Common use of Deposit for Premiums Clause in Contracts

Deposit for Premiums. If an Event of Default exists or if Mortgagor shall fail to provide Mortgagee with evidence of insurance as and when required under this Mortgage and the Insurance Agreement, Mortgagor shall deposit with Mortgagee an amount equal to 1/12th of the amount which Mortgagee estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this Section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. Thereafter, with each monthly payment under the Note, Mortgagor will deposit an amount equal to 1/12th of the amount which Mortgagee estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If Mortgagee, in its sole discretion, determines that the funds escrowed hereunder are, or will be, insufficient, Mortgagor shall upon demand, pay such additional sums as Mortgagee shall determine as necessary and shall pay any increased monthly charges requested by Mortgagee. Provided no Event of Default exists hereunder, Mortgagee will apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee be liable for any interest on any amounts so deposited, and the money so received may be held and commingled with Mortgagee’s own funds.

Deposit for Premiums. If an Upon demand made by Mortgagee following the occurrence of any Default or Event of Default exists or if Mortgagor shall fail to provide Mortgagee with evidence of insurance as and when required under this Mortgage and the Insurance AgreementDefault, Mortgagor shall deposit with Mortgagee an amount equal to 1/12th of the amount which Mortgagee estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this Section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. Thereafter, with each monthly payment under the Note, Mortgagor will deposit an amount equal to 1/12th of the amount which Mortgagee estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If the Mortgagee, in its sole discretion, determines that the funds escrowed hereunder are, or will be, insufficient, Mortgagor shall upon demand, demand pay such additional sums as Mortgagee shall determine as necessary and shall pay any increased monthly charges requested by Mortgagee. Provided no Default or Event of Default exists hereunder, Mortgagee will apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee be liable for any interest on any amounts so deposited, and the money so received . Any amount deposited pursuant to this Section 4.5(c) may be held and commingled with Mortgagee’s 's own funds. All amounts held in escrow pursuant to this Section 4.5(c) shall accrue interest for the benefit of Mortgagor; provided, however, Mortgagor shall pay to Mortgagee (or its loan servicer) the administrative costs associated with investing, administering or otherwise providing for interest on the amounts so deposited.

Deposit for Premiums. If an Event of Default exists or if Mortgagor shall fail to provide Mortgagee with evidence of insurance as and when required under this Mortgage and On the Insurance AgreementClosing Date, Mortgagor Borrowers shall deposit with Mortgagee Lender an amount equal to 1/12th of the amount which Mortgagee that Lender estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this Section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. ThereafterOn each Payment Date thereafter, with each monthly payment under the Note, Mortgagor will Borrowers shall deposit an amount equal to 1/12th of the amount which Mortgagee that Lender estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee Lender with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If MortgageeLender, in its sole reasonable discretion, determines that the funds escrowed hereunder are, or will be, insufficient, Mortgagor shall upon Borrowers shall, within ten (10) days following Borrowers’ receipt of written demand, pay such additional sums as Mortgagee Lender shall determine as necessary and shall pay any increased monthly charges as so requested by MortgageeLender. Provided that no Event of Default exists hereunderand is then continuing, Mortgagee will Lender shall apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee Lender be liable for any interest on any amounts so deposited, and the money so received may be held and commingled with MortgageeLender’s own funds. If an Event of Default exists, Lender may apply such funds to the payment of such insurance premiums, to the payment of any of the Secured Obligations in such order as Lender shall elect in its sole discretion or may retain the same as Security for the Secured Obligations, in its sole discretion.

Deposit for Premiums. If an Upon written demand made by Mortgagee following the occurrence of any Event of Default exists or if Mortgagor shall fail to provide Mortgagee with evidence of insurance as and when required under this Mortgage and the Insurance AgreementDefault, Mortgagor shall deposit with Mortgagee an amount equal to 1/12th of the amount which Mortgagee estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this Section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. Thereafter, with each monthly payment under the Note, Mortgagor will deposit an amount equal to 1/12th of the amount which Mortgagee estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If the Mortgagee, in its sole discretion, determines that the funds escrowed hereunder are, or will be, insufficient, Mortgagor shall upon demand, demand pay such additional sums as Mortgagee shall determine as necessary and shall pay any increased monthly charges requested by Mortgagee. Provided no Default or Event of Default exists hereunder, Mortgagee will apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee be liable for any interest on any amounts so deposited, and the money so received may be held and commingled with Mortgagee’s own funds.

Deposit for Premiums. If an Event of Default exists On or if Mortgagor shall fail to provide Mortgagee with evidence of insurance as and when required under this Mortgage and before the Insurance Agreementdate hereof, Mortgagor Grantor shall deposit with Mortgagee Grantee an amount equal to 1/12th of the amount which Mortgagee Grantee estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this SectionSection (the “Insurance Reserves”), multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. Thereafter, with each monthly payment under the Note, Mortgagor Grantor will deposit an amount equal to 1/12th of the amount which Mortgagee Grantee estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee Grantee with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If MortgageeGrantee, in its sole discretion, determines that the funds escrowed reserved hereunder are, or will be, insufficient, Mortgagor Grantor shall upon demand, demand pay such additional sums as Mortgagee Grantee shall determine as necessary and shall pay any increased monthly charges requested by MortgageeGrantee. Provided no Event of Default exists hereunder, Mortgagee Grantee will apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee Grantee be liable for any interest on any amounts so deposited, and the money so received may be held and commingled with MortgageeGrantee’s own funds. Notwithstanding anything to the contrary in this Section 4.5(c), the initial Grantor named herein shall only be required to deposit Insurance Reserves with Grantee following the occurrence and during the continuance of any Event of Default.

Deposit for Premiums. If an Event of Default exists or if Mortgagor shall fail to provide Mortgagee with evidence of insurance as and when required under this Mortgage and On the Insurance AgreementClosing Date, Mortgagor for each Property, Borrowers shall deposit with Mortgagee Lender an amount equal to 1/12th of the amount which Mortgagee that Lender estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in required by the terms of this SectionSection 5.1.16, multiplied by the number of whole and partial months which have elapsed since the date one (1) month prior to the most recent policy anniversary date for each such policy. ThereafterOn each Payment Date thereafter, with each monthly payment under the Note, Mortgagor will Borrowers shall deposit an amount equal to 1/12th of the amount which Mortgagee that Lender estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee Lender or Servicer with sufficient funds on hand to pay all such premiums thirty (30) days before prior to the date on which they such premiums become past due. If MortgageeLender, in its sole Lender’s reasonable discretion, determines that the funds escrowed deposited with Lender hereunder are, or will be, insufficientinsufficient to pay such premiums, Mortgagor shall upon then Borrowers shall, within five (5) days following Borrowers’ receipt of written demand, pay such additional sums as Mortgagee Lender shall determine as necessary to pay such premiums and shall pay any increased monthly charges as so requested by MortgageeLender. Provided that no Event of Default exists hereunderand is then continuing, Mortgagee will Lender shall apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee Lender be liable for any interest on any amounts so deposited, and the money any amount so received may be held and commingled with MortgageeLender’s own funds. If an Event of Default exists, Lender may apply such funds to the payment of such insurance premiums or the payment of any Secured Obligations in such order as Lender shall elect or retain the same as collateral for the Secured Obligations, in its sole discretion.

Deposit for Premiums. If an Upon Mortgagee's demand following the occurrence of any Default, Event of Default exists Default, failure by Mortgagor or if Mortgagor shall fail Genzyme to provide Mortgagee with evidence timely make any required payment of insurance as and when required under this Mortgage and premiums or any termination of the Insurance AgreementGenzyme Lease, Mortgagor shall deposit with Mortgagee an amount equal to 1/12th of the amount which Mortgagee estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this Section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. Thereafter, with each monthly payment under the Note, Mortgagor will deposit an amount equal to 1/12th l/12th of the amount which Mortgagee estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If the Mortgagee, in its sole discretion, determines that the funds escrowed hereunder are, or will be, insufficient, Mortgagor Mortgager shall upon demand, demand pay such additional sums as Mortgagee shall determine as necessary and shall pay any increased monthly charges requested by Mortgagee. Provided no Default or Event of Default exists hereunder, Mortgagee will apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee be liable for any interest on any amounts so deposited, due and the money so received may be held and commingled with Mortgagee’s 's own funds. Provided that Mortgagor pays the expenses incurred by Mortgagee's loan servicer in establishing and maintaining such an account, the amounts deposited hereunder shall be deposited into an interest bearing account for Mortgagor's benefit.

Deposit for Premiums. If an Event of Default exists or if Mortgagor shall fail to provide Mortgagee with evidence of insurance as and when required under this Mortgage and On the Insurance AgreementClosing Date, Mortgagor Borrowers shall deposit with Mortgagee Lender an amount equal to 1/12th of the amount which Mortgagee that Lender estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this Section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. ThereafterOn each Payment Date thereafter, with each monthly payment under the Note, Mortgagor will Borrowers shall deposit an amount equal to 1/12th of the amount which Mortgagee that Lender estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee Lender with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If MortgageeLender, in its sole reasonable discretion, determines that the funds escrowed hereunder are, or will be, insufficient, Mortgagor shall upon Borrowers shall, within ten (10) days following Borrowers’ receipt of written demand, pay such additional sums as Mortgagee Lender shall determine as necessary and shall pay any increased monthly charges as so requested by MortgageeLender. Provided that no Event of Default exists hereunderand is then continuing, Mortgagee will Lender shall apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee Lender be liable for any interest on any amounts so deposited, and the money so received may be held and commingled with MortgageeLender’s own funds. If an Event of Default exists, Lender may apply such funds to the payment of such insurance premiums, to the payment of any of the Secured Obligations, the Second Mortgage Secured Obligations, the Third Mortgage Secured Obligations and the Pledge and Security Agreement Obligations in such order as Lender shall elect in its sole discretion or may retain the same as Security for the Secured Obligations, the Second Mortgage Secured Obligations, the Third Mortgage Secured Obligations and the Pledge and Security Agreement Obligations, in its sole discretion.

Deposit for Premiums. If From and after the occurrence of a Default or an Event of Default exists or if Mortgagor shall fail to provide Mortgagee with evidence of insurance Default, and at such times as and when required under this Mortgage and a Triggering Event Condition (as defined in the Insurance Agreement, Mortgagor shall deposit with Mortgagee an amount equal to 1/12th of the amount which Mortgagee estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this Section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. ThereafterCash Collateral Agreement is otherwise continuing, with each monthly payment under the Note, Mortgagor will deposit an amount equal to 1/12th of the amount which Mortgagee estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee with sufficient funds on hand to pay all such premiums no later than thirty (30) days before the date on which they the payment of such premiums will become past due, so as to permit Mortgagee to pay all such premiums when due. If the Mortgagee, in its sole discretion, determines that the funds escrowed hereunder are, or will be, insufficient, Mortgagor shall upon demand, demand pay such additional sums as Mortgagee shall determine as necessary and shall pay any increased monthly charges requested by Mortgagee. Provided no Default or Event of Default exists hereunder, Mortgagee will apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee be liable for any interest on any amounts so deposited, and the money so received may be held and commingled with Mortgagee’s own funds.

Deposit for Premiums. If an Event required by Mortgagee, concurrently with the delivery of Default exists or if Mortgagor shall fail to provide Mortgagee with evidence of insurance as and when required under this Mortgage and the Insurance AgreementMortgage, Mortgagor shall deposit has deposited with Mortgagee an amount equal to 1/12th of the amount which Mortgagee estimates will be required to make the next annual payments of the premiums premium for the policies of insurance referred to in this Sectionsection, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policypolicy ("Insurance Premium"). Thereafter, with With each monthly payment under the Note, Mortgagor will deposit an amount equal to 1/12th of the amount which Mortgagee estimates will be required to pay the next required annual premium for each insurance policy referred to in this Sectionsection. The purpose of these provisions is to provide Mortgagee with sufficient funds on hand to pay all such premiums Insurance Premiums thirty (30) days before the date on which they become past due. If MortgageeMortgagor shall, within ten (10) days after receipt of demand therefor, deposit such additional funds as are necessary to make up any deficiencies in its sole discretion, determines that the funds escrowed hereunder are, or will be, insufficient, Mortgagor shall upon demand, amounts necessary to pay such additional sums as Mortgagee shall determine as necessary and shall pay any increased monthly charges requested by MortgageeInsurance Premiums when due. Provided no Event of Default default exists hereunder, Mortgagee will apply the amounts so deposited to the payment of such insurance premiums Insurance Premiums when due, but in no event will Mortgagee be liable for any interest on any amounts amount so deposited, and the money so received may be held and commingled with Mortgagee’s 's own funds.

Deposit for Premiums. If an Upon demand by Mortgagee following a Default or Event of Default exists or if Mortgagor shall fail to provide Mortgagee with evidence of insurance as and when required under this Mortgage and the Insurance AgreementDefault, Mortgagor shall deposit with Mortgagee an amount equal to 1/12th of the amount which Mortgagee estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this Section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. Thereafter, with each monthly payment under the Note, Mortgagor will deposit an amount equal to 1/12th of the amount which Mortgagee estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If the Mortgagee, in its sole discretion, determines that the funds escrowed hereunder are, or will be, insufficient, Mortgagor shall upon demand, demand pay such additional sums as Mortgagee shall determine as necessary and shall pay any increased monthly charges requested by Mortgagee. Provided no Default or Event of Default exists hereunder, Mortgagee will apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee be liable for any interest on any amounts so deposited, and the money so received may be held and commingled with Mortgagee’s 's own funds.

Deposit for Premiums. If an Event of Default exists or if Mortgagor shall fail to provide Mortgagee with evidence of insurance as and when required under this Mortgage and the Insurance Agreement, Mortgagor shall deposit with Mortgagee an amount equal to 1/12th of the amount which Mortgagee estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this Section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. Thereafter, with each monthly payment under the Note, Mortgagor will deposit an amount equal to 1/12th l/12th of the amount which Mortgagee estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If Mortgagee, in its sole discretion, determines that the funds escrowed hereunder are, or will be, insufficient, Mortgagor shall upon demand, pay such additional sums as Mortgagee shall determine as necessary and shall pay any increased monthly charges requested by Mortgagee. Provided no Event of Default exists hereunder, Mortgagee will apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee be liable for any interest on any amounts so deposited, and the money so received may be held and commingled with Mortgagee’s own funds.

Deposit for Premiums. If an Event of Default exists On or if Mortgagor shall fail to provide Mortgagee with evidence of insurance as and when required under this Mortgage and before the Insurance Agreementdate hereof, Mortgagor Borrower shall deposit with Mortgagee Lender an amount equal to 1/12th of the amount which Mortgagee Lender estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this Section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. Thereafter, with each monthly payment under the Note, Mortgagor Borrower will deposit an amount equal to 1/12th of the amount which Mortgagee Lender estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee Lender with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If MortgageeLender, in its sole but reasonable discretion, determines that the funds escrowed impounded hereunder are, or will be, insufficient, Mortgagor Borrower shall upon demand, demand pay such additional sums as Mortgagee Lender shall reasonably determine as necessary and shall pay any increased monthly charges requested by MortgageeLender. Provided no Event of Default exists hereunder, Mortgagee Lender will apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee Lender be liable for any interest on any amounts so deposited, and the money so received may be held and commingled with MortgageeLender’s own funds. Notwithstanding anything to the contrary in this Section, Borrower shall not be required to make monthly deposits with Lender for the premiums for the policies of insurance referred to in this Section if such insurance is provided under a blanket policy, except (i) during the continuance of an Event of Default or (ii) during the existence of a Triggering Event Condition (as defined in the Cash Collateral Agreement).

Deposit for Premiums. If an Event of Default exists On or if Mortgagor shall fail to provide Mortgagee with evidence of insurance as and when required under this Mortgage and before the Insurance Agreementdate hereof, Mortgagor shall deposit with Mortgagee an amount equal to 1/12th of the amount which Mortgagee estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this SectionSection (the “Insurance Reserves”), multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. Thereafter, with each monthly payment under the Note, Mortgagor will deposit an amount equal to 1/12th of the amount which Mortgagee estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Mortgagee with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If the Mortgagee, in its sole discretion, determines that the funds escrowed reserved hereunder are, or will be, insufficient, Mortgagor shall upon demand, demand pay such additional sums as Mortgagee shall determine as necessary and shall pay any increased monthly charges requested by Mortgagee. Provided no Event of Default exists hereunder, Mortgagee will apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Mortgagee be liable for any interest on any amounts so deposited, and the money so received may be held and commingled with Mortgagee’s own funds. Notwithstanding anything to the contrary in this Section 4.5(c), the initial Mortgagor named herein shall only be required to deposit Insurance Reserves with Mortgagee following the occurrence and during the continuance of any Event of Default.