Attachment; Levy Sample Clauses
The attachment-levy clause defines the rights and procedures related to the legal seizure of a party's assets to satisfy a debt or judgment. In practice, this clause outlines the circumstances under which a creditor may obtain a court order to attach or levy property belonging to the debtor, such as bank accounts or physical assets, and may specify the process for contesting or complying with such actions. Its core function is to provide a clear mechanism for enforcing financial obligations, ensuring that creditors have a legal avenue to recover owed amounts if the debtor fails to pay voluntarily.
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Attachment; Levy. The issuance of any levy, assessment, attachment, seizure or Lien, other than a Permitted Lien, against any of the Collateral which is not stayed or lifted within thirty (30) calendar days, unless sufficient cash reserves are established;
Attachment; Levy. If an attachment, execution or other process is levied against a Shareholder or any of Shareholder’s Shares so as to become a lien on such Shares, and such lien is not released within fifteen (15) days after the date of levy, then the other Shareholder shall have the option to purchase all of such Shareholder’s Shares.
Attachment; Levy. Restraint on Business (a)
Attachment; Levy. (i) The service of process seeking to attach, by trustee, monitor, receiver or similar process, any funds of a Loan Party or of any of its Subsidiaries, or (ii) a notice of Lien or levy, in each case in excess of $5,000,000 is filed against assets of any Loan Party or any of its Subsidiaries by any Governmental Authority, and the same under clauses (i) and (ii) hereof are not, within thirty (30) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise.
(i) Any Collateral having an aggregate fair market value of no less than $1,000,000 is attached, seized, levied on, or comes into possession of a trustee, monitor or receiver and such attachment, seizure or levy has not been removed, discharged or rescinded within thirty (30) days, or (ii) any court order enjoins, restrains, or prevents a Loan Party from conducting all or any material part of its business.