Judgment Reserve definition
Judgment Reserve means the amount of any money judgments, writs or warrants of attachment, or similar process with respect to which the appropriate Loan Party has notified the insurance company but for which the insurance company has not affirmatively acknowledged coverage within thirty (30) days of receiving such notice.
Judgment Reserve means a reserve in the initial amount of $20,000; provided that (a) if Borrower provides to Lender evidence satisfactory to Lender that the judgment in favor of MSC Industrial Supply Co. in the amount of $28,203.62 has been paid and satisfied in full and any and all related liens have been released, the amount of the Judgment Reserve shall be reduced to $6,403; (b) if the Borrower provides to Lender evidence satisfactory to Lender that the judgment in favor of Perillos Bros. and Petro Inc. in the amount of $12,807.26 has been paid and satisfied in full and any and all related liens have been released, the amount of the Judgment Reserve shall be reduced to $14,102; and (c) if Borrower provides to Lender evidence satisfactory to Lender that both such judgments have been paid and satisfied in full and all related liens have been released, the amount of the Judgment Reserve shall be reduced to $0.00.
Judgment Reserve means a cumulative reserve established under Section 2.1(a)(y)(xi) hereof, not to exceed $11,200,000 in the aggregate, imposed automatically on the first day of each successive calendar quarter, commencing with the calendar quarter ending on December 31, 2018, in the amount of $2,000,000 per calendar quarter, which Judgment Reserve may be eliminated in accordance with the terms of Section 2.1(c) hereof.
Examples of Judgment Reserve in a sentence
During the four quarters ended December 31, 2004, Borrower allowed said ratio to be less than 1.25 to 1, also owing to the Cam Transport Judgment Reserve.
During the four quarters ended March 31, 2005, Borrower allowed said ratio to exceed 3.25 to 1, owing to the Cam Transport Judgment Reserve.
If the Company is released from all liability in respect of the Pending Judgment within three months after the date of the Closing for less than the amount of the Judgment Reserve, then the amount by which the Judgment Reserve exceeds the amount paid to settle the Pending Judgment and to obtain such release will be paid to the Stockholders in accordance with their respective Pro Rate Shares.
More Definitions of Judgment Reserve
Judgment Reserve means an availability reserve in an amount equal to any unpaid portion of the judgment against Borrower in connection with that certain employee suit brought by Richard K. Larson against Borrower.
Judgment Reserve means the amount equal to the sum of $3,587,000.