Current Expenses. The Company shall pay in a timely manner all costs of maintaining and operating the Project Facilities, including without limitation all taxes, excises and other governmental charges lawfully levied thereon or with respect to its interests therein or use thereof to the extent of the Company's interest therein. It shall not be a breach of this section if the Company fails to pay any such costs, taxes or charges during any period in which the Company shall in good faith be contesting the validity or amount thereof and no foreclosure proceedings have been commenced, unless the procedures applicable to such contest require payment thereof and proceedings for their refund or abatement.
Appears in 2 contracts
Sources: Series E Loan and Trust Agreement (North Atlantic Energy Corp /Nh), Series D Loan and Trust Agreement (North Atlantic Energy Corp /Nh)