SAOT Expenditures definition

SAOT Expenditures means sales, use or occupancy or other taxes due to any Governmental Authority imposed on charges for the use of guest rooms at the Property.

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Examples of SAOT Expenditures in a sentence

• Borrower agrees to pay all SAOT Expenditures (without regard to the amount of money then available in the SAOT Sub-Account or the SAOT Escrow Account).

• Should an Event of Default occur, the sums on deposit in the SAOT Sub-Account and the SAOT Escrow Account may be applied by Lender in payment of any SAOT Expenditures.

• Provided that no Event of Default shall have occurred, all funds deposited into the SAOT Escrow Account shall be held by Lender pursuant to the provisions of this Security Instrument and shall be disbursed to Borrower for payment of SAOT Expenditures.

• Provided that no Event of Default shall have occurred and be continuing, all funds deposited into the SAOT Escrow Account shall be held by Lender pursuant to the provisions of this Security Instrument and shall be disbursed to Borrower for payment of SAOT Expenditures.