Contested in Good Faith definition

Contested in Good Faith means contested in good faith by appropriate and lawful proceedings diligently conducted, reasonably satisfactory to the Lender, (a) in which foreclosure, distraint, sale, forfeiture, levy, execution or other similar proceedings have not been initiated or have been stayed and continue to be stayed, (b) in which a good faith contest will not materially detract from the value of the Collateral, jeopardize the Rights of the Lender with respect to the Collateral, interfere in any material respect with the operation by the Borrower of its business, or otherwise have a Material Adverse Effect, and (c) for which matter a reserve or other appropriate provision has been established in accordance with the requirements of GAAP.
Contested in Good Faith means, with respect to any matter, that such matter is being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP.
Contested in Good Faith means, as to any payment, tax, assessment, charge, levy, lien, encumbrance or claim, contesting the amount, applicability or validity thereof in good faith by appropriate proceedings or other appropriate actions promptly initiated and diligently conducted in a manner satisfactory to Lender, provided (a) a deposit of funds or other security satisfactory to Lender in the full amount of such contested payment, tax, assessment, charge, levy, lien, encumbrance or claim has been provided for in a manner satisfactory to Lender, and (b) the enforcement of the contested payment, tax, assessment, charge, levy, lien, encumbrance or claim is stayed in a manner satisfactory to Lender pending the resolution of such contest.

Examples of Contested in Good Faith in a sentence

  • The Borrower has duly and properly filed all Tax returns which are required to be filed and has paid all Taxes due pursuant to such returns or pursuant to any assessment received, except such Taxes, if any, as are being Contested in Good Faith.

  • All taxes and assessments due and payable by Borrower have been paid or are being Contested in Good Faith.

  • The Borrower will not allow any account payable to be in excess of sixty (60) days past due, except such as are being Contested in Good Faith.

  • Comply in all material respects with the requirements of all Laws applicable to Borrower or to Borrower’s business or property, except in such instances in which (i) such requirement of Law is being Contested in Good Faith or a bona fide dispute exists with respect thereto; or (ii) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.

  • All federal, state, local and foreign income and franchise and other material Tax returns, reports and statements (collectively, the “Tax Returns”) required to be filed by any Tax Affiliate have been filed with the appropriate Governmental Authorities, all such Tax Returns are true and correct in all material respects, and all Taxes reflected therein or otherwise due and payable have been paid when due and owing except for those Contested in Good Faith.


More Definitions of Contested in Good Faith

Contested in Good Faith means with respect to the payment of Taxes, claims or liabilities by any Person, the satisfaction of each of the following conditions: (i) the validity or amount thereof is being diligently contested in good faith by such Person by appropriate proceedings timely instituted; (ii) such Person has posted a bond or other security or established adequate cash reserves with respect to the contested items, if required under Applicable Law or by a judgment/order of a court or tribunal or other appropriate authority; (iii) no Secured Party or their respective officers or employees is or could reasonably be expected to become subject to any liability or sanction as a result thereof; and (iv) the Security is not adversely impacted.
Contested in Good Faith means contested in good faith and by appropriate proceedings diligently prosecuted, which proceedings have the effect of preventing the forfeiture or sale of the Property subject thereto and for which adequate reserves in accordance with GAAP are being maintained.
Contested in Good Faith means contested in good faith by appropriate and lawful proceedings diligently conducted, reasonably satisfactory to the Lender, (a) in which foreclosure, distraint, sale, forfeiture, levy, execution or other similar proceedings have not been initiated or have been stayed and continue to be stayed, (b) in which a good faith contest will not reasonably be expected to have a Material Adverse Effect, and (c) for which matter a reserve or other appropriate provision has been established in accordance with the requirements of GAAP.
Contested in Good Faith means, with respect to any matter and the Borrower, that (a) the validity or amount of such matter is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect to such matter in accordance with GAAP and (c) the failure to make any payment with respect to such matter pending such contest would not reasonably be expected to result in a Material Adverse Effect.
Contested in Good Faith means diligently contested in good faith by appropriate actions or proceedings provided that (i) adequate book reserves have been established with respect thereto as required by GAAP, (ii) the applicable Person’s title to, and its right to use, any of its material Property is not materially adversely affected thereby and (iii) the action to be taken will not result in (A) any danger of imposition of criminal penalties or substantial danger of imposition of civil penalties on any holder of the Notes, (B) substantial danger of loss of use, sale, forfeiture or loss of any Property or (C) substantial danger of termination of any Facility Lease Agreement.
Contested in Good Faith means any legal proceedings initiated or commenced or notice issued by a Governmental Authority in connection with payment of Taxes or any other statutory, administrative or regulatory claims or liabilities, which is being contested in good faith by the Company by instituting appropriate proceedings and/or undertaking any further action in connection with such legal proceedings, in accordance with its internal policies and Applicable Law;
Contested in Good Faith if: (i) no Event of Default exists hereunder at the time such contest is commenced or at any time during the pendency of such contest, (ii) such claim, demand, levy, assessment or matter is actively contested in good faith by appropriate proceedings in a manner not prejudicial to the Holders or the rights of the Holders hereunder or under the other Financing Documents, (iii) such contest (as opposed to the outcome of any such contest) could not reasonably be expected to have a material adverse effect on the Timberland or Borrower or its businesses, profits, or condition (financial or otherwise), (iv) where the amount being contested, if determined adversely to Borrower, would have a material adverse effect on Borrower, the Timberland, or Borrower’s business, Borrower, at its option, shall have either (A) established adequate book reserves with respect to the amounts contested, determined in accordance with GAAP, or (B) within five (5) days after written demand of the Holders either deposited funds with the Holders or obtained a bond in form and substance and with an issuing company acceptable to the Holders in an amount sufficient to cover any amount which may be owing in the event the contest is unsuccessful (the decision of whether to deposit funds or to deliver a bond being expressly reserved to the Borrower), and (v) such contest does not continue beyond the date on which the Timberlands or any of the other Collateral could be sold due to the nonpayment of the amount contested. In the case of any contest in respect of which a negative outcome could reasonably be expected to have a material adverse effect on the Timberland or Borrower or its businesses, profits, or condition (financial or otherwise), the appropriateness of the proceedings shall be supported by an opinion of the independent counsel responsible for such proceedings (which opinions need not predict the outcome of any such proceeding), which opinion shall be supplemented from time to time at the request of the Holders. Credit ExtensionSection 11.5.