Monthly Deposits. Upon the demand of Lender which may be made at any time after the occurrence of an Event of Default (as hereinafter defined), Mortgagor will deposit with Lender, on the due date of each monthly payment under the Note, such amounts as in the estimation of Lender shall be necessary or proper to pay all taxes, assessments, insurance premiums and other similar charges relating to the Premises as they become due. All of said deposits are to be held by Lender, free of any liens or claims on the part of creditors of Mortgagor and as part of the security of Lender, and shall be used by Lender to pay current taxes, assessments, insurance premiums, and other sums payable in connection with the Premises and other similar charges on the Premises as the same accrue and are payable. Payment of such items from said sums may be made by Lender even though such payments will benefit subsequent owners of the Premises or the Land. Said deposits shall not be, nor be deemed to be, trust funds but may be commingled with the general funds of Lender. If said deposits are insufficient to pay such taxes, assessments, insurance premiums and similar charges in connection with the Premises in full as the same become payable, Mortgagor will deposit with Lender such additional sum or sums as may be required in order for Lender to pay such taxes, assessments, insurance premiums and other charges payable in connection with the Premises in full. Upon any default or event of default under the provisions of this Mortgage, the Note, the Credit Agreement, or any of the other Loan Documents, Lender may, at its option, apply any money in the fund resulting from said deposits to the payment of the indebtedness secured hereby in such manner as it may elect.
Monthly Deposits. Notwithstanding the foregoing provisions of this Article 6, Tenant shall pay to Landlord (or to any mortgagee as directed by Landlord), at the time when the monthly installment of minimum rent is payable, an amount equal to one-twelfth (1/12th) of the annual Impositions as reasonably estimated by Landlord. Tenant also shall pay to Landlord or to such mortgagee, as the case may be, at least thirty (30) days before any fine, penalty, interest or cost may be added thereto for the non-payment thereof, the amount by which the Impositions becoming due exceed the monthly payments on account thereof previously made by Tenant. The amounts paid by Tenant pursuant to this Paragraph (c) shall be used to pay the Impositions, but such amounts shall not be deemed to be trust funds and no interest shall be payable thereon. Within one hundred twenty (120) days after the end of each calendar year, Landlord shall submit to Tenant a statement of the actual amount of Impositions for such calendar year, and the actual amount owed by Tenant, and within thirty (30) days after receipt of such statement, Tenant shall pay any deficiency between the actual amount owed and the estimates paid during such calendar year, or in the event of overpayment, Landlord shall credit the amount of such overpayment toward the next installment of rent owed by Tenant or remit such overpayment to Tenant within thirty (30) days if the Term has expired or has been terminated. The obligations in the immediately preceding sentence shall survive the expiration or any earlier termination of this Lease. If the Commencement Date shall fall on other than the first day of the calendar year, and/or if the Expiration Date shall fall on other than the last day of the calendar year, Tenant’s proportionate share of the Impositions for such calendar year shall be apportioned prorata. Landlord may correct any statement of expense for twelve (12) months after it is initially issued (but not later).
Monthly Deposits. If at any time the short-term debt rating of Sears is reduced below A-1/P-1 by Standard & Poor's or Xxxxx'x, as applicable, or if at any time Sears is not the Servicer, the Servicer shall deposit, with respect to this Series, an amount into the Collections Account equal to the following:
Monthly Deposits. If the Capital Replacement and Repair Reserve Monthly Deposit is shown as collected in Article I, then on each Payment Date under the Note, Borrower will pay to Lender the Capital Replacement and Repair Reserve Monthly Deposit amount shown in Article I (“Capital Replacement and Repair Reserve Fund”).
Monthly Deposits. Notwithstanding the foregoing, the Servicer need not make daily deposits of Collections into the Collection Account, the Finance Charge Account or the Principal Account at any time when the requirements of the third paragraph of subsection 4.03(a) of the Agreement are satisfied. The allocations to be made pursuant to this Section 4.05 of the Agreement also apply to deposits into the Collection Account that are treated as Collections, including Credit Adjustments, payment of the reassignment price pursuant to Section 2.07 of the Agreement and proceeds from the sale, disposition or liquidation of the Receivables pursuant to Section 9.02, 10.01, 12.01 or 12.02 of the Agreement and Section 3 of this Series Supplement for Series 2002-CC. Such deposits to be treated as Collections will be allocated as Finance Charge Receivables or Principal Receivables as indicated in the Agreement.
Monthly Deposits. In order to assure compliance with Borrower’s obligations pursuant to Section 4.3 and Section 6.1, Borrower shall deposit with Lender, together with and in addition to each monthly payment due on account of the Loan, an amount equal to one-twelfth of the annual total of such Real Estate Taxes and insurance premiums (all as estimated by Lender) so that, at least thirty (30) days prior to the due date thereof, Lender shall be able to pay in full all such Real Estate Taxes and insurance premiums. Lender may hold the sums so deposited without paying interest, commingle same with its general funds and/or apply the same to the payment of Real Estate Taxes and insurance premiums. If at any time the funds held by Lender are insufficient to pay such Real Estate Taxes and insurance premiums, Borrower shall immediately, upon Notice and demand by Lender, deposit with Lender the amount of such deficiency. If Borrower fails to make timely payments pursuant to the terms of this Section 4.3, Lender, at Lender’s sole option, shall have the right to make such payments pursuant to the terms of this Agreement. Upon and following the occurrence of an Event of Default, Lender may, at Lender’s sole option but without an obligation so to do, apply any funds held pursuant to the terms of this Section 4.3(b) toward the payment of the Indebtedness, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the Indebtedness may otherwise be adequately secured, in such order and manner of application as Lender may elect.
Monthly Deposits. Tenant shall pay, as Additional Rent, to Landlord, as a monthly deposit (“Monthly Deposit”), in advance, without notice, on the day that payment of Basic Rent is due, an amount equal to 1/12 of Landlord’s estimate of Tenant’s Pro Rata Share of Taxes (defined in Section 5.1), Property Insurance (defined in Section 6.1) and Liability Insurance (defined in Section 6.2) (such Property Insurance and Liability Insurance are collectively referred to herein as “Landlord’s Insurance”), and Common Facilities Charges (defined in Section 7.2).
Monthly Deposits. Notwithstanding the foregoing provisions of this Article 6, Landlord shall have the right upon the occurrence and continuance of a default by Tenant under this Lease, at its option, to require Tenant to pay to Landlord or to any mortgagee, at the time when the monthly installment of minimum rent is payable, an amount equal to one-twelfth (1/12th) of the annual Impositions as estimated by Landlord. If Landlord elects to have Tenant make such payments, Tenant also shall pay to Landlord or to such mortgagee, as the case may be, at least thirty (30) days before any fine, penalty, interest or cost may be added thereto for the non-payment thereof, the amount by which the Impositions becoming due exceed the monthly payments on account thereof previously made by Tenant. The amounts paid by Tenant pursuant to this Paragraph (c) shall be used to pay the Impositions, but such amounts shall not be deemed to be trust funds and no interest shall be payable thereon.
Monthly Deposits. Borrower shall, upon request of Lender, deposit with Lender, on the due date of each installment under the Note, an amount equal to one-twelfth (1/12) of the yearly taxes and assessments and insurance premiums as reasonably estimated by the Lender to pay such charges; said deposits to be held and to be used by Lender to pay current taxes and assessments, insurance premiums and other charges on the Collateral as the same accrue and are payable. Payment from said sums for said purposes shall be made by Lender at its discretion and may be made even though such payments will benefit subsequent owners of the Collateral. Said deposits shall not be, nor be deemed to be, trust funds, but
Monthly Deposits. If at any time the short-term debt rating of Sears is reduced below A-1/P-1 by Standard & Poor's or Xxxxx'x, as applicable, or if at any time Sears is not the Servicer, the Servicer shall deposit, with respect to this Series, an amount into the Collections Account equal to the following: (a) On the third Business Day of each month an amount equal to the sum of the Class Modified Required Amounts for all Classes of this Series for the related Distribution Date; provided that for any date prior to the applicable LIBOR Determination Date, the Class Modified Required Amount for each Class for the related Distribution Date shall be deemed to be 120% of the Class Modified Required Amount for such Class for the immediately preceding Distribution Date; and provided, further that the Servicer shall deposit on the LIBOR Determination Date the positive difference, if any, between the amount so deposited on the third Business Day of the month and the sum of the Class Modified Required Amounts for all Classes for this Series;
