Examples of Permitted Tax Liens in a sentence
There are no Liens for Taxes on any asset of the Company or any Company Subsidiary, except for Liens for Taxes not due or delinquent or which are being contested in good faith by appropriate proceedings, and for which adequate reserves have been established in accordance with U.S. GAAP ("Permitted Tax Liens").
Permitted Tax Liens shall mean liens for Taxes not due and payable and liens for Taxes that Borrower is contesting in good faith, by appropriate proceedings which are sufficient to prevent imminent foreclosure of such liens, and with respect to which adequate reserves are being maintained by Borrower in accordance with GAAP.
There are no material Liens for unpaid Taxes on the assets of the Company or any of its Subsidiaries, except Permitted Tax Liens.