Common use of Payment of Indebtedness and Performance of Obligations Clause in Contracts

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could reasonably be expected to (a) have a Material Adverse Effect on the Borrower or (b) give rise to the imposition of a Lien (other than a Permitted Lien) upon the property of the Borrower, unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the Borrower, and provided that such reserve or other appropriate provision as shall be required in accordance with Applicable Accounting Principles shall have been made therefor.

Appears in 7 contracts

Samples: Credit Agreement (Tortoise Energy Independence Fund, Inc.), Credit Agreement (Tortoise Power & Energy Infrastructure Fund Inc), Credit Agreement (Tortoise Energy Independence Fund, Inc.)

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Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could reasonably be expected to (ai) have a Material Adverse Effect on the Borrower or (bii) give rise to the imposition of a Lien (other than a Permitted Lien) upon the property of the Borrower, unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the Borrower, and provided that such reserve or other appropriate provision as shall be required in accordance with Applicable Accounting Principles shall have been made therefor.

Appears in 6 contracts

Samples: Credit Agreement (Abrdn Income Credit Strategies Fund), Credit Agreement (Aberdeen Income Credit Strategies Fund), Credit Agreement (Aberdeen Asia-Pacific Income Fund Inc)

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could reasonably be expected to (a) have a Material Adverse Effect on the Borrower or (b) give rise to the imposition of a Lien (other than a Permitted Lien) upon the any property of the BorrowerBorrower having a value either individually or in the aggregate in excess of $5,000,000, unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the Borrower, and provided that such reserve or other appropriate provision as shall be required in accordance with Applicable Accounting Principles shall have been made therefor.

Appears in 6 contracts

Samples: Credit Agreement (Blackstone / GSO Long-Short Credit Income Fund), Credit Agreement (Blackstone / GSO Floating Rate Enhanced Income Fund), Credit Agreement (Blackstone / GSO Floating Rate Enhanced Income Fund)

Payment of Indebtedness and Performance of Obligations. The Related Company thereof and each such Borrower shall pay and discharge when due all lawful Indebtedness, Indebtedness and obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could reasonably be expected to (a) have a Material Adverse Effect on the Borrower with respect to such Borrower, or (b) give rise to the imposition of a Lien (other than a Permitted Lien) upon the property of the such Borrower, unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the such Related Company or such Borrower, and provided that such reserve or other appropriate provision as shall be required in accordance with Applicable Accounting Principles shall have been made therefor.

Appears in 5 contracts

Samples: Credit Agreement (Investment Managers Series Trust), Credit Agreement (Investment Managers Series Trust), Credit Agreement (Investment Managers Series Trust)

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due due, and cause each of the Restricted Subsidiaries to pay and discharge when due, all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could individually or collectively reasonably be expected to (ai) have a Material Adverse Effect on or (ii) become a Lien upon property of the Borrower or (b) give rise to any of the imposition of a Lien Restricted Subsidiaries (other than a Permitted Lien) upon the property of the BorrowerLien expressly permitted by Section 7.2), unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the Borrowerconducted, and provided that such reserve or other appropriate provision as shall be required by the Accountants in accordance with Applicable Accounting Principles GAAP shall have been made therefor.

Appears in 4 contracts

Samples: Loan Agreement (Cleco Corp), Credit Agreement (Cleco Power LLC), Credit Agreement (Cleco Power LLC)

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could reasonably be expected to (ai) have a Material Adverse Effect on the Borrower or (bii) give rise to the imposition of become a Lien (other than a Permitted Lien) upon the property of the Borrower, unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the Borrower, and provided further that such reserve or other appropriate provision as shall be required in accordance with Applicable Accounting Principles shall have been made therefor.

Appears in 4 contracts

Samples: Credit Agreement (Voya SENIOR INCOME FUND), Credit Agreement (Voya SENIOR INCOME FUND), Credit Agreement (Voya SENIOR INCOME FUND)

Payment of Indebtedness and Performance of Obligations. The Borrower shall Pay and discharge when due, and cause each of the Material Subsidiaries to pay and discharge when due due, all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could individually or collectively reasonably be expected to (ai) have a Material Adverse Effect on or (ii) become a Lien upon Property of the Borrower or (b) give rise to any of the imposition of a Lien Material Subsidiaries (other than a Permitted Lien) upon the property of the Borrower), unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf it, provided that the Borrower shall give the Administrative Agent prompt notice of the Borrower, any such contest and provided that such reserve or other appropriate provision as shall be required by the Accountants in accordance with Applicable Accounting Principles GAAP shall have been made therefor.

Appears in 3 contracts

Samples: 364 Day Credit Agreement (Cleco Utility Group Inc), 364 Day Credit Agreement (Cleco Utility Group Inc), Revolving Credit Agreement (Cleco Utility Group Inc)

Payment of Indebtedness and Performance of Obligations. The Such Borrower on behalf of itself and each Related Funds shall pay and discharge when due all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could reasonably be expected to (ai) have a Material Adverse Effect on the such Borrower or such Related Fund or (bii) give rise to the imposition of a Lien (other than a Permitted Lien) upon the property of the Borrowersuch Borrower or such Related Fund, unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the Borrowersuch Borrower or such Related Fund, and provided that such reserve or other appropriate provision as shall be required in accordance with Applicable Accounting Principles shall have been made therefor.

Appears in 2 contracts

Samples: Credit Agreement (Highland Floating Rate Fund), Credit Agreement (Highland Funds I)

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due due, and cause each of the Subsidiaries to pay and discharge when due, all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could individually or collectively reasonably be expected to (ai) have a Material Adverse Effect on or (ii) become a Lien upon property of the Borrower or (b) give rise to any of the imposition of a Lien Subsidiaries (other than a Permitted Lien) upon the property of the BorrowerLien expressly permitted by Section 7.1), unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the Borrowerconducted, and provided that such reserve or other appropriate provision as shall be required by the Accountants in accordance with Applicable Accounting Principles GAAP shall have been made therefor.

Appears in 2 contracts

Samples: Credit Agreement (Cleco Power LLC), Credit Agreement (Cleco Power LLC)

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could reasonably be expected to (a) have a Material Adverse Effect on the Borrower or (b) give rise to the imposition of a Lien (other than a Permitted Lien) upon the property of the BorrowerBorrower having a value either individually or in the aggregate in excess of $5,000,000, unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the Borrower, and provided that such reserve or other appropriate provision as shall be required in accordance with Applicable Accounting Principles shall have been made therefor.

Appears in 2 contracts

Samples: Credit Agreement (ClearBridge Energy MLP Fund Inc.), Credit Agreement (ClearBridge Energy MLP Opportunity Fund Inc.)

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due due, and cause each of the Material Subsidiaries to pay and discharge when due, all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could individually or collectively reasonably be expected to (ai) have a Material Adverse Effect on or (ii) become a Lien upon Property of the Borrower or (b) give rise to any of the imposition of a Lien Material Subsidiaries (other than a Permitted Lien) upon the property of the Borrower), unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf conducted, provided that the Borrower shall give the Administrative Agent prompt notice of the Borrower, any such contest and provided that such reserve or other appropriate provision as shall be required by the Accountants in accordance with Applicable Accounting Principles GAAP shall have been made therefor.

Appears in 2 contracts

Samples: 364 Day Credit Agreement (Cleco Power LLC), 364 Day Credit Agreement (Cleco Power LLC)

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Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could reasonably be expected to (a) have a Material Adverse Effect on the Borrower or (b) give rise to the imposition of a Lien (other than a Permitted Lien) upon the property of the Borrower, unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the Borrower, and provided that such reserve or other appropriate provision as shall be required in accordance with Applicable Accounting Principles GAAP shall have been made therefor.

Appears in 1 contract

Samples: Credit Agreement (Avenue Income Credit Strategies Fund)

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could reasonably be expected to (a) have a Material Adverse Effect on the Borrower or (b) give rise to the imposition of a Lien (other than a Permitted Lien) upon the property of the Borrower, unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the Borrower, and provided that such reserve or other appropriate provision as shall be required in accordance with Applicable Accounting Principles shall have been made therefor.

Appears in 1 contract

Samples: Credit Agreement (Aristotle Funds Series Trust)

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could reasonably be expected to (a) have a Material Adverse Effect on the Borrower or (b) give rise to the imposition of a Lien (other than a Permitted Lien) upon the any property of the BorrowerBorrower having a value either individually or in the aggregate in excess of $5,000,000, unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the Borrower, and provided that such reserve or other appropriate provision as shall be required in accordance with Applicable Accounting Principles shall have been made therefor.

Appears in 1 contract

Samples: Credit Agreement (Blackstone / GSO Floating Rate Enhanced Income Fund)

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay Pay and discharge when due due, and cause each of its Subsidiaries to pay and discharge, all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could individually or collectively reasonably be expected to (a) have a Material Adverse Effect on Effect, or become a Lien upon Property of the Borrower or (b) give rise to the imposition any of a Lien (its Subsidiaries other than a Permitted Lien) upon the property of the Borrower, unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf it, provided that the Borrower shall give the Agent prompt notice of the Borrower, any such contest and provided that such reserve or other appropriate provision as shall be required by the Accountants in accordance with Applicable Accounting Principles GAAP shall have been made therefor.

Appears in 1 contract

Samples: Credit Agreement (Cleco Corp)

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due due, and cause each of the Subsidiaries to pay and discharge when due, all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could could, individually or collectively reasonably be expected to (ai) have a Material Adverse Effect on or (ii) become a Lien upon Property of the Borrower or (b) give rise to any of the imposition of a Lien Subsidiaries (other than a Permitted Lien) upon the property of the Borrower), unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf conducted, provided that the Borrower shall give the Administrative Agent prompt notice of the Borrower, any such contest and provided that such reserve or other appropriate provision as shall be required by the Accountants in accordance with Applicable Accounting Principles GAAP shall have been made therefor.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Cleco Power LLC)

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay Pay and discharge when due due, and cause each of its Subsidiaries to pay and discharge, all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could reasonably be expected to might (ai) have a Material Adverse Effect on Effect, or (ii) become a Lien upon Property of the Borrower or (b) give rise to the imposition any of a Lien (its Subsidiaries other than a Permitted Lien) upon the property of the Borrower, unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by the Borrower or on behalf such Subsidiary, provided that the Borrower shall give the Agent prompt notice of the Borrower, any such contest and provided that such reserve or other appropriate provision as shall be required by the Accountants in accordance with Applicable Accounting Principles GAAP shall have been made therefor.

Appears in 1 contract

Samples: Revolving Credit Agreement (Mercury General Corp)

Payment of Indebtedness and Performance of Obligations. The Borrower shall pay and discharge when due due, and cause each of the Restricted Subsidiaries to pay and discharge when due, all lawful Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could individually or collectively reasonably be expected to (ai) have a Material Adverse Effect on or (ii) become a Lien upon property of the Borrower or (b) give rise to any of the imposition of a Lien Restricted Subsidiaries (other than a Permitted Lien) upon the property of the BorrowerLien expressly permitted by Section 7.2 ), unless and to the extent only that the validity of such Indebtedness, obligation or claim shall be contested in good faith and by appropriate proceedings diligently conducted by or on behalf of the Borrowerconducted, and provided that such reserve or other appropriate provision as shall be required by the Accountants in accordance with Applicable Accounting Principles GAAP shall have been made therefor.

Appears in 1 contract

Samples: Executive Employment Agreement

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