Common use of Prompt Payment of Taxes Clause in Contracts

Prompt Payment of Taxes. Accrue its tax liability (including withholdings for employee taxes and social security) in accordance with usual accounting practice and pay or discharge (or cause to be paid or discharged) as they become due all taxes, assessments and government charges upon its property, operations, income and products (as well as all claims for labor, materials or supplies), which, if unpaid, might become a lien upon any of its property; provided that the Borrower shall, prior to payment thereof, have the right to contest such taxes, assessments and charges in good faith by appropriate proceedings so long as the Lender’s interests are protected by bond, letter of credit, escrowed funds or other appropriate security.

Prompt Payment of Taxes. Accrue its tax liability (including withholdings for employee taxes and social security) in accordance with usual accounting practice and pay or discharge (or cause to be paid or discharged) as they become due all taxes, assessments assessments, and government charges upon its property, operations, income and products (as well as all claims for labor, materials or supplies), which, if unpaid, unpaid might become a lien upon any of its property; provided provided, that the Borrower BORROWER shall, prior to payment thereof, have the right to contest such taxes, assessments and charges in good faith by appropriate proceedings so long as the Lender’s BANK's interests are protected by bond, letter of credit, escrowed funds or other appropriate security.

Prompt Payment of Taxes. Accrue its tax liability (including withholdings for employee taxes and social security) in accordance with usual accounting practice and pay or discharge (or cause to be paid or discharged) as they become due all taxes, assessments assessments, and government charges upon its property, operations, income and products (as well as all claims for labor, materials or supplies), which, if unpaid, unpaid might become a lien upon any of its property; provided provided, that the Borrower BORROWER shall, prior to payment thereof, have the right to contest such taxes, assessments and charges in good faith by appropriate proceedings so long as the Lender’s BANK's interests are protected by appropriate financial reserves or bond, letter of credit, escrowed funds or other appropriate security.