Insurance Premium Escrow Account definition

Insurance Premium Escrow Account means an account held by Lender, or Lender's designee, in which Borrower's initial deposit for Insurance Premiums paid on the Closing Date and the Monthly Insurance Deposits will be held.

Insurance Premium Escrow Account means, (a) initially, that certain deposit account of the Collateral Agent (or its sub-agent) held for the benefit of the Insurers as notified in writing to the Borrower, the Lenders and the Insurers or (b) if permitted by the Collateral Agent in its sole discretion, any deposit account of the Borrower designated by the Borrower from time to time in writing to the Collateral Agent, subject to a Control Agreement in favor of the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent (it being understood and agreed that the Collateral Agent shall have sole control over the Insurance Premium Escrow Account immediately upon the occurrence of the Closing Date and at all times thereafter), in each case, established and maintained for purposes of holding the Insurance Premium Escrow Account Funds for the benefit of the Insurers.

Insurance Premium Escrow Account means a sub-account of the Cash Management Account held by Lender, or Lender’s designee, in which the Monthly Insurance Deposits will be held, all as more specifically set forth in Section 4.03 and subject to Section 4.08.

Examples of Insurance Premium Escrow Account in a sentence

• Provided amounts in the Insurance Premium Escrow Account are sufficient to pay the Insurance Premiums then due and no Event of Default exists, Lender shall pay the Insurance Premiums as they become due on their respective due dates on behalf of Borrower by applying funds held in the Insurance Premium Escrow Account to the payments of Insurance Premiums then due.

• If the amount due for Insurance Premiums shall increase and Lender reasonably determines that amounts on deposit in the Insurance Premium Escrow Account will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and of the increase needed to the Monthly Insurance Deposit.

• If amounts on deposit in the Insurance Premium Escrow Account collected for an annual premium period are insufficient to pay the Insurance Premiums actually due during such annual period Lender shall notify Borrower of the deficiency and, within ten (10) days thereafter, Borrower shall deliver to Lender such deficiency amount.

• If amounts on deposit in the Insurance Premium Escrow Account collected for an annual period exceed the Insurance Premiums actually paid during such period, Lender shall, in its discretion, return such excess to Borrower or credit such excess against the payments Borrower is to make to the Insurance Premium Escrow Account for the next annual period.

• Unless required by the laws of the state which govern this Loan Agreement or otherwise expressly provided in this Loan Agreement, Borrower shall not be entitled to any earnings or interest on funds deposited in the Tax Escrow Account and the Insurance Premium Escrow Account.

• All interest earned on the Reserve Accounts (other than the Tax Escrow Account and Insurance Premium Escrow Account) by Lender shall be credited to such accounts.

• On the Closing Date, Borrower has deposited such amount as is noted on the closing statement relating to the closing of the Loan to the Insurance Premium Escrow Account which is the amount determined by Lender that is necessary to pay when due Borrower’s obligation for Insurance Premiums during the next ensuing twelve (12) months, taking into consideration the Monthly Insurance Deposits to be collected from the first Payment Due Date to the due date for payment of such Insurance Premiums.

• If the amount due for Insurance Premiums shall increase and Lender reasonably determines that amounts on deposit in the Insurance Premium Escrow Account will not be sufficient to pay for twenty-five percent (25%) of the annual expected Insurance Premiums, Lender shall notify Borrower of such determination and of the increase needed to the Insurance Premium Escrow Account.

• On the Closing Date, Borrower has deposited such amount as is noted on the closing statement relating to the closing of the Loan to the Insurance Premium Escrow Account which is the amount determined by Lender that is necessary to pay when due Borrower's obligation for Insurance Premiums during the next ensuing twelve (12) months, taking into consideration the Monthly Insurance Deposits to be collected from the first Payment Due Date to the due date for payment of such Insurance Premiums.

• If amounts on deposit in the Insurance Premium Escrow Account collected for an annual period exceed the Insurance Premiums actually paid during such period, Lender shall either return such excess to Borrower or credit such excess against the payments Borrower is to make to the Insurance Premium Escrow Account for the next annual period (the determination of which of these two actions Lender shall take to be made by Lender in its reasonable discretion).

More Definitions of Insurance Premium Escrow Account

Insurance Premium Escrow Account means an account held by Lender, or Lender's designee, pursuant to the provisions of Section 4.03 of the Loan Agreement.

Insurance Premium Escrow Account means an account held by Lender, or Lender's designee, in which Borrower's initial deposit for Insurance Premiums paid on the Closing Date and the Monthly Insurance Deposits will be held, pursuant to the provisions of Section 4.03 of this Loan Agreement.