Premium Financing. The loan documents permit the borrower to obtain financing for insurance premiums through a third party premium financing company under a premium finance agreement so long as (A) the borrower submits timely evidence of each installment payment; and (B) unless the insurance required by the loan documents is provided by a complying blanket policy, the borrower escrows 125% of the annual premiums at all times during which a premium finance agreement is in place.
Appears in 1 contract
Sources: Mortgage Loan Purchase Agreement (WFRBS Commercial Mortgage Trust 2014-C23)
Premium Financing. The loan documents permit the borrower to obtain financing for insurance premiums through a third party premium financing company under a premium finance agreement so long as (A) the borrower submits timely evidence of each installment payment; and (B) unless the insurance required by the loan documents is provided by a complying blanket policy, the borrower escrows 125% of the annual premiums at all times during which a premium finance agreement is in place.annual
Appears in 1 contract
Sources: Mortgage Loan Purchase Agreement (WFRBS Commercial Mortgage Trust 2014-C24)