Unstayed or Undischarged Judgment Sample Clauses
The "Unstayed or Undischarged Judgment" clause defines a situation where a party is subject to a court judgment or order that has not been paused (stayed) or satisfied (discharged). In practice, this means that if a party has a monetary judgment entered against them and they have not paid it or obtained a court order delaying its enforcement, this condition is triggered. Such a clause is often used as an event of default in contracts, allowing the other party to take protective actions if the judgment remains unresolved. Its core function is to protect parties from the risk of dealing with a counterparty facing unresolved legal liabilities that could impact their ability to perform under the agreement.
Unstayed or Undischarged Judgment. 21.12.1 Any final judgment or order with a value in excess of $25,000,000 is made against the Guarantor and is not stayed or complied with within thirty (30) days, unless the same is being contested in good faith and by appropriate means and for which adequate reserves have been made.
21.12.2 Any final judgment or order for an amount in excess of one million dollars ($1,000,000) (or the equivalent thereof in any currency or currencies) made against any Obligor (other than the Guarantor) is not stayed or complied with within thirty (30) days, unless the same is being contested in good faith and by appropriate means and for which adequate reserves have been made.