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

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

Appears in 5 contracts

Samples: Convertible Loan Agreement (Freepcsquote Com), Convertible Loan Agreement (Gasco Energy Inc), Convertible Loan Agreement (Obsidian Enterprises Inc)

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

Appears in 3 contracts

Samples: Agreement (La Man Corporation), Convertible Loan Agreement (Newcare Health Corp), Convertible Loan Agreement (Simtek Corp)

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

Appears in 2 contracts

Samples: Agreement (Digital Recorders Inc), Agreement (Cover All Technologies Inc)

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

Appears in 1 contract

Samples: Convertible Loan Agreement (Laserscope)

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

Appears in 1 contract

Samples: Loan Agreement (Earthcare Co)

Payment of Taxes and Other Indebtedness. Borrower shall, and shall cause its Subsidiaries to, pay and discharge (i) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, (ii) all lawful claims (including claims for labor, materials and supplies) which, if unpaid, will give rise to a Lien upon any of its property, other than a Permitted Lien, and (iii) all of its other Indebtedness in accordance with their respective terms, except as prohibited hereunder; provided, however, that Borrower and its Subsidiaries, if any, shall not be required to pay any such tax, assessment, charge, levy or other claim if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.. Section 5.04

Appears in 1 contract

Samples: Loan Agreement (Digital Recorders Inc)

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

Appears in 1 contract

Samples: Credit Agreement (Vodavi Technology Inc)

Payment of Taxes and Other Indebtedness. Each of the Parents and the Borrower shallwill, and shall will cause its each of their respective Subsidiaries to, pay and discharge (ia) all taxes (including, without limitation, any corporate or franchise taxes), assessments and governmental charges or levies imposed upon it it, or upon its income or profits, or upon any property belonging to itof its properties, before they shall become delinquent, (iib) all lawful claims (including claims for labor, materials and supplies) which, if unpaid, will might give rise to a Lien upon any of its property, other than a Permitted Lienproperties, and (iiic) except as prohibited hereunder, all of its other Indebtedness in accordance with their respective terms, except as prohibited hereunderit shall become due; provided, however, that none of the Parents, the Borrower and its Subsidiaries, if any, or their respective Subsidiaries shall not be required to pay any such tax, assessment, charge, levy levy, claim or other claim if and so long as the amount, applicability or validity thereof shall currently be Indebtedness which is being contested in good faith by appropriate proceedings and appropriate accruals and as to which adequate reserves therefor have been established in accordance with GAAP, unless the failure to make any such payment (i) could give rise to an immediate right to foreclose on a Lien securing such amounts or (ii) could have a Material Adverse Effect.

Appears in 1 contract

Samples: Credit and Reimbursement Agreement (CNL American Properties Fund Inc)

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

Appears in 1 contract

Samples: Agreement (Canmax Inc /Wy/)

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