Reserves for Taxes. The unpaid Taxes of each Subsidiary attributable to the Pre-Closing Tax Period will not, as of the Closing Date, exceed the reserve for Tax liability (rather than any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth in the Pro Forma Unaudited Balance Sheet in accordance with GAAP.
Reserves for Taxes. At the time of and in addition to the monthly installments of principal and interest due under the Notes, Borrower shall pay to Lender a sum equal to one-twelfth (1/12) of the amount estimated by Lender to be sufficient to pay at least thirty (30) days before they become due and payable all taxes, assessments and other similar charges levied against the Property (collectively, the "Taxes"). So long as no Event of Default exists hereunder, Lender shall apply the sums to pay the Taxes. These sums may be commingled with the general funds of Lender, and no interest shall be payable thereon nor shall these sums be deemed to be held in trust for the benefit of Borrower. If Lender at any time reasonably determines that such amount on deposit is insufficient to fully pay such Taxes, Borrower shall, within ten (10) days following notice from Lender, deposit such additional sum as may be reasonably required by Lender. On the Maturity Date, the moneys then remaining on deposit with Lender or its agent shall, at Lender's option, be applied against the Indebtedness or so long as no Event of Default is then continuing, be refunded to Borrower. The obligation of Borrower to pay the Taxes is not affected or modified by the provisions of this Section 3.
Reserves for Taxes. The unpaid Taxes of the Company (i) did not, as of the dates of the financial statements contained in the SEC Reports filed with the SEC prior to the date of this Agreement, exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) included in the balance sheets contained in such financial statements, and (ii) will not exceed that reserve as adjusted for operations and transactions through the Closing, subject to such exceptions as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Since the date of the most recent financial statement contained in the SEC Reports filed with the SEC prior to the date of this Agreement, the Company has not incurred any liability for Taxes outside the ordinary course of business or otherwise inconsistent with past custom and practice.
Reserves for Taxes. To the best of the Shareholders' actual knowledge, the Company has sufficient reserves for the payment of all unpaid federal, state and local taxes through the Closing Date and for all periods prior thereto, including, without limitation, all taxes, if any, imposed after such date but in respect of any period or periods prior to the Closing Date. The Shareholders have furnished Buyer with true and correct copies of all federal, state and local tax returns of or in respect of the Company as actually filed for the three tax years prior to Closing.
Reserves for Taxes. The material unpaid Taxes of the Company and the Company Subsidiaries did not, as of the dates of the Company Financial Statements, exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the face of the balance sheets (rather than in any notes thereto) contained in the Company Financial Statements.
Reserves for Taxes. The unpaid Taxes of the Company and the Subsidiaries (i) did not, as of the dates of the financial statements contained in the SEC Reports filed with the SEC prior to the date of the Agreement, exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) included in the balance sheets contained in such financial statements, and (ii) will not exceed that reserve as adjusted for operations and transactions through the Closing Date in accordance with the past custom and practice of the Company and the Subsidiaries in filing their Tax Returns, subject to such exceptions as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Since the date of the most recent financial statement contained in the SEC Reports filed with the SEC prior to the date of this Agreement, neither the Company nor any of the Subsidiaries has incurred any liability for Taxes outside the ordinary course of business or otherwise inconsistent with past custom and practice subject to such exceptions as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Reserves for Taxes. 22 (c) Filing of Returns..............................................22 Section 5.22 Litigation and Judgments................................22 (a) Litigation.....................................................22 (b) No Orders, Judgments or Decrees................................22 Section 5.23 Absence of Certain Changes, Events and Conditions.......23 (a)
Reserves for Taxes. 8 3.07 Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3.08
Reserves for Taxes. The Company will pay, or will, to the extent required by generally accepted accounting principles, establish in the financial and accounting books and records of the Company, adequate reserves for the payment of all Taxes payable for or with respect to the period up to and including the Closing Date (without regard to whether or not such Taxes are disputed or are due and payable on or before the Closing Date).
Reserves for Taxes. At the time of and in addition to the monthly installments of principal and interest due under the Notes, Borrower shall pay to Lender a sum equal to one-twelfth (1/12) of the amount estimated by Lender to be sufficient to pay at least thirty (30) days before they become due and payable all taxes, assessments and other similar charges levied against the Property (collectively, the "Taxes"). So long as no Event of Default exists hereunder, Lender shall apply the sums to
