Common use of Payment of Debt; Payment of Taxes, Etc Clause in Contracts

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower or any of the assets of such entities: promptly pay and discharge (a) all of its Debt in accordance with the terms thereof; (b) all taxes, assessments, and governmental charges or levies imposed upon it or upon its income and profits, upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default; (c) all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such Borrower first notifies the Banks of its intention to do so, such Borrower shall not be required to pay and discharge any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an Event of Default or a Potential Default hereunder and so long as no foreclosure or other similar proceedings shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its books adequate reserves with respect thereto.

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower or any of the assets of such entities: promptly Promptly pay and discharge: (a) all of its Debt in accordance with the terms thereof; ; (b) all taxes, assessments, and governmental charges or levies imposed upon it or upon its income and or profits, upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default; ; (c) all lawful claims for labor, materials and supplies or otherwiseotherwise not being actively contested in good faith, which, which if unpaid, might become a lien or charge Lien upon such property or any part thereof; provided, however, that so long as such Borrower first notifies the Banks of its intention to do so, such Borrower Loan Parties shall not be required to pay and discharge (or to cause any Subsidiary to pay and discharge) any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an Event of a Default under Section 10.01(e) or a Potential Default hereunder (i) and so long as no foreclosure or other similar proceedings shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its books adequate reserves with respect theretothereto to the extent required by GAAP.

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower AeroCentury or any of the assets of such entitiesits assets: promptly pay and discharge discharge (a) all of its Debt in accordance with the terms thereof; (b) all taxes, assessments, and governmental charges or levies imposed upon it or upon its income and profits, upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default; (c) all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such Borrower AeroCentury first notifies National City, as the Banks Agent, of its intention to do so, such Borrower AeroCentury shall not be required to pay and discharge any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an Event of Default or a Potential Default hereunder and so long as no foreclosure or other similar proceedings shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its books adequate reserves with respect thereto.

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower Xxxxxx or any of the assets of such entitiesits assets: promptly pay and discharge discharge (a) all of its Debt in accordance with the terms thereof; (b) all taxes, assessments, and governmental charges or levies imposed upon it or upon its income and profits, upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default; (c) all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such Borrower Xxxxxx first notifies the Banks First Union, as Agent, of its intention to do so, such Borrower Xxxxxx shall not be required to pay and discharge any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an Event of Default or a Potential Default hereunder and so long as no foreclosure or other similar proceedings shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its books adequate reserves with respect thereto.

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower or any of the assets of such entities: promptly Promptly pay and discharge: (a1) all All of its Debt in accordance with the terms thereof; ; (b2) all All taxes, assessments, and governmental charges or levies imposed upon it or upon its income and profits, upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default; ; (c3) all All lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such the Borrower first notifies the Banks Bank of its intention to do so, such the Borrower shall not be required to pay and discharge any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in a Default or an Event of Default or a Potential Default hereunder under Section 7.01(7) and so long as no foreclosure or other similar proceedings proceeding shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its books adequate reserves with respect thereto.

Payment of Debt; Payment of Taxes, Etc. Where the amount involved ----------------------------------------------- exceeds $250,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower or any of the assets of such entitiesits assets: promptly pay and discharge (a) all of its Debt in accordance with the terms thereof; (b) all taxes, assessments, and governmental charges or levies imposed upon it or upon its income and profits, upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default; (c) all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such Borrower first notifies the Banks of its intention to do so, such Borrower shall not be required to pay and discharge any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an Event of Default or a Potential Default hereunder and so long as no foreclosure or other similar proceedings shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its books adequate reserves with respect thereto.

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 1,000,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower CLC or any of the assets its Subsidiaries, or any of such entitiestheir assets: promptly pay and discharge , and cause its Subsidiaries to promptly pay and discharge, (a) all of its and their Debt in accordance with the terms thereof; (b) all taxes, assessments, and governmental charges or levies imposed upon it or them or upon its or their income and profits, upon any of its their property, real, personal or mixed, or upon any part thereof, before the same shall become in default; (c) all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such Borrower CLC first notifies the Banks Bank of its intention to do so, such Borrower CLC or its Subsidiaries shall not be required to pay and discharge any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an Event of Default or a Potential Default hereunder and so long as no foreclosure or other similar proceedings shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its consolidated books adequate reserves with respect thereto.

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower or any of the assets of such entities: promptly Promptly pay and discharge. (a) all of its material Debt (including specifically all Indebtedness for Borrowed Money and all indebtedness owed to the Bank) in accordance with the terms thereof; ; (b) all taxes, assessments, and governmental charges or levies imposed upon it or upon its income and profits, upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default; ; (c) all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such the Borrower first notifies the Banks Bank of its intention to do so, such the Borrower shall not be required to pay and discharge (or to cause such Subsidiary to pay and discharge) any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an a Event of Default or a Potential Default hereunder and so long as no foreclosure or other similar proceedings shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its books adequate reserves with respect thereto.

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower Xxxxxx or any of the assets of such entitiesits assets: promptly pay and discharge discharge (a) all of its Debt in accordance with the terms thereof; (b) all taxes, assessments, and governmental charges or levies imposed upon it or upon its income and profits, upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default; (c) all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such Borrower Xxxxxx first notifies the Banks Bank of its intention to do so, such Borrower Xxxxxx shall not be required to pay and discharge any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an Event of Default or a Potential Default hereunder and so long as no foreclosure or other similar proceedings shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its books adequate reserves with respect thereto.. Dated Credit Agreement - 20 - June 12, 1997

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower Jevic or any of the assets of such entitiesits assets: promptly pay and discharge discharge (a) all of its Debt in accordance with the terms thereof; (b) all taxes, assessments, and governmental charges or levies imposed upon it or upon its income and profits, upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default; (c) all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such Borrower Jevic first notifies the Banks Bank of its intention to do so, such Borrower Jevic shall not be required to pay and discharge any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an Event of Default or a Potential Default hereunder and so long as no foreclosure or other similar proceedings shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its books adequate reserves with respect thereto.

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower or any of the assets of such entitiesits assets: promptly pay and discharge (a) all of its Debt in accordance with the terms thereof; (b) all taxes, assessments, and governmental charges or levies imposed upon it or upon its income and profits, upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default; (c) all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such Borrower first notifies the Banks of its intention to do so, such Borrower shall not be required to pay and discharge any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an Event of Default or a Potential Default hereunder and so long as no foreclosure or other similar proceedings shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its books adequate reserves with respect thereto.

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower AeroCentury or any of the assets of such entitiesits assets: promptly pay and discharge discharge (a) all of its Debt in accordance with the terms thereof; (b) all taxes, assessments, and governmental charges or levies imposed upon it or upon its income and profits, upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default; (c) all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such Borrower AeroCentury first notifies First Union, as the Banks Agent, of its intention to do so, such Borrower AeroCentury shall not be required to pay and discharge any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an Event of Default or a Potential Default hereunder and so long as no foreclosure or other similar proceedings shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its books adequate reserves with respect thereto.

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower or any of the assets of such entities: promptly Promptly pay and discharge: --------------------------------------- (a) all of its Debt in accordance with the terms thereof; ; (b) all taxes, assessments, and governmental charges or levies imposed upon it or upon its income and profits, upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default; or (c) all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such Borrower first notifies the Banks Agent of its intention to do so, such Borrower shall not be required to pay and discharge (or to cause such Subsidiary to pay and discharge) any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an a Event of Default or a Potential Default hereunder and so long as no foreclosure or other similar proceedings shall have been commenced against such property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it shall have set aside on its books adequate reserves with respect thereto.

Payment of Debt; Payment of Taxes, Etc. Where the amount involved exceeds $250,000 1,000,000 or where the non-payment or non-discharge would otherwise have a Material Adverse Effect on any Borrower, any Subsidiary of any Borrower the Hxxx Companies or any of the assets their Subsidiaries, or any of such entitiestheir assets: promptly pay and discharge , and cause their Subsidiaries to promptly pay and discharge, (a) all of its their Debt in accordance with the terms thereof; , (b) all taxes, assessments, and governmental charges or levies imposed upon it them or upon its their income and profits, upon any of its their property, real, personal or mixed, or upon any part thereof, before the same shall become in default; (c) all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a lien or charge upon such property or any part thereof; provided, however, that so long as such Borrower the Hxxx Companies first notifies the Banks Bank of its their intention to do so, such Borrower the Hxxx Companies or their Subsidiaries shall not be required to pay and discharge any such Debt, tax, assessment, charge, levy or claim so long as the failure to so pay or discharge does not constitute or result in an Event of Default or a Potential Default hereunder and so long as no foreclosure or other similar proceedings shall have been commenced against such any property or any part thereof and so long as the validity thereof shall be contested in good faith by appropriate proceedings diligently pursued and it they shall have set aside on its their consolidated books adequate reserves with respect thereto.