Common use of Compliance with Laws; Payment of Taxes Clause in Contracts

Compliance with Laws; Payment of Taxes. The Borrower and its Consolidated Subsidiaries are in compliance with all applicable laws, regulations and similar requirements of governmental authorities, except where such compliance is being contested in good faith through appropriate proceedings and except where the failure to comply could not reasonably be expected to have or cause a Material Adverse Effect. There have been filed on behalf of the Borrower and its Consolidated Subsidiaries all Federal and state income, excise, property and other tax returns which are required to be filed by them and all taxes due pursuant to such returns or pursuant to any assessment received by or on behalf of the Borrower or any Consolidated Subsidiary have been paid. There have been filed on behalf of the Borrower and its Consolidated Subsidiaries all local income, excise, property and other tax returns that are required to be filed by them and all taxes due pursuant to the returns or any assessment received by Borrower or any Consolidated Subsidiary have been paid. The charges, accruals and reserves on the books of the Borrower and its Consolidated Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate, except for any changes in taxes which are imposed retroactively.

Appears in 4 contracts

Samples: Credit Agreement (Staceys Buffet Inc), Credit Agreement (Star Buffet Inc), Credit Agreement (Star Buffet Inc)

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Compliance with Laws; Payment of Taxes. The Borrower Loan Parties and its Consolidated their respective Applicable Subsidiaries are in compliance with all applicable lawsApplicable Laws, regulations and similar requirements of governmental authoritiesGovernmental Authorities, except where such compliance is being contested in good faith through appropriate proceedings and except or where non-compliance, alone or in the failure to comply aggregate, could not reasonably be expected to have or cause a Material Adverse Effect. There have been filed on behalf of the Borrower Loan Parties and its Consolidated their respective Applicable Subsidiaries all Federal Federal, state and state local income, excise, property and other tax returns which are required to be filed by them and all taxes due pursuant to such returns or pursuant to any assessment received by or on behalf of the Borrower Loan Parties or any Consolidated Subsidiary have been paid. There have been filed on behalf of the Borrower and its Consolidated Subsidiaries all local income, excise, property and other tax returns that are required to be filed by them and all taxes due pursuant to the returns or any assessment received by Borrower or any Consolidated Applicable Subsidiary have been paid. The charges, accruals and reserves on the books of the Borrower Loan Parties and its Consolidated their respective Applicable Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the BorrowerLoan Parties, adequate. No Loan Party has been given or been requested to give a waiver of the statute of limitation relating to the payment of Federal, except for any changes in taxes which are imposed retroactivelystate, local or foreign taxes.

Appears in 2 contracts

Samples: Credit Agreement (Trex Co Inc), Credit Agreement (Trex Co Inc)

Compliance with Laws; Payment of Taxes. The Borrower and its Consolidated Subsidiaries are in compliance with all applicable laws, regulations and similar requirements of governmental authorities, except where such compliance is being contested in good faith through appropriate proceedings and except where the failure to so comply does not have and could not reasonably be expected to have or cause a Material Adverse Effect. There have been filed on behalf of the Borrower and its Consolidated Subsidiaries all Federal Federal, state and state local income, excise, property and other tax returns which are required to be filed by them and all taxes due pursuant to such returns or pursuant to any assessment received by or on behalf of the Borrower or any Consolidated Subsidiary have been paid. There , except where the failure to so file and pay does not have been filed on behalf and could not reasonably be expected to cause a Material Adverse Effect or an Event of the Borrower and its Consolidated Subsidiaries all local income, excise, property and other tax returns that are required to be filed by them and all taxes due pursuant to the returns or any assessment received by Borrower or any Consolidated Subsidiary have been paidDefault. The charges, accruals and reserves on the books of the Borrower and its Consolidated Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate. United States income tax returns of the Borrower and its Subsidiaries have been examined and closed through the Fiscal Year ended April 30, except for any changes in taxes which are imposed retroactively1994.

Appears in 2 contracts

Samples: Credit Agreement (Gerber Scientific Inc), Credit Agreement (Gerber Scientific Inc)

Compliance with Laws; Payment of Taxes. The Borrower and its Consolidated Subsidiaries are in compliance with all applicable laws, regulations and similar requirements of governmental authorities, except where such compliance is being contested in good faith through appropriate proceedings and except where the failure to comply could for any noncompliance that does not have and would not reasonably be expected to have or cause a Material Adverse Effect. There have been filed on behalf of the Borrower and its Consolidated Subsidiaries all Federal Federal, state and state local income, excise, property and other tax returns which are required to be filed by them and all taxes due pursuant to such returns or pursuant to any assessment received by or on behalf of the Borrower or any Consolidated Subsidiary have been paid. There , except where for taxes which are being contested in good faith through appropriate proceedings and except for any failure to file which does not have been filed on behalf of the Borrower and its Consolidated Subsidiaries all local income, excise, property and other tax returns that are required would not reasonably be expected to be filed by them and all taxes due pursuant to the returns or any assessment received by Borrower or any Consolidated Subsidiary have been paidcause a Material Adverse Effect. The charges, accruals and reserves on the books of the Borrower and its Consolidated Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate. United States income tax returns of the Borrower and its Subsidiaries have been examined and closed through the Fiscal Year ended May 1, except for any changes in taxes which are imposed retroactively1994.

Appears in 1 contract

Samples: Credit Agreement (Culp Inc)

Compliance with Laws; Payment of Taxes. The Borrower Obligors and its Consolidated their respective Subsidiaries are in compliance with all applicable lawsApplicable Laws, regulations and similar requirements of governmental authoritiesGovernmental Authorities, except where such compliance is being contested in good faith through appropriate proceedings and except or where non-compliance, alone or in the failure to comply aggregate, could not reasonably be expected to have or cause a Material Adverse Effect. There have been filed on behalf of the Borrower Obligors and its Consolidated their respective Subsidiaries all Federal material Federal, state and state local income, excise, property and other tax returns which are required to be filed by them and all taxes due pursuant to such returns or pursuant to any material assessment received by or on behalf of the Borrower Obligors or any Consolidated Subsidiary have been paid. There have been filed on behalf of the Borrower and its Consolidated Subsidiaries all local income, excise, property and other tax returns except taxes that are required to be filed being contested in good faith by them appropriate proceedings and all taxes due pursuant to the returns for which such Obligor or any assessment received by Borrower or any Consolidated such Subsidiary have been paidhas set aside on its books adequate reserves in accordance with GAAP. The charges, accruals and reserves on the books of the Borrower Obligors and its Consolidated their respective Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the BorrowerObligors, adequate. No Obligor has been given or been requested to give a waiver of the statute of limitation relating to the payment of Federal, except for any changes in taxes which are imposed retroactivelystate, local or foreign taxes.

Appears in 1 contract

Samples: Credit Agreement (American CyberSystems Inc)

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Compliance with Laws; Payment of Taxes. The Borrower and its Consolidated Subsidiaries are in compliance with all applicable laws, regulations and similar requirements of governmental authorities, except where such compliance is being contested in good faith through appropriate proceedings and except or where non-compliance is being contested in good faith through appropriate proceedings or where non-compliance, alone or in the failure to comply aggregate could not reasonably be expected to have or cause a Material Adverse Effect. There have been filed on behalf of the Borrower and its Consolidated Subsidiaries all Federal Federal, state, local and state foreign income, excise, property and other tax returns which are required to be filed by them and all taxes due pursuant to such returns or pursuant to any assessment received by or on behalf of the Borrower or any Consolidated Subsidiary have been paid. There have been filed on behalf of the Borrower and its Consolidated Subsidiaries all local income, excise, property and other tax returns that are required to be filed by them and all taxes due pursuant to the returns or any assessment received by Borrower or any Consolidated Subsidiary have been paid. The charges, accruals and reserves on the books of the Borrower and its Consolidated Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate. The Borrower has not given or been requested to give a waiver of the statute of limitation relating to the payment of Federal, except for any changes in taxes which are imposed retroactivelystate, local or foreign taxes.

Appears in 1 contract

Samples: Day Credit Agreement (Liberty Corp)

Compliance with Laws; Payment of Taxes. The Borrower and its Consolidated Subsidiaries are in compliance with all applicable laws, regulations and similar requirements of governmental authorities, except where such compliance is being contested in good faith through appropriate proceedings and except where the failure to comply could for any noncompliance that does not have and would not reasonably be expected to have or cause a Material Adverse Effect. There have been filed on behalf of the Borrower and its Consolidated Subsidiaries all Federal Federal, state and state local income, excise, property and other tax returns which are required to be filed by them and all taxes due pursuant to such returns or pursuant to any assessment received by or on behalf of the Borrower or any Consolidated Subsidiary have been paid. There , except where for taxes which are being contested in good faith through appropriate proceedings and except for any failure to file which does not have been filed on behalf of the Borrower and its Consolidated Subsidiaries all local income, excise, property and other tax returns that are required would not reasonably be expected to be filed by them and all taxes due pursuant to the returns or any assessment received by Borrower or any Consolidated Subsidiary have been paidcause a Material Adverse Effect. The charges, accruals and reserves on the books of the Borrower and its Consolidated Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate. United States income tax returns of the Borrower and its Subsidiaries have been examined and closed through the Fiscal Year ended May 2, except for any changes in taxes which are imposed retroactively1993.

Appears in 1 contract

Samples: Credit Agreement (Culp Inc)

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