Monthly Insurance Deposit definition

Monthly Insurance Deposit shall have the meaning set forth in Section 8.6 hereof.

Monthly Insurance Deposit means, with respect to the specified period, an amount equal to one-twelfth (1/12) of the Insurance Premiums that Lender estimates will be payable during the next ensuing twelve (12) months, subject to adjustment as set forth in Section 4.03(d) of this Loan Agreement.

Monthly Insurance Deposit means, with respect to the specified period, an amount equal to one-twelfth (1/12) of the Insurance Premiums that Lender estimates will be LOAN NUMBER: 41655 payable during the next ensuing twelve (12) months, subject to adjustment as set forth in this Loan Agreement.

Examples of Monthly Insurance Deposit in a sentence

• If the amount due for Insurance Premiums shall increase and Lender reasonably determines that amounts on deposit in the Insurance Premium Escrow Account will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and of the increase needed to the Monthly Insurance Deposit.

• Commencing with the Payment Due Date specified in such notice from Lender, Borrower shall make deposits at the increased amount of the Monthly Insurance Deposit.

• Thereafter, beginning on the first Payment Due Date and on each Payment Due Date thereafter, Borrower shall deliver to Lender the Monthly Insurance Deposit.

• Thereafter, beginning on the next succeeding Payment Due Date and on each Payment Due Date thereafter, Borrower shall deliver to Lender the Monthly Insurance Deposit.

• Commencing with the Payment Due Date specified in such notice from Lender, Borrower shall make deposits at the increased amount of the Monthly Insurance Deposit subject, however, to the terms set forth in Section 4.01(h) above.

• Notwithstanding the foregoing, Lender agrees to waive the Monthly Tax Deposit and the Monthly Insurance Deposit so long as no Triggering Event has occurred and is continuing.

• If the waiver set forth in the preceding sentence is no longer in effect, Borrower shall commence payment of the reinstated Monthly Insurance Deposit on the later of ten (10) business days after receipt of written notice of reinstatement from Lender or the next scheduled Payment Due Date.

• Thereafter, beginning on the next Payment Due Date and on each Payment Due Date thereafter, Borrower shall deliver to Lender the Monthly Insurance Deposit.

• While schools were made aware of student eligibility requirements, as in previous waves of NPSAS, the bulk of the student eligibility determination was accomplished after sampling from the provided lists (i.e., during record abstraction or student interviewing).

• Thereafter, beginning on the first Payment Due Date and on each Payment Due Date thereafter, Borrower shall deliver to Lender the Monthly Insurance Deposit subject, however, to the terms set forth in Section 4.0l(h) above.

More Definitions of Monthly Insurance Deposit

Monthly Insurance Deposit shall have the meaning set forth in Section 8.6 hereof. “Monthly Payment Date” shall mean the First Monthly Payment Date and the fifth (5th) day of every calendar month occurring thereafter during the term of the Loan. A Monthly Payment Date shall relate to the Interest Period that (absent the effect of Section 2.6(d)(ii) hereof) is scheduled to end on the day prior to such Monthly Payment Date.

Monthly Insurance Deposit means an amount equal to the total annual Premiums that will next become due and payable as estimated by Agent from time to time, and at any time, less any amount then held by Agent for the payment of such Premiums, then divided by the number of months to elapse prior to the date when such total annual Premiums become due and payable. Agent’s determination of the Monthly Insurance Deposit shall be binding and conclusive.

Monthly Insurance Deposit shall have the meaning set forth in Section 4.7 hereof. “Monthly Payment Date” shall mean the first (1st) day of every calendar month occurring during the term of the Loan (provided, however, that if such first (1st) day is not a Business Day, then the Monthly Payment Date shall be the next succeeding Business Day). “Monthly Tax Deposit” shall have the meaning set forth in Section 4.7 hereof. “Moody’s” shall mean Xxxxx’x Investor Service, Inc. “Morningstar” shall mean Morningstar Credit Ratings, LLC. “Multiemployer Plan” shall mean a “multiemployer plan” as defined in Section 3(37) of ERISA or Section 4001(a)(3) of ERISA, and to which Borrower, Pledgor or any ERISA Affiliate is making, is obligated to make or has made or been obligated to make during the last six years, contributions on behalf of participants who are or were employed by any of them. “Net Proceeds” shall mean: (i) the net amount of all insurance proceeds payable as a result of a Casualty to the Property, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees), if any, in collecting such insurance proceeds, or (ii) the net amount of the Award, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees), if any, in collecting such Award. “Net Proceeds Deficiency” shall have the meaning set forth in Section 9.4 hereof. “New Franchisor” shall mean, individually and/or collectively (as the context requires), each Person engaged as a Franchisor subsequent to the Closing Date (including, without limitation, any Person replacing or becoming the assignee of any then current Franchisor) in accordance with the applicable terms and conditions hereof. “New Manager” shall have the meaning set forth in Section 7.15 hereof. “New Non-Consolidation Opinion” shall mean a substantive non-consolidation opinion provided by outside counsel acceptable to Agent and the Rating Agencies and otherwise in form and substance acceptable to Agent and the Rating Agencies. “Non-Conforming Policy” shall have the meaning set forth in Section 9.1 hereof. “Non-Consolidation Opinion” shall mean that certain substantive non-consolidation opinion delivered to Agent by Xxxxx and Xxxxxx L.L.P., in connection with the closing of the Loan. “Non-Excluded Taxes” shall have the meaning set forth in Sections 2.8(a) and 2.8(f) hereof.

Monthly Insurance Deposit has the meaning given to such term in Section 4.3.

Monthly Insurance Deposit means an amount equal to (a) one hundred and five percent (105%) of one-twelfth

Monthly Insurance Deposit shall have the meaning set forth in Section 7.2 hereof. “Monthly Payment Date” shall mean May 9, 2024 and the ninth (9th) day of every calendar month occurring thereafter during the term of the Loan. “Monthly Tax Deposit” shall have the meaning set forth in Section 7.2 hereof. “Moody’s” shall mean Xxxxx’x Investor Service, Inc. “Net Proceeds” shall mean: (i) the net amount of all insurance proceeds payable as a result of a Casualty to the Property, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees and costs), if any, in collecting such insurance proceeds, or (ii) the net amount of the Award, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees and costs), if any, in collecting such Award. “Net Proceeds Deficiency” shall have the meaning set forth in Section 5.4 hereof.