Common use of Taxes; Pension Clause in Contracts

Taxes; Pension. All tax returns, reports and statements, including information returns, required by any governmental authority to be filed by Borrower and its Subsidiaries have been filed with the appropriate governmental authority and except as set forth in Section 10 of the Perfection Certificate delivered on or prior to the Closing Date all taxes, levies, assessments and similar charges have been paid prior to the date on which any fine, penalty, interest or late charge may be added thereto for nonpayment thereof (or any such fine, penalty, interest, late charge or loss has been paid), excluding taxes, levies, assessments and similar charges or other amounts which are the subject of a Permitted Contest. Proper and accurate amounts have been withheld by Borrower from its respective employees for all periods in compliance with applicable laws and such withholdings have been timely paid to the respective governmental authorities. Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower in excess of $50,000 in the aggregate, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental authority.