Each Credit Party shall pay and discharge promptly all Taxes imposed upon it or upon its income or upon any of its Property as well as all claims of any kind ( including claims for labor, materials, supplies and rent); provided, however, each Credit Party shall not be required to pay any such Tax or claim if the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings diligently conducted by or on behalf of such Credit Party and if such Credit Party shall have set up reserves therefor adequate under GAAP .