Tax Impound definition

Tax Impound has the meaning assigned to such term in Section 3.5.

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Tax Impound has the meaning provided in Section 2.15(a).

Tax Impound means the impound account Borrower establishes with Lender for the payment of all Taxes on the Property as required under this Agreement.

Examples of Tax Impound in a sentence

• The obligation of Borrowers to pay the Taxes, as set forth in the Loan Documents, is not affected or modified by the provision of this paragraph; provided, however, that Borrowers shall not be in default under the Loan for failure to pay Taxes if and to the extent there are sufficient funds on deposit in the Tax Impound to timely pay such Taxes.

• Notwithstanding anything to the contrary contained in this Agreement, the Tax Impound shall be waived so long as (i) no Event of Default has occurred, (ii) Borrowers are not required to deposit Excess Cash Flow into the Project Yield Fund, and (iii) Borrowers provides to Administrative Agent, on or before the date of delinquency, evidence reasonably acceptable to Administrative Agent that all Taxes which have become due have been paid in full.