Definition of Tax Payment Date


Tax Payment Date means, with respect to any applicable Taxes, the date occurring 30 days prior to the date the same are due and payable.
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Examples of Tax Payment Date in a sentence

The Town agrees to pay to Sargent within thirty (30) days following each Tax Payment Date all amounts then on deposit in the Developer Project Cost Sub-account, excluding earnings thereon; provided however, that all payments made hereunder shall be used only to pay Sargent's Project Costs directly or to reimburse Sargent for payment of Project Costs (including payment or reimbursement of debt service on indebtedness incurred to finance such Project Costs).
Additionally, if, at any time, Lender determines that amounts on deposit in (i) the Tax Account will be insufficient to pay all applicable Taxes in full on the Tax Payment Date and/or (ii) the Insurance Account will be insufficient to pay all applicable Insurance Premiums in full on the Insurance Payment Date, Borrower shall make a Balancing Payment with respect to such insufficiency into the applicable Reserve Account.
Additionally, if, at any time, Lender determines that amounts on deposit in or scheduled to be deposited in (i) the Tax Account will be insufficient to pay all applicable Taxes in full on the Tax Payment Date and/or (ii) the Insurance Account will be insufficient to pay all applicable Insurance Premiums in full on the Insurance Payment Date, Borrower shall make a True Up Payment with respect to such insufficiency into the applicable Reserve Account.
For this purpose, 25 percent (or, in the case of Taxable Periods of less than one year, one divided by the number of Estimated Tax Payment Dates in such Period) of Tax Benefits as then estimated for the applicable Taxable Period shall be deemed to accrue and the applicable percentage thereof set forth in the preceding sentence shall be paid at each Estimated Tax Payment Date.
Unless Borrower is making deposits per Section 3.10, Borrower shall provide Lender with receipts evidencing such payments (except for income taxes, franchise taxes, ground rents, maintenance charges, and utility charges) within thirty (30) days after the Tax Payment Date.