Common use of Judgments and Proceedings Clause in Contracts

Judgments and Proceedings. (A) (1) The entry of any judgment or decree against Performance Guarantor, the Servicer or any of their respective Subsidiaries if the aggregate amount of all judgments and decrees then outstanding against Performance Guarantor, the Servicer and their respective Subsidiaries exceeds $50,000,000 after deducting (I) the amount with respect to which Performance Guarantor, the Servicer or any such Subsidiary, as the case may be, is insured and with respect to which the insurer has assumed responsibility in writing, and (II) the amount for which Performance Guarantor, the Servicer or any such Subsidiary is otherwise indemnified if the terms of such indemnification are satisfactory to the Agent and each Lender Group Agent, and (2) the filing or commencement of, or of any threat or notice of intention of any Person to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any governmental authority, against the Performance Guarantor or the Servicer that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, provided, however, that any notice required by this subclause (A)(2) shall be provided as soon as possible and in any event within five (5) Business Days after any Authorized Officer of such Loan Party has knowledge of such filing, commencement, threat or notice of intention; and (B) the entry of any judgment or decree or the institution of any litigation, arbitration proceeding or governmental proceeding against Borrower.

Judgments and Proceedings. (A) (1) The entry of any judgment or decree against Performance Guarantor, the Servicer or any of their respective Subsidiaries if the aggregate amount of all judgments and decrees then outstanding against Performance Guarantor, the Servicer and their respective Subsidiaries exceeds $50,000,000 after deducting (I) the amount with respect to which Performance Guarantor, the Servicer or any such Subsidiary, as the case may be, is insured and with respect to which the insurer has assumed responsibility in writing, and (II) the amount for which Performance Guarantor, the Servicer or any such Subsidiary is otherwise indemnified if the terms of such indemnification are satisfactory to the Agent and each Lender Group Agent, and (2) the filing or commencement of, or of any threat or notice of intention of any Person to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any governmental authority, against the Performance Guarantor or the Servicer that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, provided, however, that any notice required by this subclause (A)(2) shall be provided as soon as possible and in any event within five (5) Business Days after any Authorized Officer of such Loan Party has knowledge of such filing, commencement, threat or notice of intention; and (B) the entry of any judgment or decree 17 or the institution of any litigation, arbitration proceeding or governmental proceeding against Borrower.