Use of Deposits. The sums deposited by the Lessee under this Section 4.6 shall be held by the Lessor and shall be applied in payment of the Impositions or insurance premiums, as the case may be, when due. Any such deposits may be commingled with other assets of the Lessor, and shall be deposited by the Lessor at such bank as the Lessor may, from time to time select, and the Lessor shall not be liable to the Lessee or any other Person (a) based on the Lessor's (or such bank's) choice of investment vehicles, (b) for any consequent loss of principal or interest or (c) for any unavailability of funds based on such choice of investment. Furthermore, the Lessor shall bear no responsibility for the financial condition of, nor any act or omission by, the Lessor's depository bank. The income from such investment or interest on such deposit shall be paid to the Lessee on a semi-annual basis as long as no Lease Default has occurred and is then continuing, and as long as no fact or circumstance exists which, with the giving of notice and/or the passage of time, would constitute a Lease Default. The Lessee shall give not less than ten (10) days prior written notice to the Lessor in each instance when an Imposition or insurance premium is due, specifying the Imposition or premium to be paid and the amount thereof, the place of payment, and the last day on which the same may be paid in order to comply with the requirements of this Lease. If the Lessor, in violation of its obligations under this Lease, does not pay any Imposition or insurance premium when due, for which a sufficient deposit exists, the Lessee shall not be in default hereunder by virtue of the failure of the Lessor to pay such Imposition or such insurance premium and the Lessor shall pay any interest or fine assessed by virtue of the Lessor's failure to pay such Imposition or insurance premium.
Use of Deposits. The Cooperative may apply the consumer's deposit as payment towards any delinquent amounts due and owing the Cooperative. If the consumer shall fail to restore any such deposit upon twenty-five (25) days’ notice, the Cooperative may discontinue service until the deposit is restored as per Section 22.2 (Disconnection With Notice).
Use of Deposits. Tenant shall pay any and all Impositions and insurance premiums when due and regardless of whether or not the funds then held in the Escrow Account are sufficient to reimburse Tenant therefor. The sums deposited by Tenant under this Section 3.3 shall be held by Landlord or any Facility Mortgagee, and, provided that no default or Event of Default by Tenant exists hereunder, shall be used to reimburse Tenant for any Impositions and/or insurance premiums, as applicable, paid by Tenant, upon delivery by Tenant to Landlord or such Facility Mortgagee, as applicable, of documentation evidencing the payment of such Impositions and/or insurance premiums, which reimbursement shall be provided within five (5) Business Days after the presentation of such evidence (if Landlord is holding the Escrow Account) or within five (5) Business Days after Landlord’s receipt of the appropriate reimbursement funds from the Facility Mortgagee that is holding the Escrow Account (if a Facility Mortgagee is holding the Escrow Account). If Tenant fails to pay any Impositions or insurance premiums when due and owing hereunder to the applicable taxing authority or insurance carrier, Landlord or any Facility Mortgagee may, but shall not be obligated to, pay such Impositions or insurance premiums from any funds in the Escrow Account. Upon the occurrence of any Event of Default, Landlord or any Facility Mortgagee may apply any funds held in the Escrow Account to cure such Event of Default or on account any damages suffered or incurred by Landlord in connection therewith. Relative to the foregoing, provided that (i) no default or Event of Default by Tenant exists hereunder, (ii) Tenant provides to Landlord, not less than twenty (20) days in advance of the applicable due date, (x) clear and detailed instructions relative to the payee, place, amount and required manner of payment of the Impositions and/or insurance premiums referenced above and (y) originals or copies, as necessary, of the applicable invoices or bills and (iii) there are sufficient funds in the Escrow Account to pay the applicable invoices or bills, Landlord agrees to make, or if a Facility Mortgagee is holding the Escrow Account Landlord agrees to cooperate reasonably with Tenant to attempt to arrange for the Facility Mortgagee to make, direct payment of such invoices and bills from the Escrow Account, rather than require Tenant first to make payment thereof and then seek reimbursement.
Use of Deposits. 28 4.6.3 Deficits........................................... 29 4.6.4
Use of Deposits. All funds so deposited shall, until so applied by the Depository for the payment of Impositions or premiums for insurance, constitute additional security for the Obligations (and Borrower hereby grants to Lender a first priority security interest in such funds), and may be commingled with other funds of the Depository. If an Event of Default shall have occurred hereunder and be continuing, or if the Obligations shall be accelerated as herein provided, all funds so deposited may, at Lender’s option, be applied to the Obligations in the order determined by Lender or to cure said Event of Default or as provided in this Section 5.1.
Use of Deposits. Any and all deposits or payments against the purchase price of the unit made hereunder by Xxxxx shall be held in a special account by the Escrow Agent as set forth in paragraph 2 above and shall not be commingled with the general funds of the Escrow Agent. Such funds, however, may be commingled with similar deposits from other purchasers purchasing condominium units in the subject condominium. Once work, as “work” is hereinafter defined, has begun upon the condominium property, the Developer may in the exercise of its discretion withdraw escrow funds in excess of ten (10%) percent of the purchase price and use such funds in and about the actual construction and development of the condominium property and/or the condominium association property. In no event, however, shall any part of those funds so withdrawn be used for salaries, commissions, expenses of salesmen or for advertising purposes. To effectuate the use of the funds which Developer is entitled to withdraw for construction and development purposes, the Developer may cause said deposits to be paid over to a construction loan account and/or any other account for the payment of actual construction and development of the condominium property and the condominium association property, and such account or accounts need not be then a separate account or accounts. For the purposes of this Section 3, construction of the condominium project known as RIVER FLY-IN, A CONDOMINIUM, shall include, but not be limited to, improvement of any part of the real property which is the site of the buildings or any part of the condominium property, or any part of the real property which becomes part of the condominium association property, whether or not such improvements include units, the common elements of the limited common elements or any of them. For the purposes of this Article 4, and the determination of which construction and development costs deposits may be used for, the word “construction” and the word “improvements” shall be deemed to include, but not be limited to, activity to make a building site ready for construction, including excavation, the installation of utilities, the driving of pile and the like. For the purposes of this Article 4, “work” shall be deemed to have begun upon the commencing of the clearing of the land which is the site of the subject condominium and the commencement of any site work.
Use of Deposits. The Initial Deposit constitutes an initial estimate of Extraordinary Costs associated with processing the Application and the initial study. The use of the Initial Deposit funds and all future deposits shall include costs of administrative review, consulting fees, legal review, and any other actual costs incurred in support of the Application processing and any applicable environmental review of the Project (collectively referred to as "Costs".) Costs include those expenses incurred on the Project from its inception. Credit shall be given for any standard application permit fee paid by APPLICANT. Further, deposit will be required in the full amount of any contract or contracts for consulting services. Costs shall include the total dollar amount of all COUNTY personnel time (computed on the basis of hours spent multiplied by the salary and benefit rate paid by the COUNTY to such individual(s)), all fees and costs charged by outside consultants and contract personnel, amounts expended for photo copies, telephone calls, FAX charges, postage, trip expenses (gas, meals, lodging, parking, transportation) and any and all other costs incurred or expended by the COUNTY in direct connection with the Project.
Use of Deposits. All funds so deposited into the Reserve Accounts shall, until so disbursed by the Depository as set forth in the applicable provisions, constitute additional security for the Obligations (and Borrower hereby grants to Lender a first priority security interest in such funds), and may be commingled with other funds of the Depository. Borrower shall have no right to require any Reserve Account be an interest-bearing account. If an Event of Default shall have occurred hereunder and be continuing, or if the Obligations shall be accelerated as herein provided, all funds so deposited may, at Lender’s option, be applied to the Obligations in the order determined by Lender or to cure said Event of Default or as provided in Section 5.1, Section 5.2, Section 5.3, Section 5.4, Section 5.5, Section 5.6, or Section 5.7, respectively.
Use of Deposits. All funds so deposited shall, until so applied, constitute additional security for the Secured Obligations, shall be held by the Collateral Agent in a separate account, without interest (except to the extent required under applicable law), may be commingled with other funds of the Collateral Agent and, PROVIDED that no Event of Default shall have occurred and be continuing hereunder, shall be applied in payment of the aforesaid amounts prior to their becoming delinquent, to the extent that Collateral Agent shall have such funds on hand, and PROVIDED, FURTHER, that the Collateral Agent shall have no obligation to use said funds to pay any installment of Impositions prior to the last day on which payment thereof may be made without penalty or interest or to pay an insurance premium prior to the due date thereof. It shall be the Mortgagor's responsibility to furnish the Collateral Agent with bills or invoices therefor in sufficient time to pay the same before any penalty or interest attaches and before said policies of insurance lapse, and the Collateral Agent shall have no responsibility for payment of the same in the absence of such bills or invoices. If an Event of Default hereunder shall have occurred and be continuing, or if any of the Secured Obligations shall have been accelerated as provided in the Credit Agreement or any Designated Hedge Agreement, all funds so deposited may, at the Collateral Agent's option, be applied to the Secured Obligations in the order determined by the Collateral Agent or to cure said Event of Default or as provided in this section.
Use of Deposits. All funds so deposited, until so applied, shall constitute additional security for the Obligations, shall be held by the Depository with interest payable to Grantor (except to the extent required under applicable law), may be commingled with other funds of the Depository and, provided that no Event of Default (as defined in Section 5.01) shall have occurred and be continuing hereunder, shall be applied in payment of the aforesaid amounts prior to their becoming delinquent. If an Event of Default shall have occurred and be continuing hereunder, or if the Obligations shall be accelerated as herein provided, all funds so deposited may, at Mortgagee's option, be applied to the Obligations in the order determined by Mortgagee. If such deposits are being made with the Depository, at least fifteen (15) days before the date on which such charges first become payable, Grantor shall furnish the Depository with bills for the charges for which such deposits are required to be made hereunder and/or such other documents necessary for the payment of the same. 16
