Common use of Properly Contested Clause in Contracts

Properly Contested. with respect to any obligation of an Obligor or Subsidiary, (a) the obligation is subject to a bona fide dispute regarding validity, amount or the Obligor’s or Subsidiary’s liability to pay; (b) the obligation is being properly contested in good faith by appropriate proceedings promptly instituted and diligently pursued; (c) appropriate reserves have been established in accordance with GAAP or IFRS, as applicable; (d) non-payment could not reasonably be expected to have a Material Adverse Effect, nor result in forfeiture or sale of any Collateral of an Obligor; (e) no Lien is imposed on Collateral of an Obligor, unless bonded and stayed within five Business Days to the reasonable satisfaction of Agent; and (f) if the obligation results from entry of a judgment or other order, such judgment or order is stayed pending appeal or other judicial review.

Properly Contested. with respect to any obligation of an Obligor or SubsidiaryObligor, (a) the obligation is subject to a bona fide dispute regarding validity, amount or the Obligor’s or Subsidiary’s liability to pay; (b) the obligation is being properly contested in good faith by appropriate proceedings action promptly instituted and diligently pursued; (c) appropriate adequate reserves have been established in accordance with GAAP or IFRS, as applicableGAAP; (d) non-payment could not reasonably be expected to have a Material Adverse Effect, nor result in forfeiture or sale of any Collateral material portion of an the assets of the Obligor; (e) no Lien is imposed on Collateral assets of an the Obligor, unless bonded and stayed within five Business Days to the reasonable satisfaction of Agent; and (f) if the obligation results from entry of a judgment or other order, such judgment or order is stayed pending appeal or other judicial review.

Properly Contested. with respect to any obligation of an Obligor or SubsidiaryObligor, (a) the obligation is subject to a bona fide dispute regarding validity, amount or the Obligor’s or Subsidiary’s liability to pay; (b) the obligation is being properly contested in good faith by appropriate proceedings promptly instituted and diligently pursued; (c) appropriate reserves have been established in accordance with GAAP or IFRS, as applicableGAAP; (d) non-payment (while the same is being contested) could not reasonably be expected to have a Material Adverse Effect, nor result in forfeiture or sale of any Collateral material assets of an the Obligor; (e) no Lien is imposed on Collateral assets of an the Obligor, unless bonded and stayed within five Business Days thirty (30) days of the entry thereof to the reasonable satisfaction of AgentLender; and (f) if the obligation results from entry of a judgment or other order, such judgment or order is stayed pending appeal or other judicial review.