Ad Valorem and Severance Taxes. Each Restricted Person has paid and discharged all ad valorem taxes assessed against its Oil and Gas Property or any part thereof and all production, severance and other taxes assessed against, or measured by, the production or the value, or proceeds, of the production therefrom, in each case to the extent such taxes are due and payable, except for (i) those being disputed in good faith by appropriate proceedings and for which appropriate reserves have been established on such Restricted Person’s financial statements in accordance with GAAP or (ii) to the extent that failure to do so could not reasonably be expected to result in a Material Adverse Change.
Appears in 4 contracts
Samples: Credit Agreement (Mid-Con Energy Partners, LP), Credit Agreement (Mid-Con Energy Partners, LP), Credit Agreement (Mid-Con Energy Partners, LP)
