Common use of Payment of Taxes and Other Indebtedness Clause in Contracts

Payment of Taxes and Other Indebtedness. It will pay and discharge (i) all income taxes and payroll taxes, (ii) all taxes, assessments, fees and other governmental charges imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iii) all lawful claims (including claims for labor, materials and supplies), which, if unpaid, might become a Lien upon any of its property and (iv) all of its Indebtedness as it becomes due and payable, except as prohibited hereunder; provided, however, that it shall not be required to pay any such tax, assessment, charge, levy, claims or Indebtedness if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate actions and appropriate accruals and reserves therefor have been established in accordance with GAAP.

Appears in 5 contracts

Samples: Credit Agreement (Supershuttle International Inc), Revolving Credit Agreement (Hypercom Corp), Credit Agreement (Sitek Inc)

AutoNDA by SimpleDocs

Payment of Taxes and Other Indebtedness. It Borrower will pay and discharge (i) all income taxes and payroll taxes, (ii) all taxes, assessments, fees and other governmental charges imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iii) all lawful claims (including claims for labor, materials and supplies), which, if unpaid, might become a Lien upon any of its property and (iv) all of its Indebtedness as it becomes due and payable, except as prohibited hereunder; provided, however, that it shall not be required to pay any such tax, assessment, charge, levy, claims or Indebtedness if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate actions and appropriate accruals and reserves therefor have been established in accordance with GAAP.

Appears in 3 contracts

Samples: Loan Agreement (Bowmar Instrument Corp), Loan Agreement (Daw Technologies Inc /Ut), Loan Agreement (Continental Circuits Corp)

Payment of Taxes and Other Indebtedness. It will Borrower shall pay and discharge (i) all income taxes and payroll taxes, (ii) all taxes, assessments, fees assessments and other governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iiiii) all lawful claims (including claims for labor, materials and supplies), ) which, if unpaid, might become will give rise to a Lien upon any of its property property, other than a Permitted Lien, and (iviii) all of its other Indebtedness as it becomes due and payablein accordance with their respective terms, except as prohibited hereunder; provided, however, that it Borrower shall not be required to pay any such tax, assessment, charge, levy, claims levy or Indebtedness other claim if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate actions proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.

Appears in 2 contracts

Samples: Convertible Loan Agreement (Caminosoft Corp), Convertible Loan Agreement (Caminosoft Corp)

Payment of Taxes and Other Indebtedness. It will pay and discharge (i) all income taxes and payroll taxes, (ii) all taxes, assessments, fees and other governmental charges imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iii) all lawful claims (including claims for labor, materials and supplies), which, if unpaid, might become a Lien upon any of its property property, and (iv) all of its Indebtedness as it becomes due and payable, except as prohibited hereunder; provided, however, that it shall not be required to pay any such tax, assessment, charge, levy, claims or Indebtedness if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate actions and appropriate accruals and reserves therefor have been established in accordance with GAAP.

Appears in 2 contracts

Samples: Credit Agreement (Matrixx Initiatives Inc), Credit Agreement (Gumtech International Inc \Ut\)

Payment of Taxes and Other Indebtedness. It will (a) Borrower shall, and shall cause its Subsidiaries (if any) to, pay and discharge (i) all income taxes and payroll taxes, (ii) all taxes, assessments, fees assessments and other governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iiiii) all lawful claims (including claims for labor, materials and supplies), which, if unpaid, might become give rise to a Lien upon any of its property property, and (iviii) all of its Indebtedness as it becomes due and payableother Indebtedness, except as prohibited hereunder; provided, however, that it Borrower and its Subsidiaries, if any, shall not be required to pay any such tax, assessment, charge, levy, claims charge or Indebtedness levy if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate actions proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.

Appears in 2 contracts

Samples: Convertible Loan Agreement (Integrated Security Systems Inc), Convertible Loan Agreement (Jakks Pacific Inc)

Payment of Taxes and Other Indebtedness. It will (a) Borrower shall, and shall cause its Subsidiaries, if any, to, pay and discharge (i) all income taxes and payroll taxes, (ii) all taxes, assessments, fees assessments and other governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iiiii) all lawful claims (including claims for labor, materials and supplies), which, if unpaid, might become give rise to a Lien upon any of its property property, and (iviii) all of its Indebtedness as it becomes due and payableother Indebtedness, except as prohibited hereunder; provided, however, that it Borrower and its Subsidiaries, if any, shall not be required to pay any such tax, assessment, charge, levy, claims charge or Indebtedness levy if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate actions proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.

Appears in 2 contracts

Samples: Convertible Debenture Loan Agreement (Topro Inc), Convertible Debenture Loan Agreement (Packaging Research Corp)

Payment of Taxes and Other Indebtedness. It will Borrowers shall, and shall cause each of the other Companies to, pay and discharge (i) all income taxes and payroll taxes, (iia) all taxes, assessments, fees and other governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iiib) all lawful claims (including claims for labor, materials materials, and supplies), which, if unpaid, might become give rise to a Lien upon any of its property property, and (ivc) all of its Indebtedness as it becomes due and payableother Indebtedness, except as prohibited hereunderunder the Loan Documents; providedPROVIDED, howeverHOWEVER, that it the Companies shall not be required to pay any such tax, assessment, charge, levy, claims or Indebtedness levy if and so long as the amount, applicability applicability, or validity thereof shall currently be contested in good faith by appropriate actions proceedings and appropriate accruals and appropriate reserves therefor have been established in accordance with GAAP.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Adams Golf Inc), Revolving Credit Agreement (Adams Golf Inc)

Payment of Taxes and Other Indebtedness. It Borrower and each Subsidiary will pay and discharge (i) all income taxes and payroll taxes, (ii) all taxes, assessments, fees and other governmental charges imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iii) all lawful claims (including claims for labor, materials and supplies), which, if unpaid, might become a Lien upon any of its property property, and (iv) all of its Indebtedness as it becomes due and payable, except as prohibited hereunder; provided, however, that it shall not be required to pay any such tax, assessment, charge, levy, claims or Indebtedness if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate actions and appropriate accruals and reserves therefor have been established in accordance with GAAP.

Appears in 1 contract

Samples: Credit Agreement (Hypercom Corp)

AutoNDA by SimpleDocs

Payment of Taxes and Other Indebtedness. It will Borrower shall, and shall cause its Subsidiaries to, pay and discharge (i) all income taxes and payroll taxes, (ii) all taxes, assessments, fees assessments and other governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iiiii) all lawful claims (including claims for labor, materials and supplies), which, if unpaid, might become will give rise to a Lien upon any of its property property, and (iviii) all of its Indebtedness as it becomes due and payableother Indebtedness, except as prohibited hereunder; provided, however, that it Borrower and its Subsidiaries, if any, shall not be required to pay any such tax, assessment, charge, levy, claims levy or Indebtedness other claim if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate actions proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.

Appears in 1 contract

Samples: Convertible Loan Agreement (Play by Play Toys & Novelties Inc)

Payment of Taxes and Other Indebtedness. It will shall pay and discharge (i) all income taxes and payroll taxes, (ii) all taxes, assessments, fees and other governmental charges imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iii) all lawful claims (including claims for labor, materials and supplies), which, if unpaid, might become a Lien upon any of its property property, and (iv) all of its Indebtedness as it becomes due and payable, except as prohibited hereunder; provided, however, that it shall not be required to pay any such tax, assessment, charge, levy, claims or Indebtedness if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate actions and appropriate accruals and reserves therefor have been established in accordance with GAAP.

Appears in 1 contract

Samples: Credit Agreement (Meritage Corp)

Payment of Taxes and Other Indebtedness. It will Borrowers shall, and shall cause each of the other Companies to, pay and discharge (i) all income taxes and payroll taxes, (iia) all taxes, assessments, fees and other governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iiib) all lawful claims (including claims for labor, materials materials, and supplies), which, if unpaid, might become give rise to a Lien upon any of its property property, and (ivc) all of its Indebtedness as it becomes due and payableother Indebtedness, except as prohibited hereunderunder the Loan Documents; provided, however, that it the Companies shall not be required to pay any such tax, assessment, charge, levy, claims or Indebtedness levy if and so long as the amount, applicability applicability, or validity thereof shall currently be contested in good faith by appropriate actions proceedings and appropriate accruals and appropriate reserves therefor have been established in accordance with GAAP.

Appears in 1 contract

Samples: Revolving Credit Agreement (Gainsco Inc)

Payment of Taxes and Other Indebtedness. It Borrower will pay and discharge (i) all income taxes and payroll taxes, (ii) all taxes, assessments, fees and other governmental charges imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iii) all lawful claims (including claims for labor, materials and supplies), which, if unpaid, might become a Lien upon any of its property property, and (iv) all of its Indebtedness as it becomes due and payable, except as prohibited hereunder; provided, however, that it shall not be required to pay any such tax, assessment, charge, levy, claims or Indebtedness if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate actions and appropriate accruals and reserves therefor have been established in accordance with GAAP.

Appears in 1 contract

Samples: Senior Credit Agreement (Simula Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.