Payment of Certain Obligations. Each of the Borrowers and the other Loan Parties shall, and shall cause each of the Restricted Subsidiaries of Borrowers to pay and discharge prior to delinquency all Tax liabilities, assessments and governmental charges or levies upon their respective properties, unless (a) 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 and (b) no Lien has been filed with respect to such liabilities, assessments and governmental charges or levies.
Appears in 3 contracts
Samples: Forbearance Agreement and Fourth Amendment to Loan and Security Agreement (Endurant Capital Management LP), Forbearance Agreement and Fourth Amendment to Loan and Security Agreement (TENOR CAPITAL MANAGEMENT Co., L.P.), Forbearance Agreement and Fourth Amendment to Loan and Security Agreement (DG Capital Management, LLC)
Payment of Certain Obligations. Each of the Borrowers and the other Loan Parties shall, and shall cause each of the Restricted Subsidiaries of Borrowers to pay and discharge prior to delinquency all Tax liabilities, assessments and governmental charges or levies upon their respective properties, unless (a) 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 and (b) no Lien has been filed with respect to such liabilities, assessments and governmental charges or levies.
Appears in 1 contract
Samples: Loan and Security Agreement (INVACARE HOLDINGS Corp)
