Payment of Certain Obligations. Borrower shall and shall cause each of its Subsidiaries to pay and discharge prior to delinquency all material tax liabilities, assessments and governmental charges or levies upon their respective properties, unless the same are being contested in good faith by appropriate proceedings timely instituted and diligently conducted by the applicable Person and such Person has set aside adequate reserves, if any, on its financial statements in accordance with GAAP.
Appears in 3 contracts
Samples: Loan and Security Agreement (Intercloud Systems, Inc.), Credit Agreement (Titan Machinery Inc.), Credit Agreement (Titan Machinery Inc.)
Payment of Certain Obligations. The Borrower shall shall, and shall cause each of its Subsidiaries to to, pay and discharge prior to delinquency all material tax liabilities, assessments and governmental charges or levies upon their respective properties, unless the same are being contested in good faith by appropriate proceedings timely instituted and diligently conducted by the applicable Person and such Person has set aside adequate reserves, if any, on its financial statements in accordance with GAAP.
Appears in 1 contract
Samples: Credit Agreement (FlexShopper, Inc.)
