Payment of Taxes and Other Indebtedness. Borrower shall, and shall cause its Subsidiaries to, pay and discharge (i) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, (ii) all lawful claims (including claims for labor, materials and supplies) which, if unpaid, will give rise to a Lien upon any of its property, other than a Permitted Lien, and (iii) all of its other Indebtedness in accordance with their respective terms, except as prohibited hereunder; provided, however, that Borrower and its Subsidiaries, if any, shall not be required to pay any such tax, assessment, charge, levy or other claim if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.
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Samples: Loan Agreement (Digital Recorders Inc), Convertible Loan Agreement (Gasco Energy Inc), Convertible Loan Agreement (Cover All Technologies Inc)
Payment of Taxes and Other Indebtedness. Borrower shall, and shall cause its Subsidiaries to, pay and discharge (i) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, (ii) all lawful claims (including claims for labor, materials and supplies) ), which, if unpaid, will give rise to a Lien upon any of its property, other than a Permitted Lien, and (iii) all of its other Indebtedness in accordance with their respective terms, except as prohibited hereunder; provided, however, that Borrower and its Subsidiaries, if any, shall not be required to pay any such tax, assessment, charge, levy or other claim if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.
Appears in 3 contracts
Samples: Convertible Loan Agreement (Simtek Corp), Convertible Loan Agreement (Newcare Health Corp), Convertible Loan Agreement (La Man Corporation)
Payment of Taxes and Other Indebtedness. (a) Borrower shall, and shall cause its Subsidiaries Subsidiaries, if any, to, pay and discharge (i) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, (ii) all lawful claims (including claims for labor, materials and supplies) ), which, if unpaid, will might give rise to a Lien upon any of its property, other than a Permitted Lien, and (iii) all of its other Indebtedness in accordance with their respective termsIndebtedness, except as prohibited hereunder; provided, however, that Borrower and its Subsidiaries, if any, shall not be required to pay any such tax, assessment, charge, charge or levy or other claim if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.
Appears in 2 contracts
Samples: Convertible Debenture Loan Agreement (Topro Inc), Convertible Debenture Loan Agreement (Packaging Research Corp)
Payment of Taxes and Other Indebtedness. Borrower shall, and shall cause its Subsidiaries to, pay and discharge (i) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, (ii) all lawful claims (including claims for labor, materials and supplies) which, if unpaid, will give rise to a Lien upon any of its property, other than a Permitted Lien, and (iii) all of its other Indebtedness in accordance with their respective terms, except as prohibited hereunder; provided, however, that Borrower and its Subsidiaries, if any, shall not be required to pay any such tax, assessment, charge, levy or other claim if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.. Agreement (Continued) --------------------------------------------------------------------------------
Appears in 2 contracts
Samples: Convertible Loan Agreement (Cover All Technologies Inc), Convertible Loan Agreement (Digital Recorders Inc)
Payment of Taxes and Other Indebtedness. Borrower Borrowers shall, and shall cause its Subsidiaries each of the other Companies to, pay and discharge discharge
(ia) all taxes, assessments assessments, and governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, (iib) all lawful claims (including claims for labor, materials materials, and supplies) ), which, if unpaid, will might give rise to a Lien upon any of its property, other than a Permitted Lien, and (iiic) all of its other Indebtedness in accordance with their respective termsIndebtedness, except as prohibited hereunderunder the Loan Documents; providedPROVIDED, howeverHOWEVER, that Borrower and its Subsidiaries, if any, the Companies shall not be required to pay any such tax, assessment, charge, or levy or other claim if and so long as the amount, applicability applicability, or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate accruals and appropriate reserves therefor have been established in accordance with GAAP.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Adams Golf Inc), Revolving Credit Agreement (Adams Golf Inc)
Payment of Taxes and Other Indebtedness. (a) Borrower shall, and shall cause its Subsidiaries (if any) to, pay and discharge (i) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, (ii) all lawful claims (including claims for labor, materials and supplies) ), which, if unpaid, will might give rise to a Lien upon any of its property, other than a Permitted Lien, and (iii) all of its other Indebtedness in accordance with their respective termsIndebtedness, except as prohibited hereunder; provided, however, that Borrower and its Subsidiaries, if any, shall not be required to pay any such tax, assessment, charge, charge or levy or other claim if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.
Appears in 2 contracts
Samples: Convertible Loan Agreement (Jakks Pacific Inc), Convertible Loan Agreement (Integrated Security Systems Inc)
Payment of Taxes and Other Indebtedness. (a) Borrower and Parent shall, and shall cause its Subsidiaries (if any) to, pay and discharge (i) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, (ii) all lawful claims (including claims for labor, materials and supplies) ), which, if unpaid, will might give rise to a Lien upon any of its property, property other than a Permitted LienLiens, and (iii) all of its other Indebtedness in accordance with their respective termsIndebtedness, except as prohibited hereunder; provided, however, that Borrower and Parent and its Subsidiaries, if any, shall not be required to pay any such tax, assessment, charge, charge or levy or other claim if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.
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Payment of Taxes and Other Indebtedness. Borrower shall, and shall cause its Subsidiaries to, pay and discharge (i) all taxestaxes and other governmental taxing authority assessments, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, (ii) all lawful claims (including claims for labor, materials and supplies) ), which, if unpaid, will give rise to a Lien upon any of its property, other than a Permitted Lien, and (iii) all of its other Indebtedness in accordance with their respective terms, except as prohibited hereunder; provided, however, that Borrower and its Subsidiaries, if any, shall not be required to pay any such tax, assessment, charge, levy or other claim if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.
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Payment of Taxes and Other Indebtedness. Each of the Parents and the Borrower shallwill, and shall will cause its each of their respective Subsidiaries to, pay and discharge (ia) all taxes (including, without limitation, any corporate or franchise taxes), assessments and governmental charges or levies imposed upon it it, or upon its income or profits, or upon any property belonging to itof its properties, before they shall become delinquent, (iib) all lawful claims (including claims for labor, materials and supplies) which, if unpaid, will might give rise to a Lien upon any of its property, other than a Permitted Lienproperties, and (iiic) except as prohibited hereunder, all of its other Indebtedness in accordance with their respective terms, except as prohibited hereunderit shall become due; provided, however, that none of the Parents, the Borrower and its Subsidiaries, if any, or their respective Subsidiaries shall not be required to pay any such tax, assessment, charge, levy levy, claim or other claim if and so long as the amount, applicability or validity thereof shall currently be Indebtedness which is being contested in good faith by appropriate proceedings and appropriate accruals and as to which adequate reserves therefor have been established in accordance with GAAP, unless the failure to make any such payment (i) could give rise to an immediate right to foreclose on a Lien securing such amounts or (ii) could have a Material Adverse Effect.
Appears in 1 contract
Samples: Credit and Reimbursement Agreement (CNL American Properties Fund Inc)
Payment of Taxes and Other Indebtedness. Borrower shall, and shall cause its Subsidiaries to, It will pay and discharge (i) all income taxes and payroll taxes before delinquency, (ii) all taxes, assessments assessments, fees and other governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, which become due and payable, (iiiii) all lawful claims (including claims for labor, materials and supplies) ), which, if unpaid, will give rise to might become a Lien upon any of its property, other than a Permitted Lien, property and (iiiiv) all of its other Indebtedness in accordance with their respective termsarising under any Significant Debt Agreement as it becomes due and payable, except as prohibited hereunder; provided, however, that Borrower and its Subsidiaries, if any, it shall not be required to pay any such tax, assessment, charge, levy levy, claims or other claim Indebtedness if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings actions and appropriate accruals and reserves therefor have been established in accordance with GAAP.
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Payment of Taxes and Other Indebtedness. (a) Borrower shall, and shall cause its Subsidiaries (if any) to, pay and discharge (i) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any property belonging to it, before delinquent, (ii) all lawful claims (including claims for labor, materials and supplies) ), which, if unpaid, will might give rise to a Lien upon any of its property, property other than a Permitted LienLiens, and (iii) all of its other Indebtedness in accordance with their respective termsIndebtedness, except as prohibited hereunder; provided, however, that Borrower and its Subsidiaries, if any, shall not be required to pay any such tax, assessment, charge, charge or levy or other claim if and so long as the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate accruals and reserves therefor have been established in accordance with GAAP.
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