Common use of INSURANCE IMPOUND Clause in Contracts

INSURANCE IMPOUND. Following the occurrence of a Default, at Administrative Agent’s option and election, Borrower shall deposit into the Insurance Impound Account (collectively, “Insurance Impound”), on each Due Date, an amount estimated from time to time by Administrative Agent, in its reasonable discretion, to be sufficient to pay the premiums for insurance required to be maintained by Borrower hereunder (“Insurance Premiums”) at least thirty (30) days prior to the date on which the current such insurance policies expire (“Insurance Expiration Date”). Administrative Agent shall provide Borrower with the initial estimated monthly amount to be deposited by Borrower for insurance premiums on each Due Date, and Borrower shall thereafter deposit such amount with Administrative Agent on each Due Date in addition to all other amounts owed to Administrative Agent and Lenders on the Due Date. If Administrative Agent determines in good faith at any time that the Insurance Impound will not be sufficient to pay the Insurance Premiums at least thirty (30) days prior to the Insurance Expiration Date, Administrative Agent shall notify Borrower of such determination and Borrower shall deposit with Administrative Agent the amount of such deficiency not more than ten (10) Business Days after Borrower’s receipt of such notice, and shall thereafter deposit with Administrative Agent on each Due Date the increased amount as determined in good faith by Administrative Agent necessary to pay the insurance premiums at least thirty (30) days prior to the Insurance Expiration Date; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Insurance Expiration Date, Borrower shall deposit the amount of such deficiency with Administrative Agent not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the day immediately preceding the Insurance Expiration Date. So long as no Default exists, Administrative Agent shall, upon the request of Borrower, disburse to Borrower the Insurance Impound funds for the payment of the Insurance Premiums which amount shall not exceed the amount due as of the Insurance Expiration Date. Until such time as the indebtedness under the Loan is paid in full, Borrower shall deliver to Administrative Agent, as soon as available, a photocopy of all future insurance statements received by Borrower from insurance agent.

INSURANCE IMPOUND. Following the occurrence of a Default, at (i) Borrower shall deposit with Administrative Agent’s option and election, monthly on each Payment Date, a sum of money (the “Insurance Impound”) equal to one-twelfth (l/12th) of the annual charges for the Insurance Premiums. In addition to the foregoing, Borrower shall deposit into with Administrative Agent, within ten (10) days following demand by Administrative Agent, a sum of money that, together with the Insurance Impound Account monthly installments described in the foregoing sentence, will be sufficient to make each of such payments thirty (collectively, “Insurance Impound”), 30) days prior to the date any delinquency or penalty becomes due with respect to such payments. Deposits shall be made on each Due Date, an amount estimated the basis of Administrative Agent’s reasonable estimate from time to time by of the Insurance Premiums for the current year. Until an Event of Default exists, Administrative Agent, in its reasonable discretion, to be sufficient Agent shall apply the funds deposited to pay Insurance Premiums as provided herein. Borrower shall furnish Administrative Agent with bills for the premiums Insurance Premiums for insurance which such deposits are required to be maintained by Borrower hereunder (“Insurance Premiums”) at least thirty (30) days prior to the date on which the current such insurance policies expire (“Insurance Expiration Date”)Premiums first become payable. If at any time the amount on deposit with Administrative Agent shall provide Borrower Agent, together with the initial estimated monthly amount amounts to be deposited by Borrower for insurance premiums on each Due Datebefore such Insurance Premiums are payable, and is insufficient to pay such Insurance Premiums, Borrower shall thereafter (or shall cause Operator to) deposit such amount any deficiency with Administrative Agent on each Due Date in addition to all other amounts owed to Administrative Agent and Lenders on the Due Dateimmediately upon demand. If Administrative Agent determines in good faith at any time that the Insurance Impound will not be sufficient to pay the Insurance Premiums at least thirty (30) days prior to the Insurance Expiration Date, Administrative Agent shall notify Borrower of pay such determination and Borrower shall Insurance Premiums when the amount on deposit with Administrative Agent is sufficient to pay such Insurance Premiums and Administrative Agent has received a bxxx for such Insurance Premiums. (ii) Notwithstanding the foregoing, while the Insurance Premiums are paid via a premium financing arrangement to which Administrative Agent has given its written consent, then (A) the amount of such deficiency not more than ten (10) Business Days after Borrower’s receipt of such notice, and shall thereafter deposit to be escrowed with Administrative Agent on each Due Date at any given time in respect of such Insurance Premiums shall be three months of payments under the increased amount as determined in good faith by Administrative Agent necessary to pay premium finance arrangement (and, for the insurance premiums at least thirty (30) days prior to the Insurance Expiration Date; provided, however, if Borrower receives notice avoidance of any such deficiency less than thirty (30) days prior to the Insurance Expiration Datedoubt, Borrower shall deposit not be required to make the amount monthly deposits required under Section 2.5(d)(i), provided Borrower is otherwise in compliance with this Section 2.5(d)(ii) and no Event of such deficiency with Default is in existence), (B) Borrower shall tender to Administrative Agent not more than three each month (3) Business Days after Borrower’s receipt of on such notice, but in no event later than the day immediately preceding the Insurance Expiration Date. So long schedule as no Default exists, Administrative Agent shall, upon LOAN AGREEMENT – Page 25[Summit Pxxxxxxxxx] shall reasonably request) evidence that Borrower (or the request owner of Borrower, disburse to the policy if the Borrower shares in a blanket policy) have paid the Insurance Impound funds applicable premium finance amount due for the preceding month and (C) Administrative Agent shall have no obligation to remit such escrowed sums in payment of the Insurance Premiums which amount shall not exceed the amount due as of the Insurance Expiration Date. Until such time as the indebtedness under the Loan is paid in full, Borrower shall deliver to Administrative Agent, as soon as available, a photocopy of all future insurance statements received by Borrower from insurance agentpremium finance amounts.

INSURANCE IMPOUND. Following the occurrence of a Default, at Administrative Agent’s option and election, Borrower shall deposit into with Lender the Insurance Impound Account following amounts (collectively, “Insurance Impound”)): $0 on the Disbursement Date, and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Administrative Agent, Lender in its reasonable discretion, discretion to be sufficient to pay the premiums for insurance required to be maintained by Borrower hereunder (“Insurance Premiums”) at least thirty (30) days prior to the date on which the current such insurance policies expire (“Insurance Expiration Date”). Administrative Agent shall provide Borrower with the The initial estimated monthly amount to be deposited by Borrower for insurance premiums on each Due Date, and Borrower shall thereafter deposit such amount with Administrative Agent Insurance Premiums on each Due Date in addition to all other amounts owed to Administrative Agent and Lenders on the Due Dateis $0. If Administrative Agent Lender reasonably determines in good faith at any time that the Insurance Impound will not be sufficient to pay the Insurance Premiums at least thirty (30) days prior to the Insurance Expiration Date, Administrative Agent Lender shall notify Borrower of such determination in writing and Borrower shall deposit with Administrative Agent Lender the amount of such deficiency not more than ten (10) Business Days days after Borrower’s receipt of such notice, and shall thereafter deposit with Administrative Agent on each Due Date the increased amount as determined in good faith by Administrative Agent necessary to pay the insurance premiums at least thirty (30) days prior to the Insurance Expiration Date; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Insurance Expiration Date, Borrower shall deposit the amount of such deficiency with Administrative Agent Lender not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the day immediately preceding the Insurance Expiration Date. So long as no Default exists, Administrative Agent shall, upon the request of Borrower, disburse to Borrower Lender shall apply the Insurance Impound funds for to the payment of the Insurance Premiums. Deposits into the Insurance Impound shall be waived (i) if the Property is covered by a blanket insurance policy which complies with the requirements of Article 12, and (ii) provided no Default is continuing, with respect to any Insurance Premiums which amount shall not exceed Xxxxx is required to reimburse Borrower’s payment thereof or to pay directly to the amount due as insurance provider pursuant to the terms of the Xxxxx Lease (Borrower hereby representing that Xxxxx is required to pay all Insurance Expiration Date. Until Premiums or reimburse Borrower for the payment thereof), provided (x) Borrower delivers, or causes to be delivered to Lender, evidence of the timely payment of such time as the indebtedness Insurance Premiums, (y) Xxxxx has exercised all applicable renewal terms under the Loan Xxxxx Lease within the time such renewals are required to be exercised and (z) Xxxxx is paid not in full, Borrower shall deliver to Administrative Agent, as soon as available, a photocopy material default of its obligations under the Xxxxx Lease beyond all future insurance statements received by Borrower from insurance agentapplicable notice and cure periods.

INSURANCE IMPOUND. Following the occurrence of a Default, or at any time during the existence of a Cash Trap Event Period, at Administrative Agent’s option and election, Borrower shall deposit into the Insurance Impound Account (collectively, “Insurance Impound”), on each Due Date, an amount estimated from time to time by Administrative Agent, in its reasonable discretion, to be sufficient to pay the premiums for insurance required to be maintained by Borrower hereunder (“Insurance Premiums”) at least thirty (30) days prior to the date on which the current such insurance policies expire (“Insurance Expiration Date”). Administrative Agent shall provide Borrower with the initial estimated monthly amount to be deposited by Borrower for insurance premiums on each Due Date, and Borrower shall thereafter deposit such amount with Administrative Agent on each Due Date in addition to all other amounts owed to Administrative Agent and Lenders on the Due Date. If Administrative Agent determines in good faith at any time that the Insurance Impound will not be sufficient to pay the Insurance Premiums at least thirty (30) days prior to the Insurance Expiration Date, Administrative Agent shall notify Borrower of such determination and Borrower shall deposit with Administrative Agent the amount of such deficiency not more than ten (10) Business Days after Borrower’s receipt of such notice, and shall thereafter deposit with Administrative Agent on each Due Date the increased amount as determined in good faith by Administrative Agent necessary to pay the insurance premiums at least thirty (30) days prior to the Insurance Expiration Date; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Insurance Expiration Date, Borrower shall deposit the amount of such deficiency with Administrative Agent not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the day immediately preceding the Insurance Expiration Date. So long as no Default exists, Administrative Agent shall, upon the request of Borrower, disburse to Borrower the Insurance Impound funds for the payment of the Insurance Premiums which amount shall not exceed the amount due as of the Insurance Expiration Date. Until such time as the indebtedness under the Loan is paid in full, Borrower shall deliver to Administrative Agent, as soon as available, a photocopy of all future insurance statements received by Borrower from insurance agent.

INSURANCE IMPOUND. Following the occurrence of a Default, at Administrative Agent’s option and election, Borrower shall deposit into with Lender the Insurance Impound Account following amounts (collectively, “Insurance Impound”)): $0 on the Disbursement Date, and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Administrative Agent, Lender in its reasonable discretion, discretion to be sufficient to pay the premiums for insurance required to be maintained by Borrower hereunder (“Insurance Premiums”) at least thirty (30) days prior to the date on which the current such insurance policies expire (“Insurance Expiration Date”). Administrative Agent shall provide Borrower with the The initial estimated monthly amount to be deposited by Borrower for insurance premiums on each Due Date, and Borrower shall thereafter deposit such amount with Administrative Agent Insurance Premiums on each Due Date in addition to all other amounts owed to Administrative Agent and Lenders on the Due Dateis $0. If Administrative Agent Lender reasonably determines in good faith at any time that the Insurance Impound will not be sufficient to pay the Insurance Premiums at least thirty (30) days prior to the Insurance Expiration Date, Administrative Agent Lender shall notify Borrower of such determination in writing and Borrower shall deposit with Administrative Agent Lender the amount of such deficiency not more than ten (10) Business Days days after Borrower’s receipt of such notice, and shall thereafter deposit with Administrative Agent on each Due Date the increased amount as determined in good faith by Administrative Agent necessary to pay the insurance premiums at least thirty (30) days prior to the Insurance Expiration Date; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Insurance Expiration Date, Borrower shall deposit the amount of such deficiency with Administrative Agent Lender not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the day immediately preceding the Insurance Expiration Date. So long as no Default exists, Administrative Agent shall, upon the request of Borrower, disburse to Borrower Lender shall apply the Insurance Impound funds for to the payment of the Insurance Premiums which amount Premiums. Deposits into the Insurance Impound shall not exceed the amount due as be waived provided no Default is continuing and provided Borrower delivers, or causes to be delivered to Lender, evidence of the timely payment of such Insurance Expiration Date. Until such time as the indebtedness under the Loan is paid in full, Borrower shall deliver to Administrative Agent, as soon as available, a photocopy of all future insurance statements received by Borrower from insurance agentPremiums.

INSURANCE IMPOUND. Following the occurrence of a Default, at Administrative Agent’s option and election, Borrower shall deposit into with Lender the Insurance Impound Account following amounts (collectively, “Insurance Impound”)): $0 on the Disbursement Date, and on each Due Date thereafter commencing with the First I/O Due Date, an amount estimated from time to time by Administrative Agent, Lender in its reasonable discretion, discretion to be sufficient to pay the premiums for insurance required to be maintained by Borrower hereunder (“Insurance Premiums”) at least thirty (30) days prior to the date on which the current such insurance policies expire (“Insurance Expiration Date”). Administrative Agent shall provide Borrower with the The initial estimated monthly amount to be deposited by Borrower for insurance premiums on each Due Date, and Borrower shall thereafter deposit such amount with Administrative Agent Insurance Premiums on each Due Date in addition to all other amounts owed to Administrative Agent and Lenders on the Due Dateis $0. If Administrative Agent Lender reasonably determines in good faith at any time that the Insurance Impound will not be sufficient to pay the Insurance Premiums at least thirty (30) days prior to the Insurance Expiration Date, Administrative Agent Lender shall notify Borrower of such determination in writing and Borrower shall deposit with Administrative Agent Lender the amount of such deficiency not more than ten (10) Business Days days after Borrower’s receipt of such notice, and shall thereafter deposit with Administrative Agent on each Due Date the increased amount as determined in good faith by Administrative Agent necessary to pay the insurance premiums at least thirty (30) days prior to the Insurance Expiration Date; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Insurance Expiration Date, Borrower shall deposit the amount of such deficiency with Administrative Agent Lender not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the day immediately preceding the Insurance Expiration Date. So long as no Default exists, Administrative Agent shall, upon the request of Borrower, disburse to Borrower Lender shall apply the Insurance Impound funds for to the payment of the Insurance Premiums. Deposits into the Insurance Impound shall be waived (i) if the Property is covered by a blanket insurance policy which complies with the requirements of Article 12, and (ii) provided no Default is continuing, with respect to any Insurance Premiums which amount shall not exceed Commerce is required to reimburse Borrower’s payment thereof or to pay directly to the amount due as insurance provider pursuant to the terms of the Commerce Lease (Borrower hereby representing that Commerce is required to pay all Insurance Expiration Date. Until Premiums or reimburse Borrower for the payment thereof), provided (x) Borrower delivers, or causes to be delivered to Lender, evidence of the timely payment of such time as the indebtedness Insurance Premiums, (y) Commerce has exercised all applicable renewal terms under the Loan Commerce Lease within the time such renewals are required to be exercised and (z) Commerce is paid not in full, Borrower shall deliver to Administrative Agent, as soon as available, a photocopy material default of its obligations under the Commerce Lease beyond all future insurance statements received by Borrower from insurance agentapplicable notice and cure periods.

INSURANCE IMPOUND. Following the occurrence of a Default, at Administrative Agent’s option and election, Borrower shall deposit into with Lender the Insurance Impound Account following amounts (collectively, “Insurance Impound”)): $0 on the Disbursement Date, and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Administrative Agent, Lender in its reasonable discretion, discretion to be sufficient to pay the premiums for insurance required to be maintained by Borrower hereunder (“Insurance Premiums”) at least thirty (30) days prior to the date on which the current such insurance policies expire (“Insurance Expiration Date”). Administrative Agent shall provide Borrower with the The initial estimated monthly amount to be deposited by Borrower for insurance premiums on each Due Date, and Borrower shall thereafter deposit such amount with Administrative Agent Insurance Premiums on each Due Date in addition to all other amounts owed to Administrative Agent and Lenders on the Due Dateis $0. If Administrative Agent Lender reasonably determines in good faith at any time that the Insurance Impound will not be sufficient to pay the Insurance Premiums at least thirty (30) days prior to the Insurance Expiration Date, Administrative Agent Lender shall notify Borrower of such determination in writing and Borrower shall deposit with Administrative Agent Lender the amount of such deficiency not more than ten (10) Business Days days after Borrower’s receipt of such notice, and shall thereafter deposit with Administrative Agent on each Due Date the increased amount as determined in good faith by Administrative Agent necessary to pay the insurance premiums at least thirty (30) days prior to the Insurance Expiration Date; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Insurance Expiration Date, Borrower shall deposit the amount of such deficiency with Administrative Agent Lender not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the day immediately preceding the Insurance Expiration Date. So long as no Default exists, Administrative Agent shall, upon the request of Borrower, disburse to Borrower Lender shall apply the Insurance Impound funds for to the payment of the Insurance Premiums. Deposits into the Insurance Impound shall be waived (i) for any Property covered by a blanket insurance policy which complies with the requirements of Article 12, and (ii) provided no Default is continuing, with respect to any Insurance Premiums which amount shall not exceed a tenant is required to pay directly to the amount due as insurance provider pursuant to the terms of its Lease, provided (x) Borrower delivers, or causes to be delivered to Lender, evidence of the timely payment of such Insurance Expiration Date. Until Premiums, (y) such tenant has exercised all applicable renewal terms under its Lease within the time as the indebtedness such renewals are required to be exercised and (z) such tenant is not in material default of its obligations under the Loan is paid in full, Borrower shall deliver to Administrative Agent, as soon as available, a photocopy of its Lease beyond all future insurance statements received by Borrower from insurance agentapplicable notice and cure periods.