Insurance Reserve Account definition

Insurance Reserve Account shall have the meaning set forth in Section 3.1.1(b).

Insurance Reserve Account shall have the meaning set forth in Section 8.2 hereof.

Insurance Reserve Account shall have the meaning set forth in Section 6.5.1(d).

Examples of Insurance Reserve Account in a sentence

• In making any disbursement from the Tax and Insurance Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office or tax lien service (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), 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.

• If the amount of the Tax and Insurance Reserve Funds shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Section 5.4 and Section 8.1 hereof, 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 Account.

• In making any payment relating to the Insurance Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the insurer or agent, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity thereof.

• Upon payment of such insurance premiums, Lender shall reassess the amount necessary to be deposited in the Insurance Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Insurance Reserve Account.

• Any amount remaining in the Tax and Insurance Reserve Account after the Debt has been paid in full shall be returned to Borrower or the person shown on Lender’s records as being the owner of the Property and no other party shall have any right or claim thereto.

More Definitions of Insurance Reserve Account

Insurance Reserve Account shall have the meaning set forth in Section 3.1.1.

Insurance Reserve Account is defined in Section 6.1.

Insurance Reserve Account. The Securities Account established and maintained by the Paying Agent in the name of the Borrower Representative and entitled “JPMorgan Chase Bank, National Association, as Paying Agent, in trust for the Borrowers — Insurance Reserve Account # 689690953” or such other account established at the Paying Agent (or any successor) as may be designated in writing from time to time by the Agent, and at all times subject to an Account Control Agreement.

Insurance Reserve Account means any reserve account or subaccount (including any subaccount established on a ledger or book-entry basis within another account, and not as a separate account) in which Administrative Agent or Servicer holds the deposits for insurance premiums made pursuant to Section 4.2.

Insurance Reserve Account means, initially, that certain deposit account maintained by the Issuer with the Note Administrative Agent and designated in writing on or prior to the Closing Date (or such other deposit account approved in writing by the Required Note Purchasers) (it being understood and agreed that the funds therein shall at all times be reserved for the payment of the Deferred Insurance Premium in accordance with Section 6.6(a) and shall appear as restricted on its balance sheet).

Insurance Reserve Account shall have the meaning set forth in Section 6.3.1 of the Senior Loan Agreement.

Insurance Reserve Account has the meaning set forth in Section 3.2.2(a) hereof. “Insurance Premiums” has the meaning set forth in Section 6.1(b) hereof. “Interest Accrual Period” means, (i) with respect to the Initial Payment Date, the period commencing on the Closing Date up to but not including the Initial Payment Date, and (ii) with respect to any other Payment Date, the period commencing on and including the ninth (9th) day of the preceding calendar month and ending on and including the eighth (8th) day of the calendar month in which such Payment Date occurs. “Interest and Carry Costs” means all amounts required to be deposited or paid (as applicable) pursuant to Section 3.1(b)(i) through (ix) hereof (including, without limitation, all fees, costs and expenses payable to Lender under the Loan Documents or Mezzanine Lender under the Mezzanine Loan Documents). “Interest and Carry Costs Advance Amount” means an amount equal to $399,422. “Interest and Carry Cost Line Item” means the Line Item or Line Items set forth in the Construction Budget in an amount equal to $1,210,369 and available for Interest and Carry Costs pursuant to this Agreement. “Interest and Carry Cost Shortfall” has the meaning set forth in Section 2.1.9(d) hereof.