Payment of Taxes; Discharge of Liens. The Company shall: (a) pay, or make provision for payment of, all lawful taxes and assessments, including income, profits, property or excise taxes, if any, or other municipal or governmental charges, levied or assessed by any federal, state or municipal government or political body upon the Facilities or any part thereof or upon the Authority with respect to the Loan Payments, when the same shall become due; and (b) pay or cause to be satisfied and discharged or make adequate provision to satisfy and discharge, within sixty (60) days after the same shall accrue, any lien or charge upon the Loan Payments, and all lawful claims or demands for labor, materials, supplies or other charges which, if unpaid, might be or become a lien upon such amounts; provided, that, if the Company shall first notify the Authority and the Trustee of its intention so to do, the Company may in good faith contest any such lien or charge or claims or demands in appropriate legal proceedings, and in such event may permit the items so contested and identified as such by the Company to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom, unless the Trustee shall notify the Company in writing that, in the opinion of counsel to the Trustee, based upon material facts disclosed to the Trustee without any duty of investigation, by nonpayment of any such items the lien of the Indenture as to the Loan Payments will be materially endangered, in which event the Company shall promptly pay and cause to be satisfied and discharged all such unpaid items. The Authority shall cooperate fully with the Company in any such contest.
Payment of Taxes; Discharge of Liens. The Borrower agrees to pay promptly, as and when the same shall become due and payable, each and every lawful cost, expense and obligation of every kind and nature, foreseen or unforeseen, for the payment of which the Issuer or the Borrower is or shall become liable by reason of their estate or interest in the Project or in any portion thereof, or by reason of or in any manner connected with or arising out of the possession, operation, maintenance, alteration, repair, rebuilding, use or occupancy of the Project or any part thereof. The Borrower also agrees to pay and discharge, promptly as and when the same shall become due and payable, all lawful real estate taxes, personal property taxes, business and occupation taxes, occupational license taxes, assessments for public improvements or benefits and all other lawful governmental taxes, impositions and charges of every kind and nature, ordinary or extraordinary, general or special, foreseen or unforeseen, whether similar or dissimilar to any of the foregoing, and all applicable interest and penalties thereon, if any, which at any time shall be or become due and payable and which shall be lawfully levied, assessed or imposed upon or with respect to, or which shall be or become liens upon, the Project or any portion thereof or any interest of the Borrower therein. The Borrower also agrees to pay or cause to be paid all lawful charges for gas, water, sewer, electricity, light, heat, power, telephone and other utility and service used, rendered or supplied to, upon or in connection with the Project. The Borrower agrees that the Issuer is not, nor shall it be, required to furnish free of charge to the Borrower or any other occupant of the Facilities any gas, water, sewer, electricity, light, heat, power or other facilities, equipment, labor, materials or services of any kind, except as otherwise may be required by law or except as the same shall generally be furnished without charge to other owners or users of comparable property within the Issuer’s jurisdiction. The Borrower shall have the right in good faith and by appropriate proceedings to dispute or contest the validity or amount of any such tax, assessment, governmental charge or utility charge, and during the pendency of any such dispute or contest, the Borrower shall not be deemed to be in default under this Section by reason of its failure to have paid the disputed or contested amount.
Payment of Taxes; Discharge of Liens. The Company shall pay or cause to be paid all taxes and assessments and other governmental charges lawfully levied or assessed upon the Mortgaged Property, or upon any part thereof, or upon the interest of the Trustee in the Mortgaged Property or the indebtedness secured hereby, before the same shall become delinquent, and shall make reasonable effort to observe and conform in all material respects to all valid requirements of any Governmental Authority relative to any of the Mortgaged Property and all covenants, terms and conditions upon or under which any of the Mortgaged Property is held; and the Company shall not suffer any Lien to be created upon the Mortgaged Property, or any part thereof, prior to the Lien hereof, other than Permitted Liens; provided, however, that nothing in this Section contained shall require the Company (a) to pay or discharge or to cause to be paid or discharged, or to make provision for, any such Lien, or to pay any such tax, assessment or governmental charge so long as (i) the amount, applicability or validity thereof shall be contested in good faith and by appropriate proceedings, (ii) such Lien, tax, assessment or charge is not greater than Five Million Dollars ($5,000,000) or (iii) the Company shall have established a specific reserve fund therefor and shall maintain adequate reserves on its books for payment of the same, (b) to pay, discharge or make provisions for any tax, assessment or other governmental charge lawfully levied or assessed or imposed, the validity of which shall not be so contested if adequate security for the payment of such tax, assessment or other governmental charge and for any penalties or interest which may reasonably be anticipated from failure to pay the same shall be given to the Trustee, or (c) to pay, discharge or make provisions for any Permitted Liens existing on the Mortgaged Property at the date of execution and delivery of this Indenture, as originally executed and delivered; and provided, further, that nothing in this Section shall prohibit the issuance or other incurrence of additional indebtedness, or the refunding of outstanding indebtedness, secured by any Permitted Lien prior to the Lien hereof which is permitted under this Section to continue to exist. DC1 - 221297.15
Payment of Taxes; Discharge of Liens. 12 ------------------- * This table of contents is not part of the Loan Agreement, and is for convenience only. The captions herein are of no legal effect and do not vary the meaning or legal effect of any part of the Loan Agreement.
Payment of Taxes; Discharge of Liens. The Company will:
Payment of Taxes; Discharge of Liens. (i) Borrower shall pay when due, and before any interest, collection fees or penalties accrue, all taxes, assessments, encumbrances, liens, mortgages, deeds of trust, water or sewer charges and other charges and impositions (individually and collectively, "Imposition(s)") levied, assessed or existing with respect to the Mortgaged Property, or any part of it, and Borrower will deliver to Lender receipts showing payment of the Imposition(s). If Borrower fails to pay any of the Imposition(s), Lender, at its option, may pay such Imposition(s) and the monies paid shall be a lien upon the Mortgaged Property, added to the amount secured by this Mortgage, and payable immediately by Borrower to Lender with interest at the higher of (i) the interest rate, if any, charged by the particular entity levying or assessing the Imposition(s), or (ii) the highest rate charged by Lender on any of the Indebtedness (but in either case not to exceed the maximum interest rate permitted by law).
Payment of Taxes; Discharge of Liens. Grantor shall pay all taxes and assessments and other governmental charges lawfully levied or assessed upon the Mortgaged Property, or upon any part thereof, or upon the interest of Collateral Agent in the Mortgaged Property, before the same shall become delinquent, and shall observe and conform in all material respects to all valid requirements of any Governmental Authority relative to the Mortgaged Property and all covenants, terms and conditions upon or under which any of the Mortgaged Property is held; and Grantor shall not suffer any Lien to be created upon the Mortgaged Property, or any part thereof, prior to the Lien of this Deed of Trust, other than Permitted Liens.
Payment of Taxes; Discharge of Liens. The Authority shall pay, or cause to be paid, all taxes, assessments, or other municipal or governmental charges lawfully imposed upon the Authority or the Premises or any revenues therefrom and will not suffer to be created or to exist any lien or charge thereon except the lien and charge of the Sublease, this Indenture, and the Bonds issued under this Indenture; provided, however, that the Authority hereby consents to the granting of a lien on or security interest in the Company's rights in the Premises by the Company to Simon Engineering, P.L.C., as guarantor of the Company's obligations under the Credit Agreement. The Authority shall pay or discharge or shall make adequate provision to satisfy and discharge, or shall cause the same to occur, within thirty (30) days after the same shall accrue, any such lien or charge and all lawful claims and demands for labor, materials, supplies or other objects which, if unpaid, might become such a lien or charge; provided, however, that this shall not require the Authority to pay or discharge or make provision for any lien or charge so long as the validity thereof is being contested in good faith and by appropriate legal proceedings and neither the Premises nor any rent or income therefrom or interest therein would be in any immediate danger of being sold, forfeited, attached or lost.
Payment of Taxes; Discharge of Liens. 3.12.1. Borrower shall pay when due, and before any interest, collection fees or penalties accrue, all taxes, assessments, encumbrances, liens, mortgages, water or sewer charges and other charges and impositions (collectively, "Impositions") levied, assessed or existing with respect to the Property, or any part of it, and Borrower shall deliver to Lender receipts showing payment of the Impositions. If Borrower fails to pay any of the Impositions, Lender, at its option, may pay such Impositions and the monies paid shall be a lien upon the Property, added to the amount secured by this Mortgage, and payable immediately by Borrower to Lender with interest at the higher of (i) the interest rate, if any, charged by the particular entity levying or assessing the Impositions, or (ii) the highest rate charged by Lender on any of the Indebtedness (but in either case not to exceed the maximum interest rate permitted by law). Notwithstanding the foregoing, Borrower shall have the right and ability to contest any Impositions and no Event of Default hereunder shall be deemed to have occurred so long as Borrower is contesting such Impositions in good faith and by appropriate proceedings and has effectively stayed enforcement of such Impositions.
