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 Instruments. 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. (a) Except as otherwise provided in Section 7.3.3 (b) below, on the Closing Date and on each Payment Date, Borrower shall deposit in the Cash Management Account on such Payment Date an amount equal to one-twelfth (1/12th) of all the Insurance Premiums (estimated as set forth herein) that will be payable for renewal or replacement of the Policies upon the expiration thereof during the next ensuing twelve (12) months following the Closing Date or such Payment Date until the amounts on deposit therein are sufficient to pay all Insurance Premiums (estimated as set forth herein) that will be payable with respect to the Properties during the next ensuing twelve (12) months following such Payment Date. On each Payment Date, Borrower shall deposit in the Cash Management Account one-twelfth (1/12th) of the amount, if any, by which all the Insurance Premiums (estimated as set forth herein) that will be payable for renewal or replacement of the Policies upon the expiration thereof during the next ensuing twelve (12) months following such Payment Date after giving effect to the acquisition of such additional Properties exceed the amount of such Insurance Premiums before giving effect to such acquisition. The reserves required to be maintained under the immediately preceding two sentences are referred to collectively as the “Insurance Reserve,” and the amounts deposited into the Insurance Reserve are referred to herein as the “Insurance Funds.” Notwithstanding anything to the contrary contained in this Section 7.3.3, in no event shall the balance of Insurance Funds contained in the Insurance Reserve ever fall below an amount equal to three-twelfths (3/12) of all Insurance Premiums (estimated as set forth in Section 7.3.11) that will be payable with respect to the Properties during the next ensuing twelve (12) months following the date of any Reserve Release Date (the “Insurance Reserve Minimum Balance”), and if any disbursement of HOA Funds would cause the balance on deposit in the Insurance Reserve to fall below such amount, the amount to be disbursed pursuant to such Reserve Release Request shall be reduced so that after giving effect to such disbursement, funds on deposit in the Insurance Reserve shall be no less than the Insurance Reserve Minimum Balance.
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.
Insurance Reserve. On each Payment Date, Borrowers shall pay to Administrative Agent, for deposit into a reserve established by Administrative Agent (the “Insurance Reserve”), an amount equal to 1/12th of the amount determined by Administrative Agent for annual insurance premiums required to be maintained by Borrowers relating to the Projects. At or before the Initial Advance, Borrowers shall deliver to Administrative Agent, for deposit in the Insurance Reserve, a sum of money in an amount equal to $436,667.00 (which initial deposit may be made from Loan proceeds), which together with the monthly installments will be sufficient to make each insurance premium payment thirty (30) days prior to the date such payment is due. The amount of the monthly installments shall be determined on the basis of Administrative Agent’s reasonable estimate from time to time of the insurance premiums for the current year (on the basis of the insurance premiums for the prior year, with adjustments when the insurance premiums are fixed for the then current year). Borrowers shall furnish Administrative Agent with bills for the insurance premiums for which the Insurance Reserve funds are required at least thirty (30) days prior to the date on which the insurance premiums first become payable. If at any time the amount on deposit in the Insurance Reserve, together with the monthly installments to be paid by Borrowers before such insurance premiums are payable, is insufficient to pay such insurance premiums, Borrowers shall pay any deficiency to Administrative Agent immediately upon demand, for deposit in the Insurance Reserve. Administrative Agent shall pay such insurance premiums when the amount on deposit in the Insurance Reserve is sufficient to pay such insurance premiums and Administrative Agent has received a xxxx for such insurance premiums. Notwithstanding anything to the contrary in this Section 3.1(2), Borrowers shall NOT be required to make an initial deposit into the Insurance Reserve with respect to, or make monthly payments to Administrative Agent as described in the first sentence of this Section 3.1(2) with respect, a Project, so long as Borrowers maintain a blanket insurance policy covering such Project which provides for all of the insurance required by this Agreement to be maintained for such Project, in form and scope acceptable to Administrative Agent, and provides evidence to Administrative Agent at least 20 days prior to expiration of such policy that such policy has been renew...
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.
Insurance Reserve. (a) Upon the request of Lender during the existence of any Event of Default, Borrower shall deposit with Lender a sum in an amount reasonably determined by Lender with respect to Insurance Premiums to be held by Lender in a Reserve Account (the “Insurance Reserve Account”), and on each Payment Date thereafter, so long as such Event of Default is continuing, Borrower shall deliver to Lender the amount reasonably estimated by Lender to be one-twelfth (1/12th) of the annual amount of Insurance Premiums for the Policies required pursuant to this Agreement to assure that funds are reserved in sufficient amounts to enable the payment of Insurance Premiums thirty (30) days prior to the expiration of such polices (provided, that Lender may re-calculate the foregoing monthly amounts from time to time to assure that funds are reserved in sufficient amounts to enable the payment of Insurance Premiums thirty (30) days prior to the expiration of such polices) (the “Insurance Monthly Installment”). If such amounts for the then current Fiscal Year or payment period are not ascertainable by Lender at the time a monthly deposit is required to be made under this Section 4.3, the Insurance Monthly Installment shall be Lender’s reasonable estimate based on one-twelfth (1/12th) of the Insurance Premiums for the prior Fiscal Year or payment period, with adjustments reasonably determined by Lender. As soon as Insurance Premiums are fixed for the then current Fiscal Year or period, the next ensuing Insurance Monthly Installment shall be adjusted to reflect any deficiency or surplus in prior Insurance Monthly Installments.
Insurance Reserve. (i) Borrower shall, for purposes of creating an initial reserve for payment of insurance premiums, deposit (or cause to be deposited) with Lender (or such agent of Lender as Lender may designate in writing to Borrower from time to time), on the Closing Date, 2/12th of the allocated annual charges (as estimated by Lender) for all insurance premiums with respect to the insurance required pursuant to Section 5.4 with respect to the Mortgaged Property. In the event the annual charges for such insurance premiums increase after the Closing Date by more than ten percent (10%), Borrower shall deposit with Lender (or such agent of Lender as Lender may designate in writing to Borrower from time to time), 2/12th of the amount of such increase. To the extent that funds on deposit with Lender pursuant to this Section 5.5(B)(i) exceed the amount, as estimated by Lender, required to be on deposit with Lender, pursuant to this Section 5.5(B)(i), Lender shall, promptly after Borrower’s request, return such excess to the Borrower. Borrower shall be responsible for the payment of the insurance premiums relating to the Mortgaged Property on a timely basis, without disbursements being made from the Insurance Escrow Account; provided that Borrower shall require its insurance broker or insurance carrier, on a quarterly basis, to (y) provide Lender with confirmation of the payment of any insurance premiums and (z) notify Lender of any default by Borrower in the payment of any insurance premiums.
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 ...
