Insurance Reserve. Subject to clause (b) below, Borrower shall, in accordance with the time periods set forth in Section 3.1, cause to be deposited into the Insurance Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal to one-twelfth of the insurance premiums that Lender reasonably estimates, based on the most recent xxxx, will be payable for the renewal of the coverage afforded by the insurance policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such insurance premiums at least thirty (30) days prior to the expiration of the policies required to be maintained by Borrower pursuant to the terms hereof (said monthly amounts hereinafter called the “Monthly Insurance Reserve Amount,” and the aggregate amount of funds held in the “Insurance Reserve Account” being the Insurance Reserve Amount). The Monthly Insurance Reserve Amount shall be subject to adjustment by Lender upon notice to Borrower. The Monthly Insurance Reserve Amount shall be paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly Insurance Reserve Amount to payments of insurance premiums required to be made by Borrower pursuant to Article VI and under the Security Instrument. In making any payment relating to the Insurance Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the insurer or agent, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity thereof. If the amount of funds in the Insurance Reserve Account shall exceed the amounts due for insurance premiums pursuant to Article VI, Lender shall credit such excess against future payments to be made to the Insurance Reserve Account. If at any time Lender reasonably determines that the Insurance Reserve Amount is not or will not be sufficient to pay insurance premiums by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the applicable insurance policies. Upon payment of such insurance premiums, Lender shall reassess the amount necessary to be deposited in the Insurance Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Insurance Reserve Account.
Insurance Reserve. The purpose of the insurance reserve (“reserve”) is to buffer unexpected claim costs in excess of total projected annual costs for self-insured plans. The insurance reserve target for self-insured plans shall be twenty-five percent (25%) of projected annual costs, as recommended by the Board’s insurance broker, including stop-loss insurance premiums, projected claims and administrative costs associated with the plans.
Insurance Reserve. (1) The Reserves as of the Reference Date and any subsequent date on which such Reserves may have been redetermined (i) were determined in accordance with SAP, (ii) were computed in accordance with generally accepted loss reserving standards and principles; (iii) met the requirements of the Massachusetts Insurance Code; and (iv) made reasonable provision, in the aggregate, for all unpaid loss and loss expense obligations, including obligations for incurred but not reported loss and loss adjustment expenses, and unearned premiums as of the Reference Date. The Company owns assets that qualify as admitted assets under the Massachusetts Insurance Code in an amount at least equal to the Reserves plus its minimum statutory capital and surplus as required under the Massachusetts Insurance Code.
(2) The Seller has delivered or made available to the Purchaser true and complete copies of all actuarial reports, actuarial certificates and loss and loss adjustment expense reserve reports prepared by Xxxx Xxxxx & Associates and any other report prepared by any third party actuarial consultant on behalf of or made available to the Seller or any of its Affiliates, including the Company, in each case relating to the adequacy of the Reserves for any period ended on or after December 31, 1995.
Insurance Reserve. (a) Borrower shall cause Operator to establish and maintain at all times while this Agreement continues in effect a reserve for payment of all premiums to obtain or maintain insurance required under this Agreement (the “Insurance Reserve”). The Insurance Reserve shall be maintained in a segregated Deposit Account at the Account Bank opened in the name of Operator on or prior to the Effective Date solely for the purpose of this Section 7.2, which shall be subject to a Control Agreement.
(b) Borrower shall, or shall cause Operator to, deposit in the Insurance Reserve on or prior to the Effective Date an amount equal to twenty five percent (25%) of the aggregate monthly insurance premiums payable by Operator in respect of all New Card Rooms being purchased on the Effective Date (the “Initial Insurance Reserve Deposit Amount”). Prior to any subsequent Purchase Agreement Closing Date (if any), Borrower shall similarly deposit in the Insurance Reserve the Initial Insurance Reserve Deposit Amount for each New Card Room being purchased on that date.
(c) Borrower shall, or shall cause Operator to further deposit in the Insurance Reserve during the first three (3) calendar months following the Effective Date or, with respect to those New Card Rooms purchased on any subsequent Purchase Agreement Closing Date (if any), following that date, an aggregate amount necessary to ensure that no later than the end of such three (3) calendar month period, there is not less than one hundred percent (100%) of the aggregate monthly insurance premiums due deposited in the Insurance Reserve (the “Insurance Reserve Minimum Required Balance”). Borrower shall, or shall cause Operator to further deposit in the Insurance Reserve on a monthly basis on each Interest Payment Date, an additional amount equal to one hundred percent (100%) of the insurance premiums initially due during such calendar month.
Insurance Reserve. (a) The Reserves as of the Reference Date and any subsequent date on which such Reserves may have been redetermined (i) were determined in accordance with SAP, (ii) were computed in accordance with generally accepted loss reserving standards and principles; (iii) met the requirements of the Massachusetts Insurance Code; and (iv) made reasonable provision, in the aggregate, for all unpaid loss and loss expense obligations, including obligations for incurred but not reported loss and loss adjustment expenses, and unearned premiums as of the Reference Date. The Company owns assets that qualify as admitted assets under the Massachusetts Insurance Code in an amount at least equal to the Reserves plus its minimum statutory capital and surplus as required under the Massachusetts Insurance Code.
(b) The Seller has delivered or made available to the Purchaser true and complete copies of all actuarial reports, actuarial certificates and loss and loss adjustment expense reserve reports prepared by Xxxx Xxxxx & Associates and any other report prepared by any third party actuarial consultant on behalf of or made available to the Seller or any of its Affiliates, including the Company, in each case relating to the adequacy of the Reserves for any period ended on or after December 31, 1995.
Insurance Reserve. From and after the earliest to occur of (i) the occurrence of an Event of Default, (ii) the Borrowers’ failure to pay any annual premiums for any Required Insurance Policy prior to the due date therefor and (iii) the occurrence of a Cash Management Event, on each Payment Date thereafter, Borrowers shall deposit an amount equal to 1/12th of the amount that Administrative Agent estimates will be required to pay the next required annual premium for each Required Insurance Policy. The purpose of these provisions is to provide Administrative Agent with sufficient funds on hand for Administrative Agent or Servicer to pay all such premiums thirty (30) days prior to the date that such premiums become past due. If Administrative Agent, in its reasonable discretion, determines that the funds deposited with Administrative Agent hereunder are, or will be, insufficient to pay such premiums, then Borrowers shall, within ten (10) days following Borrowers’ receipt of written demand, pay (i) such additional sums as Administrative Agent shall determine as necessary to pay such premiums and (ii) any increased monthly charges requested by Administrative Agent. Provided that no Event of Default exists and is continuing, Administrative Agent shall apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Administrative Agent be liable for any interest on any amounts so deposited, and the money so deposited may be held and commingled with Administrative Agent’s or Servicer’s own funds. If an Event of Default exists, Administrative Agent may apply such funds to the payment of such insurance premiums, any of the Secured Obligations, the Second Mortgage Secured Obligations and/or the Third Mortgage Secured 153251886 Loan Agreement (NY Loan) - GTJ Portfolio Refinancing - AIG Obligations in such order as Administrative Agent shall elect in its sole discretion or may retain the same as security for the Secured Obligations, the Second Mortgage Secured Obligations and the Third Mortgage Secured Obligations, in the sole discretion of Administrative Agent.
Insurance Reserve. On the Funding Date, the Borrower shall establish (but not then be required to fund) a single insurance reserve account with the Collateral Agent for both this Agreement and the Transocean Contracts Loan Agreement (the "Insurance Reserve"). As used herein, the term "Insurance Reserve Required Amount" shall mean, at any date of computation, an amount equal to the aggregate of $137,000 (reduced by the amount of any reduction in the stated operating dayrate to be paid by Amoco under the Amoco Drillship Contract to the extent the Borrower, as a result of such reduction, is required to make a prepayment of the Loans pursuant to Section 2.5(g)) with respect to the Drillship and $68,600 (or $50,000, if the operating dayrate is reduced to $75,000 per day pursuant to the terms of the Amoco Rig Contract) with respect to the Rig times the number of days in the period of any deductible under the applicable loss of hire policy or policies maintained by the Borrower pursuant to Section 7.1(f)(ii), subject to the reduction as set forth herein. If the Borrower shall make a mandatory prepayment of the remaining Vessel Amortization Payments for either the Drillship or the Rig as provided in Section 2.5(a) or (b), as applicable, together with all other amounts required to be paid therein, the Insurance Reserve Required Amount shall permanently be reduced by a percentage, the numerator of which is the product of (i) either $137,000 (reduced by the amount of any reduction in the stated operating dayrate to be paid by Amoco under the Amoco Drillship Contract to the extent the Borrower, as a result of such reduction, is required to make a prepayment of the Loans pursuant to Section 2.5(g)) with respect to the Drillship or $68,600 (or $50,000, if the operating dayrate is reduced to $75,000 per day pursuant to the terms of the Amoco Rig Contract) with respect to the Rig, whichever is applicable, times (ii) the number of days in the period of any deductible under the loss of hire policy then in effect for the applicable vessel, and the denominator of which is the Insurance Reserve Required Amount immediately in effect before such prepayment (the "Vessel Percentage"). If a loss of hire event of a nature covered by the loss of hire insurance policy or policies maintained pursuant to Section 7.1(f)(ii) shall occur with respect to the Drillship or the Rig during the term of the Amoco Contract or any Substitute Contract for the applicable vessel, the Borrower shall deposit (or cause to ...
Insurance Reserve. Subject to clause (b) below, Borrower shall, in accordance with the time periods set forth in Section 3.1, cause to be deposited into the Insurance Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal to one-twelfth of the insurance premiums that Lender reasonably estimates, based on the most recent xxxx, will be payable for the renewal of the coverage afforded by the insurance policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such insurance premiums at least thirty (30) days prior to the expiration of the policies required to be maintained by Borrower pursuant to the terms hereof (said monthly amounts hereinafter called the “Monthly Insurance Reserve Amount,” and the aggregate amount of funds held in the “Insurance Reserve Account” being the “Insurance Reserve Amount”). The Monthly Insurance Reserve Amount shall be subject to adjustment by Lender upon notice to Borrower. The Monthly Insurance Reserve Amount shall be paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly Insurance Reserve Amount to payments of insurance premiums required to be made by Borrower pursuant to Article VI and under the Security
Insurance Reserve. There shall be no reserve account or escrow for payment of insurance premiums for insurance coverages required under this Agreement. Notwithstanding the foregoing, upon the occurrence of an Event of Default, the Lender may provide notice to Borrower that the Lender elects to commence requiring the Borrower to deposit funds into escrow on a monthly basis to apply toward insurance premiums when they become due.
Insurance Reserve
