Taxes and Utility Charges. (a) The Borrower shall pay as the same respectively become due, all taxes, assessments, impact fees, levies, claims and charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Project (including, without limiting the generality of the foregoing, any tax upon or with respect to the income or profits of the Borrower from the Project and that, if not paid, would become a charge on the payments to be made under this Loan Agreement or the Notes prior to or on a parity with the charge thereof created by the Indenture and including ad valorem, sales and excise taxes, assessments, impact fees and charges upon the Borrower's interest in the Project), all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Project and all assessments, impact fees and charges lawfully made by any governmental body for public improvements that may be secured by lien on any portion of the Project. (b) The Borrower may, at its expense, contest in good faith any such levy, tax, assessment, impact fees, claim or other charge, but the Borrower may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom only if the Borrower shall notify the Issuer, the Trustee and the Credit Facility Trustee that in the opinion of Counsel, by non-payment of any such items, the rights of the Trustee and the Credit Facility Trustee with respect to this Loan Agreement and the Notes created by the assignment under the Indenture, as to the rights assigned under this Loan Agreement, or any part of the payments to be made under this Loan Agreement or the Notes, will not be materially endangered nor will the Project or any part thereof be subject to loss or forfeiture. If the Borrower is unable to deliver such an opinion of Counsel, the Borrower shall promptly pay or bond and cause to be satisfied or discharged all such unpaid items or furnish, at the expense of the Borrower, indemnity satisfactory to the Trustee and the Credit Facility Trustee; but provided further, that any tax assessment, charge, levy or claim shall be paid forthwith upon the commencement of proceedings to foreclose any lien securing the same. The Issuer (unless such contest is against the Issuer), the Trustee and the Credit Facility Trustee, at the expense of the Borrower, will cooperate fully in any such permitted contest. If the Borrower shall fail to pay any of the foregoing items, the Issuer (unless such contest is against the Issuer) or the Trustee may (but shall be under no obligation to) pay the same and any amounts so advanced therefor by the Issuer or the Trustee shall become an additional obligation of the Borrower to the one making the advancement, which amounts, together with interest thereon at the Overdue Rate, or the maximum contract rate permitted by law, whichever is lower, from the date of payment, the Borrower agrees to pay on demand therefor. (c) The Borrower shall furnish the Issuer, the Credit Facility Issuer, the Trustee and the Credit Facility Trustee, upon request, with proof of payment of any taxes, governmental charges, utility charges, insurance premiums or other charges required to be paid by the Borrower under this Loan Agreement.
Appears in 1 contract
Samples: Loan Agreement (Heico Corp)
Taxes and Utility Charges. (a) The Borrower Company shall pay as the same respectively become due, (i) all taxes, assessments, impact fees, levies, claims and charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Project (including, without limiting the generality of the foregoing, any tax upon or with respect to the income or profits of the Borrower Issuer from the Project and that, if not paid, would become a charge on the payments to be made under this Loan Agreement or the Notes prior to or on a parity with the charge thereof thereon created by the Indenture and including ad valorem, sales and excise taxes, assessments, impact fees assessments and charges upon the BorrowerCompany's interest in the Project), (2) all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Project and (3) all assessments, impact fees assessments and charges lawfully made by any governmental body for public improvements that may be secured by a lien on any portion of the Project.
(b) The Borrower Company may, at its expense, contest in good faith any such levy, tax, assessment, impact fees, claim or other charge, but the Borrower Company may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom only if the Borrower Company shall notify the Issuer, the Trustee Issuer and the Credit Facility Trustee that in the opinion of Counsel, by non-payment of any such items, the rights of the Trustee and the Credit Facility Trustee with respect to this Loan Agreement and the Notes created by the assignment under the Indenture, as to the rights assigned under this Loan Agreement, Agreement or any part of the payments to be made under this Loan Agreement or the Notes, will not be materially endangered endangered, nor will the Project or any part thereof be subject to loss or forfeiture. If the Borrower Company is unable to deliver such an opinion of Counsel, the Borrower Company shall promptly pay or bond and cause to be satisfied or discharged all such unpaid items or furnish, at the expense of the BorrowerCompany, indemnity satisfactory to the Trustee and the Credit Facility Trustee; but provided further, that any tax tax, assessment, charge, levy or claim shall be paid forthwith upon the commencement of proceedings to foreclose any lien securing the same. The Issuer (unless such contest is against the Issuer), the Trustee and the Credit Facility Trustee, at the expense of the BorrowerCompany, will cooperate fully in any such permitted contest. .
(c) If the Borrower Company shall fail to pay any of the foregoing itemsitems required to be paid by it pursuant to (a) above, the Issuer (unless such contest is against the Issuer) or the Trustee may (but shall be under no obligation to) pay the same same, and any amounts so advanced therefor by the Issuer or the Trustee shall become an additional obligation of the Borrower Company to the one making the advancement, advancement which amounts, together with interest thereon at the Overdue Rate, or the maximum contract rate permitted by law, whichever is lower, from the date of payment, the Borrower Company agrees to pay on demand therefor.
(cd) The Borrower Company shall furnish the Issuer, the Credit Facility Issuer, the Trustee Issuer and the Credit Facility Trustee, upon request, with proof of payment of any taxes, governmental charges, utility charges, insurance premiums or other charges required to be paid by the Borrower Company under this Loan Agreement.
Appears in 1 contract
Samples: Loan Agreement (Aaron Rents Inc)
Taxes and Utility Charges. (a) The Borrower Company shall pay as the same respectively become due, (i) all taxes, assessments, impact fees, levies, claims and charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Project (including, without limiting the generality of the foregoing, any tax upon or with respect to the income or profits of the Borrower Issuer from the Project and that, if not paid, would become a charge on the payments to be made under this Loan Lease Agreement or the Notes prior to or on a parity with the charge thereof thereon created by the Indenture and including ad valorem, sales and excise taxes, assessments, impact fees assessments and charges upon the BorrowerCompany's interest in the Project), (2) all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Project and (3) all assessments, impact fees assessments and charges lawfully made by any governmental body for public improvements that may be secured by a lien on any portion of the Project.
(b) The Borrower Company may, at its expense, contest in good faith any such levy, tax, assessment, impact fees, claim or other charge, but the Borrower Company may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom only if the Borrower Company shall notify the Issuer, the Trustee Issuer and the Credit Facility Trustee that in the opinion of Counsel, by non-payment of any such items, the rights of the Trustee and the Credit Facility Trustee with respect to this Loan Agreement and the Notes created by the assignment under the Indenture, as to the rights assigned under this Loan Agreement, Lease Agreement or any part of the payments to be made under this Loan Lease Agreement or the Notes, will not be materially endangered endangered, nor will the Project or any part thereof be subject to loss or forfeiture. If the Borrower Company is unable to deliver such an opinion of Counsel, the Borrower Company shall promptly pay or bond and cause to be satisfied or discharged all such unpaid items or furnish, at the expense of the BorrowerCompany, indemnity satisfactory to the Trustee and the Credit Facility Trustee; but provided further, that any tax tax, assessment, charge, levy or claim shall be paid forthwith upon the commencement of proceedings to foreclose any lien securing the same. The Issuer (unless such contest is against the Issuer), the Credit Facility Trustee and the Credit Facility Trustee, at the expense of the BorrowerCompany, will cooperate fully in any such permitted contest. .
(c) If the Borrower Company shall fail to pay any of the foregoing itemsitems required to be paid by it pursuant to (a) above, the Issuer (unless such contest is against the Issuer) or the Trustee may (but shall be under no obligation to) pay the same same, and any amounts so advanced therefor by the Issuer or the Trustee shall become an additional obligation of the Borrower Company to the one making the advancement, advancement which amounts, together with interest thereon at the Overdue Rate, or the maximum contract rate permitted by law, whichever is lower, from the date of payment, the Borrower Company agrees to pay on demand therefor.
(cd) The Borrower Company shall furnish the Issuer, the Credit Facility Issuer, the Trustee Issuer and the Credit Facility Trustee, upon request, with proof of payment of any taxes, governmental charges, utility charges, insurance premiums or other charges required to be paid by the Borrower Company under this Loan Lease Agreement.
Appears in 1 contract
Samples: Lease Agreement (Laralev Inc)
Taxes and Utility Charges. (a) The Borrower Company shall pay as the same respectively become due, (1) all taxes, assessments, impact fees, levies, claims and charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Project (including, without limiting the generality of the foregoing, any tax upon or with respect to the income or profits of the Borrower Issuer from the Project and that, if not paid, would become a charge on the payments to be made under this Loan Agreement or the Notes prior to or on a parity with the charge thereof created by the Indenture and including ad valorem, sales and excise taxes, assessments, impact fees and charges upon the Borrower's interest in the Project), all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Project and all assessments, impact fees and charges lawfully made by any governmental body for public improvements that may be secured by lien on any portion of the Project.
(b) The Borrower Company may, at its expense, contest in good faith any such levy, tax, assessment, impact fees, claim or other charge, but the Borrower Company may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom only if the Borrower Company shall notify the Issuer, the Trustee Issuer and the Credit Facility Trustee that in the opinion of Counsel, by non-payment nonpayment of any such items, the rights of the Trustee and the Credit Facility Trustee with respect to this Loan Agreement and the Notes created by the assignment under the Indenture, as to the rights assigned under this Loan Agreement, Agreement or any part of the payments to be made under this Loan Agreement or the Notes, will not be materially endangered endangered, nor will the Project or any part thereof be subject to loss or forfeiture. If the Borrower Company is unable to deliver such an opinion of Counsel, the Borrower Company shall promptly pay or bond and cause to be satisfied or discharged all such unpaid items or furnish, at the expense of the BorrowerCompany, indemnity satisfactory to the Trustee and the Credit Facility Trustee; but provided further, that any tax tax, assessment, charge, levy or claim shall be paid forthwith upon the commencement of proceedings to foreclose any lien securing the same. The Issuer (unless such contest is against the Issuer), the Credit Facility Trustee and the Credit Facility Trustee, at the expense of the BorrowerCompany, will cooperate fully in any such permitted contest. .
(c) If the Borrower Company shall fail to pay any of the foregoing itemsitems required to be paid by it pursuant to Section 6.2(a) above, the Issuer (unless such contest is against the Issuer) or the Trustee may (but shall be under no obligation to) pay the same same, and any amounts so advanced therefor by the Issuer or the Trustee shall become an additional obligation of the Borrower Company to the one making the advancement, advancement which amounts, together with interest thereon at the Overdue Rate, or the maximum contract rate permitted by law, whichever is lower, from the date of payment, the Borrower Company agrees to pay on demand therefor.
(cd) The Borrower Company shall furnish the Issuer, the Credit Facility Issuer, the Trustee Issuer and the Credit Facility Trustee, upon request, with proof of payment of any taxes, governmental charges, utility charges, insurance premiums or other charges required to be paid by the Borrower Company under this Loan Agreement.
Appears in 1 contract
Taxes and Utility Charges. (a) The Borrower shall pay as the same respectively become due, all taxes, assessments, impact fees, levies, claims and charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Project (including, without limiting the generality of the foregoing, any tax upon or with respect to the income or profits of the Borrower from the Project Plant and that, if not paid, would become a charge on the payments to be made under this Loan Agreement or the Notes Note prior to or on a parity with the charge thereof created by the Indenture and including ad valorem, sales and excise taxes, assessments, impact fees assessments and charges upon the Borrower's interest in the ProjectPlant), all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Project and all assessments, impact fees assessments and charges lawfully made by any governmental body for public improvements that may be secured by lien on any portion of the Project.
(b) The Borrower may, at its expense, contest in good faith any such levy, tax, assessment, impact fees, claim or other charge, but the Borrower may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom only if the Borrower shall notify the Issuer, the Trustee Issuer and the Credit Facility Trustee that in the opinion of Counsel, by non-payment of any such items, the rights of the Trustee and the Credit Facility Trustee with respect to this Loan Agreement and the Notes Note created by the assignment under the Indenture, as to the rights assigned under this Loan Agreement, or any part of the payments to be made under this Loan Agreement or the NotesNote, will not be materially endangered nor will the Project or any part thereof be subject to loss or forfeiture. If the Borrower is unable to deliver such an opinion of Counsel, the Borrower shall promptly pay or bond and cause to be satisfied or discharged all such unpaid items or furnish, at the expense of the Borrower, indemnity satisfactory to the Trustee and the Credit Facility Trustee; but provided further, that any tax assessment, charge, levy or claim shall be paid forthwith upon the commencement of proceedings to foreclose any lien securing the same. The Issuer (unless such contest is against the Issuer), the Trustee and the Credit Facility Trustee, at the expense of the Borrower, will cooperate fully in any such permitted contest. If the Borrower shall fail to pay any of the foregoing items, the Issuer (unless such contest is against the Issuer) or the Trustee may (but shall be under no obligation to) pay the same and any amounts so advanced therefor by the Issuer or the Trustee shall become an additional obligation of the Borrower to the one making the advancement, which amounts, together with interest thereon at the Overdue Rate, or the maximum contract rate permitted by law, whichever is lower, from the date of payment, the Borrower agrees to pay on demand therefor.
(c) The Borrower shall furnish the Issuer, the Credit Facility Issuer, the Trustee Issuer and the Credit Facility Trustee, upon request, with proof of payment of any taxes, governmental charges, utility charges, insurance premiums or other charges required to be paid by the Borrower under this Loan Agreement.
Appears in 1 contract
Samples: Loan Agreement (Genlyte Group Inc)
Taxes and Utility Charges. (a) The Borrower shall pay as the same respectively become due, all taxes, assessments, impact fees, levies, claims and charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Project (including, without limiting the generality of the foregoing, any tax upon or with respect to the income or profits of the Borrower from the Project Plant and that, if not paid, would become a charge on the payments to be made under this Loan Agreement or the Notes Note prior to or on a parity with the charge thereof created by the Indenture and including ad valorem, sales and excise taxes, assessments, impact fees assessments and charges upon the Borrower's interest in the ProjectPlant), all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Project and all assessments, impact fees assessments and charges lawfully made by any governmental body for public improvements that may be secured by lien on any portion of the Project.
(b) The Borrower may, at its expense, contest in good faith any such levy, tax, assessment, impact fees, claim or other charge, but the Borrower may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom only if the Borrower shall notify the Issuer, the Trustee Issuer and the Credit Facility Trustee that in the opinion of Counsel, in form satisfactory to the Issuer and the Trustee, by non-payment of any such items, the rights of the Trustee and the Credit Facility Trustee with respect to this Loan Agreement and the Notes Note created by the assignment under the Indenture, as to the rights assigned under this Loan Agreement, or any part of the payments to be made under this Loan Agreement or the NotesNote, will not be materially endangered nor will the Project or any part thereof be subject to loss or forfeiture. If the Borrower is unable to deliver such an opinion of Counsel, the Borrower shall promptly pay or bond and cause to be satisfied or discharged all such unpaid items or furnish, at the expense of the Borrower, indemnity satisfactory to the Trustee and the Credit Facility Trustee; but provided further, that any tax assessment, charge, levy or claim shall be paid forthwith upon the commencement of proceedings to foreclose any lien securing the same. The Issuer (unless such contest is against the Issuer), the Trustee and the Credit Facility Trustee, at the expense of the Borrower, will cooperate fully in any such permitted contest. If the Borrower shall fail to pay any of the foregoing items, the Issuer (unless such contest is against the Issuer) or the Trustee may (but shall be under no obligation to) pay the same and any amounts so advanced therefor by the Issuer or the Trustee shall become an additional obligation of the Borrower to the one making the advancement, which amounts, together with interest thereon at the Overdue Rate, or the maximum contract rate permitted by law, whichever is lower, from the date of payment, the Borrower agrees to pay on demand therefor.
(c) The Borrower shall furnish the Issuer, the Credit Facility Issuer, the Trustee Issuer and the Credit Facility Trustee, upon request, with proof of payment of any taxes, governmental charges, utility charges, insurance premiums or other charges required to be paid by the Borrower under this Loan Agreement.
Appears in 1 contract
Taxes and Utility Charges. (a) The Borrower shall pay as the same respectively become due, all taxes, assessments, impact fees, levies, claims and charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Project (including, without limiting the generality of the foregoing, any tax upon or with respect to the income or profits of the Borrower from the Project Plant and that, if not paid, would become a charge on the payments to be made under this Loan Agreement or the Notes Note prior to or on a parity with the charge thereof created by the Indenture and including ad valorem, sales and excise taxes, assessments, impact fees assessments and charges upon the Borrower's interest in the ProjectPlant), all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Project and all assessments, impact fees assessments and charges lawfully made by any governmental body for public improvements that may be secured by lien on any portion of the Project.
(b) The Borrower may, at its expense, contest in good faith any such levy, tax, assessment, impact fees, claim or other charge, but the Borrower may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom only if the Borrower shall notify the Issuer, the Trustee Issuer and the Credit Facility Trustee that in the opinion of Counsel, by non-payment of any such items, the rights of the Trustee and the Credit Facility Trustee with respect to this Loan Agreement and the Notes Note created by the assignment under the Indenture, as to the rights assigned under this Loan Agreement, or any part of the payments to be made under this Loan Agreement or the NotesNote, will not be materially endangered nor will the Project or any part thereof be subject to loss or forfeiture. If the Borrower is unable to deliver such an opinion of Counsel, the Borrower shall promptly pay or bond and cause to be satisfied or discharged all such unpaid items or furnish, at the expense of the Borrower, indemnity satisfactory to the Trustee and the Credit Facility Trustee; but provided further, that any tax assessment, charge, levy or claim shall be paid forthwith upon the commencement of proceedings to foreclose any lien securing the same. The Issuer (unless such contest is against the Issuer), the Trustee and the Credit Facility Trustee, at the expense of the Borrower, will cooperate fully in any such permitted contest. If the Borrower shall fail to pay any of the foregoing items, the Issuer (unless such contest is against the Issuer) or the Trustee may (but shall be under no obligation to) pay the same same, and any amounts so advanced therefor by the Issuer or the Trustee shall become an additional obligation of the Borrower to the one making the advancement, which amounts, together with interest thereon at the Overdue Rate, or the maximum contract rate permitted by law, whichever is lower, from the date of payment, the Borrower agrees to pay on demand therefor.
(c) The Borrower shall furnish the Issuer, the Credit Facility Issuer, the Trustee Issuer and the Credit Facility Trustee, upon request, with proof of payment of any taxes, governmental charges, utility charges, insurance premiums or other charges required to be paid by the Borrower under this Loan Agreement.
Appears in 1 contract
Taxes and Utility Charges. (a) The Borrower shall pay as the same respectively become due, all taxes, assessments, impact fees, levies, claims and charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Project Facility (including, without limiting the generality of the foregoing, any tax upon or with respect to the income or profits of the Borrower from the Project Plant and that, if not paid, would become a charge on the payments to be made under this Loan Agreement or the Notes Note prior to or on a parity with the charge thereof created by the Indenture and including ad valorem, sales and excise taxes, assessments, impact fees assessments and charges upon the Borrower's interest in the ProjectPlant), all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Project Facility and all assessments, impact fees assessments and charges lawfully made by any governmental body for public improvements that may be secured by lien on any portion of the ProjectFacility.
(b) The Borrower may, at its expense, contest in good faith any such levy, tax, assessment, impact fees, claim or other charge, but the Borrower may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom only if the Borrower shall notify the Issuer, the Trustee and the Credit Facility Trustee that in the opinion of Counsel, by non-payment of any such items, the rights of the Trustee and the Credit Facility Trustee with respect to this Loan Agreement and the Notes Note created by the assignment under the Indenture, as to the rights assigned under this Loan Agreement, or any part of the payments to be made under this Loan Agreement or the NotesNote, will not be materially endangered nor will the Project Facility or any part thereof be subject to loss or forfeiture. If the Borrower is unable to deliver such an opinion of Counsel, the Borrower shall promptly pay or bond and cause to be satisfied or discharged all such unpaid items or furnish, at the expense of the Borrower, indemnity satisfactory to the Trustee and the Credit Facility Trustee; but provided further, that any tax assessment, charge, levy or claim shall be paid forthwith upon the commencement of proceedings to foreclose any lien securing the same. The Issuer (unless such contest is against the Issuer), the Trustee and the Credit Facility Trustee, at the expense of the Borrower, will cooperate fully in any such permitted contest. If the Borrower shall fail to pay any of the foregoing items, the Issuer (unless such contest is against the Issuer) or the Trustee may (but shall be under no obligation to) pay the same and any amounts so advanced therefor by the Issuer or the Trustee shall become an additional obligation of the Borrower to the one making the advancement, which amounts, together with interest thereon at the Overdue Rate, or the maximum contract rate permitted by law, whichever is lower, from the date of payment, the Borrower agrees to pay on demand therefor.
(c) The Borrower shall furnish the Issuer, the Credit Facility Issuer, the Trustee and the Credit Facility Trustee, upon request, with proof of payment of any taxes, governmental charges, utility charges, insurance premiums or other charges required to be paid by the Borrower under this Loan Agreement.
Appears in 1 contract
Taxes and Utility Charges. (a1) The Borrower shall pay as the same respectively become due, all taxes, assessments, impact fees, levies, claims and charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Project Plant (including, without limiting the generality of the foregoing, any tax upon or with respect to the income or profits of the Borrower Issuer from the Project Plant and that, if not paid, would become a charge on the payments to be made under this Loan Agreement or the Notes Note prior to or on a parity with the charge thereof thereon created by the Indenture and including ad valorem, sales and excise taxes, assessments, impact fees assessments and charges upon the Borrower's interest in the ProjectPlant) or any of the Bond Documents (including, without limiting the generality of the foregoing, documentary stamp tax or intangible tax if, and to the extent, applicable), all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Project Plant and all assessments, impact fees assessments and charges lawfully made by any governmental body for public improvements that may be secured by a lien on any portion of the ProjectPlant.
(b2) The Borrower may, at its expense, contest in good faith any such levy, tax, assessment, impact fees, claim or other charge, but the Borrower may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom only if the Borrower shall notify notifies the Issuer, Bondholder and the Trustee and the Credit Facility Trustee that that, in the opinion of Counsel, by non-payment nonpayment of any such items, the liens of the Mortgage and the Security Agreement and the rights of the Trustee and the Credit Facility Trustee with respect to the Mortgage, the Security Agreement, this Loan Agreement and the Notes Note created by the assignment under the Indenture, as to the rights assigned under this Loan Agreement, the Mortgage or the Security Agreement or any part of the payments to be made under this Loan Agreement or the NotesNote, will not be materially endangered nor will the Project or any part thereof be subject to loss or forfeiture. If the Borrower is unable to deliver such an opinion of Counsel, the Borrower shall promptly pay or bond and cause to be satisfied or discharged all such unpaid items or furnish, at the expense of the Borrower, indemnity satisfactory to the Trustee Bondholder and the Credit Facility Trustee; but provided further, that any tax assessment, charge, levy or claim shall be paid forthwith upon the commencement of proceedings to foreclose any lien securing the same. The Issuer (unless such contest is against the Issuer), the Trustee Bondholder and the Credit Facility Trustee, at the expense of the Borrower, will cooperate fully in any such permitted contest. If the Borrower shall fail to pay any of the foregoing items, the Issuer (unless such contest is against the Issuer) Bondholder or the Trustee may (may, but shall be under no obligation to) , pay the same and any amounts so advanced therefor by the Issuer or the Trustee shall become an additional obligation of the Borrower to the one making the advancement, which amounts, together with interest thereon at the Overdue Rate, or the maximum contract rate permitted by law, whichever is lower, Rate from the date of payment, the Borrower agrees to pay on demand therefor.
(c3) The Borrower shall furnish the Issuer, the Credit Facility Issuer, the Trustee Bondholder and the Credit Facility Trustee, upon tupon request, with proof of payment of any taxes, governmental charges, utility charges, insurance premiums or other charges required to be paid by the Borrower under this Loan Agreement.
Appears in 1 contract
Samples: Loan Agreement (Elxsi Corp /De//)