Lien Default Sample Clauses
A Lien Default clause defines the circumstances under which a party's failure to remove or address liens on property constitutes a default under the agreement. Typically, this clause applies when a party allows a lien—such as a mechanic's lien or tax lien—to be placed on the property in violation of the contract terms, and fails to resolve it within a specified period after notice. The core function of this clause is to protect the interests of the non-defaulting party by providing a clear remedy or recourse if liens threaten the property's title or value, thereby ensuring the property remains free of encumbrances.
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Lien Default. If any Loan Party is in default under the terms and provisions of any contract, agreement or writing involving an amount in excess of the Threshold Amount, with any creditor in favour of whom a Lien exists on any Collateral, and, if there is a grace period applicable thereto, such failure continues on beyond the expiry of the grace period applicable thereto.
Lien Default. The holder of any lien, whether now or hereafter ------------- existing, granted or assumed by the Company, and securing any indebtedness exceeding One Million Dollars ($1,000,000) in the aggregate (whether or not indebtedness of the Company) takes substantial steps to enforce the same because of the nonpayment (whether by acceleration or otherwise) of the indebtedness secured thereby.
Lien Default. If any lien in any Collateral, granted or intended by the Loan Documents to be granted to Bank, ceases to be a valid, enforceable, perfected, first priority Lien subject only to Permitted Liens.
Lien Default. If the Borrower or any Subsidiary is in default under the terms and provisions of any contract, agreement or writing involving an amount in excess of $500,000 with any creditor in favour of whom a Lien exists on the property, assets or undertaking of the Borrower or such Subsidiary, as the case may be, and, if there is a grace period applicable thereto, such failure continues on beyond the expiry of the grace period applicable thereto.