Tax Escrow Account. (i) As additional security for the Loans and in order to secure the performance and discharge of Borrower’s obligations under Section 4.1(c) above, but not in lieu of such obligations, upon Administrative Agent’s written request, but only after the occurrence of an Event of Default, Borrower shall establish and maintain at all times during the term of the Loans an impound account (the “Tax Escrow Account”) with Administrative Agent for payment of Real Property Taxes. Upon such request, Borrower will deposit with Administrative Agent a sum equal to the Real Property Taxes (which charges for the purpose of this Section only shall include without limitation ground rents and water and sewer rents and any other recurring charge which could create or result in a Lien against the Property) against the Property for the period from the beginning of the then current tax year through the date hereof, all as estimated by Administrative Agent. Commencing with the payment of the first monthly installment under the Notes and continuing thereafter on each and every monthly payment date under the Notes until the Indebtedness is fully paid and performed, Borrower will deposit with Administrative Agent sufficient funds (as estimated from time to time by Administrative Agent) to permit Administrative Agent to pay, at least thirty (30) days prior to the due date thereof, the next maturing Real Property Taxes. Borrower shall be responsible for ensuring the receipt by Administrative Agent, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all Real Property Taxes to be paid from the Tax Escrow Account, and so long as no Event of Default has occurred and is continuing, Administrative Agent shall pay (or shall permit Borrower to make withdrawals from the Tax Escrow Account to pay) the Governmental Authority or other party entitled thereto directly to the extent funds are available for such purpose in the Tax Escrow Account. Administrative Agent shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such Real Property Taxes and shall have no obligation to make any protest of any such Real Property Taxes. Any excess over the amounts required for such purposes shall be held by Administrative Agent for future use of required escrow deposits hereunder or refunded to Borrower, at Administrative Agent’s option, and any deficiency in such funds so deposited shall ...
Tax Escrow Account. (a) In accordance with Section 1.4(a)(iii), at the Closing, Buyer shall deliver or cause to be delivered to the Escrow Agent the Tax Escrow Amount for deposit into the Tax Escrow Account. The Tax Escrow Account shall be an individual, separate account of the Escrow Agent that is used solely to hold the Tax Escrow Funds. The Tax Escrow Funds shall only be released from the Tax Escrow Account pursuant to the terms of this Agreement and the Escrow Agreement. The purpose of the Tax Escrow Account is to enable Seller to pay any and all of its Taxes that become due and payable by Seller as a result of the Contemplated Transactions. In furtherance thereof, (i) Seller shall inform the Escrow Agent and Buyer when Taxes resulting from the Contemplated Transactions are due, to which Tax authority such Taxes are due, and the amount of such Taxes, and any relevant wiring or transmission information (“Seller’s Notice”), and (ii) Seller and Buyer shall issue joint written instructions to the Escrow Agent in accordance with the Escrow Agreement directing the Escrow Agent to distribute all or any portion of the Tax Escrow Amount to such Tax authority within five (5) business days of Buyer’s receipt of any Seller’s Notice.
Tax Escrow Account. Upon the occurrence of an Event of Default, Lender may, in its sole discretion, require Borrower to deposit monthly into a custodial account held with Lender, or other national bank as approved by Lender, an amount sufficient to fund the annual real estate taxes. Disbursement from the Tax Escrow Account shall be made annually upon Borrower’s request and presentation of tax statement.
Tax Escrow Account. Intentionally Deleted.
Tax Escrow Account. During the pendency of any uncured Event of Default hereunder, upon written notice from Lessor, Lessee shall pay or cause to be paid into a separate account (the "Tax Account") to be established by Lessee with a lending institution designated by Lessor (which Tax Account shall not be removed from such lending institution without the express prior approval of Lessor), and which Lessor may draw upon, a reserve amount sufficient to discharge the obligations of Lessee under Section 6.01 hereof with respect to real estate taxes for the applicable Fiscal Year as and when they become due (such amounts, the "Tax Escrow Amount"). During each month commencing with the first full calendar month following the receipt of said notice from Lessor, Lessee shall deposit into the Tax Account one twelfth of the Tax Escrow Amount so that as each installment of real estate taxes becomes due and payable, there are sufficient funds in the Tax Account to pay the same. If the amount of such and real estate taxes has not been definitively ascertained by Lessee at the time when any such monthly deposit is to be paid, Lessor shall require payment of the Tax Escrow Amount based upon the amount of real estate taxes paid for the preceding year, subject to adjustment as and when the amount of such real estate taxes are ascertained by Lessee. The Tax Escrow Amount in the Tax Account shall be and constitute additional security for the performance of Lessee's obligations hereunder and shall, if there are sufficient funds in escrow, be used to pay taxes when due.
Tax Escrow Account and the term ‘Escrow Agent’ as used in this Agreement and the Transaction Documents shall mean the relevant Escrow Agent;
Tax Escrow Account. Borrower shall establish a non-interest bearing tax escrow account (i) at a financial institution, and (ii) subject to an escrow agreement, both as mutually agreed upon by Senior Lender, Lead Lender and Borrower (the “Tax Escrow Account”), pursuant to which Borrower shall initially deposit the sum of $230,000 in accordance with Section 6(b) of this Amendment and thereafter shall deposit, one-twelfth (1/12) of the amount of real estate taxes and any assessments assessed or to be assessed against Borrower’s Facility including the Redevelopment Area for the then current year, as estimated by Lead Lender so as to assure that the balance in the Tax Escrow Account is sufficient to pay such real estate taxes and assessments prior to taxes becoming delinquent. In the event Lead Lender, in its reasonable discretion, at any time reasonably determines that the amounts deposited for payment of real estate taxes will be insufficient to pay such taxes or assessments, Borrower shall, within fifteen (15) days after written notice from Lead Lender, deposit the difference between the amounts previously deposited and the amount Lead Lender reasonably determines will be necessary to pay such taxes. Borrower acknowledges that the Tax Escrow Account shall be for the sole purpose of paying real estate taxes and any assessments assessed or to be assessed against Borrower’s Facility including the Redevelopment Area and deposits into the Tax Escrow Account shall be irrevocable.
Tax Escrow Account. (a) The Purchaser, the Sellers’ Representative and all Sellers other than Sistecar Management shall execute and deliver on or prior to the Closing Date an escrow agreement (the “Tax Escrow Agreement”) substantially in the form attached hereto as Annex I, which will designate the Escrow Agent (as defined below) as escrow agent and provide for the establishment of a tax escrow account (the “Tax Escrow Account”). All fees to be paid and costs to be incurred in connection with the Tax Escrow Agreement shall be borne by the Sellers. The Purchaser shall deposit in the Tax Escrow Account on the Closing Date an amount of seventeen million euros (€ 17,000,000) (the “Tax Escrow Amount”) which will be released to the Purchaser or the Sellers depending on whether or not the Purchase Price Reduction is applicable in accordance with Section 2.4 and Section 2.9(b), (c), (d) and (e) below. The Purchaser and the Sellers, acting through the Sellers’ Representative, hereby undertake to sign and deliver to the Escrow Agent a joint notice requesting for the release of the Tax Escrow Amount in accordance with the provisions of Sections 2.4, 2.9(b), (c), (d) and (e). This notice will be sent on the day immediately following the expiration of the 60 Day Period or at such earlier date as set forth in Section 2.9(b), (c), (d) and (e) below. The interest on the Tax Escrow Amount shall remain in the Tax Escrow Account and shall accrue to the benefit of the party to which the Escrow Amount is to be released hereunder.
Tax Escrow Account. ...................................................................................7.13(d) Tax Escrow Amount........................................................................................7.13(d) Taxing Authority............................................................................................1.01 Terminated ITFS Lease.......................................................................................7.24
Tax Escrow Account. Commencing April 1, 2012, Tenant shall pay or cause to be paid into a separate account established by Landlord (the “Tax Account”) one twelfth (1/12th) of the total estimated real property taxes for the subject Fiscal Year. If said deposited amounts are believed to be insufficient by Landlord in its reasonable discretion, Tenant shall deposit such deficient amount(s) into the Tax Account no later than five (5) Business Days after Landlord’s written notice to Tenant.
