Common use of Payment of Basic Carrying Costs Clause in Contracts

Payment of Basic Carrying Costs. Borrower shall use its best efforts to cause all notices of the amount and due date of payments of Basic Carrying Costs to be sent to Lender at least ten (10) Business Days prior to such due date. Provided that (i) Lender has received notice of the amount and due date of any payment of Basic Carrying Costs and (ii) there are sufficient funds available in the Basic Carrying Costs Sub-Account, Lender shall make such payment of Basic Carrying Costs directly to the Governmental Authority or insuror entitled thereto. If the amount in the Basic Carrying Costs Sub-Account is not sufficient to pay the Basic Carrying Costs, Borrower shall pay to Lender, within five (5) Business Days of written notice, an amount which Lender shall estimate as sufficient to make up the deficiency. Notwithstanding anything contained herein to the contrary, Borrower may only request disbursements from the Basic Carrying Costs Sub-Account to pay premiums on the Policies to the extent of amounts deposited in the Basic Carrying Costs Sub-Account pursuant to clause (ii) of the definition of "Basic Carrying Costs Monthly Installment". Nevertheless, Lender shall also have the right, without Borrower's request, but not the obligation, to disburse amounts in the Basic Carrying Costs Sub-Account in payment of premiums for the Policies if Borrower shall fail to pay the same when due.

Payment of Basic Carrying Costs. Borrower shall use its best efforts to cause all notices of the amount and due date of payments of Basic Carrying Costs to be sent to Lender at least ten (10) Business Days prior to such due date. Provided that (i) Lender has received notice of the amount and due date of any payment of Basic Carrying Costs and (ii) there are sufficient funds available in the Basic Carrying Costs Sub-Account, Lender shall make such payment of Basic Carrying Costs directly to the Governmental Authority or insuror entitled thereto. If the amount in the Basic Carrying Costs Sub-Account is not sufficient to pay the Basic Carrying Costs, Borrower Borrowers shall pay to Lender, within five (5) Business Days of written notice, an amount which Lender shall estimate as sufficient to make up the deficiency. Notwithstanding anything contained herein to the contrary, Borrower Borrowers may only request disbursements from the Basic Carrying Costs Sub-Account to pay premiums on the Policies to the extent of amounts deposited in the Basic Carrying Costs Sub-Account pursuant to clause (ii) of the definition of "Basic Carrying Costs Monthly Installment". Nevertheless, Lender shall also have the right, without Borrower's Borrowers' request, but not the obligation, to disburse amounts in the Basic Carrying Costs Sub-Account in payment of premiums for the Policies if Borrower Borrowers shall fail to pay the same when due.

Payment of Basic Carrying Costs. Subject to the following provisions of this Section 5.06, Borrower shall use its best efforts hereby agrees to cause pay all notices of the amount and due date of payments of Basic Carrying Costs (without regard to be sent to Lender at least ten (10) Business Days prior to such due datethe amount of money in the Basic Carrying Costs Sub-Account or the Basic Carrying Costs Escrow Account). Provided that (i) no Event of Default has occurred, Lender has received notice shall make payment of the amount and due date of any payment of Basic Carrying Costs and (ii) out of the Basic Carrying Costs Escrow Account before same shall be delinquent, provided, however, that if there are not sufficient funds available in the Basic Carrying Costs Sub-Escrow Account, Lender shall make not be obligated to release funds to pay any Basic Carrying Costs, unless Borrower demonstrates to Lender’s reasonable satisfaction that Borrower has paid or will pay any such deficiency and/or that funds in an amount sufficient to pay such deficiency are on deposit in the Cash Collateral Escrow Account and available for such purpose pursuant to this Agreement. Upon Lender’s request, Borrower shall furnish Lender with bills and all other documents necessary, as reasonably determined by Lender, for the payment of the Basic Carrying Costs which are then due and payable. Borrower’s obligation to pay (or cause Lender to pay) Basic Carrying Costs pursuant to this Agreement shall include, to the extent permitted by applicable law, Impositions resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Notwithstanding the foregoing provisions of this Section 5.06, Lender acknowledges that Borrower has advised Lender that Borrower maintains a blanket insurance policy to cover the Projects and pays the premiums for such policy in advance. Upon presentation to Lender of evidence reasonably satisfactory to Lender of the payment of such premiums, provided that no Event of Default has occurred, Lender agrees to release to Borrower from the Basic Carrying Costs Escrow Account (to the extent of funds on deposit therein) funds in an amount required to reimburse Borrower for the premiums so paid. Provided that no Event of Default shall exist, all funds deposited into the Basic Carrying Costs Escrow Account shall be held by Lender pursuant to the provisions of this Agreement and shall be applied in payment of Basic Carrying Costs directly to in accordance with the Governmental Authority or insuror entitled theretoterms hereof. If Should an Event of Default exist, the amount sums on deposit in the Basic Carrying Costs Sub-Account is not sufficient to pay the Basic Carrying Costs, Borrower shall pay to Lender, within five (5) Business Days of written notice, an amount which Lender shall estimate as sufficient to make up the deficiency. Notwithstanding anything contained herein to the contrary, Borrower may only request disbursements from and the Basic Carrying Costs Sub-Escrow Account to pay premiums on the Policies to the extent may be applied by Lender in payment of amounts deposited in the any Basic Carrying Costs Sub-Account pursuant or may be applied to clause (ii) the payment of the definition Debt or any other charges affecting all or any portion of "Basic Carrying Costs Monthly Installment". Neverthelessany of the Projects as Lender in its sole discretion may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender shall also have the right, without Borrower's request, but not the obligation, to disburse amounts in the Basic Carrying Costs Sub-Account in payment of premiums for the Policies if Borrower shall fail to pay the same when dueas herein provided.

Payment of Basic Carrying Costs. Borrower shall use its best efforts to cause all notices of the amount and due date of payments of Basic Carrying Costs to be sent to Lender at At least ten (10) Business Days prior to the date that payment of any Basic Carrying Cost would become delinquent or any fine, penalty, interest or cost attaches thereto and not more frequently than once each month with respect to each such due date. Provided Basic Carrying Cost, Borrower shall notify Lender and Servicer in writing and request that (iLender or Servicer pay such Basic Carrying Cost on behalf of Borrower on or prior to such date or inform Lender and Servicer that Borrower is contesting such Basic Carrying Cost in accordance with Section 2.06(b) Lender has received notice of the amount Related Mortgages. Together with each such notice, Borrower shall furnish Lender and Servicer with copies of bills and other documentation as may be reasonably required by Lender or Servicer to establish that such Basic Carrying Cost is then due date or is being properly contested pursuant to Section 2.06(b) of any payment the Related Mortgages. Unless such Basic Carrying Cost is being so contested, Lender or Servicer shall make such payments on behalf of Borrower out of the Basic Carrying Costs Sub-Account before same shall be delinquent and (ii) before any fine, penalty, interest or cost attaches thereto, to the extent that there are sufficient funds available in the Basic Carrying Costs Sub-Account, and Lender shall make such payment of and Servicer have received appropriate documentation to establish the amount(s) due and the delinquency, penalty, interest and due date(s). Borrower may pay Basic Carrying Costs directly and request reimbursement therefor from the Basic Carrying Costs Sub-Account upon presentation of evidence of payment reasonably satisfactory to the Governmental Authority Lender or insuror entitled theretoServicer. If the amount in Lender shall have no obligation to make such payments if the Basic Carrying Costs Sub-Account is not sufficient to pay being funded on a monthly basis with the Basic Carrying Costs, Borrower shall pay to Lender, within five (5) Business Days of written notice, an amount which Lender shall estimate as sufficient to make up the deficiency. Notwithstanding anything contained herein to the contrary, Borrower may only request disbursements from the Basic Carrying Costs Sub-Account to pay premiums on the Policies to the extent of amounts deposited in the Basic Carrying Costs Sub-Account pursuant to clause (ii) of the definition of "Basic Carrying Costs Monthly Installment". Nevertheless, Lender shall also have the right, without Borrower's request, but not the obligation, to disburse amounts in the Basic Carrying Costs Sub-Account in payment of premiums for the Policies if Borrower shall fail to pay the same when due.

Payment of Basic Carrying Costs. Borrower shall use its best efforts If funds are the allocated to cause all notices of the amount and due date of payments of Basic Carrying Costs Account, the Borrowers shall withdraw funds on deposit in such Account from time to be sent to Lender at least ten (10) Business Days prior to such due date. Provided that (i) Lender has received notice time for purpose of the amount and due date of any payment of paying Basic Carrying Costs and (ii) there when due. If amounts are sufficient funds available in then allocated to the Basic Carrying Costs Sub-Account, Lender shall make such payment of Basic Carrying Costs directly to the Governmental Authority or insuror entitled thereto. If the amount extent that there are insufficient funds available in the Basic Carrying Costs Sub-Account is not sufficient Account, at least five Business Days prior to pay the due date of any Basic Carrying CostsCost, Borrower the Borrowers shall pay notify the Lender in writing and request that the Lender request the Collateral Agent to Lender, within five (5) Business Days of written notice, an amount which Lender shall estimate as sufficient to make up the deficiency. Notwithstanding anything contained herein release to the contrary, Borrower may only request disbursements Borrowers from the Basic Carrying Costs Sub-Account funds sufficient to pay premiums on such Basic Carrying Cost prior to the Policies due date thereof. Together with each such request, the Borrowers shall furnish the Lender with copies of bills and other documentation as may be reasonably required by the Lender to establish that such Basic Carrying Cost is then due. Provided no Event of Default has occurred and is continuing, the Lender will direct the Collateral Agent in writing to release to the Borrowers from the Basic Carrying Cost Sub-Account an amount sufficient to pay such Basic Carrying Cost before same shall be delinquent to the extent of amounts deposited that there are funds available in the Basic Carrying Costs Cost Sub-Account pursuant and the Lender has received appropriate documentation to clause (iiestablish the amount(s) of due and the definition of "Basic Carrying Costs Monthly Installment". Nevertheless, Lender shall also have the right, without Borrower's request, but not the obligation, to disburse amounts in the Basic Carrying Costs Sub-Account in payment of premiums for the Policies if Borrower shall fail to pay the same when duedue date(s).