Common use of Taxes and Other Liens Clause in Contracts

Taxes and Other Liens. The Borrower will pay and discharge, and will cause each Subsidiary to pay and discharge, promptly all taxes, assessments and governmental charges or levies imposed upon the Borrower or any Subsidiary, or upon the income or any assets or property of Borrower or any Subsidiary, as well as all claims of any kind (including claims for labor, materials, supplies and rent) which, if unpaid, might become a Lien or other encumbrance upon any or all of the assets or property of Borrower or any Subsidiary and which could reasonably be expected to result in a Material Adverse Effect; provided, however, that neither Borrower nor any Subsidiary shall be required to pay any such tax, assessment, charge, levy or claim if the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings diligently conducted, levy and execution thereon have been stayed and continue to be stayed and if Borrower or such Subsidiary shall have set up adequate reserves therefor, if required, under GAAP.

Appears in 3 contracts

Samples: Credit Agreement (Range Resources Corp), Credit Agreement (Range Resources Corp), Credit Agreement (Range Resources Corp)

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Taxes and Other Liens. The Each Borrower will pay shall and discharge, and will shall cause each Subsidiary to pay and discharge, discharge promptly all lawful taxes, assessments and governmental charges or levies imposed upon the each Borrower or any Subsidiary, Subsidiary or upon the income or any assets or property of either Borrower or any Subsidiary, Subsidiary as well as all claims of any kind (including claims for labor, materials, supplies and rent) which, if unpaid, might become a Lien or other encumbrance upon any or all of the assets or property of either Borrower or any Subsidiary and which could reasonably be expected to result in a Material Adverse Effect; provided, however, that neither Borrower nor any Subsidiary the Borrowers and their Subsidiaries shall not be required to pay any such tax, assessment, charge, levy or claim if the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings diligently conducted, levy and execution thereon have been stayed and continue to be stayed and if such Borrower or such Subsidiary shall have set up adequate reserves therefor, if required, under GAAP.

Appears in 3 contracts

Samples: Credit Agreement (Atwood Oceanics Inc), Credit Agreement (Atwood Oceanics Inc), Credit Agreement (Atwood Oceanics Inc)

Taxes and Other Liens. The Borrower will pay shall and discharge, and will shall cause each Subsidiary to pay and discharge, discharge promptly all lawful taxes, assessments and governmental charges or levies imposed upon the Borrower or any Subsidiary, Subsidiary or upon the income or any assets or property of Borrower or any Subsidiary, Subsidiary as well as all claims of any kind (including claims for labor, materials, supplies and rent) which, if unpaid, might become a Lien or other encumbrance upon any or all of the assets or property of Borrower or any Subsidiary and which could reasonably be expected to result in a Material Adverse Effect; provided, however, that neither the Borrower nor any Subsidiary and its Subsidiaries shall not be required to pay any such tax, assessment, charge, levy or claim if the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings diligently conducted, levy and execution thereon have been stayed and continue to be stayed and if Borrower or such Subsidiary shall have set up adequate reserves therefor, if required, under GAAP.

Appears in 2 contracts

Samples: Credit Agreement (Atwood Oceanics Inc), Credit Agreement (Atwood Oceanics Inc)

Taxes and Other Liens. The Borrower and the Guarantors will pay (and discharge, SWR and MSC will cause each Partnership and each Restricted Subsidiary to to) pay and discharge, discharge promptly all taxes, assessments and governmental charges or levies imposed upon the Borrower or any Subsidiary, or upon the income or any assets or property of the Borrower or any Subsidiary, as well as all claims of any kind (including claims for labor, materials, supplies and rent) which, if unpaid, might become a Lien or other encumbrance upon any or all of the assets or property of Borrower or any Subsidiary and which could reasonably be expected to result in a Material Adverse Effect; provided, however, that neither Borrower nor any Subsidiary Borrower, the Guarantors and the Partnerships shall not be required to pay any such tax, assessment, charge, levy or claim if the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings diligently conducted, levy and execution thereon have been stayed and continue to be stayed stayed, and if Borrower Borrower, the Guarantors or such Subsidiary the Partnerships, or any of them, as the case may be, shall have set up adequate reserves therefor, if required, under GAAP.

Appears in 1 contract

Samples: Senior Secured Loan Agreement (Southwest Royalties Holdings Inc)

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Taxes and Other Liens. The Borrower will pay shall and discharge, and will shall cause each Subsidiary to pay and discharge, discharge promptly all lawful taxes, assessments and governmental charges or levies imposed upon the Borrower or any Subsidiary, Subsidiary or upon the income or any assets or property of Borrower or any Subsidiary, Subsidiary as well as all claims of any kind (including claims for labor, materials, supplies and rent) which, if unpaid, might become a Lien or other encumbrance upon any or all of the assets or property of Borrower or any Subsidiary and which could reasonably be expected to result in a Material Adverse Effect; provided, however, that neither the Borrower nor any Subsidiary and its Subsidiaries shall not be required to pay any such tax, assessment, charge, levy or claim if the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings diligently conducted, levy and execution thereon have been stayed and continue to be stayed and if Borrower or such Subsidiary shall have set up adequate reserves therefor, if required, under GAAP.

Appears in 1 contract

Samples: Credit Agreement (Atwood Oceanics Inc)

Taxes and Other Liens. The Each Borrower and each Subsidiary Guarantor will pay and discharge, and will cause each Subsidiary to pay and discharge, discharge promptly all taxesTaxes, assessments and governmental charges or levies imposed upon the such Borrower or any Subsidiaryand such Subsidiary Guarantor, or upon the income or any assets or property of such Borrower or any Subsidiaryand such Subsidiary Guarantor, as well as all claims of any kind (including claims for labor, materials, supplies and rent) which, if unpaid, might become a Lien or other encumbrance upon any or all of the assets or property of each Borrower or any Subsidiary Guarantor and which could reasonably be expected to result in a Material Adverse Effect; provided, however, that neither Borrower none of the Borrowers nor any Subsidiary Guarantor shall be required to pay any such taxTax, assessment, charge, levy or claim if the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings diligently conducted, levy and execution thereon have been stayed and continue to be stayed and if any such Borrower or any such Subsidiary Guarantor shall have set up adequate reserves therefor, if required, under GAAP.

Appears in 1 contract

Samples: Credit Agreement (Exco Resources Inc)

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