Common use of Performance and Payment of Obligations Clause in Contracts

Performance and Payment of Obligations. Pay or discharge all Material Indebtedness and all other material liabilities and obligations, for which each Loan Party and Subsidiary is obligated before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) such Loan Party or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. Perform, and cause their Subsidiaries to perform, all of their respective obligations under the terms of each agreement, contract or instrument by which they are bound (taking into account any grace, notice, or cure periods applicable thereto), except in each case such non-performances as could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.