Payment and Performance of Obligations. Borrower (i) will pay and discharge, and cause each other Credit Party to pay and discharge, at or before maturity, all of their respective obligations and liabilities, including tax liabilities, except for such obligations and/or liabilities (A) that may be the subject of a Permitted Contest and (B) the nonpayment or nondischarge of which could not reasonably be expected to have a Material Adverse Effect, (ii) will maintain, and cause each other Credit Party to maintain, in accordance with GAAP, appropriate reserves for the accrual of all of their respective obligations and liabilities and (iii) will not breach or permit any other Credit Party to breach, or permit to exist any default under, the terms of any lease, commitment, contract, instrument or obligation to which it is a party, or by which its properties or assets are bound, except for such breaches or defaults which could not reasonably be expected to have a Material Adverse Effect.
Appears in 4 contracts
Samples: Credit Agreement (Warren Resources Inc), Second Lien Credit Agreement (Warren Resources Inc), Credit Agreement (Warren Resources Inc)
Payment and Performance of Obligations. Borrower
Borrower (i) will pay and discharge, and cause each other Credit Party to pay and discharge, at or before maturity, all of their respective obligations and liabilities, including tax liabilities, except for such obligations and/or liabilities (A) that may be the subject of a Permitted Contest and (B) the nonpayment or nondischarge of which could not reasonably be expected to have a Material Adverse Effect, (ii) will maintain, and cause each other Credit Party to maintain, in accordance with GAAP, appropriate reserves for the accrual of all of their respective obligations and liabilities and (iii) will not breach or permit any other Credit Party to breach, or permit to exist any default under, the terms of any lease, commitment, contract, instrument or obligation to which it is a party, or by which its properties or assets are bound, except for such breaches or defaults which could not reasonably be expected to have a Material Adverse Effect.
Appears in 2 contracts
Samples: Credit Agreement (Warren Resources Inc), Credit Agreement (Warren Resources Inc)
Payment and Performance of Obligations. Each Borrower
(ia) will pay and discharge, and cause each other Credit Party to pay and discharge, at or before maturity, all of their respective obligations and liabilities, including tax liabilities, except for such obligations and/or liabilities (Ai) that may be the subject of a Permitted Contest and Contest, or (Bii) the nonpayment or nondischarge of which could not reasonably be expected to have a Material Adverse EffectEffect or result in a Lien against any Collateral, except for Permitted Liens, (iib) will maintain, and cause each other Credit Party to maintain, in accordance with GAAP, appropriate reserves for the accrual of all of their respective obligations and liabilities and liabilities, (iiic) will not breach or permit any other Credit Party to breach, or permit to exist any default under, the terms of any lease, commitment, contract, instrument or obligation (other than Leases) to which it is a party, or by which its properties or assets are bound, except for such breaches or defaults which could not reasonably be expected to have a Material Adverse Effect, and (d) will not breach, or permit to exist any default under, the terms of any Material Lease to which it is a party as a lessor.
Appears in 2 contracts
Samples: Credit and Security Agreement (American Retirement Corp), Credit and Security Agreement (American Retirement Corp)
Payment and Performance of Obligations. Borrower
(i) will pay and discharge, and cause each other Secured Credit Party to pay and discharge, at or before maturity, all of their respective obligations and liabilities, including tax liabilities, except for such obligations and/or liabilities (Ax) that where the same may be the subject of a Permitted Contest and (By) for such obligations and/or liabilities the nonpayment or nondischarge of which could not reasonably be expected to have a Material Adverse Effect, (ii) will maintain, and cause each other Secured Credit Party to maintain, in accordance with GAAP, appropriate reserves for the accrual of all of their respective obligations and liabilities and (iii) will not breach or permit any other Secured Credit Party to breach, or permit to exist any default under, the terms of any lease, commitment, contract, instrument or obligation to which it is a party, or by which its properties or assets are bound, except for such breaches or defaults which could not reasonably be expected to have a Material Adverse Effect.
Appears in 1 contract
Samples: Credit Agreement (Radiologix Inc)
Payment and Performance of Obligations. Borrower
Each Credit Party (i) will pay and discharge, and cause each other Credit Party Subsidiary to pay and discharge, at or before maturity, all of their respective obligations and liabilities, including tax liabilities, except for such obligations and/or liabilities (Ax) that may be the subject of a Permitted Contest and (By) the nonpayment or nondischarge of which could not reasonably be expected to have a Material Adverse Effect, (ii) will maintain, and cause each other Credit Party Subsidiary to maintain, in accordance with GAAP, appropriate reserves for the accrual of all of their respective obligations and liabilities and (iii) will not breach or permit any other Credit Party Subsidiary to breach, or permit to exist any default under, the terms of any lease, commitment, contract, instrument or obligation to which it is a party, or by which its properties or assets are bound, except for such breaches or defaults which could not reasonably be expected to have a Material Adverse Effect.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (Pernix Therapeutics Holdings, Inc.)
Payment and Performance of Obligations. Borrower
Each Borrower (ia) will pay and discharge, and cause each other Credit Party to pay and discharge, at or before maturity, all of their respective obligations and liabilities, including tax liabilities, except for such obligations and/or liabilities (Ai) that may be the subject of a Permitted Contest and Contest, or (Bii) the nonpayment or nondischarge of which could not reasonably be expected to have a Material Adverse EffectEffect or result in a Lien against any Collateral, except for Permitted Liens, (iib) will maintain, and cause each other Credit Party to maintain, in accordance with GAAP, appropriate reserves for the accrual of all of their respective obligations and liabilities and liabilities, (iiic) will not breach or permit any other Credit Party to breach, or permit to exist any default under, the terms of any lease, commitment, contract, instrument or obligation (other than Leases) to which it is a party, or by which its properties or assets are bound, except for such breaches or defaults which could not reasonably be expected to have a Material Adverse Effect, and (d) will not breach, or permit to exist any default under, the terms of any Material Lease to which it is a party as a lessor.
Appears in 1 contract
Samples: Credit and Security Agreement (American Retirement Corp)
Payment and Performance of Obligations. The Borrower
(i) will pay and discharge, and cause each other Credit Party to pay and discharge, at or before maturity, all of their respective obligations and liabilities, including tax liabilities, except for such obligations and/or liabilities (A) that may be the subject of a Permitted Contest and (B) the nonpayment or nondischarge of which could not reasonably be expected to have a Material Adverse Effect, (ii) will maintain, and cause each other Credit Party to maintain, in accordance with GAAP, appropriate reserves for the accrual of all of their respective obligations and liabilities and (iii) will not breach or permit any other Credit Party to breach, or permit to exist any default under, the terms of any lease, commitment, contract, instrument or obligation to which it is a party, or by which its properties or assets are bound, except for such breaches or defaults which could not reasonably be expected to have a Material Adverse Effect.
Appears in 1 contract
Payment and Performance of Obligations. Borrower
Each Borrower (ia) will pay and discharge, and cause each other Credit Party to pay and discharge, at or before prior to maturity, all of their respective obligations and liabilities, including tax liabilities, except for such obligations and/or liabilities (Ai) that may be the subject of a Permitted Contest Contest, and (Bii) the nonpayment or nondischarge of which could not reasonably be expected to have a Material Adverse EffectEffect or result in a Lien against any Collateral, except for Permitted Liens, (iib) will maintain, and cause each other Credit Party to maintain, in accordance with GAAP, appropriate reserves for the accrual of all of their respective obligations and liabilities and liabilities, (iiic) will not breach or permit any other Credit Party to CHICAGO/#2502765.12 breach, or permit to exist any default under, the terms of any lease, commitment, contract, instrument or obligation (other than Leases) to which it is a party, or by which its properties or assets are bound, except for such breaches or defaults which could not reasonably be expected to have a Material Adverse Effect, and (d) will not breach in any material respect or permit to exist any material default under the terms of any Operating Lease or other material Lease to which it is a party as a lessor.
Appears in 1 contract
Samples: Credit and Security Agreement (Skilled Healthcare Group, Inc.)