Writs Clause Samples
The 'Writs' clause defines the procedures and authority for issuing formal written orders, known as writs, within a legal or contractual context. Typically, this clause outlines who has the power to request or grant writs, the types of writs that may be issued (such as writs of execution or mandamus), and the circumstances under which they can be used. Its core function is to ensure that parties have a clear mechanism for seeking judicial or administrative intervention to enforce rights or obligations, thereby providing a structured remedy for addressing disputes or enforcing compliance.
Writs if a writ, execution, attachment or similar process is issued or levied against all or a material portion of the property of any Loan Party in connection with any judgment or judgments against such Loan Party aggregating in excess of the Threshold Amount (other than against any Non-Recourse Asset in respect of the Non-Recourse Debt to which it relates) and such writ, execution, attachment or similar process is not released, satisfied, discharged, vacated or stayed within twenty (20) days after its entry, commencement or levy;
Writs if writs, executions, attachments or similar processes are issued or levied against any of the Property of any Loan Party in an aggregate amount which is in excess of Cdn.$1,500,000 and such writ, execution, attachment or similar process remains undischarged or unreleased for a period of twenty (20) Business Days;
Writs if writs, executions, attachments or similar processes are issued or levied against any of the property of any Loan Party having an aggregate value in excess of U.S. $50,000,000 or the Equivalent Amount in any other currency and such writ, execution, attachment or similar process remains undischarged, unstayed or unreleased for a period of thirty (30) days;