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. The Borrowers shall deposit with the Paying Agent (or such amounts shall be remitted from the proceeds of the Property Loan on such Property pursuant to Section 2.02(c) or upon release of any Renovation Reserves, Leasing Commission Reserves or Debt Service Reserves with respect to any Non-Stabilized Property, to the extent the Tax Reserves for such Financed Property have not previously been deposited or are not incompliance with this Section 6.05 on such date) for transfer to the Tax Reserve Account reserve funds sufficient for Real Estate Taxes with respect to each Financed Property (the “Tax Reserve”) in accordance with this Section 6.05. Borrowers shall provide to the Administrative Agent an estimate of and supporting information for the amount of the Real Estate Taxes for each Financed Property and of any changes thereto occurring from time to time in order for Administrative Agent to make estimates of Real Estate Taxes pursuant to this Section 6.05. At the time of disbursement of the Property Loan with respect to any Financed Property, the Borrowers shall deposit with the Paying Agent (or such amounts shall be remitted from the proceeds of the Property Loan on such Property pursuant to Section 2.02(c)) for transfer to the Tax Reserve Account for each Financed Property, an amount equal to one-half (1/2) of Administrative Agent’s estimate of the amount of the annual Real Estate Taxes for such Property. The Borrowers shall provide to the Diligence Agent such certificates, tax bills and other evidence as the Administrative Agent may reasonably require. During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, direct the Paying Agent in writing to withdraw all or any portion of the Tax Reserve from the Tax Reserve Account and apply such funds either to pay (i) Real Estate Taxes or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Administrative Agent may determine in its sole discretion. In making any payment from the Tax Reserve Account, the 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....
Tax Reserve Account. SECTION 3.27 PMI Policies; Claims Under the PMI Policies.
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. (a) No later than the Closing Date, the Paying Agent shall establish and maintain with itself, on behalf of the Trustee, a separate, segregated trust account titled, “Tax Reserve Account, Citibank, N.A., as Paying Agent, 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.”
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 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. 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. (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.”
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”);
