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

Taxes and Filing of Tax Returns. Borrower and each of its Subsidiaries has filed all tax returns required to have been filed and has paid all Taxes shown to be due and payable on such returns, including interest and penalties, and all other Taxes which are payable by such party, to the extent the same have become due and payable. Borrower does not know of any proposed material Tax assessment against it or any of its Subsidiaries and all Tax liabilities of Borrower and its Subsidiaries are adequately provided for. Except as disclosed in writing to Banks prior to the date hereof, no income tax liability of Borrower or any of its Subsidiaries has been asserted by the Internal Revenue Service or other Governmental Authority for Taxes in excess of those already paid.