Changes in Insurance Premium Amounts. Borrower shall notify Lender immediately of any changes to the amounts, schedules and instructions for payment of any Insurance Premiums of which it has or obtains knowledge and authorizes Lender or its agent to obtain copies of the bills for the Insurance Premiums directly from the insurance provider or its agent. 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. Promptly following such notice, but in no event more than thirty (30) days following such notice, Borrower shall make the required deposit. Following any failure of Borrower to provide evidence of the required monthly payment (following notice and a five (5) day cure period), or at any time following an Event of Default, Lender may require, in its sole discretion, change to the procedures for the escrow and payment of Insurance Premiums, to include monthly escrows for same. If Lender requires monthly escrows, Borrower shall deposit such amount as is 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 next succeeding Payment Due Date to the due date for payment of such Insurance Premiums. Thereafter, beginning on the next succeeding Payment Due Date and on each Payment Due Date thereafter, Borrower shall deliver to Lender the Monthly Insurance Deposit.
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Sources: Loan Agreement (Macquarie Infrastructure Assets Trust), Loan Agreement (Macquarie Infrastructure CO LLC)
Changes in Insurance Premium Amounts. Borrower shall notify Lender immediately of any changes to the amounts, schedules and instructions for payment of any Insurance Premiums of which it has or obtains knowledge and authorizes Lender or its agent to obtain copies of the bills for the Insurance Premiums directly from the insurance provider or its agent. 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. Promptly following such notice, but in no event more than thirty (30) days following such notice, Borrower shall make the required deposit. Following any failure of Borrower to provide evidence of the required monthly payment (following notice and a five (5) day cure period), or at any time following an Event of Default, Lender may require, in its sole discretion, change to the procedures for the escrow and payment of Insurance Premiums, to include monthly escrows for same. If Lender requires monthly escrows, Borrower shall deposit such amount as is determined by Lender that is necessary to pay when due Borrower's ’s obligation for Insurance Premiums during the next ensuing twelve (12) months, taking into consideration the Monthly Insurance Deposits to be collected from the next succeeding Payment Due Date to the due date for payment of such Insurance Premiums. Thereafter, beginning on the next succeeding Payment Due Date and on each Payment Due Date thereafter, Borrower shall deliver to Lender the Monthly Insurance Deposit.
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