Common use of Payment of Tax Obligations Clause in Contracts

Payment of Tax Obligations. Pay and discharge, as the same shall become due and payable (beyond any period of grace or cure, if applicable), all 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 (i) the validity or amount thereof is being contested in good faith by appropriate proceedings and (ii) the Parent Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP.

Payment of Tax Obligations. Pay and discharge, as the same shall become due and payable (beyond any period of grace or cure, if applicable), all its Tax liabilities that, if not paid, could reasonably be expected to result, result in a Material Adverse Effect, before the same shall become delinquent or in default, except where (i) the validity or amount thereof is being contested in good faith by appropriate proceedings and (ii) the Parent Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP.