Payments of Obligations. The Borrower shall, and shall cause its Subsidiaries to, pay and discharge as the same shall become due and payable, all obligations and liabilities material to the Borrower and its Subsidiaries taken as a whole, including: (i) all tax liabilities, assessments and governmental charges or levies upon it or its Properties or assets, unless (x) the same are being contested in good faith by appropriate proceedings and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary or (y) the same are levied or imposed on Subsidiaries other than Significant Subsidiaries and the nonpayment of which would not, in the aggregate, have a Material Adverse Effect; and (ii) all lawful claims which, if unpaid, might by law become a Lien other than a Permitted Lien upon its Property.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Southwest Gas Corp), Multi Year Revolving Credit Agreement (Southwest Gas Corp)