Common use of Taxes and Filing of Tax Returns Clause in Contracts

Taxes and Filing of Tax Returns. (i) Except as disclosed in the Borrower’s public filings with the SEC, the Borrower has filed or properly extended all returns required to have been filed or extended with respect to material Taxes and has paid all material Taxes shown to be due and payable by it on such returns, including interest and penalties, and all other material Taxes which are payable by it, to the extent the same have become due and payable (unless, with respect to such other material Taxes, the criteria set forth in Section 7.5 are being met). The Borrower does not know of any proposed assessment of Taxes against it in excess of $1,000,000 except as disclosed in writing delivered by the Borrower to the Lenders, and all liabilities for material Taxes of the Borrower are adequately provided for. (ii) For each Guarantor, except as disclosed in the Borrower’s public filings with the SEC, such Guarantor has filed or properly extended all returns required to have been filed or extended with respect to material Taxes and has paid all material Taxes shown to be due and payable by it on such returns, including interest and penalties, and all other material Taxes which are payable by it, to the extent the same have become due and payable (unless, with respect to such other Taxes, the criteria set forth in Section 7.5 are being met). Such Guarantor does not know of any proposed assessment of Taxes against it in excess of $1,000,000 except as disclosed in writing delivered by such Guarantor to the Lenders, and all liabilities for Taxes of such Guarantor are adequately provided for.

Appears in 5 contracts

Samples: Amendment No. 4 and Joinder to Credit and Guaranty Agreement (Lilis Energy, Inc.), Credit and Guaranty Agreement (Lilis Energy, Inc.), Credit and Guaranty Agreement (Lilis Energy, Inc.)

AutoNDA by SimpleDocs

Taxes and Filing of Tax Returns. (i) Except as disclosed in the Borrower’s public filings with the SEC, the The Borrower has filed or properly extended all returns required to have been filed or extended with respect to material Taxes and has paid all material Taxes shown to be due and payable by it on such returns, including interest and penalties, and all other material Taxes which are payable by it, to the extent the same have become due and payable (unless, with respect to such other material Taxes, the criteria set forth in Section 7.5 are being met). The Borrower does not know of any proposed assessment of Taxes of a material amount against it in excess of $1,000,000 except as disclosed in writing delivered by the Borrower to the Lendersit, and all liabilities for material Taxes of the Borrower are adequately provided for. (ii) For each Guarantor, except as disclosed in the Borrower’s public filings with the SEC, such Guarantor has filed or properly extended all returns required to have been filed or extended with respect to material Taxes and has paid all material Taxes shown to be due and payable by it on such returns, including interest and penalties, and all other material Taxes which are payable by it, to the extent the same have become due and payable (unless, with respect to such other Taxes, the criteria set forth in Section 7.5 are being met). Such Guarantor does not know of any proposed assessment of Taxes of a material amount against it in excess of $1,000,000 except as disclosed in writing delivered by such Guarantor to the Lendersit, and all liabilities for Taxes of such Guarantor are adequately provided for. 6.9.2. The Borrower does not intend to treat the Loans or Letters of Credit as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4).

Appears in 3 contracts

Samples: Credit Agreement (Lynden Energy Corp.), Credit Agreement (Reef Oil & Gas Drilling & Income Fund, L.P.), Credit Agreement (Reef Oil & Gas Income & Development Fund III LP)

AutoNDA by SimpleDocs

Taxes and Filing of Tax Returns. (i) Except as disclosed in the Borrower’s public filings with the SEC, the The Borrower has filed or properly extended all returns required to have been filed or extended with respect to material Taxes and has paid all material Taxes shown to be due and payable by it on such returns, including interest and penalties, and all other material Taxes which are payable by it, to the extent the same have become due and payable (unless, with respect to such other material Taxes, the criteria set forth in Section 7.5 are being met). The Borrower does not know of any proposed assessment of Taxes against it in excess of $1,000,000 50,000 except as disclosed in writing delivered by the Borrower to the LendersLender, and all liabilities for material Taxes of the Borrower are adequately provided for. (ii) For each Guarantor, except as disclosed in the Borrower’s public filings with the SEC, such Guarantor has filed or properly extended all returns required to have been filed or extended with respect to material Taxes and has paid all material Taxes shown to be due and payable by it on such returns, including interest and penalties, and all other material Taxes which are payable by it, to the extent the same have become due and payable (unless, with respect to such other Taxes, the criteria set forth in Section 7.5 are being met). Such Guarantor does not know of any proposed assessment of Taxes against it in excess of $1,000,000 50,000 except as disclosed in writing delivered by such Guarantor to the LendersLender, and all liabilities for Taxes of such Guarantor are adequately provided for. 6.9.2. The Borrower does not intend to treat the Loans or Letters of Credit as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4).

Appears in 1 contract

Samples: Credit Agreement (Starboard Resources, Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!