Insurance Reserve definition

Insurance Reserve funds envisaged herein that are transferred by the Merchant to the Bank and/or deducted by the Bank from the settled transaction proceeds before they are credited to the Merchant’s accounts. The Insurance Reserve is deposited into an intrabank account;

Insurance Reserve means a collateral reserve against casualty losses that would not be covered by insurance as a result of the self-insured retention deductible provision in the Borrower's property insurance (i) in an amount equal to $10,000,000 when the self-insured retention deductible under the Borrower's property insurance procured in accordance with Section 9.5 exceeds $15,000,000; (ii) in an amount equal to $5,000,000 when the self-insured retention deductible under the Borrower's property insurance procured in accordance with Section 9.5 exceeds $10,000,000 but is less than or equal to $15,000,000; and (iii) in an amount equal to $0 when the self-insured retention deductible under the Borrower's property insurance procured in accordance with Section 9.5 is less than or equal to $10,000,000.

Insurance Reserve is the reserve for insurance premiums established pursuant to Section 5.5.

Examples of Insurance Reserve in a sentence

• If at any time Lender reasonably determines that the Tax and Insurance Reserve Funds are not or will not be sufficient to pay Taxes and Insurance Premiums by the dates set forth in (a) and (b) above, Lender shall notify Borrower of such determination and Borrower shall pay to Lender any amount necessary to make up the deficiency within ten (10) days after notice from Lender to Borrower requesting payment thereof.

• In making any disbursement from the Tax and Insurance Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office or tax lien service (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof.

• Lender will apply the Tax and Insurance Reserve Funds to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.4 and Section 8.1 hereof.

• There is no limit on the amount that may be accumulated in the Insurance Reserve; however, the annual contribution to this reserve may not exceed the greater of $33,000 or 5% of the budget.

• If the amount of the Tax and Insurance Reserve Funds shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Section 5.4 and Section 8.1 hereof, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax and Insurance Reserve Account.

More Definitions of Insurance Reserve

Insurance Reserve. Amounts held as a reserve against payment of future health insurance claims of employees.

Insurance Reserve has the meaning given to such term in Section 3.2(b)(ii) of this Agreement.

Insurance Reserve means as described in Section 3.3.

Insurance Reserve is defined in Section 5.5.

Insurance Reserve has the meaning given such term in Section 7.3.3.

Insurance Reserve shall have the meaning ascribed to such term in Section 6.6(c).

Insurance Reserve means a collateral reserve against casualty losses that would not be covered by insurance as a result of the SIR deductible provision in the Borrowers property insurance (i) in an amount equal to $10,000,000 when the SIR deductible under the Borrower’s property insurance procured in accordance with Section 9.5 exceeds $15,000,000; (ii) in an amount equal to $5,000,000 when the SIR deductible under the Borrower’s property insurance procured in accordance with Section 9.5 exceeds $10,000,000 but is less than or equal to $15,000,000; and (iii) in an amount equal to $0 when the SIR deductible under the Borrower’s property insurance procured in accordance with Section 9.5 is less than or equal to $10,000,000.