Tax Account. At the beginning of each 12 month period during the term of this Agreement, the Lender shall provide to the Borrower an estimate of the amount of property taxes payable on the immovable for the period. When paying each monthly instalment, referred to in 1.6.1, during the period, the Borrower shall pay one twelfth of the estimated amount into a tax account established by the Lender.
Tax Account. In the event Tenant fails to timely pay any Imposition required to be paid by Tenant pursuant to Section 8.1, subject to permitted contest as set forth above, after Notice and failure to cure within ten (10) days after delivery of such Notice, Landlord shall have the right, by written notice to Tenant effective as of the date of such notice, to require Tenant to pay or cause to be paid into a separate account (the "Tax Account") to be established by Tenant with a lending institution selected by Landlord which is an FDIC Member and maintains at least Twenty Million and 00/100 Dollars ($20,000,000.00) in assets and shall not be under any regulatory orders from any federal or state banking authorities (which Tax Account shall not be removed from such lending institution without the express prior approval of Landlord), and which Landlord may draw upon, a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 hereof with respect to Impositions for the applicable Fiscal Year as and when they become due and any interest or penalties due to late or non-payment as provided below (such amounts, the "Tax Escrow Amount"). If during the Term the lending institution selected by Landlord shall not meet the foregoing criteria, the Tax Account shall be moved to another lending institution mutually agreed to by Landlord and Tenant. Provided, however, that Landlord shall provide to Tenant Notice of non-payment as contemplated in the initial clause of this Section 8.2 only one time during the Term hereof and in the event of any subsequent failure to timely pay any Imposition required to be paid by Tenant pursuant to Section 8.1, the only Notice from Landlord to Tenant shall be the Notice to pay the reserve amount into the Tax Account the sums referenced in the immediately preceding sentence. If Tenant does not establish, and pay into the Tax Account as required herein within ten (10) days from the date of Landlord's notice, Tenant shall, be in default hereunder. Within ten (10) days after receipt of Landlord's notice, Tenant shall deposit into the Tax Account an amount equal to the product of (i) one twelfth of the Tax Escrow Amount times (ii) the number of months, including the current month, that have elapsed in the tax period(s) for the Impositions. During each month commencing with the first full calendar month following the receipt of said notice from Landlord, Tenant shall deposit into the Tax Account one twelfth of the Tax Escrow Amount so t...
Tax Account. On each date on which income taxes on the net income of the Borrower are due and payable, the Security Agent shall distribute, from the cash available in the Tax Account, to the Borrower or such other Person or Persons from whom such taxes are due, an amount equal to such taxes (computed as provided in clause (vi) of Section 4.03 hereof), provided that the Security Agent shall have received a certificate signed by a Responsible Officer of the Borrower, approved in writing by the Agent, specifying the amount or amounts due to the Borrower or such other Person or Persons from whom such amounts are payable. Any such taxes not paid when due to a Person or Persons other than the Borrower because of insufficient cash available in the Tax Account shall be payable as a Priority Cash Operating Cost pursuant to Section 4.02. SECTION 4.12. [INTENTIONALLY OMITTED]
Tax Account. The parties acknowledge that the Company's balance ----------- sheet as of June 28, 1997 reflects, and that the Final Closing Date Balance Sheet will reflect (as an inclusion in "other assets"), an income tax deposit in the amount of $490,868 made by the Company to the Internal Revenue Service pursuant to applicable regulations relating to the reporting of income of fiscal year Subchapter S corporations by shareholders who report on a calendar year basis. The parties anticipate that such tax deposit will be refunded to the Company upon the filing by the Sellers of their 1997 Federal income tax returns reflecting the operations of the Company through the Closing Date. If for any reason after the Closing Date the Company should receive income tax refunds in excess of the amount of the tax deposit reflected on the Final Closing Date Balance Sheet, the Buyer shall cause the Company to pay the amount of such excess to the 27 Sellers promptly upon receipt thereof. If for any reason the Company should not receive a refund equal to the amount of the tax deposit reflected on the Final Closing Date Balance Sheet by the Company to pay the same to the Sellers promptly upon receipt thereof.
Tax Account. Subject to Section 4.2(3), Administrative Agent will apply the funds in the Tax Account to payments of Taxes required to be made by Borrower pursuant to Section 9.2. In making any payment of Taxes from the Tax Account, Administrative Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof, unless given written advance notice by Borrower of such inaccuracy, invalidity or contest. Any amount remaining in the Tax Account after the Debt has been paid in full or immediately following the Cure Event for the applicable Trigger Event (provided no Event of Default or other Trigger Event is then continuing) shall be returned to Borrower promptly upon Borrower’s request. If at any time Administrative Agent reasonably determines that the Tax Account is not or will not be sufficient to accumulate (including payment of subsequent monthly amounts in accordance with the provisions of the Cash Management Agreement) the full amount to pay Taxes by the dates set forth above, Administrative Agent shall notify Borrower of such determination and the monthly payments in the Tax Account shall be increased by an amount that Administrative Agent estimates is sufficient to make up the deficiency at least thirty (30) days prior to delinquency of the Taxes.
Tax Account. If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Taxes at least thirty (30) days prior to the respective due dates, Lender shall notify Borrower of such determination and the monthly deposits for Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to the respective due dates for the Taxes; provided that if Borrower receives notice of any such deficiency after the date that is thirty (30) days prior to the date that Taxes are due, Borrower will deposit such amount within one (1) Business Day after its receipt of such notice.
Tax Account. A segregated, interest bearing, bank account maintained by Lender at River Bank America, in which Lender shall deposit and hold the Monthly Tax Escrow Payments as provided in this Agreement.
Tax Account. Borrower shall pay the Monthly Tax Escrow Payment to Lender on the first day of each month during the Loan Term (except that the initial Monthly Tax Escrow Payment shall be made on or before December 15, 1993), together with Borrower's payment of principal and/or interest under the Note. Lender shall deposit each Monthly Tax Escrow Payment into the Tax Account as soon as reasonably convenient after receipt thereof. All funds on deposit in the Tax Account shall be held and disbursed by Lender in accordance with the provisions of Article 5(b) of the Mortgage, provided that the Tax Account shall be an interest bearing account, notwithstanding any provision to the contrary contained in said Article 5(b).
Tax Account. (b) The Security Agent shall establish on the Third Restatement Effective Date the following four additional special, segregated and irrevocable cash collateral accounts which shall be maintained at all times until the termination of this Agreement:
Tax Account. On each date on which income taxes on the net income of the Borrower are due and payable, the Security Agent shall distribute, from the cash available in the Tax Account, to Cogentrix Energy or such other Person or Persons to whom such taxes are due, an amount equal to such taxes (computed as provided in clause "second" of Section 4.07 hereof); provided that the Security Agent shall have received a certificate of the chief financial officer or treasurer of the Borrower, approved in writing by the Agent, specifying the date on which such income taxes are due and are to be distributed and the amount or amounts due to Cogentrix Energy or the other Person or Persons to whom such amounts are payable.
