Common use of Payment of Tax Liabilities Clause in Contracts

Payment of Tax Liabilities. The Company will, and will cause each of the Subsidiaries to, pay its Tax liabilities that, if not paid, could reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings and (b) the Company or such Subsidiary has set aside on its books reserves with respect thereto in accordance with GAAP.

Payment of Tax Liabilities. The Company Borrower will, and will cause each of the its Subsidiaries to, to pay its Tax liabilities liabilities, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings proceedings, and (b) the Company Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP.