Common use of Discharge of Liabilities Clause in Contracts

Discharge of Liabilities. That all costs, expenses, obligations and liabilities of the Borrower shall be discharged as and when they fall due except any such items being diligently contested in good faith for which appropriate reserves and provisions as required by GAAP have been made, so long as by reason of such non-payment and contest no material item or portion of the assets of the Borrower is in jeopardy of being seized, levied upon or forfeited.

Discharge of Liabilities. That all costs, expenses, obligations and liabilities of each Borrower, including, without limitation, all costs of developing, producing and exploiting the Borrower Products, shall be discharged as and when they fall due except any such items costs being diligently contested in good faith for which appropriate reserves and provisions as required by GAAP have been made, so long as by reason of such non-payment and contest no material item or portion of the assets of the any Borrower is in jeopardy of being seized, levied upon or forfeited.