Common use of Judgments; Settlements Clause in Contracts

Judgments; Settlements. If one or more (a) judgments, orders, decrees or arbitration awards requiring the Borrower and/or its Subsidiaries to pay an aggregate amount of Seven Hundred Fifty Thousand Dollars ($750,000) or greater (not covered by a solvent independent third party insurance carrier as to which liability has been unconditionally accepted by such insurance carrier) shall be rendered against Borrower and/or any of its Subsidiaries and the same shall not have been vacated or stayed within ten (10) days thereafter (provided that no Credit Extensions will be made prior to such matter being vacated or stayed); or (b) settlements is agreed upon by Borrower and/or its Subsidiaries for the payment by Borrower and/or its Subsidiaries of an aggregate amount of Seven Hundred Fifty Thousand Dollars ($750,000) or greater or that could reasonably be expected to have a Material Adverse Effect; or

Judgments; Settlements. If one or more (a) judgments, orders, decrees or arbitration awards requiring the Borrower and/or its Subsidiaries to pay an aggregate amount of Seven Two Hundred Fifty Thousand Dollars ($750,000250,000) or greater (not covered by adequate insurance from a solvent independent third party insurance carrier as to which liability has been unconditionally accepted by is defending such insurance carrieraction without reservation of rights) shall be rendered against Borrower and/or any of its Subsidiaries and the same shall not have been satisfied, vacated or stayed within ten (10) days thereafter (provided that no Credit Extensions will be made prior to such matter being vacated or stayed); or (b) settlements is agreed upon by Borrower and/or its Subsidiaries for the payment by Borrower and/or its Subsidiaries of an aggregate amount of Seven Two Hundred Fifty Thousand Dollars ($750,000250,000) or greater in excess of any amounts covered by insurance or that could reasonably be expected to have a Material Adverse Effect; or

Judgments; Settlements. If one or more (a) judgments, orders, decrees or arbitration awards requiring the a Borrower and/or its Subsidiaries to pay an aggregate amount of Seven Two Hundred Fifty Thousand Dollars ($750,000250,000) or greater (not covered by a solvent independent third third-party insurance carrier as to which liability has not been unconditionally accepted denied by such insurance carrier) shall be rendered against such Borrower and/or any of its Subsidiaries and the same shall not have been vacated or stayed within ten fifteen (1015) days thereafter (provided that no Credit Extensions will be made prior to such matter being vacated or stayed); or (b) settlements is agreed upon by a Borrower and/or its Subsidiaries for the payment by such Borrower and/or its Subsidiaries of an aggregate amount of Seven Two Hundred Fifty Thousand Dollars ($750,000250,000) or greater or that could reasonably be expected to have a Material Adverse Effect; or.