Continuing Deposits. Borrower agrees to deposit on each Payment Date funds in the following amounts: (i) funds in an amount equal to the deposit for insurance premiums due under Section 5.5 on the applicable Payment Date shall be deposited into the Insurance Reserve Account; and (ii) funds in an amount equal to the deposit for Impositions due under Section 5.5 on the applicable Payment Date shall be deposited into the Tax Reserve Account.
Appears in 3 contracts
Samples: Loan and Security Agreement (Lexicon Pharmaceuticals, Inc.), Loan and Security Agreement (Lexicon Pharmaceuticals, Inc./De), Loan and Security Agreement (Lexicon Genetics Inc/Tx)
Continuing Deposits. Borrower agrees to deposit on each Payment Date funds in the following amounts:
(i) funds in an amount equal to the deposit for insurance premiums due under Section 5.5 on the applicable Payment Date shall be deposited into the Insurance Reserve Account; and;
(ii) funds in an amount equal to the deposit for Impositions due under Section 5.5 on the applicable Payment Date shall be deposited into the Tax Reserve Account; and
(iii) funds in an amount equal to the deposit due under Section 5.12 on the applicable Payment Date in which the transfer is made shall be transferred to the Capital Expenditure Reserve Account.
Appears in 1 contract
Samples: Loan and Security Agreement (Alexion Pharmaceuticals Inc)
