Payment of Obligations and Taxes. Borrower shall make timely payment of all assessments and taxes and all of its liabilities and obligations including, but not limited to, trade payables, unless the same are being contested in good faith by appropriate proceedings with the appropriate court or regulatory agency. For purposes hereof, Borrower's issuance of a check, draft or similar instrument without delivery to the intended payee shall not constitute payment.
Appears in 3 contracts
Samples: Loan and Security Agreement (Truett-Hurst, Inc.), Loan and Security Agreement (Truett-Hurst, Inc.), Loan and Security Agreement (Point.360)
Payment of Obligations and Taxes. Borrower shall make timely payment of all assessments and taxes and all of its liabilities and obligations including, but not limited to, trade payables, unless the same are being contested in good faith by appropriate proceedings with the appropriate court or regulatory agency. For purposes hereof, Borrower's ’s issuance of a check, draft or similar instrument without delivery to the intended payee shall not constitute payment.
Appears in 3 contracts
Samples: Loan and Security Agreement (Truett-Hurst, Inc.), Loan and Security Agreement (Truett-Hurst, Inc.), Loan and Security Agreement (Guidance Software, Inc.)
