Attachment proceedings Sample Clauses
The "Attachment proceedings" clause defines the process and conditions under which a party may seek to secure or seize assets belonging to another party, typically to satisfy a potential or existing debt or judgment. In practice, this clause outlines the legal steps required to initiate attachment, such as obtaining a court order and identifying the assets subject to attachment, which may include bank accounts, property, or other valuables. Its core function is to provide a mechanism for creditors to protect their interests and ensure that assets are available to satisfy a claim, thereby reducing the risk of non-payment or asset dissipation during a dispute.
Attachment proceedings to notify the Collateral Agent promptly if any item of the Collateral is affected by or subject to attachment proceedings or other similar measures. In the event of an attachment or other similar measure, the Pledgor shall provide the Collateral Agent, at its request, with a copy of the attachment or other similar measure and execution order as well as with all other documentation necessary to lodge protest against the execution and shall immediately inform the execution creditor in writing of the Collateral Agent's security interests hereunder;