Common use of Governmental Lien Clause in Contracts

Governmental Lien. If a notice of lien, levy or assessment is filed of record with respect to any or all of Borrower’s assets by the United States Government, or any department, agency or instrumentality thereof, or by any state, county, municipal or other governmental agency, or if any tax or debt owing at any time hereafter to any one or more of such entities becomes a Lien, whether c▇▇▇▇▇ or otherwise, upon any or all of the Borrower’s assets and the same is not paid on the payment date thereof, which lien is not removed within 60 days after receipt by Borrower of first notice thereof;