Release of Tax Funds. Agent shall have the right to apply the Tax Funds to payments of Taxes. In making any payment relating to Taxes, Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of the Tax Funds shall exceed the amounts due for Taxes, Agent shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax Funds and advise Borrower of the amount and whether such amount will be returned or credited as aforesaid. Any Tax Funds remaining on deposit after the termination of a Trigger Period, provided that no Monetary Default or Event of Default then exists, shall be returned to Borrower. In addition, any Tax Funds remaining on deposit after the Debt has been paid in full shall be returned to Borrower.
Appears in 4 contracts
Samples: Loan Agreement, Loan Agreement (Empire State Building Associates L.L.C.), Loan Agreement (Empire State Realty Trust, Inc.)
