Common use of Payment of Judgments Clause in Contracts

Payment of Judgments. Any Company fails to pay any final, non-appealable judgment or order for the payment of money in excess of $20,000,000 rendered against it or any of its assets and enforcement proceedings shall have been commenced by any creditor upon any such judgment or order and remain unstayed. Notwithstanding the foregoing sentence, it shall not be a Default if the validity or amount of such judgment or order is being contested in good faith by lawful proceedings diligently conducted and a reserve or other provision required by GAAP has been made.

Payment of Judgments. Any Company fails to pay any final, non-appealable judgment or order for the payment of money in excess of $20,000,000 10,000,000 rendered against it or any of its assets and enforcement proceedings shall have been commenced by any creditor upon any such judgment or order and remain unstayed. Notwithstanding the foregoing sentence, it shall not be a Default if the validity or amount of such judgment or order is being contested in good faith by lawful proceedings diligently conducted and a reserve or other provision required by GAAP has been made.