Releases from Tax Reserve. (i) Promptly following the Loan Parties’ delivery of the Multi-Jurisdictional Mortgage Statement to Agent, Agent shall, so long as at the time of and immediately after giving effect to such release, no Default or Event of Default has occurred and is continuing, release to U.S. Borrower the amount on deposit in the Tax Reserve, and the Borrowers shall apply such amount to the payment of the tax liability in respect of which the Tax Reserve was established, with the remaining amount to be held by the Borrowers for purposes that are not inconsistent with the terms of the Loan Documents.
Appears in 4 contracts
Samples: Credit Agreement (SWK Holdings Corp), Credit Agreement (Parnell Pharmaceuticals Holdings Pty LTD), Credit Agreement (Parnell Pharmaceuticals Holdings Pty LTD)
