Taxes and Premiums. Borrower will, and will cause each Subsidiary to, pay and discharge all taxes, assessments, governmental charges, and real and personal taxes including, but not limited to, federal and state income taxes, employee withholding taxes and payroll taxes, and all premiums for insurance required hereunder, prior to the date upon which penalties are attached thereto. CNB may pay, for the account of Borrower, any of the foregoing which Borrower fails to pay; any such amounts will be debited to Borrower's Loan Account and will be paid by Borrower to CNB, with interest thereon at the rate stated in Section 2.1.1 (exclusive of LIBOR Loans), upon demand.
Appears in 3 contracts
Samples: Accounts Receivable and Inventory Loan Agreement (Athanor Group Inc), Accounts Receivable and Inventory Loan Agreement (Signature Eyewear Inc), Forbearance Agreement (Signature Eyewear Inc)
Taxes and Premiums. Borrower will, and will cause each Subsidiary to, pay and discharge all taxes, assessments, governmental charges, and real and personal taxes including, but not limited to, federal and state income taxes, employee withholding taxes and payroll taxes, and all premiums for insurance required hereunder, prior to the date upon which penalties are attached thereto. CNB may pay, for the account of Borrower, any of the foregoing which Borrower fails to pay; any such amounts will be debited to Borrower's Loan Account and will be paid by Borrower to CNB, with interest thereon at the rate stated in Section 2.1.1 (exclusive of LIBOR Loans)2.1.1, upon receipt of written demand.
Appears in 1 contract
Samples: Accounts Receivable Loan Agreement (Emergent Information Technologies Inc)
