Tax Escrow Account definition

Tax Escrow Account means an account held by Lender, or Lender's designee, in which Borrower's initial deposit for Taxes made on the Closing Date and the Monthly Tax Deposits will be held, which shall not constitute a trust fund.

Tax Escrow Account means an account established by the Escrow Agent to hold the Tax Escrow Amount in accordance with the Escrow Agreement.

Tax Escrow Account has the meaning set forth in Section 2.16.

Examples of Tax Escrow Account in a sentence

• If the amount due for Taxes shall increase and Lender reasonably determines that amounts on deposit in the Tax Escrow Account will not be sufficient to pay Taxes due for an annual tax period, Lender shall notify Borrower of such determination and of the increase needed to the Monthly Tax Deposit.

• If amounts on deposit in the Tax Escrow Account collected for an annual tax period exceed the Taxes actually paid during such tax period, Lender shall, in its discretion, return the excess to Borrower or credit the excess against the payments Borrower is to make to the Tax Escrow Account for the next tax period.

• If amounts on deposit in the Tax Escrow Account collected for an annual tax period are insufficient to pay the Taxes actually due during such tax period, Lender shall notify Borrower of the deficiency and, within ten (10) days thereafter, Borrower shall deliver to Lender such deficiency amount.

• Provided amounts in the Tax Reserve Account are sufficient to pay the Taxes then due and no Event of Default exists, Lender shall pay the Taxes as they become due on their respective due dates on behalf of Borrower by applying the funds held in the Tax Escrow Account to the payments of Taxes then due.

• All or a portion of any Moneys in the Reserve Accounts (other than the Real Estate Tax Escrow Account, the Insurance Escrow Account, the Operating Expense Account, the Working Capital Reserve Account and the Debt Service Reserve Account, none of which shall bear interest for the benefit of Borrower) shall, so long as no Event of Default has occurred and is continuing, be held in interest-bearing accounts.

More Definitions of Tax Escrow Account

Tax Escrow Account means the account held by Lender into which Borrower will deposit funds pursuant to Section 10.4.

Tax Escrow Account means a non-interest bearing account established by Borrower with Lockbox Bank into which the Tax Escrow Payments are to be deposited.

Tax Escrow Account means the account into which the Escrow Agent has deposited the Tax Escrow Amount in accordance with the Escrow Agreement.

Tax Escrow Account. As defined in Section 4.1(e)(i).

Tax Escrow Account means the tax escrow account established pursuant to the Escrow Agreement.

Tax Escrow Account shall have the meaning set forth in Section 5.9(a).

Tax Escrow Account shall have the meaning specified in Section 4.2(c).