Common use of Amount of Deposits Clause in Contracts

Amount of Deposits. During the occurrence and continuance of a Trigger Period, Borrower shall deposit with Depository, into an account in the name of Lender (the “Tax and Insurance Reserve Account”), monthly, one-twelfth (l/12th) of the annual premiums for insurance and one-twelfth (1/12th) of the amount of all Impositions estimated by Xxxxxx to be due for the immediately succeeding calendar year. In addition, if required by Lender during the occurrence and continuance of a Trigger Period, Borrower shall also deposit with the Depository a sum of money which, together with the aforesaid monthly installments, will be sufficient to make each of said payments of Impositions and premiums at least thirty (30) days before such payments are due. All interest earned on the funds held by the Depository, less Depository’s customary administrative charges, shall be credited to, and remain in an account with the Depository, but the amount thereof shall be credited against future deposit obligations under this Section 5.1. Lender shall bear no liability for the failure to achieve any particular rate of return or yield on funds held by the Depository. If the amount of any such payments is not ascertainable at the time any such deposit is required to be made, the deposit shall be made on the basis of Lender’s reasonable estimate thereof, and, when such amount is fixed for the then-current year, Borrower shall promptly deposit any deficiency with the Depository. Lender acknowledges and agrees that Borrower is not currently required to make the deposits pursuant to this Section 5.1, provided, however, that (i) in connection with deposits for Impositions, Lender retains the right to require Borrower to make the deposits specified herein in the future, and (ii) in connection with deposits for premiums for insurance, Lender shall not require Borrower to make such deposits provided that (A) no Trigger Period or event which with the giving of notice or lapse of time, or both, would constitute a Trigger Period hereunder or under any Loan Document shall exist and remain uncured, (B) Borrower is maintaining the required insurance hereunder pursuant to a blanket insurance Policy approved by Xxxxxx in Xxxxxx’s sole and absolute discretion, and (C) Borrower has provided Lender with 156506983 evidence reasonably satisfactory to Lender of payment in advance of the annual Insurance Premiums.

Amount of Deposits. During Subject to the occurrence and continuance provisions set forth below, Lender may require, at any time during the term of a Trigger Periodthe Loan, at Borrower's expense, that Borrower shall deposit with Lender, or any servicer or financial institution that Lender may from time to time designate (collectively, the "Depository"), into an account in the name of Lender (the “Tax and Insurance Reserve Account”)Lender, monthly, one-twelfth (l/12th) of the annual premiums for insurance and one-twelfth (1/12th) of the amount of all Impositions estimated by Xxxxxx Lender to be due for the immediately succeeding calendar year. In addition, if required by Lender during the occurrence and continuance of a Trigger PeriodLender, Borrower shall also deposit with the Depository a sum of money which, together with the aforesaid monthly installments, will be sufficient to make each of said payments of Impositions and premiums at least thirty (30) days before such payments are due. All such funds shall be held in an interest-bearing account. All interest earned on the funds held by the Depository, less Depository’s customary 's administrative charges, shall be credited to, and remain in an account with the Depository, but the amount thereof shall be credited against future deposit obligations under this Section 5.12.8. Lender shall bear no liability for the failure to achieve any particular rate of return or yield on funds held by the Depository. If the amount of any such payments is not ascertainable at the time any such deposit is required to be made, the deposit shall be made on the basis of Lender’s reasonable 's estimate thereof, and, when such amount is fixed for the then-current year, Borrower shall promptly deposit any deficiency with the Depository. By entering into this Loan Agreement, Lender acknowledges and agrees that Borrower is not currently required to make the deposits pursuant to this Section 5.12.8, provided, however, and that (i) in connection with deposits for Impositions, Lender retains the right to require Borrower to make the deposits specified herein in the future, Impositions and (ii) in connection with deposits for premiums for insuranceinsurance premiums, Lender shall not require Borrower to make such deposits provided that (A) no Trigger Period or event which with the giving Event of notice or lapse of time, or both, would constitute a Trigger Period hereunder or under any Loan Document Default shall exist and remain uncuredexist, (B) Borrower is maintaining the required insurance hereunder pursuant to a blanket insurance Policy approved by Xxxxxx Lender in Xxxxxx’s Lender's sole and absolute discretion, and (C) Borrower has provided Lender with 156506983 evidence reasonably satisfactory to Lender of payment in advance of the annual Insurance Premiums.

Amount of Deposits. During the occurrence and continuance of a Trigger Period, Borrower shall deposit with Depository, into an account in the name of Lender (the “Tax and Insurance Reserve Account”), monthly, one-twelfth (l/12th) of the annual premiums for insurance and one-twelfth (1/12th) of the amount of all Impositions estimated by Xxxxxx Lender to be due for the immediately succeeding calendar year. In addition, if required by Lender during the occurrence and continuance of a Trigger Period, Borrower shall also deposit with the Depository a sum of money which, together with the aforesaid monthly installments, will be sufficient to make each of said payments of Impositions and premiums at least thirty (30) days before such payments are due. All such funds shall be held in (at Lender’s option) an interest-bearing account. All interest earned on the funds held by the Depository, less Depository’s customary administrative charges, shall be credited to, and remain in an account with the Depository, but the amount thereof shall be credited against future deposit obligations under this Section 5.1. Lender shall bear no liability for the failure to achieve any particular rate of return or yield on funds held by the Depository. If the amount of any such payments is not ascertainable at the time any such deposit is required to be made, the deposit shall be made on the basis of Lender’s reasonable estimate thereofthereof based upon its review of actual invoices, bills and/or notices from the applicable taxing authority or insurance carrier or the recommendation of Lender’s third-party consultant, and, when such amount is fixed for the then-current year, Borrower shall 49 promptly deposit any deficiency with the Depository. Lender acknowledges and agrees that Borrower is not currently required to make the deposits pursuant to this Section 5.1, provided, however, that (i) in connection with deposits for Impositions, Lender retains the right to require Borrower to make the deposits specified herein in the future, and (ii) in connection with deposits for premiums for insurance, Lender shall not require Borrower to make such deposits provided that (A) no Trigger Period or event which with the giving of notice or lapse of time, or both, would constitute a Trigger Period hereunder or under any Loan Document shall exist and remain uncured, (B) Borrower is maintaining the required insurance hereunder pursuant to a blanket insurance Policy approved by Xxxxxx Lender in XxxxxxLender’s sole and absolute discretion, and (C) Borrower has provided Lender with 156506983 evidence reasonably satisfactory to Lender of payment in advance of the annual Insurance Premiums.