Common use of Performance of Liabilities Clause in Contracts

Performance of Liabilities. The Company will and will cause the Subsidiaries to (i) duly pay and discharge all Indebtedness in such manner as shall be necessary in order to prevent the occurrence of an Event of Default under Section 8.1(d) hereof, and (ii) duly pay and discharge all taxes before the same shall become in default unless such taxes are being contested by the Company in good faith, and all lawful claims for labor, materials and supplies that have become due and payable which taxes and other claims, if unpaid, might become a Lien upon any of its properties if the loss of such properties could have a Material Adverse Effect.

Appears in 1 contract

Sources: Securities Purchase Agreement (Greenlight Capital LLC)

Performance of Liabilities. The Company will and will -------------------------- cause the Subsidiaries to (i) duly pay and discharge all Indebtedness in such manner as shall be necessary in order to prevent the occurrence of an Event of Default under Section 8.1(d) hereof, and (ii) duly pay and discharge all taxes before the same shall become in default unless such taxes are being contested by the Company in good faith, and all lawful claims for labor, materials and supplies that have become due and payable which taxes and other claims, if unpaid, might become a Lien upon any of its properties if the loss of such properties could have a Material Adverse Effect.

Appears in 1 contract

Sources: Securities Purchase Agreement (Grace Development Inc)