Common use of Taxes on Security Clause in Contracts

Taxes on Security. Borrower shall pay all taxes, charges, filing, registration and recording fees, excises and levies payable with respect to the Note or the Lien created or secured by the Loan Documents, other than income, franchise and doing business taxes imposed on Lender. If there shall be enacted any law: (i) deducting the Loan from the value of the Collateral for the purpose of taxation; (ii) affecting Lender’s Lien on the Collateral; or (iii) changing existing laws of taxation of mortgages, deeds of trust, security deeds, or debts secured by realty, or changing the manner of collecting any such taxes, Borrower shall promptly pay to Lender, on demand, all taxes, costs and charges for which Lender is or may be liable as a result thereof in excess of those for which Lender would otherwise have been liable had such law not been enacted; provided, however, if such payment would be prohibited by law or would render the Loan usurious, then instead of collecting such payment, Lender may declare all amounts owing under the Loan Documents to be immediately due and payable.

Taxes on Security. Borrower shall pay all taxes, charges, filing, registration and recording fees, excises and levies payable with respect to the Note Notes or the Lien Liens created or secured by the Loan Documents, other than income, franchise and doing business taxes imposed on the Administrative Agent or any Lender. If there shall be enacted any law: law (i1) deducting the Loan Loans from the value of the Collateral Projects for the purpose of taxation; , (ii2) adversely affecting Lender’s any Lien on the Collateral; Projects created under the Loan Documents, or (iii3) changing existing laws of taxation of mortgages, deeds of trust, security deeds, or debts secured by realtyreal property, or changing the manner of collecting any such taxes, Borrower shall promptly pay to Lenderthe Administrative Agent, on demand, all taxes, costs and charges for which the Administrative Agent or any Lender is or may be liable as a result thereof in excess of those for which Lender would otherwise have been liable had such law not been enactedthereof; provided, however, if such payment would be prohibited by law or would render the Loan Loans usurious, then instead of collecting such payment, Lender the Administrative Agent may (and on the request of the Majority Lenders shall) give notice of such event to Borrower and declare all amounts owing under the Loan Documents to be immediately due and payablepayable ninety (90) days after the giving of such notice to Borrower.

Taxes on Security. Borrower shall pay all taxes, charges, filing, registration and recording fees, excises and levies payable with respect to the Note or the Lien created or secured by the Loan Documents, other than income, franchise and doing business taxes imposed on Lender. If there shall be enacted any law: law (i1) deducting the Loan from the value of the Collateral for the purpose of taxation; , (ii2) affecting Lender’s Lien on the Collateral; Collateral or (iii3) changing existing laws of taxation of mortgages, deeds of trust, security deeds, or debts secured by realty, or changing the manner of collecting any such taxes, Borrower shall promptly pay to Lender, on demand, all taxes, costs and charges for which Lender is or may be liable as a result thereof in excess of those for which Lender would otherwise have been liable had such law not been enacted; provided, however, if such payment would be prohibited by law or would render the Loan usurious, then instead of collecting such payment, Lender may declare all amounts owing under the Loan Documents to be immediately due and payable.