Contested Item definition

Contested Item means any Lien asserted against all or any portion of the Mortgaged Property if, and so long as (i) Borrowers have notified Bank of same within fifteen (15) days of obtaining knowledge thereof, (ii) Borrowers shall diligently and in good faith contest the same by appropriate legal proceedings which shall operate to prevent the enforcement of collection of the same and the sale of the Mortgaged Property or any part thereof, to satisfy the same, (iii) pending resolution of such Contested Item, Borrowers shall have furnished to Bank a cash deposit or an indemnity bond reasonably satisfactory to Bank with a surety reasonably satisfactory to Bank in the amount of such imposition or lien claim, plus a reasonable additional sum to pay all costs, interest and penalties that may be imposed or incurred in connection therewith, to ensure payment of the matters under contest and to prevent any sale or forfeiture of the Mortgaged Property or any part thereof, (iv) Borrowers shall promptly upon final determination thereof pay the amount of any such imposition or lien claim so determined, together with all costs, interest and penalties which may be payable in connection therewith, (v) the failure to pay such imposition or, lien claim does not constitute a default under any other deed of trust, mortgage or security interest covering or affecting any part of the Mortgaged Property, and (vi) notwithstanding the foregoing, Borrowers shall immediately upon request of Bank pay any such imposition or lien claim notwithstanding such contest if, in the reasonable opinion of Bank, the Mortgaged Property shall be in jeopardy or in danger of being forfeited or foreclosed. Bank may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the reasonable judgment of Bank, the entitlement of such claimant is established.
View Source
Contested Item means any imposition, mechanic's or materialman's lien asserted against all or any part of the Property if, and so long as (A) Borrower has notified Administrative Agent of same within ten (10) days of obtaining knowledge thereof; (B) Borrower, at its sole cost and expense, shall diligently and in good faith contest the same by appropriate legal, administrative or other proceedings which shall operate to prevent the enforcement of collection of the same and the sale of the Property or any part thereof to satisfy the same;
View Source

Examples of Contested Item in a sentence

  • Notwithstanding sub-paragraph (d) above, in the event a Service Recipient identifies a Significant Contested Item within thirty (30) days after delivery of the Services Charge Schedule, the Service Provider’s Project Manager shall, upon being notified of such item, prepare and submit a written report setting out any good faith justifications for the relevant charge or deviation from the MSM.

  • In case of any adjustments, credits, refunds or any other remedy agreed to be made by the Parties (“Agreed MSM Remedy”), each Party shall prepare a report setting forth the Agreed MSM Remedy in reasonable detail, which must include, at a minimum, the Significant Contested Item, the monetary adjustment to be made pursuant to the Agreed MSM Remedy and the date and procedures for effecting such adjustment.

  • Notwithstanding anything in this definition or as otherwise provided in any of the Loan Documents, the Lien (Tenant) shall also qualify as and constitute a Contested Item until that date that is one hundred twenty (120) days from the Effective Date.

  • In resolving any Contested Item, the Accountants may not assign a value to any particular item greater than the greatest value for such item claimed by BU or Santolubes or less than the lowest value for such item claimed by BU or Santolubes, in each case as presented to the Accountants.

  • Any party hereto may seek judicial resolution of any Contested Item.