Reserves for Taxes. The unpaid Taxes of each Subsidiary attributable to the Pre-Closing Tax Period will not, as of the Closing Date, exceed the reserve for Tax liability (rather than any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth in the Pro Forma Unaudited Balance Sheet in accordance with GAAP.
Reserves for Taxes. The unpaid Taxes of the Company (i) did not, as of the dates of the financial statements contained in the SEC Reports filed with the SEC prior to the date of the Agreement, exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) included in the balance sheets contained in such financial statements, and (ii) will not exceed that reserve as adjusted for operations and transactions through the later of the Initial Warrants Closing and the Second Closing, subject to such exceptions as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Since the date of the most recent financial statement contained in the SEC Reports filed with the SEC prior to the date of this Agreement, the Company has not incurred any liability for Taxes outside the ordinary course of business or otherwise inconsistent with past custom and practice.
Reserves for Taxes. At the time of and in addition to the monthly installments of principal and interest due under the Notes, Borrower shall pay to Lender a sum equal to one-twelfth (1/12) of the amount estimated by Lender to be sufficient to pay at least thirty (30) days before they become due and payable all taxes, assessments and other similar charges levied against the Property (collectively, the "Taxes"). So long as no Event of Default exists hereunder, Lender shall apply the sums to pay the Taxes. These sums may be commingled with the general funds of Lender, and no interest shall be payable thereon nor shall these sums be deemed to be held in trust for the benefit of Borrower. If Lender at any time reasonably determines that such amount on deposit is insufficient to fully pay such Taxes, Borrower shall, within ten (10) days following notice from Lender, deposit such additional sum as may be reasonably required by Lender. On the Maturity Date, the moneys then remaining on deposit with Lender or its agent shall, at Lender's option, be applied against the Indebtedness or so long as no Event of Default is then continuing, be refunded to Borrower. The obligation of Borrower to pay the Taxes is not affected or modified by the provisions of this Section 3.
Reserves for Taxes. The Companies have sufficient reserves for the payment of all unpaid federal, state and local taxes through the Closing Date and for all periods prior thereto, including, without limitation, all taxes, if any, imposed after such date but in respect of any period or periods prior to the Closing Date. The Shareholder has furnished Buyer with true and correct copies of all federal, state and local tax returns of or in respect of the Companies and the Shareholder as actually filed for the three tax years prior to Closing.
Reserves for Taxes. The material unpaid Taxes of the Company and the Company Subsidiaries did not, as of the dates of the Company Financial Statements, exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the face of the balance sheets (rather than in any notes thereto) contained in the Company Financial Statements.
Reserves for Taxes. The unpaid Taxes of the Company and the Subsidiaries (i) did not, as of the dates of the financial statements contained in the SEC Reports filed with the SEC prior to the date of the Agreement, exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) included in the balance sheets contained in such financial statements, and (ii) will not exceed that reserve as adjusted for operations and transactions through the Closing Date in accordance with the past custom and practice of the Company and the Subsidiaries in filing their Tax Returns, subject to such exceptions as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Since the date of the most recent financial statement contained in the SEC Reports filed with the SEC prior to the date of this Agreement, neither the Company nor any of the Subsidiaries has incurred any liability for Taxes outside the ordinary course of business or otherwise inconsistent with past custom and practice subject to such exceptions as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Reserves for Taxes. As of the date of the Current Balance Sheet, the Company and its subsidiaries did not have liabilities for unpaid Taxes which had not been accrued or reserved on the Current Balance Sheet, whether asserted or unasserted, contingent or otherwise, and the Company and its subsidiaries have not incurred any liability for unpaid Taxes since the date of the Current Balance Sheet other than in the ordinary course of business.
Reserves for Taxes. 22 (c) Filing of Returns..............................................22 Section 5.22 Litigation and Judgments................................22 (a) Litigation.....................................................22 (b) No Orders, Judgments or Decrees................................22 Section 5.23 Absence of Certain Changes, Events and Conditions.......23 (a)
Reserves for Taxes. Insurance/Replacement Reserve/Tenant Improvements and Leasing Reserve.
(a) Grantor shall pay to Beneficiary, at the time of and in addition to the monthly installments of principal and/or interest due under the Note, a sum equal to 1/12 of the amount estimated by Beneficiary from time to time to be sufficient to enable Beneficiary to pay at least 30 days before they become due and payable, all taxes, assessments and other similar charges levied against the Property. So long as no Event of Default exists hereunder, Beneficiary shall apply the sums so paid by Grantor to pay such tax items. These sums shall be commingled with the general funds of Beneficiary, and no interest shall be payable thereon nor shall these sums constitute trust funds. If such amount on deposit with Beneficiary is insufficient to fully pay such tax items, Grantor shall, within 10 days following notice at any time from Beneficiary, deposit such additional sum as may be required for the full payment of such tax items. Upon the Maturity Date, the moneys then remaining on deposit with Beneficiary or its agent shall, at Beneficiary’s option, be applied against the Indebtedness. The obligation of Grantor to pay such tax items is not affected or modified by the provisions of this paragraph, however, provided no Event of Default has occurred, Beneficiary shall utilize the funds collected hereunder (but only to the extent of said funds) to pay the tax items as they come due.
(b) Grantor shall pay to Beneficiary, at the time of and in addition to the monthly installments of principal and/or interest due under the Note, a sum equal to 1/12 of the amount estimated by Beneficiary from time to time to be sufficient to enable Beneficiary to pay at least 30 days before they become due and payable, all insurance premiums due for the renewal of the coverage afforded by the insurance policies required hereunder upon the expiration thereof. So long as no Event of Default exists hereunder, Beneficiary shall apply the sums so paid by Grantor to pay such insurance premiums. These sums shall be commingled with the general funds of Beneficiary, and no interest shall be payable thereon nor shall these sums constitute trust funds. If such amount on deposit with Beneficiary is insufficient to fully pay such insurance premiums, Grantor shall, within 10 days following notice at any time from Beneficiary, deposit such additional sum as may be required for the full payment of such insurance premiums. Upon the Maturi...
Reserves for Taxes. At the time of and in addition to the monthlyinstallments of principal and interest due under the Notes, Borrower shall pay to Agent a sum equal to one-twelfth (1/12) of the amount estimated by Agent to be sufficient to pay at least thirty (30) days before they become due and payable, all taxes, assessments and other similar charges levied against the Property (collectively, the "TAXES"). So long as no Event of Default exists hereunder, Agent shall apply the sums to pay the Taxes. These sums shall be put in an interest bearing account, with all interest earned to be credited to Borrower. Upon written request by Borrower, Agent shall provide to Borrower an accounting of such tax escrow account on a property-by-property basis. If Agent at any time reasonably determines that such amount on deposit is insufficient to fully pay such taxes, Borrower shall, within ten (10) days following notice from Agent, deposit such additional sum as may be reasonably required by Agent. On the Maturity Date, the moneys then remaining on deposit with Agent or its agent shall, at Agent's option, be applied against the Indebtedness or promptly thereafter refunded to Borrower. The obligation of Borrower to pay the Taxes is not affected or modified by the provisions of this paragraph.
