Ad Valorem Tax Refunds Sample Clauses
The Ad Valorem Tax Refunds clause establishes the conditions under which a party is entitled to receive a refund for taxes assessed based on the value of property, such as real estate or goods. Typically, this clause outlines the process for claiming a refund if an overpayment occurs or if a tax assessment is later reduced by the relevant tax authority. For example, if a company pays property taxes based on an initial high valuation that is subsequently lowered on appeal, the clause would govern how and when the excess payment is returned. Its core function is to ensure fairness and financial accuracy by providing a clear mechanism for recovering overpaid ad valorem taxes.
Ad Valorem Tax Refunds. Any refund of ad valorem Taxes with respect to the NRE Assets for periods ending on or before the Distribution Date shall be for the benefit of NRE and the relevant member of the NRE Group, and NRF shall have no entitlement thereto. If NRF receives any refund of ad valorem Taxes with respect to the NRE Assets, NRF shall pay to NRE the full amount of such refund within five (5) Business Days.
Ad Valorem Tax Refunds. Any refund of ad valorem Taxes with respect to the Properties for periods ending on or before the Distribution Date shall be for the benefit of Ashford Prime OP and the relevant member of the Ashford Prime Group, and Ashford Trust OP shall have no entitlement thereto. If Ashford Trust OP receives any refund of ad valorem Taxes with respect to the Properties, Ashford Trust OP shall pay to Ashford Prime OP the full amount of such refund within five (5) Business Days.
Ad Valorem Tax Refunds. Any refund of ad valorem Taxes with respect to the Properties for periods ending on or before the Effective Time shall be for the benefit of the NXRT Group, and the NHF Group shall have no entitlement thereto. If the NHF Group receives any refund of ad valorem Taxes (or distribution attributable thereto) with respect to the Properties, the NHF Group shall pay to the NXRT Group the full amount of such refund (or distribution) within five Business Days.