Common use of Notice of Lien or Assessment Clause in Contracts

Notice of Lien or Assessment. A notice of Lien or assessment in excess of $1,000,000 which is not a Permitted Lien is filed of record with respect to all or any part of any assets of a Loan Party by any Official Body or any taxes or debts owing at any time or times hereafter to any Official Body, become payable and the same: (a) is not paid or bonded over within twenty (20) days after the same becomes payable, (b) is not being contested in good faith by appropriate proceedings, with appropriate reserves or accruals in the books and records of the Borrower;