Taxes, Reserves, Etc Sample Clauses
The "Taxes, Reserves, Etc" clause defines the obligations of a party—typically a borrower or tenant—to pay all applicable taxes, assessments, and governmental charges related to the property or asset in question, as well as to maintain any required reserves. In practice, this means the responsible party must ensure timely payment of property taxes, utility charges, and may be required to set aside funds in a reserve account to cover these expenses. The core function of this clause is to protect the other party, such as a lender or landlord, from financial risk or legal complications arising from unpaid taxes or insufficient reserves, thereby ensuring the property remains free of liens and in good standing.
Taxes, Reserves, Etc. (a) U.S. Withholding Taxes. Both principal of and interest on each Loan, and all other payments provided for herein are payable net of any present or future taxes (other than taxes on or measured by total net income of the Bank or any other Lender), duties or other charges levied or imposed thereon and required to be withheld by the United States of America or any political subdivision or taxing authority thereof. If any such taxes, duties or other charges are levied or imposed with respect to payments hereunder, the Company will pay to the Bank and/or the Lenders as additional interest such additional amounts as may be necessary so that every net payment of principal of and interest on such Loans and all other payments to the Bank and/or the Lenders provided for herein, after withholding or deduction for or on account of any such present or future taxes, duties or other charges imposed by the United States of America or any political subdivision or taxing authority thereof, will not be less than any amount provided for herein.
Taxes, Reserves, Etc