Common use of Taxes and Liens Clause in Contracts

Taxes and Liens. The Debtors shall promptly notify the Secured Party in the event there ever arises against any of the Collateral any lien, assessment or tax or other liability, whether or not entitled to priority over the Secured Party's security interest hereunder. In any such event, whether or not such notice is given, the Secured Party shall have the right (b)ut shall be under no obligation) to pay any tax or other liability of the Debtors deemed by the Secured Party in good faith to affect the Secured Party's interests hereunder. The Debtors shall repay to the Secured Party on demand all sums which the Secured Party shall have paid under this section in respect of taxes or other liabilities of the Debtors, with interest thereon at the Prevailing Interest Rate, and the Debtors' liability to the Secured Party for such repayment with interest shall be included in the Liabilities. The Secured Party shall be subrogated to the extent of any such payment by it to all the rights and liens of the payee against the Debtors' assets.

Taxes and Liens. The Debtors Debtor shall promptly notify the Secured Party in the event there ever arises against any of the Collateral any lien, assessment or tax or other liability, whether or not entitled to priority over the Secured Party's security interest hereunder. In any such event, whether or not such notice is given, the Secured Party shall have the right (b)ut but shall be under no obligation) to pay any tax or other liability of the Debtors Debtor deemed by the Secured Party in good faith to affect the Secured Party's interests hereunder. The Debtors Debtor shall repay to the Secured Party on demand all sums which the Secured Party shall have paid under this section in respect of taxes or other liabilities of the DebtorsDebtor, with interest thereon at the Prevailing Interest Rate, and the Debtors' Debtor's liability to the Secured Party for such repayment with interest shall be included in the Liabilities. The Secured Party shall be subrogated to the extent of any such payment by it to all the rights and liens of the payee against the Debtors' Debtor's assets.

Taxes and Liens. The Debtors shall promptly notify the Secured Party in the event there ever arises against any of the Collateral any lien, assessment or tax or other liability, whether or not entitled to priority over the Secured Party's security interest hereunder. In any such event, whether or not such notice is given, the Secured Party shall have the right (b)ut but shall be under no obligation) to pay any tax or other liability of the Debtors deemed by the Secured Party in good faith to affect the Secured Party's interests hereunder. The Debtors shall repay to the Secured Party on demand all sums which the Secured Party shall have paid under this section in respect of taxes or other liabilities of the Debtors, with interest thereon at the Prevailing Interest Rate, and the Debtors' liability to the Secured Party for such repayment with interest shall be included in the Liabilities. The Secured Party shall be subrogated to the extent of any such payment by it to all the rights and liens of the payee against the Debtors' assets.

Taxes and Liens. The Debtors Each Debtor shall promptly notify the Secured Party in the event there ever arises against any of the Collateral any lien, assessment or tax or other liability, whether or not entitled to priority over the Secured Party's security interest hereunder. In any such event, whether or not such notice is given, the Secured Party shall have the right (b)ut but shall be under no obligation) to pay any tax or other liability of the Debtors Debtor deemed by the Secured Party in good faith to affect the Secured Party's interests hereunder. The Debtors Debtor shall repay to the Secured Party on demand all sums which the Secured Party shall have paid under this section in respect of taxes or other liabilities of the DebtorsDebtor, with interest thereon at the Prevailing Interest Rate, and the Debtors' Debtor's liability to the Secured Party for such repayment with interest shall be included in the Liabilities. The Secured Party shall be subrogated to the extent of any such payment by it to all the rights and liens of the payee against the Debtors' Debtor's assets.

Taxes and Liens. The Debtors Debtor shall promptly immediately notify the Secured Party in the event there ever arises against any of the Collateral any lien, assessment or tax or other liability, whether or not entitled to priority over the Secured Party's security interest hereunder. In any such event, whether or not such notice is given, the Secured Party shall have the right (b)ut but shall be under no obligation) to pay any tax or other liability of the Debtors Debtor deemed by the Secured Party in good faith to affect the Secured Partyparty's interests hereunder. The Debtors Debtor shall repay to the Secured Party on demand all sums which the Secured Party shall have paid under this section Section in respect of taxes or other liabilities of the DebtorsDebtor, with interest thereon at the Prevailing Interest Raterate set forth in the Promissory Notes, and the Debtors' Debtor's liability to the Secured Party for or such repayment with interest shall be included added to the principal amount of the Promissory Notes (in the Liabilitiesequal shares). The Secured Party shall be subrogated to the extent of any such payment by it to all the rights and liens of the payee against the Debtors' Debtor's assets.