Action By Governmental Authority Clause Samples
Action By Governmental Authority. Any Governmental Authority enters a decree, order or ruling (" Government Action ") which will materially and adversely affect any Borrower’s, any Marine Subsidiary of such Borrower’s, FSI’s, TEC’s, Acquisub’s, PLMI’s, or MILPI’s financial condition, operations or ability to perform or pay such party’s obligations arising under this Agreement or any instrument or agreement executed pursuant to the terms of this Agreement or which will similarly affect any Owner Trustee holding record title to any Eligible Inventory for the beneficial interest of such Borrower (or jointly with one or more other Borrowers). Such Borrower or FSI shall have thirty (30) days from the earlier of the date (a) Borrower or FSI, as applicable, first discovers it is the subject of Government Action or (b) a Lender or any agency gives notice of Government Action to take such steps as are necessary to obtain relief from the Government Action. For the purpose of this paragraph, "relief from Government Action" means to discharge or to obtain a dismissal of or release or relief from (i) any Government Action so that the affected party or parties do not incur (A) any monetary liability in the case of Acquisub or any Marine Subsidiary of Acquisub, (B) monetary liability of more than $1,000,000 in the case of any other Borrower or any Marine Subsidiary of such other Borrower, (C) monetary liability of more than $500,000 in the case of FSI, (D) monetary liability of more than $500,000 in the case of TEC, (E) monetary liability of more than $1,000,000 in the case of PLMI, (F) monetary liability of more than $1,000,000 in the case of MILPI, or (G) monetary liability of more than $1,000,000, in the aggregate, in the case of any combination of the foregoing Persons, or (ii) any disqualification of or other limitation on the operation of any Borrower, any Marine Subsidiary of such Borrower, FSI, TEC, Acquisub, PLMI and MILPI, or any of them, which in the reasonable determination of Requisite Lenders may have a Material Adverse Effect; or
Action By Governmental Authority. Any Governmental Authority enters a decree, order or ruling ("Government Action") which will materially and adversely affect Borrower's, any Marine Subsidiary's, FSI's, TEC's, or PLMI's financial condition, operations or ability to perform or pay such party's obligations arising under this Agreement or any instrument or agreement executed pursuant to the terms of this Agreement or which will similarly affect any Owner Trustee. Borrower or FSI shall have thirty (30) days from the earlier of the date (a) Borrower or FSI, as applicable, first discovers it is the subject of Government Action or (b) a Lender or any agency gives notice of Government Action to take such steps as are necessary to obtain relief from the Government Action. For the purpose of this paragraph, "relief from Government Action" means to discharge or to obtain a dismissal of or release or relief from (i) any Government Action so that the affected party or parties do not incur (v) any monetary liability in the case of Borrower or any Marine Subsidiary, (w) monetary liability of more than $500,000 in the case of FSI, (x) monetary liability of more than $500,000 in the case of TEC, (y) monetary liability of more than $1,000,000 in the case of PLMI, or (z) monetary liability of more than $1,000,000, in the aggregate, in the case of any combination of the foregoing Persons, or (ii) any disqualification of or other limitation on the operation of Borrower, any Marine Subsidiary, FSI, TEC, and PLMI, or any of them, which in the reasonable determination of the Requisite Lenders may have a Material Adverse Effect; or
Action By Governmental Authority. (a) Any Governmental Authority shall issue any order of conservation, supervision or any other order of like effect relating to Borrower or any Subsidiary which could cause a Material Adverse Effect, (b) any License shall be revoked, the revocation of which could cause a Material Adverse Effect, or (c) any insurance commissioner or any other insurance regulator of any state intervenes or takes any steps towards intervening in the management of the business or operations of Borrower or any Subsidiary, or Borrower or any Subsidiary facilitates or takes any affirmative action with the intention of facilitating such intervention.
Action By Governmental Authority. If any Governmental Authority imposes a fine or penalty with respect to ▇▇▇▇▇▇▇▇▇'s failure to pay an Imposition in a timely manner or if, following ▇▇▇▇▇▇▇▇▇'s election to contest the amount or validity of any Imposition, ▇▇▇▇▇▇▇▇▇ fails to duly perform or comply with any provision set forth in Section 1.7(c); or
Action By Governmental Authority. If any Governmental Authority imposes a fine or penalty with respect to Mortgagor's failure to pay an Imposition in a timely manner or if, following Mortgagor's election to contest the amount or validity of any Imposition, Mortgagor fails to duly perform or comply with any provision set forth in Section 1.7(c); or
Action By Governmental Authority. Any Governmental Authority enters a decree, order or ruling ("Government Action") which will materially and adversely affect Borrower's financial condition, operations or ability to perform or pay Borrower's obligations arising under this Agreement or any instrument or agreement executed pursuant to the terms of this Agreement or which will similarly affect any Special Purpose Entity that has incurred any Indebtedness with recourse to, or guaranteed by, Borrower, or any Owner Trustee. Borrower shall have thirty (30) days from the earlier of the date (a) Borrower first discovers that it or any such Special Purpose Entity or any Owner Trustee is the subject of Government Action or (b) Agent or any Lender gives notice of Government Action to take such steps as are necessary to obtain relief from the Government Action. For the purpose of this paragraph, "relief from Government Action" means to discharge or to obtain a dismissal of or release or relief from (i) any Government Action so that the affected party or parties do not incur (A) monetary liability of more than $1,000,000 in the aggregate, or (ii) any disqualification of or other limitation on the operation of Borrower, any Owner Trustee or any such Special Purpose Entity, or any of them, which in the reasonable determination of Requisite Lenders may have a Material Adverse Effect; or
Action By Governmental Authority. No Governmental Authority shall have taken or threatened to take any action that could, in the Global Group’s reasonable discretion, have a material adverse effect on any member of the Global Group or its Affiliates.
Action By Governmental Authority. If Buyer, Company or Shareholder receives notice, whether written or oral, from a Governmental Authority that the Governmental Authority has commenced or intends to commence an Action with respect to the purchase price allocation described in Section 2.4 hereof or the characterization of any gain or loss reflected on the Tax Returns with respect to such purchase price allocation, Tax Returns filed on the basis thereof or other tax matters associated therewith (“Tax Action”), the recipient shall promptly notify the other parties in writing, providing reasonable detail of the facts known to such party associated with such Action and copies of any written correspondence and pleadings received from such Governmental Authority. For purposes of Article X hereof, a Tax Action shall be treated as a Third Party Action, Shareholder shall be the Indemnified Party and Buyer shall be the Indemnifying Party. If a Tax Action results in a Reimbursement Amount being payable to Shareholder, such amount shall be treated as Damages for purposes of Article X hereof and shall be paid by Buyer or Buyer Bank to Shareholder within 30 days following the (a) final adjudication of such Tax Action, beyond all applicable appeal periods or (b) the final settlement of such Tax Action in writing in the manner described in Article X hereof.
Action By Governmental Authority. Any Governmental Authority enters a decree, order or ruling ("Government Action") which will materially and adversely affect Borrower's or Guarantor's financial condition, operations or ability to perform or pay such party's obligations arising under this Agreement or any instrument or agreement executed pursuant to the terms of this Agreement. Borrower or Guarantor shall have thirty (30) days from the earlier of the date (a) Borrower or Guarantor, as applicable, first discovers it is the subject of Government Action or (b) a Lender or any agency gives notice of Government Action to take such steps as are necessary to obtain relief from the Government Action. For the purpose of this paragraph, "relief from Government Action" means to discharge or to obtain a dismissal of or release or relief from (i) any Government Action so that the affected party or parties do not incur (x) any monetary liability in the case of Borrower, or (y) monetar liability of more than $1,000,000 in the case of Guarantor, or (ii) any disqualification of or other limitation on the operation of Borrower or Guarantor, or either of them, which in the reasonable determination of the Requisite Lenders may have a Material Adverse Effect; or