Prompt Payment of Taxes. The Borrower shall (and shall ensure that each Significant Subsidiary will) duly pay all Taxes payable by it, other than (a) those taxes which are being contested in good faith and by appropriate proceedings and in respect of which adequate reserves or other appropriate provisions have been made; or (b) whose amount does not exceed $25,000,000 (or its equivalent in any other currencies).
Prompt Payment of Taxes. Accrue its tax liability (including withholdings for employee taxes and social security) in accordance with usual accounting practice and pay or discharge (or cause to be paid or discharged) as they become due all taxes, assessments and government charges upon its property, operations, income and products (as well as all claims for labor, materials or supplies), which, if unpaid, might become a lien upon any of its property; provided that the Borrower shall, prior to payment thereof, have the right to contest such taxes, assessments and charges in good faith by appropriate proceedings so long as the Lender’s interests are protected by bond, letter of credit, escrowed funds or other appropriate security.
Prompt Payment of Taxes. Accrue its tax liability (including withholdings for employee taxes and social security) in accordance with usual accounting practice and pay or discharge (or cause to be paid or discharged) as they become due all taxes, assessments, and government charges upon its property, operations, income and products (as well as all claims for labor, materials or supplies), which, if unpaid might become a lien upon any of its property; provided, that the Borrower and each Guarantor shall, prior to payment thereof, have the right to contest such taxes, assessments and charges in good faith by appropriate proceedings so long as the Bank’s interests are protected by bond, letter of credit, escrowed funds or other appropriate security.
Prompt Payment of Taxes etc. VPSI will promptly pay and discharge, or cause to be paid and discharged, when due and payable, all lawful taxes, assessments and governmental charges or levies imposed upon the income, profits, property or business of VPSI or any subsidiary; provided, however, that any such tax, assessment, charge or levy need not be paid if the validity thereof shall currently be contested in good faith by appropriate proceedings and if VPSI shall have set aside on its books adequate reserves with respect thereto, and provided, further, that VPSI will pay all such taxes, assessments, charges or levies forthwith upon the commencement of proceedings to foreclose any lien which may have attached as security therefor. VPSI will promptly pay or cause to be paid when due, or in conformance with customary trade terms, all other indebtedness incident to operations of VPSI.
Prompt Payment of Taxes. The Borrower shall promptly pay all Taxes payable by it other than:
(a) any deferred Taxes as expressly disclosed in writing to the Facility Agent prior to the date of this Agreement; and
(b) those taxes which are being contested in good faith and in respect of which adequate reserves have been established and other than in respect of an aggregate amount of unpaid Taxes due and payable by the Borrower at any time of no more than US$100,000.
Prompt Payment of Taxes. The Borrower shall (and shall ensure that each other Mining Obligor and Material Mining Subsidiary will) duly pay all Taxes payable by it, other than:
(a) those it is contesting in good faith by appropriate proceedings and in respect of which adequate reserves (in the opinion of the International Auditors or, pending an assessment by the International Auditors, in the reasonable opinion of the relevant Mining Obligor or Material Mining Subsidiary) have been established (unless, in such opinion of the International Auditors, Mining Obligor or Material Mining Subsidiary (as the case may be), no reserves are required in respect of such tax liabilities); or
(b) those which at any time do not exceed (in aggregate among all of the Borrower, any other Mining Obligor and any member of the Mechel Mining Group) US$50,000,000 (provided that the difference between (i) such overdue tax liabilities and (ii) the amount (in aggregate among all of the Borrower, any other Mining Obligor and any member of the Mechel Mining Group) of Taxes owing or reasonably expected to be repaid or refunded by the relevant tax authorities to the Borrower, any other Mining Obligor or any member of the Mechel Mining Group shall not exceed US$20,000,000) and are overdue for a period of not more than 90 days.
Prompt Payment of Taxes. Accrue the Borrower's and the Guarantor's tax liability in accordance with usual accounting practice and pay or discharge (or cause to be paid or discharged) as they become due all taxes, assessments, and government charges upon its property, operations, income and products (as well as all claims for labor, materials or supplies), which, if unpaid might become a lien upon any of its property; provided, that the Borrower and/or the Guarantor (as applicable) shall, prior to payment thereof, have the right to contest such taxes, assessments and charges in good faith by appropriate proceedings so long as the Bank's interests are protected by bond, letter of credit, escrowed funds or other appropriate security or adequate reserves have been established therefor.
Prompt Payment of Taxes. The Borrower shall (and shall ensure that each member of the Group will) duly pay all Taxes payable by it, other than Taxes (a) which are being contested in good faith and by appropriate proceedings and in respect of which adequate reserves or other appropriate provisions have been made; or (b) the non-payment of which would not have a Material Adverse Effect.
Prompt Payment of Taxes. The Company shall promptly pay and discharge, or cause to be paid and discharged, prior to the earliest date on which any penalty or interest is incurred or begins to accrue all lawful taxes, assessments and governmental charges or levies imposed upon any of its income, profits, property or business; provided, however, that any such tax, assessment, charge or levy need not be paid if the validity thereof shall currently be contested in good faith by appropriate proceedings and if the Company shall have set aside on its books adequate reserves with respect thereto; and provided, further, that the Company will pay all such taxes, assessments, charges or levies promptly to avoid foreclosure of any Lien which may have attached as security therefor or with respect thereto.
Prompt Payment of Taxes etc. The Company will promptly pay and discharge, or cause to be paid and discharged when due and payable, all lawful Taxes relating to federal, state, local or foreign income, franchise, capital, payroll, property, sales, use, excise, employment or other taxes, including any interest, additions to Tax or penalties with respect to the foregoing assessments and governmental charges or levies imposed upon the income, profits, property or business of the Company or any Subsidiary provided, however, that any such Tax, assessment, charge or levy need not be paid if the validity thereof shall currently be contested in good faith by appropriate proceedings and if the Company shall have set aside on its books adequate reserves with respect thereto, and provided, further, that the Company will pay all such Taxes, assessments, charges or levies forthwith upon the commencement of proceedings to foreclose any Lien which may have attached as security therefor. The Company will promptly pay or cause to be paid when due, or in conformance with customary trade terms, all other indebtedness incident to operations of the Company or any Subsidiary.
