Examples of Imposition Deposits in a sentence
Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other obligation of Borrower for which Imposition Deposits are required.
Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender.
Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing.
If Lender receives a bill or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender.
Imposition Deposits shall be held in accounts insured or guaranteed by a federal agency and in accordance with Program Obligations.