Common use of Notice of Lien or Assessment Clause in Contracts

Notice of Lien or Assessment. A notice of Lien or assessment in excess of $30,000,000.00 which is not a Permitted Lien is filed of record with respect to all or any part of any of the Loan Parties’ or any of their Material Subsidiaries’ assets by the United States, or any department, agency or instrumentality thereof, or by any state, county, municipal or other governmental agency, including the PBGC, or any taxes or debts owing at any time or times hereafter to any one of these becomes payable and the same is not paid within thirty (30) days after the same becomes payable, except for so long as the same is being contested in good faith in appropriate proceedings which have the effect of staying any enforcement action thereon and provided that such Loan Party has provided adequate bond or established appropriate reserves;