Tax and Insurance Reserve. (i) On each Monthly Payment Date, Borrowers shall pay to Agent a sum equal to one-twelfth of an amount which would be sufficient to pay the Taxes payable, or reasonably estimated by Agent to be payable, during the ensuing twelve (12) months to be held as a tax reserve to fund payment of future Taxes (the “Tax Reserve”). If requested by Agent (not earlier than two months prior to the date on which the next installment of Taxes becomes due), Borrowers shall also deposit, within five (5) Business Days of such request, into the Tax Reserve an amount which, together with the aggregate of deposits to be made on each Monthly Payment Date pursuant to the first sentence of this subsection (i), shall be sufficient, as of one month prior to the date on which the next installment of Taxes becomes due, to pay in full such installment of Taxes, as reasonably estimated by Agent. Agent shall apply such funds to, or (at the sole option of Agent) release such funds to Borrowers for, payment of such Taxes, provided that Borrowers have promptly supplied Agent with timely notice of all Taxes due.
Tax and Insurance Reserve. (a) Beginning on the Closing Date and on each Payment Date thereafter, Borrower shall deposit with Lender the amount estimated by Lender to be one-twelfth (1/12) of the annual amount of all real estate, ad valorem and similar taxes on the Property or any part thereof ("Taxes") and insurance premiums for policies required pursuant to this Agreement (as is sufficient to pay the Taxes and insurance premiums thirty (30) days prior to their respective due dates) (collectively, the "Tax and Insurance Monthly Installment"). The Tax and Insurance Monthly Installment may include, at Lxxxxx's sole and absolute discretion, any Impositions that Bxxxxxxx has failed to pay on a timely basis during the term of the Loan (the "Additional Imposition"). Such sums shall be held by Lxxxxx in the Tax and Insurance Reserve Account. Lender may re-calculate the Tax and Insurance Monthly Installment from time to time to assure that funds are reserved in sufficient amounts to enable the payment of the Taxes, Additional Impositions, and insurance premiums thirty (30) days prior to their respective due dates) and following notification of any such increase Borrower shall increase its Tax and Insurance Monthly Installment to such increased amount determined by Lender. 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, the Tax and Insurance Monthly Installment shall be Lender's estimate based on one-twelfth (1/12) of the aggregate Taxes, Additional Impositions, and insurance premiums for the prior Fiscal Year or payment period, with adjustments determined by Lender. As soon as Taxes, Additional Impositions, and insurance premiums are fixed for the then current Fiscal Year or period, the next ensuing Tax and Insurance Monthly Installment shall be adjusted to reflect any deficiency or surplus in prior Tax and Insurance Monthly Installments. Provided no Event of Default exists, Lender shall make payments of Taxes, Additional Impositions, and insurance premiums out of the Tax and Insurance Reserve Account before the same shall be delinquent to the extent that there are funds available in the Tax and Insurance Reserve Account and Lender has received appropriate documentation to establish the amount(s) due and the due date(s) as and when provided above. Lender will require an annual tax search of the Property by a tax search firm selected by Lender. Borrower shall pay Lender, within ten (10) ...
Tax and Insurance Reserve. (a) Each Borrower shall furnish the Administrative Agent with bills for the Taxes and insurance charges for which payments are required at least thirty (30) days prior to the date on which the charges first become payable. If at any time the amount on deposit with the Administrative Agent in the Tax and Insurance Reserve, together with amounts to be deposited by the Borrowers at least thirty (30) days before such charges are payable, is insufficient to pay such charges, the Borrowers shall deposit any deficiency with the Administrative Agent immediately upon demand. The Administrative Agent shall pay such charges to the extent funds are available on deposit with the Administrative Agent in the Tax and Insurance Reserve and the Administrative Agent has received a bxxx for such charges. The Administrative Agent shall have no obligation to make disbursements from the Tax and Insurance Reserve while any Event of Default exists.
Tax and Insurance Reserve. (a) Borrower shall pay to Lender on each Payment Date (a) one-twelfth of the Taxes that Lender estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates, and (b) one-twelfth of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the 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 (said amounts in (a) and (b) above so deposited shall hereinafter be called the “
Tax and Insurance Reserve. (a) Borrowers shall establish and maintain at all times until indefeasible payment in full of the Obligations a reserve funded by Borrowers and held by Lender for payment of real estate taxes and assessments and insurance premiums on the Property (the “Tax and Insurance Reserve”).
Tax and Insurance Reserve. (a) Concurrently with the execution of this Agreement, Borrower shall establish at the Reserve Bank a reserve account with a deposit of $1,026,660.00 from the Initial Tranche to be governed by this Section 8.2 (the “Tax and Insurance Reserve”).
Tax and Insurance Reserve. (a) On the Original Closing Date, the Borrowers deposited with the Administrative Agent the sum of $1,175,000.00 for the purpose of reserving funds for the payment of insurance premiums and Taxes with respect to the Properties (the “Tax and Insurance Reserve”).
Tax and Insurance Reserve. (a) The Borrowers shall on the date hereof deposit with the Administrative Agent (or, at the election of the Administrative Agent, with a financial institution approved by the Administrative Agent and in an account in the name of the Administrative Agent) the sum of $1,175,000.00 for the purpose of reserving funds for the payment of insurance premiums and Taxes with respect to the Properties (the “Tax and Insurance Reserve”).
Tax and Insurance Reserve. A. As used herein, “
Tax and Insurance Reserve. At Closing and as additional security for the Loan, Borrower shall also establish and maintain at all times while the Loan is outstanding a reserve with Lender in an initial amount which, together with monthly anticipated payments described in this Section, will be sufficient to pay all insurance premiums and all real estate taxes on the Property when they become due (“Tax and Insurance Reserve”). Provided no Event of Default has occurred, funds shall be disbursed from the Tax and Insurance Reserve to fund taxes and insurance reserved for when the same become due and payable.
