Common use of Notice of Lien or Assessment Clause in Contracts

Notice of Lien or Assessment. A notice of Lien or assessment 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 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 or bonded within thirty (30) days after the same becomes payable (each an “Continuing Governmental Lien”) and the amount thereof, together with the amount of any other Continuing Governmental Liens which remain unsatisfied exceed $2,500,000; Any Loan Party or any Subsidiary of a Loan Party ceases to be solvent or admits in writing its inability to pay its debts as they mature;

Notice of Lien or Assessment. A notice of Lien or assessment 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 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 or bonded within thirty (30) days after the same becomes payable (each an “Continuing Governmental Lien”) and the amount thereof, together with the amount of any other Continuing Governmental Liens which remain unsatisfied exceed $2,500,000; Any Loan Party or any Subsidiary of a Loan Party ceases to be solvent or admits in writing its inability to pay its debts as they mature;