Tax and Insurance Reserve Account. The Tax and Insurance Reserve Fund, the Monthly Debt Service Payment Amount and all other payments due hereunder or under the other Loan Documents, shall be added together and shall be paid as an aggregate sum by Borrower to Lender. Lender will apply the Tax and Insurance Reserve Fund to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to this Agreement and under the Mortgages. In making any payment relating to the Tax and Insurance Reserve Fund, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums) or from Borrower without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof; provided, however, Lender shall use reasonable efforts to pay such real property taxes sufficiently early to obtain the benefit of any available discounts to which it has knowledge. If the amount of the Tax and Insurance Reserve Fund shall exceed the amounts due for Taxes, Other Charges and Insurance Premiums, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax and Insurance Reserve Fund. The Tax and Insurance Reserve Fund shall be held by Lender in an interest-bearing account and shall at Lender’s option be held in Eligible Account at an Eligible Institution. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the Properties. If at any time Lender reasonably determines that the Tax and Insurance Reserve Fund is not or will not be sufficient to pay Taxes, Other Charges and Insurance Premiums by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase their monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to delinquency of the Taxes or Insurance Premiums. Any Tax and Insurance Reserve Funds remaining after the Debt has been paid in full shall be paid to Borrower. Notwithstanding anything to the contrary hereinbefore contained, Lender shall waive the requirement set forth herein for Borrower to make deposits for the payment of Insurance Premiums into the Tax and Insurance Reserve Fund so long as (a) no Event of Default has occurred and is continui...
Tax and Insurance Reserve Account. An Eligible Account established and maintained pursuant to the terms of this Loan Agreement. Tenant Estoppel Certificate. A tenant estoppel certificate in form and substance acceptable to the Lender.
Tax and Insurance Reserve Account. An Eligible Account established and maintained pursuant to the terms of this Loan Agreement.
Tax and Insurance Reserve Account. Pursuant to Section 3.05(b) or (c), as applicable, on each Payment Date, the Borrower shall deposit in the Tax and Insurance Reserve Account the amount, if any, necessary to cause the amount on deposit therein to equal no less than the Tax and Insurance Reserve Account Required Amount. Amounts on deposit in the Tax and Insurance Reserve Account shall be withdrawn by the Loan Parties from time to time solely (a) for the purpose of satisfying payment obligations described in the definition of the term “Tax and Insurance Reserve Account Required Amount,” or (b) as provided in the next sentence, and for no other purpose. Interest earnings in respect of funds on deposit in the Tax and Insurance Reserve Account shall be credited to the amounts on deposit therein, and disbursed only in accordance with this Section. To the extent the amounts on deposit in the Tax and Insurance Reserve Account (whether due to such accrued interest or otherwise) exceed the Tax and Insurance Reserve Account Required Amount on any Payment Date, then the Borrower may (and, if so instructed by the Administrative Agent in writing, the Borrower shall) withdraw such excess amount from the Tax and Insurance Reserve Account and deposit such amount into the Remittance Account. The Borrower shall provide the Calculation Agent with prompt written notice of any deposit of such excess amounts into the Remittance Account. Upon the occurrence and during the continuation of any Event of Default, the Administrative Agent may, and at the direction of the Required Lenders shall, withdraw all or any portion of the amounts on deposit in the Tax and Insurance Reserve Account and apply such funds to pay (i) Obligations or (ii) such costs and expenses related to the management, maintenance, protection or operation of the Properties as the Administrative Agent shall deem appropriate in its sole discretion (or as the Required Lenders may direct).
Tax and Insurance Reserve Account. Administrative Agent shall have received evidence in form and substance satisfactory to Administrative Agent showing the funding of the Tax and Insurance Reserve Account in the Tax and Insurance Reserve Account Required Amount.
Tax and Insurance Reserve Account. Upon the occurrence of a Monetary Default (defined below) under this Lease by Tenant, Landlord may thereafter for the remaining Lease Term require Tenant to pay to Landlord sums which will provide a reserve account (which shall not be deemed a trust fund) for paying up to the next one year of taxes, assessments and/or insurance premiums. Upon such requirement, Landlord will estimate the amounts needed for such purposes and will notify Tenant to pay the same to Landlord in equal monthly installments, as nearly as practicable, in addition to all other sums due under this Lease. Should additional funds be required at any time, Tenant shall pay the same to Landlord on demand. Tenant shall advise Landlord of all taxes and insurance bills which are due and shall cooperate fully with Landlord in assuring that the same are paid. Landlord may keep all reserve funds deposited in accounts insured by any Federal or State agency and may commingle such funds with other funds and accounts of Landlord. Interest or other gains from such funds, if any, shall be the sole property of Landlord. In the event of any default by Tenant, Landlord may apply all deposited funds against any sums due from Tenant to Landlord. Landlord shall give to Tenant an annual accounting showing all credits and debits to and from such deposited funds received from Tenant.
Tax and Insurance Reserve Account. (i) The Borrower shall establish, on or before the date hereof, and shall at all times thereafter maintain, a separate tax and insurance reserve account with the Administrative Agent (the “Tax and Insurance Reserve Account”) Upon any failure by the Borrower to pay Real Estate Taxes or Insurance Premiums or the occurrence and continuance of an Event of Default, the Borrower shall deposit immediately upon request of the Administrative Agent and at all times thereafter, on the first day of each month;
Tax and Insurance Reserve Account. (a) Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 7.2.1 of the Closing Date Mortgage Loan Agreement.
Tax and Insurance Reserve Account. Borrower shall be required to deposit into a reserve account, at closing and on a monthly basis, an amount equal to one-twelfth of (i) all annual tax bills and (ii) the annual insurance premium(s) for the Collateral Properties (the “Tax and Insurance Reserve Account”).
Tax and Insurance Reserve Account. At the Closing, a non-interest bearing escrow account for payment of taxes, assessments, insurance premiums and other charges shall be established. The Borrower shall pay to the Lender on the first day of each month during the Loan Term an amount equal to (a) the sum of (i) the aggregate anticipated annual premiums for all insurance policies required to be maintained by the Lender due in the coming year, (ii) the sum of the anticipated annual real property taxes, personal property taxes, intangibles taxes and assessments for the Premises due in the coming year, and (iii) the sum of all other anticipated assessments and charges against the Premises due in the coming year, divided by (b) twelve (12); all as reasonably estimated initially and from time to time by the Lender on the basis of assessments and bills and reasonable estimates thereof, with the administration and application thereof all as more fully described in the Loan Documents. At the Closing, the Borrower shall make an initial deposit to such escrow account in an amount sufficient, in the sole judgment of the Lender, to pay all taxes, assessments, insurance premiums and other charges of the types described above applicable to the period through and including the month following the month of the Closing, plus such additional amounts as may be required by the Lender. Each of the Reserve Accounts will be held, applied and adjusted pursuant to the terms of the Loan Documents. Except as expressly set forth in this Commitment and in the Loan Documents, the Lender shall not be required to pay any interest, earnings or profits on any of the Reserve Accounts. As additional collateral for the Loan, the Borrower shall assign the Reserve Accounts to the Lender and grant the Lender a security interest in the Reserve Accounts.
