Release of Insurance Funds. Agent shall have the right to apply the Insurance Funds to payment of Insurance Premiums. In making any payment relating to Insurance Premiums, Agent may do so according to any xxxx, statement or estimate procured from the insurer or its agent, without inquiry into the accuracy of such xxxx, statement or estimate. If the amount of the Insurance Funds shall exceed the amounts due for Insurance Premiums, 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 and advise Borrower of the amount and whether such amount will be returned or credited as aforesaid. Any Insurance Funds remaining on deposit after the termination of a Trigger Period, provided that no Monetary Default or Event of Default then exists, shall be returned to Borrower. In addition, any Insurance Funds remaining on deposit after the Debt has been paid in full shall be returned to Borrower.
Appears in 4 contracts
Samples: Loan Agreement, Loan Agreement (Empire State Building Associates L.L.C.), Loan Agreement (Empire State Realty Trust, Inc.)
