Common use of Special Insurance Reserves Account Clause in Contracts

Special Insurance Reserves Account. Upon the request of the Borrower Representative, the Administrative Agent shall require Borrowers to deposit in the Special Insurance Reserve Account an aggregate amount equal to the difference between deductibles in respect of insurance policies maintained by the Borrowers that are in excess of the levels permitted by Section 5.04 and such permitted deductibles. During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders shall, direct the Paying Agent in writing to distribute amounts from the Special Insurance Reserve Account in accordance with the written instruction of the Administrative Agent (which may be in electronic form) received no later than 4:00 p.m. (New York City time) one (1) Business Day prior to the date of distribution.

Special Insurance Reserves Account. Upon the request of the Borrower Representative, the Administrative Agent shall require Borrowers to deposit in the Special Insurance Reserve Account an aggregate amount equal to the difference between deductibles in respect of insurance policies maintained by the Borrowers that are in excess of the levels permitted by Section 5.04 and such permitted deductibles. During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, direct the Paying Agent in writing to distribute amounts from the Special Insurance Reserve Account in accordance with the written instruction of the Administrative Agent (which may be in electronic form) received no later than 4:00 p.m. (New York City time) one (1) Business Day prior to the date of distribution.