agreement in writing, neither Borrower nor any of its Affiliates or Subsidiaries is involved in any pending or threatened litigation, arbitration, action or proceeding which may have a material adverse effect on its financial condition, its ability to perform as required under this Agreement or the Loan Documents, or to complete the Infrastructure or other improvements related to Phase II. No event has occurred which, to the best of ▇▇▇▇▇▇▇▇’s knowledge, could result in any violation of the representations and warranties set forth in this paragraph. Borrower has duly complied with, and its facilities, business, assets, property, leaseholds, real property and equipment, are in compliance in all material respects with, the provisions of the Federal Occupational Safety and Health Act; there have been no outstanding citations, notices or orders of non-compliance issued to Borrower or relating to Its business, assets, property, leaseholds or equipment under any such laws, rules or regulations. Borrower is not involved in any labor dispute; there are no strikes, walkouts or union organization of any of Borrower’s employees threatened or to ▇▇▇▇▇▇▇▇’s knowledge in existence. Neither Borrower (or its Affiliates or Subsidiaries), nor any of Borrower’s (or its Affiliates’ or Subsidiaries’) properties or assets are subject to any mechanic’s, laborer’s or materialmen’s liens resulting from delinquent or unpaid amounts related to any portion of Phase I of Borrower’s construction and development work at the Hall of Fame Village and/or with respect to any part of Phase II thereof.