Taxes and Liens. Promptly pay, or cause to be paid, all taxes, assessments and other governmental charges which may lawfully be levied or assessed upon the income or profits of the Borrower, or upon any property, real, personal or mixed, belonging to the Borrower, or upon any part thereof, and also any lawful claims for labor, material and supplies which if unpaid, might become a lien or charge against any such property; provided, however, the Borrower shall not be required to pay any such tax, assessment, charge, levy or claim so long as the validity thereof shall be actively contested in good faith by proper proceedings; but provided further that any such tax, assessment, charge, levy or claim shall be paid or bonded in a manner satisfactory to the Lender forthwith upon the commencement of proceedings to foreclose any lien securing the same.
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Samples: Loan Agreement (Continential Southern Resources Inc), Loan Agreement (International Travel Cd S Inc), Loan Agreement (Bepariko Biocom)
Taxes and Liens. Promptly pay, or cause to be paid, all taxes, assessments and other governmental charges which may lawfully be levied or assessed upon the income or profits of the Borrower, or upon any property, real, personal or mixed, belonging to the Borrower, or upon any part thereof, and also any lawful claims for labor, material and supplies which if unpaid, might become a lien Lien or charge against any such property; provided, however, the Borrower shall not be required to pay any such tax, assessment, charge, levy or claim so long as the validity thereof shall be actively contested in good faith by proper proceedings; but provided further that any such tax, assessment, charge, levy or claim shall be paid or bonded in a manner satisfactory to the Lender forthwith upon the commencement of proceedings to foreclose any lien Lien securing the same.
Appears in 3 contracts
Samples: Loan Agreement (Touchstone Resources Usa, Inc.), Loan Agreement (Vpgi Corp), Loan Agreement (Stellar Technologies, Inc.)
Taxes and Liens. Promptly pay, or cause to be paid, all taxes, ------------------ assessments and other governmental charges which may lawfully be levied or assessed upon the income or profits of the Borrower, or upon any property, real, personal or mixed, belonging to the Borrower, or upon any part thereof, and also any lawful claims for labor, material and supplies which if unpaid, might become a lien or charge against any such property; provided, however, the Borrower shall not be required to pay any such tax, assessment, charge, levy or claim so long as the validity thereof shall be actively contested in good faith by proper proceedings; but provided further that any such tax, assessment, charge, levy or claim shall be paid or bonded in a manner satisfactory to the Lender forthwith upon the commencement of proceedings to foreclose any lien securing the same.
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Taxes and Liens. Promptly pay, or cause to be paid, all taxes, assessments and other governmental charges which may lawfully be levied or assessed upon the income or profits of the Borrower, or upon any property, real, personal or mixed, belonging to the Borrower, or upon any part thereof, and also any lawful claims for labor, material and supplies which if unpaid, might become a lien or charge against any such property; provided, however, the Borrower shall not be required to pay any such tax, assessment, charge, levy or claim so long as the validity thereof shall be actively contested in good faith by proper proceedings; but 10 provided further that any such tax, assessment, charge, levy or claim shall be paid or bonded in a manner satisfactory to the Lender forthwith upon the commencement of proceedings to foreclose any lien securing the same.
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