Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1, Borrower shall deposit into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty (20) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunder. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender 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. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimat...
Tax Reserve Account. PMI Policies; Claims Under the PMI Policies.
Tax Reserve Account. (a) No later than the Closing Date, the Trust Administrator shall establish and maintain with itself, on behalf of the Trustee, a separate, segregated trust account titled, “Tax Reserve Account, Xxxxx Fargo Bank, N.A., as Trust Administrator, for U.S. Bank National Association as Trustee, in trust for the registered holders of Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series 2005-5.”
(b) On the Closing Date and on each Distribution Date as to which there is a Tax Reserve Amount payable to PMI Insurer for coverage of each insured Mortgage Loan, the Paying Agent will cause to be paid from the Tax Reserve Account the amount of any West Virginia, Kentucky or other applicable state taxes relating to the PMI Premium.
(c) For federal and state income tax purposes, the [Master Servicer] will be deemed to be the owner of the Tax Reserve Account. Upon the termination of the Trust Fund, or the payment in full of the Class A Certificates and Subordinate Certificates, all amounts remaining on deposit in the Tax Reserve Account will be released by the Trust Fund and distributed to the Trust Administrator or its designee. The Tax Reserve Account will be part of the Trust Fund but not part of any Trust REMIC. The Trust Administrator hereby directs Citibank N.A. as Paying Agent to maintain the Tax Reserve Account.
(d) The Trust Administrator shall direct any depository institution maintaining the Tax Reserve Account to invest the funds in such account in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Trust Administrator or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Trust Administrator or an Affiliate manages or advises such investment. All income and gain earned upon such investment shall be deposited into the Tax Reserve Account.
(e) For federal tax return and information reporting, the value assigned to the right of the holders of the Class A Certificates and the Subordinate Certificates to receive payments from the Tax Reserve Account shall be $0 and $0, respectively.
Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, Borrower shall deposit into the Tax Reserve Account an amount equal to (a) (i) one-twelfth of the annual Impositions that Lender reasonably estimates will be payable during the next ensuing twelve (12) months that will not be paid by Bank of America, N.A. as additional rent under the BofA Lease (the Monthly Non-BofA Tax Component) and (ii) the amount that will be paid by Bank of America, N.A. as additional rent for the payment of taxes in any calendar month (the Monthly BofA Tax Component), which amounts together shall accumulate to provide with Lender sufficient funds to pay all Impositions at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment thereof, (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months and (c) the amount due and payable to the Servicer for the month in which the deposit is made for the fees and expenses of the Servicer (said monthly amounts in (a), (b) and (c) above hereinafter called the Monthly Tax Reserve Amount, and the aggregate amount of funds held in the Tax Reserve Account being the Tax Reserve Amount). As of the Closing Date, the Monthly Non-BofA Tax Component is $318,078.00 and the Monthly BofA Tax Component with respect to each month is estimated as follows: January - $819,179.00, February - $2,109,342.00, March - $1,170,973.00, April - $587,725.00, May - $411,848.00, June - $352,292.00, July - $319,055.00, August - $323,867.00, September - $373,273.00, October - $2,271,569.00, November - $4,646,868.00, and December - $1,089,693.00. The Monthly Non-BofA Tax Component and the Monthly BofA Tax Component are subject to adjustment by Lender upon notice to Borrower. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions, Other Charges and Servicer fees and expenses required to be made by Borrower pursuant this Agreement and the other Loan Documents, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender 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 ...
Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, Borrower shall deposit into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the MONTHLY TAX RESERVE AMOUNT, and the aggregate amount of funds held in the Tax Reserve Account being the TAX RESERVE AMOUNT). As of the Closing Date, the Monthly Tax Reserve Amount is $275,000 until and including the Payment Date in March 2003 and $167,000 thereafter, but such amounts are subject to adjustment by Lender, in its reasonable discretion, in accordance with the provisions of this Section 16.
1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date. 101
Tax Reserve Account. On the Closing Date, Borrower shall deposit into the Tax Reserve Account as additional collateral for the Loan an amount equal to $382,217, such amount to be increased by Borrower, within two (2) Business Days of Borrower receiving notice from Bloomberg that the final Rent Commencement Date (as such term is defined in the Bloomberg Lease) has been delayed, in amount equal to Real Estate Taxes and Other Charges that would be due and payable by Borrower during such delayed period by Borrower depositing such amount into the Tax Reserve Account (the INITIAL TAX RESERVE AMOUNT). From and after the final Rent Commencement Date and in accordance with the time periods and subject to the terms set forth in Section 3.1, Borrower shall deposit into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Real Estate Taxes that Lender reasonably estimates will be payable during the next ensuing twelve (12) months in order to accumulate with
Tax Reserve Account. Borrower shall (i) on the Closing Date, deposit with Administrative Agent the applicable amount shown on Administrative Agent’s settlement statement (if any), and (ii) on each Payment Date commencing with the Payment Date in April, 2019 deposit with Administrative Agent the amount that Administrative Agent reasonably estimates will be necessary in order to accumulate (together with the initial deposit made on the Closing Date and projected monthly deposits thereafter) sufficient funds to pay, at least thirty (30) days prior to their respective due dates, all Property Taes due within the ensuing twelve (12) months. Such amounts will be held in a deposit account established by Administrative Agent from time to time (the “Tax Reserve Account”). Provided no Event of Default shall then exist, Administrative Agent will apply the funds in the Tax Reserve Account to payments of the Property Taxes for which such funds have been reserved. In making any such payment, Administrative Agent may do so according to any bill, statement or estimate procured from the appropriate public office without inquiry into the accuracy thereof. If Administrative Agent so elects at any time, Borrower shall provide, at Borrower’s expense, a tax service contract for the term of the Loan issued by a tax reporting agency acceptable to Administrative Agent. If Administrative Agent does not so elect, Borrower shall reimburse Administrative Agent for the cost of making annual tax searches throughout the term of the Loan.
Tax Reserve Account. On or before the Effective Date, Theraplant shall establish an account on the books and records of, and in the name of, Theraplant (the “Specified Tax Liability Reserve Account”). If, in accordance with Section 1.2, NewCo elects to pay any Specified Tax Liability that NewCo is obligated to pay under this Agreement directly into the Specified Tax Liability Reserve Account, NewCo shall deposit such amounts into the Specified Tax Liability Reserve Account and such deposit shall satisfy NewCo’s obligation hereunder with respect to such Specified Tax Liability. Amounts deposited in the Specified Tax Liability Reserve Account shall be used exclusively to pay the Specified Tax Liability to which such amounts relate to the relevant taxing authority. Theraplant shall not transfer any legal, equitable or beneficial interest in the Specified Tax Liability Reserve Account to any other Greenrose Entity or any other person without the consent of NewCo; provided that Theraplant may transfer funds withdrawn from the Specified Tax Liability Reserve Account to other Greenrose Entity to the extent required (as determined in the sole discretion of Theraplant) to effect the payment of a Specified Tax Liability to a taxing authority. 3 To be deleted if Holdings executes and delivers this agreement at the First Subsidiary Effective Time.
Tax Reserve Account. 53 5.12 Major Maintenance Account............................................. 54 5.13
Tax Reserve Account. A sub-account of the Cash Management Account into which, on each Payment Date during a Cash Management Period (subject to Section 9.2(3), shall be transferred from the Cash Management Account the Monthly Tax Deposit (the “Tax Reserve Account”);
