Common use of Taxes and Expenses Clause in Contracts

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if any Credit Party fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon prior notice to Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 hereof, obtain and maintain insurance policies of the type described in Section 6.7 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 5 contracts

Samples: Loan, Guaranty and Security Agreement (Gordmans Stores, Inc.), Loan, Guaranty and Security Agreement (Gordmans Stores, Inc.), Loan, Guaranty and Security Agreement (Gordmans Stores, Inc.)

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Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if any Credit Party If Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agentto the extent that Agent determines that such failure by Borrower could result in a Material Adverse Change, in its sole reasonable discretion and upon without prior notice to Borrower, Agent may do any or all of the following: (a) make payment of the same or any part thereof, ; (b) set up such Reserves reserves in Borrower’s 's Loan Account as Agent reasonably deems necessary to protect the Lender Group from the exposure created by such failure, ; or (c) in the case of the failure to comply with Section 6.7 hereof, obtain and maintain insurance policies of the type described in Section 6.7 6.10, and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any Expenses. Any such payments made by Agent shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 4 contracts

Samples: Loan and Security Agreement (Network Plus Corp), Loan and Security Agreement (Network Plus Corp), Loan and Security Agreement (Network Plus Corp)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if any Credit Party If Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) ), other than DE MINIMIS sums of money, due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves reserves in Borrower’s 's Loan Account as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 SECTION 6.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 SECTION 6.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 2 contracts

Samples: Loan and Security Agreement (HPSC Inc), Loan and Security Agreement (HPSC Inc)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if any Credit Party If Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agentto the extent that Administrative Agent determines that such failure by Borrower could result in a Material Adverse Change, in its sole discretion and upon without prior notice to Borrower, Administrative Agent may do any or all of the following: (a) make payment of the same or any part thereof, ; (b) set up such Reserves reserves in Borrower’s Loan Account as Administrative Agent deems necessary to protect the Lender Group from the exposure created by such failure, ; or (c) in the case of the failure to comply with Section 6.7 hereof, obtain and maintain insurance policies of the type described in Section 6.7 6.8, and take any action with respect to such policies as Administrative Agent deems prudent. Any such amounts paid by Administrative Agent shall constitute Lender Group Expenses and any Expenses. Any such payments made by Administrative Agent shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Administrative Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 2 contracts

Samples: Loan Agreement (Ram Energy Resources Inc), Loan Agreement (Ram Energy Resources Inc)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Party Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third PersonsPersons (other than taxes or rent that are the subject of a Permitted Protest), or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to any Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Borrowing Base or the Maximum Revolver Amount as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 6.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 6.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 2 contracts

Samples: Loan and Security Agreement (Trust Created February 25 1986), Loan and Security Agreement (Evergreen Holdings Inc)

Taxes and Expenses. Except where such failure is pursuant to After the occurrence and continuance of a Permitted ProtestDefault, if any Credit Party Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, AgentLender, in its sole discretion and upon without prior notice to Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves reserves in Borrower’s 's Loan Account as Agent Lender deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 6.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 6.8 and take any action with respect to such policies as Agent Lender deems prudent. Any such amounts paid by Agent Lender shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent Lender need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 2 contracts

Samples: Loan and Security Agreement (Vitalworks Inc), Loan and Security Agreement (Vitalworks Inc)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Party Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to any Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Borrowing Base or the Maximum Revolver Amount as Agent deems necessary in its Permitted Discretion to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 5.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 5.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Credit Agreement (Buca Inc /Mn)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Party fails Borrower or its Subsidiaries fail to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to any Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Borrowing Base or the Maximum Revolver Amount as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 5.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 5.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Credit Agreement (Bell Industries Inc /New/)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if any Credit Party If Borrower fails to pay any monies (whether taxes, royalties, overriding royalties, operating costs or expenses, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves reserves in Borrower’s 's Loan Account as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 6.8 hereof, ----------- obtain and maintain insurance policies of the type described in Section 6.7 6.8 and ----------- take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Credit Agreement (Energy Corp of America)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If Borrower or any Credit Party of its Subsidiaries fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to Borrowerany such Person, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Borrowing Base or the Maximum Revolver Amount as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 5.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 5.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Credit Agreement (Lexar Media Inc)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if any Credit Party fails If Borrower or its Subsidiaries fail to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Borrowing Base or the Maximum Revolver Amount as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 5.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 5.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender BN 0000000x0 Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Credit Agreement (Teltronics Inc)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Loan Party fails or its Subsidiaries fail to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to Borrowerany Loan Party, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Borrowing Base or the Maximum Revolver Amount as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 SECTION 5.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 SECTION 5.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Credit Agreement (WHX Corp)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Loan Party fails to pay any monies (whether taxes, assessments, remittances, source deductions, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to Borrowerany Loan Party, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves reserves in Borrower’s 's Loan Account as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 hereof, obtain and maintain insurance policies of the type described in Section 6.7 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Unmatured Default or Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Loan Agreement (Abraxas Petroleum Corp)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if any Credit Party If the Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agentto the extent that the Agent determines that such failure by the Borrower could result in a Material Adverse Change, in its sole discretion and upon without prior notice to the Borrower, the Agent may do any or all of the following: (a) make payment of the same or any part thereof, ; (b) set up such Reserves in Borrower’s Loan Account reserves against the Borrowing Base as the Agent deems necessary to protect the Lender Group from the exposure created by such failure, ; or (c) in the case of the failure to comply with Section 6.7 hereof, obtain and maintain insurance policies of the type described in Section 6.7 6.9, and take any action with respect to such policies as the Agent deems prudent. Any such amounts paid by the Agent shall constitute Lender Group Expenses and any Expenses. Any such payments made by the Agent shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.this

Appears in 1 contract

Samples: Loan and Security Agreement (Corrections Corp of America/Md)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Party Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon prior with notice to BorrowerParent either contemporaneously therewith or promptly thereafter, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Borrowing Base or the Maximum Revolver Amount as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 5.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 5.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Credit Agreement (Orion Healthcorp Inc)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if any Credit Party fails If Borrower or its Subsidiaries fail to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon prior notice to Borrowerdiscretion, may do any or all of the following: (a) without prior notice to the Borrower, make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Borrowing Base or the Maximum Revolver Amount as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 5.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 5.8 and take any such action with respect to such policies as Agent deems prudentpermitted pursuant to Section 5.8. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Credit Agreement (Storm Cat Energy CORP)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Party Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third PersonsPersons (other than taxes or rent that are the subject of a Permitted Protest), or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to any Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Borrowing Base or the Maximum Revolver Amount as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 SECTION 6.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 SECTION 6.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Loan and Security Agreement (Evergreen International Aviation Inc)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if any Credit Party If Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agentto the extent that Agent determines that such failure by Borrower could result in a Material Adverse Change, in its sole discretion and upon without prior notice to Borrower, Agent may do any or all of the following: (a) make payment of the same or any part thereof, ; (b) set up such Reserves reserves in Borrower’s 's Loan Account as Agent deems necessary to protect the Lender Group from the exposure created by such failure, ; or (c) in the case of the failure to comply with Section 6.7 hereof, obtain and maintain insurance policies of the type described in Section 6.7 6.10, ------------ and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any Expenses. Any such payments made by Agent shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Loan and Security Agreement (Convergent Communications Inc /Co)

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Taxes and Expenses. Except where such failure is pursuant If, with respect to a Permitted Protestany period after the Filing Date, if any Credit Party Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to any Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Maximum Revolver Amount as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 5.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 5.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Possession Credit Agreement (Enesco Group Inc)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if any Credit Party If Borrower fails to pay any monies (whether taxes, royalties, overriding royalties, operating costs or expenses, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves reserves in Borrower’s Loan Account as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 6.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 6.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Credit Agreement (ECA Marcellus Trust I)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Loan Party fails to pay any monies (whether taxes, assessments, remittances, source deductions, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to Borrowerany Loan Party, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves reserves in Borrower’s 's Loan Account as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section SECTION 6.7 hereof, obtain and maintain insurance policies of the type described in Section SECTION 6.7 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Loan and Security Agreement (Abraxas Petroleum Corp)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Loan Party fails to pay any monies (whether taxes, assessments, remittances, source deductions, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to Borrowerany Loan Party, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves reserves in Borrower’s the Loan Account (or a sub-account thereof, as applicable) as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 6.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 6.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Loan and Security Agreement (Numatics Inc)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Party or any of their respective Subsidiaries fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to Borrowerany such Credit Party or Subsidiary, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Availability as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 5.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 5.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Credit Agreement (Portrait Corp of America, Inc.)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if any Credit Party If Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, Persons which are not the subject of a Permitted Protest or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole and reasonable discretion and upon without prior notice to Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves reserves in Borrower’s 's Loan Account as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section SECTION 6.7 hereof, obtain and maintain insurance policies of the type described in Section SECTION 6.7 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing. Agent shall provide Borrower with written notice of payments made by Agent on behalf of Borrower promptly after such payments are made by Agent.

Appears in 1 contract

Samples: Loan and Security Agreement (Nabi Biopharmaceuticals)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Covenant Party fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this AgreementAgreement or any other Loan Document, then, Agentto the extent that Agent determines that such failure by that Covenant Party could result in a Material Adverse Change, in its sole discretion and upon without prior notice to Borrowerany Covenant Party, Agent may do any or all of the following: (a) make payment of the same or any part thereof, ; (b) set up such Reserves reserves in Borrower’s 's Loan Account as Agent deems necessary to protect the Lender Group from the exposure created by such failure, ; or (c) in the case of the failure to comply with Section 6.7 hereof, obtain and maintain insurance policies of the type described in Section 6.7 SECTION 6.10, and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any Expenses. Any such payments made by Agent shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Loan and Security Agreement (Cai Wireless Systems Inc)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Party Obligor fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agentto the extent that Agent determines that such failure by such Obligor could result in a Material Adverse Change, in its sole discretion and upon without prior notice to Borrowerany Obligor, Agent for the benefit of the Lender Group may do any or all of the following: (a) make payment of the same or any part thereof, ; (b) set up such Reserves reserves in Borrower’s 's Loan Account as Agent deems necessary to protect the Lender Group from the exposure created by such failure, ; or (c) in the case of the failure to comply with Section 6.7 hereof, obtain and maintain insurance policies of the type described in Section 6.7 6.9 and take any action with respect to such policies ----------- as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any Expenses. Any such payments made by Agent shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Loan and Security Agreement (System Software Associates Inc)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if If any Credit Party Borrower or any Guarantor fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to Borrowerany Borrower or any Guarantor, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves reserves in Borrower’s Borrowers' Loan Account as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 6.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 6.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Loan and Security Agreement (Riviera Holdings Corp)

Taxes and Expenses. Except where such failure is pursuant to a Permitted Protest, if any Credit Party If Borrower fails to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms which failure breaches any provision of this Agreement, then, Agent, in its sole discretion Permitted Discretion and upon without prior notice to Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Borrowing Base or the Maximum Revolver Amount as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 6.8 hereof, obtain and maintain insurance policies of the type described in Section 6.7 6.8 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Loan and Security Agreement (LEAF Equipment Finance Fund 4, L.P.)

Taxes and Expenses. Except where such failure is pursuant If any Borrower fails (or fails to a Permitted Protest, if any Credit Party fails cause the Restricted Subsidiary) to pay any monies (whether taxesTaxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and upon without prior notice to any Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account reserves against the Maximum Facility Amount as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 hereof, obtain and maintain insurance policies of the type described in Section 6.7 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, taxTax, or Lien and the receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing.

Appears in 1 contract

Samples: Possession Credit Agreement (TXCO Resources Inc)

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