Common use of Liens for Taxes Clause in Contracts

Liens for Taxes. assessments or other governmental charges or levies not at the time delinquent or thereafter payable without penalty or being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books;

Liens for Taxes. assessments or other governmental charges or levies not at the time yet delinquent or thereafter payable without penalty or which are being diligently contested in good faith by appropriate proceedings promptly instituted and diligently prosecuted and for which adequate reserves in accordance with GAAP shall have been set aside on its books;