Common use of Prompt Payment of Taxes, etc Clause in Contracts

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, 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 bonded or 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, or otherwise take any action which has the effect of preventing a foreclosure, 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 all other indebtedness incident to operations of the Company; provided, however, that any such indebtedness need not be paid if the validity thereof shall currently be contested in good faith by appropriate proceedings and if the Company shall have bonded or set aside on its books adequate reserves with respect thereto; and provided, further, that the Company will pay all such indebtedness on or prior to the time when failure to pay would materially adversely affect the Company.

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, assessments and governmental charges or levies imposed upon the income, profits, property or business of the Company or any subsidiarySubsidiary; providedPROVIDED, howeverHOWEVER, 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 bonded or set aside on its books adequate reserves with respect thereto; and providedPROVIDED, furtherFURTHER, that the Company will pay all such taxes, assessments, charges or levies, or otherwise take any action which has the effect of preventing a foreclosure, 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 all other indebtedness incident to operations of the Company; providedPROVIDED, howeverHOWEVER, that any such indebtedness need not be paid if the validity thereof shall currently be contested in good faith by appropriate proceedings and if the Company shall have bonded or set aside on its books adequate reserves with respect thereto; and providedPROVIDED, furtherFURTHER, that the Company will pay all such indebtedness on or prior to the time when failure to pay would materially adversely affect the Company.