Common use of Delinquent Taxes Clause in Contracts

Delinquent Taxes. Upon the occurrence of an Event of Default or upon notification from any taxing authority, or if any notice is received by Lender with respect to delinquent taxes outstanding, Borrower shall furnish Lender as requested with proof satisfactory of Borrower’s making payment or deposit of F.I.C.A. withholding and other taxes required of it by applicable law. Such proof shall be furnished within five days after the due date for each such payment or deposit. If Borrower fails to make any such payment or deposit when due or furnish such proof when due, Lender may, in its sole discretion, and without notice to Borrower (a) make payment of same or any part thereof, or (b) set up such additional reserves in Borrower’s account as may be necessary to satisfy the liability therefor. Each amount so paid or deposited by Lender shall constitute an Advance under this Agreement. The setting up of a reserve for making payment shall not constitute a waiver of any default under the terms of this Agreement, nor shall Lender be obligated to make such payments or set up reserves in the future.

Delinquent Taxes. Upon the occurrence of an Event of Default or upon notification from any taxing authority, or if any notice is received by Lender with respect to delinquent taxes outstandingoutstanding except where a bona fide good faith dispute exists, Borrower shall furnish Lender as requested with proof satisfactory of Borrower’s making payment or deposit of F.I.C.A. withholding and other taxes required of it by applicable law. Such proof shall be furnished within five days after the due date for each such payment or deposit. If Borrower fails to make any such payment or deposit when due or furnish such proof when due, Lender may, in its sole discretion, and without notice to Borrower (a) make payment of same or any part thereof, or (b) set up such additional reserves in Borrower’s account as may be necessary to satisfy the liability therefor. Each amount so paid or deposited by Lender shall constitute an Advance under this Agreement. The setting up of a reserve for making payment shall not constitute a waiver of any default under the terms of this Agreement, nor shall Lender be obligated to make such payments or set up reserves in the future.

Delinquent Taxes. Upon the occurrence of an Event of Default or upon notification from any taxing authority, or if any notice is received by Lender with respect to delinquent taxes outstanding, Borrower shall furnish Lender as requested with satisfactory proof satisfactory of BorrowerBxxxxxxx’s making payment or deposit of F.I.C.A. withholding and other taxes required of it by applicable law. Such proof shall be furnished within five (5) days after the due date for each such payment or deposit. If Borrower fails to make any such payment or deposit when due or furnish such proof when due, Lender may, in its sole discretion, and without notice to Borrower (a) make payment of same or any part thereof, or (b) set up such additional reserves in Borrower’s account as may be necessary to satisfy the liability therefor. Each amount so paid or deposited by Lender shall constitute an Advance under this Agreement. The setting up of a reserve for making payment shall not constitute a waiver of any default under the terms of this Agreement, nor shall Lender be obligated to make such payments or set up reserves in the future.