Common use of Maintenance of Priority of Pledge Clause in Contracts

Maintenance of Priority of Pledge. Pledgors shall be liable for and shall from time to time pay and discharge all taxes, assessments and governmental charges imposed upon the Stock by any federal, state or local authority, except to the extent the validity thereof is being contested in good faith by proper proceedings which stay the imposition of any penalty, fine or Lien resulting from non-payment thereof and with respect to which adequate reserves in accordance with GAAP have been set aside for the payment thereof. Pledgors shall execute and deliver such further documents and take such further actions as may be reasonably required or reasonably deemed advisable by Lender to confirm the rights of Lender in and to the Stock or otherwise to effectuate the intention of this Stock Pledge Agreement. Each Pledgor hereby authorizes Lender to prepare and file such financing statements (including continuation statements) or amendments thereof or supplements thereto or other instruments as Lender may from time to time deem necessary or appropriate in order to perfect and maintain the security interests granted hereunder (subject to the qualifications and limitations herein) in accordance with the UCC.