Common use of General Account Clause in Contracts

General Account. As soon as the facility becomes revenue producing, all funds received shall be set aside in an account to be designated as the General Account, and disbursements and transfers from this account shall be in the following priority: Debt Service, Operations and Maintenance, transfers to Reserve Account. Monies deposited in the General Account shall be used only in the manner and order as follows: (1) Borrowers making monthly USDA Debt Service Payments shall use the General Account for making such payments plus operating and maintenance expenses. Also, funds will be transferred from this account to the Reserve Account in accordance with (d) below. (2) Borrowers making other than monthly USDA Debt Service Payments shall use the General Account to pay operating and maintenance expenses. Other transfers from this account will be made in the following order: (i) Transfers to the Debt Service Account will be made in accordance with (c) below, (ii) Transfers to the Reserve Account will be made in accordance with (d) below.

General Account. As soon as the facility Facility becomes revenue producing, all funds received shall be set aside in an account to be designated as the General Account, and disbursements Account Disbursements and transfers from this account shall be in the following priorityfor: Debt Servicedebt service, Operations operations and Maintenancemaintenance, and transfers to an account designated as the Reserve Account. Monies deposited in the General Account shall be used only in the manner and order as follows: (1) Borrowers Organizations making monthly USDA Debt Service Payments Government debt service payments shall use the General Account for making such payments plus operating and maintenance expenses. Also, Any remaining funds will be transferred from this account to the Reserve Account in accordance with (d) below. (2) Borrowers making other than monthly USDA Debt Service Payments Government debt service payments shall first use the General Account to pay operating and maintenance expenses. Other Then other transfers from this account will be made in the following order: (i) Transfers to To an account designated as the Debt Service Account will be made in accordance with (c) below, (ii) Transfers to the Reserve Account will be made in accordance with (d) below.