Common use of Release of Insurance Funds Clause in Contracts

Release of Insurance Funds. Provided no Event of Default shall exist and remain uncured, Agent shall apply or cause to be applied Insurance Funds in the Insurance Account to the timely payment of Insurance Premiums, provided Borrower shall furnish Agent with all bills, invoices and statements for the Insurance Premiums for which such funds are required at least ten (10) Business Days prior to the date on which such charges first become payable. In making any payment relating to Insurance Premiums, Agent may do so according to any bxxx, statement or estimate procured from the insurer or its agent, without inquiry into the accuracy of such bxxx, statement or estimate. If the amount of the Insurance Funds shall exceed the amounts due for Insurance Premiums, Agent shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Insurance Funds. Any Insurance Funds remaining in the Insurance Account after the Obligations have been paid in full shall be applied by Agent on the next Payment Date in accordance with Section 6.9.1.

Release of Insurance Funds. Provided no Event of Default shall exist and remain uncured, Agent Lender shall direct Servicer to apply or cause to be applied the Insurance Funds in the Insurance Account to the timely payment of Insurance Premiums, provided Borrower shall furnish Agent Lender with all bills, invoices and statements for the Insurance Premiums for which such funds are required at least ten thirty (1030) Business Days days prior to the date on which such charges first become payable. In making any payment relating to Insurance Premiums, Agent Lender may do so according to any bxxx, statement or estimate procured from the insurer or its agent, without inquiry into the accuracy of such bxxx, statement or estimate. If the amount of the Insurance Funds shall exceed the amounts due for Insurance Premiums, Agent Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Insurance Funds. Any Insurance Funds remaining in the Insurance Account after the Obligations have been paid in full shall be applied by Agent on the next Payment Date in accordance with Section 6.9.1returned to Borrower.