Common use of Property Tax Receipts Clause in Contracts

Property Tax Receipts. Not later than March 15th of each year, receipts or other written evidence reasonably satisfactory to the Agent (it being agreed and understood that independent third party verification shall not be required to the extent that the Agent’s internal policies allow) demonstrating the Borrower or the applicable Guarantor has paid in full all of its property Tax obligations for the previous calendar year with respect to any improved real Property subject to a Lien of the Security Instruments.

Property Tax Receipts. Not later than March 15th of each year, receipts or other written evidence reasonably satisfactory to the Administrative Agent (it being agreed and understood that independent third party verification shall not be required to the extent that the Administrative Agent’s internal policies allow) demonstrating the Borrower or the applicable Guarantor has paid in full all of its property Tax obligations for the previous calendar year with respect to any improved real Property subject to a Lien of the Security Instruments.