Common use of Payment of Taxes and Other Potential Charges Clause in Contracts

Payment of Taxes and Other Potential Charges. Pay and discharge promptly all taxes, assessments and governmental charges or levies imposed upon any of them, upon their respective Property or any part thereof, upon their respective income or profits or any part thereof or upon any right or interest of Agent or any Bank under any Loan Document, except that Borrowers and their Subsidiaries shall not be required to pay or cause to be paid (a) any income or gross receipts tax generally applicable to banks or (b) any tax, assessment, charge or levy that is not yet past due, or is being contested in good faith by appropriate proceedings, so long as the relevant entity has established and maintains adequate reserves for the payment of the same and by reason of such nonpayment and contest no material item or portion of Property of Borrowers and their Subsidiaries, taken as a whole, is in jeopardy of being seized, levied upon or forfeited.

Payment of Taxes and Other Potential Charges. Pay and discharge promptly all taxes, assessments and governmental charges or levies imposed upon any of them, upon their respective Property or any part thereof, upon their respective income or profits or any part thereof or upon any right or interest of Agent or any Bank under any Loan Document, except that Borrowers and their Subsidiaries shall not be required to pay or cause to be paid (a) any income or gross receipts tax generally applicable to banks or (b) any tax, assessment, charge or levy that is not yet past due, or is being contested in good faith by appropriate proceedings, so long as the relevant entity has established and maintains adequate reserves for the payment of the same and by reason of such nonpayment and contest no material item or portion of Property of Borrowers and their Subsidiaries, taken as a whole, is in jeopardy of being seized, levied upon or forfeited.