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. 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. Without limiting any other reserve requirements hereunder, Tenant shall pay or cause to be paid into a separate account (the “Tax Account”) to be established by Tenant with a lending institution designated by Landlord (which Tax Account shall not be removed from such lending institution without the express prior approval of Landlord), and which Landlord may draw upon, a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 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 Landlord, Tenant 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 Tenant at the time when any such monthly deposit is to be paid, Landlord 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 Tenant. The Tax Escrow Amount in the Tax Account shall be and constitute additional security for the performance of Tenant’s obligations hereunder and shall be subject to Landlord’s security interest therein and shall, if there are sufficient funds in escrow, be used to pay taxes when due. Landlord and Tenant shall execute such documentation as may be necessary to create and maintain Landlord’s security interest in the Tax Account.
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. Within ten (10) days after Agent's demand made at any time during which there exists and shall be continuing any Event of Default, Borrower shall make monthly tax and insurance payments to Agent for deposit in the Tax Escrow Account, in accordance with the provisions of Article 8 in the Mortgage. Borrower's obligation to make such tax and insurance payments shall continue until such Event of Default shall have been cured. Borrower's failure to make any such tax or insurance payment within ten (10) days after the due date thereof (no additional grace or notice period being applicable thereto) shall constitute an Event of Default under this Agreement. If Borrower is required to open a Tax Escrow Account pursuant to the terms of this Agreement, in connection therewith Borrower shall execute and deliver a so-called “Deposit Account Control Agreement” with respect to the Tax Escrow Account in substantially the form required by Citizens at that time.
Tax Escrow Account. Upon the occurrence of an Event of Default and any time thereafter, Lender may require Borrower to deposit with Lender in the Tax Escrow Account, an amount each month equal to 1/12th of the aggregate amount which Lender estimates will be required to pay the annual amount required to pay Impositions. The purpose of these provisions is to provide sufficient funds on hand for Lender to pay the Imposition charges. If the funds so deposited are insufficient to pay the Impositions when the same shall become due and payable, Borrower shall provide such additional funds as may be necessary to pay the Impositions in full. If Borrower is not required to make payments into the Tax Escrow Account, Borrower shall provide evidence to Lender that the Impositions have been paid within ten (10) days after making such payment.
Tax Escrow Account. ...................................................................................7.13(d) Tax Escrow Amount........................................................................................7.13(d) Taxing Authority............................................................................................1.01 Terminated ITFS Lease.......................................................................................7.24
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. 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.
