Maintenance Reserve Fund Sample Clauses

Maintenance Reserve Fund. The Scheme Operator will establish and keep the Maintenance Reserve Fund and hold the monies standing to the credit of the fund on trust solely for the benefit of Residents in a trust account that is established and kept for that purpose.
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Maintenance Reserve Fund. 5.1 The Scheme Operator has established and will maintain in the Maintenance Reserve Fund and hold amounts to contribute on trust for the benefit of the Residents in a trust account pursuant to the requirements of the Act. 5.2 The Residents of the Village are solely responsible for contribution to the Maintenance Reserve Fund for the purpose of: 5.2.1 maintaining and repairing the Village’s Capital Items; or 5.2.2 paying the quantity surveyor’s reasonable fees for giving a report pursuant to s.98(1) of the Act; or 5.2.3 paying tax on amounts paid into the fund by the Residents. 5.3 Payment of the Maintenance Reserve Fund Contribution will be paid as part of the General Services Charge.
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Maintenance Reserve Fund. 7.1. The Resident must pay a recurrent contribution to the Scheme Operator in respect of the fund established and kept by the Scheme Operator for maintaining and repairing the Retirement Village’s capital items (‘Maintenance Reserve Fund’). 7.2. As at the date the PCD was given to the Resident, the Maintenance Reserve Fund Contribution payable by the Resident is worked out as follows: 7.2.1. The Maintenance Reserve Fund Contribution is calculated by reference to the Maintenance Reserve Fund budget which is based upon the opinion of an independent quantity surveyor in relation to the expected repair and maintenance costs for the Retirement Village over a 10 year period. 7.2.2. A full report is obtained every third financial year, or in another financial year in which substantial changes are made to the Retirement Village. In all other financial years an update report is obtained. The Maintenance Reserve Fund Contribution is reviewed on 1 July each year. 7.2.3. The amount required to be paid into the Maintenance Reserve Fund for each financial year is apportioned between each accommodation unit in the Retirement Village by applying a ratio formula determined by dividing the accommodation unit’s total floor space by the total floor space of all accommodation units in the Retirement Village and then applying an anticipated occupancy factor to the Retirement Village to determine the contribution for each accommodation unit. The area of bathrooms, laundries, patios and car spaces are excluded from these calculations. The Maintenance Reserve Fund Contribution will vary over time according to changes in repair and maintenance costs, projected requirements of the Maintenance Reserve Fund and anticipated annual occupancy rates. 7.2.4. In accordance with the Act, any surplus or deficit for the Maintenance Reserve Fund at the end of a financial year is carried forward and taken into account in determining the Maintenance Reserve Fund Contribution for the next financial year. 7.2.5. If the amount the Scheme Operator must spend on maintaining and repairing the Retirement Village’s capital items at any time is more than the amount held in the Maintenance Reserve Fund, the Scheme Operator will pay the difference between the actual amount to be spent and the amount held in the Maintenance Reserve Fund. Any such amount paid by the Scheme Operator is to be treated as an interest-free loan from the Scheme Operator to the Maintenance Reserve Fund, repayable on demand. 7.3. The...
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Maintenance Reserve Fund. There is created a special fund, known as the “Maintenance Reserve Fund”, which shall be held by the Trustee, in trust, until applied as herein provided. On or before November 20 of each of the Fiscal Years set forth below, after all transfers cur- rently required to be made from the Clearing Fund pursuant to Sections 5.02, 5.03 and 5.04, respectively, shall have been made, the Trustee, without further direction from the Authority, shall withdraw from the Clearing Fund and deposit in the Maintenance Reserve Fund the following sums: December 31, 1982 5,968.75 December 31, 1983 ........................................... 37.50 or such other sum as shall be required to establish the Maintenance Reserve Fund at $10,000. TOTAL $10,000 If for any reason the amount on deposit in the Maintenance Reserve Fund on November 20, 1983, or on any date thereafter, shall be less than the amount of $10,000, or such other amount as at the time shall be required, then and in that event, on or before November 20 of each Fiscal Year, after all trans- fers currently required to be made from the Clearing Fund pursuant to Sections 5.02, 5.03 and 5.04, respec- tively, shall have been made, the Trustee, without further direction from the Authority, shall withdraw from the Clearing Fund and deposit in the Maintenance Reserve Fund the balance then remaining in the Clearing Fund or so much thereof as shall be necessary to increase the Maintenance Reserve Fund to the amount of $10,000, or such other amount as at the time shall be required. Moneys (and investments) in the Maintenance Reserve Fund shall be held by the Trustee, in trust, for benefit of Holders of Bonds and coupons appertaining thereunto and for their further security until disbursed as herein provided. Moneys in the Maintenance Reserve Fund shall be held for the purposes of paying or xxxx- xxxxxxx the Authority or the County for costs of Extraordinary Repairs to the Interceptor System. The Trustee shall make payments from the Maintenance Reserve Fund only upon receipt of a Requisition from the Authority, accompanied by a Certified Resolution authorizing such Requisition, setting forth in reason- able detail the purpose or purposes for which moneys are required. The Authority also shall furnish to the Trustee, with such Requisition and Certified Resolution, written approval thereof by the County, together with a Consulting Engineers’ Certificate approving the Requisition. Each such Requisition shall contain an itemized stat...
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Maintenance Reserve Fund. The Maintenance Reserve Fund shall be held by and be for the sole benefit of the Authority and shall not be subject to the lien of this Agreement or to the claim of any other Person, including without limitation the Bondholders, and monies in such Fund shall not be commingled with moneys in any other Fund or Account established under this Agreement. A portion of the Revenues remaining after application thereof by the Trustee as provided in Section 6.03(b) shall be deposited by the Authority to the Maintenance Reserve Fund as provided in each Lease. All interest earned on moneys and investments held within the Maintenance Reserve Fund shall be credited to such Fund. The Maintenance Reserve Fund shall be disbursed by the Authority; in the Authority's discretion, in accordance with the Leases.
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Maintenance Reserve Fund. The Board shall establish and maintain a Maintenance Reserve Fund by the assessment of and payment by all the apartment owners in periodic installments of their respective proportionate shares of such reasonable annual amount as the Board may estimate as adequate to provide for utilities, insurance, maintenance, and repair of the common elements, and other expenses of administration of the Project, which shall be deemed conclusively to be a common expense of the Project. The Board may include reserve for contingencies in such assessments, and such assessment may from time to time be increased or reduced at the discretion of the Board. The proportionate interest of each apartment owner in said Fund cannot be withdrawn or separately assigned, but shall be deemed to be transferred with such apartment even though not expressly mentioned or described in the conveyance thereof. In case the horizontal property regime hereby created shall be terminated or waived, any part of the said Fund remaining after full payment of all common expenses of the Council, shall be distributed to all apartment owners in their respective proportionate shares except for the owners of any apartments then reconstituted as a new horizontal property regime.
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Maintenance Reserve Fund. The Board shall establish and maintain a Maintenance Reserve Fund by the assessment of any payment by all apartment owners in equal monthly installments of their respective proportionate shares of such reasonable annual amount as the Board may estimate as adequate to cover each apartment owner’s obligations to provide for utilities, insurance, maintenance, and repair of the common elements and other expenses of administration of the project, which shall be deemed conclusively to be a common expense of the project. The Board may include reserves for contingencies in such assessment, and such
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Maintenance Reserve Fund. Prior to Opening Date, Tenant will establish a repair and maintenance reserve fund (the “Maintenance Reserve Fund”) which will equal the annual estimated “Recurring Repair and Maintenance Expenditures” (as defined below) for the portion of the Land Based Project to be completed by the Opening Date. The Maintenance Reserve Fund will be adjusted yearly to the prior year’s Recurring Repair and Maintenance Expenditures for the portion of the Land Based Project completed on the first day of the prior year plus an amount equal to the reasonable annual estimated Recurring Repair and Maintenance Expenditures for any other portion of the Land Based Project to be used during the then commencing year. Tenant will each year deposit additional funds into the Maintenance Reserve Fund as needed to bring the balance of the Maintenance Reserve Fund to the level required for the year commencing. The Maintenance Reserve Fund will be held by the City, as landlord, in an interest bearing account with all interest to be paid to Tenant, and may be used by the City if Tenant defaults in its repair or maintenance obligations under the Project Documents or if this Lease and/or the Master Agreement terminates. As used herein, “Recurring Repair and Maintenance Expenditures” means expenditures, whether or not capitalized, for repair and maintenance in the ordinary course of operation of the Land Based Project: (i) of the improvements at the Land Based Project, and (ii) of the landscaping at the Project Site. Recurring Repair and Maintenance Expenditures shall not include, however: (a) costs of snow removal, lawn mowing, janitorial services and other routine operating expenses, or (b) the amount of any extraordinary capital expenditures by Tenant for major replacement of or additions to the landscaping at the Project Site or the improvements at the Land Based Project.
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Related to Maintenance Reserve Fund

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property. (b) In the event that the Note Distributable Amount exceeds the sum of the amounts deposited into the Note Distribution Account pursuant to Sections 4.06(c)(v) and (vi) on each Payment Date (or, if the Reserve Fund is not maintained by the Indenture Trustee, on the related Deposit Date), the Indenture Trustee (based on information contained in the Servicer’s Certificate delivered on the related Determination Date pursuant to Section 3.10) shall cause an amount equal to the lesser of (A) the amount on deposit in the Reserve Fund and (B) the amount by which the Note Distributable Amount exceeds the sum of the amounts in the Note Distribution Account, to be deposited from the Reserve Account into the Note Distribution Account in immediately available funds in the amounts set forth in the Servicer’s Certificate for such Payment Date; provided that such amount shall be applied first, to the payment of interest due on the Notes to the extent, if any, that the amount deposited pursuant to Section 4.06(c)(v) is not sufficient to cover such payment of interest and, second, to the payment of principal of the Notes. (c) In the event that the Certificate Distributable Amount exceeds the sum of the amounts deposited into the Certificate Distribution Account pursuant to Sections 4.06(c)(vii) and (viii) on each Payment Date (or, if the Reserve Fund is not maintained by the Indenture Trustee, on the related Deposit Date), the Indenture Trustee shall cause an amount equal to the lesser of (A) the amount on deposit in the Reserve Fund and (B) the amount by which the Certificate Distributable Amount exceeds the sum of the amounts in the Certificate Distribution Account, to be deposited into the Certificate Distribution Account in immediately available funds in the amounts set forth in the Servicer’s Certificate for such Payment Date; provided that such amount shall be applied first, to the payment of interest due on the Certificates to the extent, if any, that the amount deposited pursuant to Section 4.06(c)(vii) is not sufficient to cover such payment of interest and, second, to the payment of principal of the Certificates. (d) On each Payment Date (or, if the Reserve Fund is not maintained by the Indenture Trustee, on the related Deposit Date), all interest and other income (net of losses and investment expenses) on funds on deposit in the Reserve Fund shall upon the written direction of the Servicer, be paid to the Seller to the extent that the funds therein exceed the Specified Reserve Fund Balance. Upon any distribution to the Seller of amounts in excess of the Specified Reserve Fund Balance, the Noteholders will not have any rights in, or claims to, such amounts.

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • Debt Service Reserve Account Borrower shall fund and maintain a debt service reserve in the Debt Service Reserve Account, in an amount equal to twelve (12) monthly payments of principal and interest on the Term Loan as determined from time to time by the Lender (the “Debt Service Reserve Amount”). Beginning with the first fiscal year end after the Effective Date, and at each fiscal year end thereafter, until such time as the balance in the Debt Service Reserve Account is equal to or greater than the Debt Service Reserve Amount, one hundred percent (100%) of Excess Cash Flow shall be deposited in the Debt Service Reserve Account by Borrower within 120 days of each fiscal year end. The balance held in the Debt Service Reserve Account shall earn interest at the rate determined by the Lender from time to time. If at any time after the Debt Service Reserve Amount has been fully funded by the Borrower the balance in the Debt Service Reserve Account is less than sixty-seven percent (67.0%) of the applicable Debt Service Reserve Amount, the Borrower shall, within sixty (60) days after receipt of notice from the Lender as provided herein, deposit in the Debt Service Reserve Account an amount sufficient to restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount; provided, however, Borrower shall not be required to make a deposit in the Debt Service Reserve Account to the extent that such a deposit would exceed one hundred percent (100%) of Excess Cash Flow, calculated based upon unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement for the month ending immediately prior to receipt of notice from the Lender. In the event that Borrower is not required to fully restore the balance in the Debt Service Reserve Account pursuant to the foregoing sentence, Borrower shall at the earliest possible date thereafter, to the extent of Excess Cash Flow determined on unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement or audited financial statements required by Section 5.01(c)(i) of this Agreement, as applicable, deposit in the Debt Service Reserve Account such additional amounts as will restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount. As and when any of the Loan Obligations are past due, after any applicable grace periods have expired, under any Loan Document, Lender, in its sole discretion, may withdraw from the Debt Service Reserve Account the amount of the then past due Loan Obligations and apply such amounts to the payment of the past due Loan Obligations. Notwithstanding the foregoing sentence, if an Event of Default has occurred and is continuing under the Loan Documents, the Lender may, after any applicable grace periods have expired, withdraw amounts in the Debt Service Reserve Account, in its sole discretion, and apply such amounts to the payment of the Loan Obligations in such order and manner as Lender shall determine in its sole discretion. Withdrawals by the Lender of any amounts from the Debt Service Reserve Account to pay any Loan Obligations as provided in this Section 2.14 may be made without the requirement of any consent by or notice to the Borrower, provided that Lender shall provide to Borrower notice that such withdrawal was made within a reasonable time thereafter. Borrower recognizes and acknowledges that its obligation to pay the Loan Obligations are absolute and unconditional and it is not dependent upon sufficient deposits in the Debt Service Reserve Account being available to make payment on any Loan Obligations, and nothing herein shall be construed to negate or modify the Borrower’s absolute and unconditional obligation to pay the Loan Obligations in accordance with the terms and conditions of this Agreement and the Loan Documents. Borrower shall execute and deliver to the Lender any and all deposit account control agreements the Lender may reasonably request in accordance with the terms and conditions of the Loan Documents, and take all actions and deliver all documents the Lender may reasonably request or require to perfect the Lender’s security interest in the Debt Service Reserve Account, in accordance with the terms and conditions of the Loan Documents.

  • Reserve Account (i) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders. (ii) The Seller may, from time to time after the date hereof, request each Rating Agency to approve a formula for determining the Specified Reserve Balance that is different from the formula set forth herein, which may result in a decrease in the amount of the Specified Reserve Balance or change the manner by which the Reserve Account is funded. Notwithstanding any other provision of this Agreement, if each Rating Agency then rating the Notes notifies the Seller (who shall send such notification to the Trust Collateral Agent) in writing that the use of any such new formula, and any decrease in the amount of the Specified Reserve Balance or change in the manner by which the Reserve Account is funded, will not result in the qualification, reduction or withdrawal of its then current rating of the Notes then the Specified Reserve Balance will be determined in accordance with such new formula and this Agreement will be amended to reflect such new formula without the consent of any Noteholder. (iii) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) (A) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, in which case the Trust Collateral Agent shall, after payment of any amounts required to be distributed pursuant to clauses (i) through (xviii) of Section 5.7(a) deposit in the Reserve Account the Reserve Account Deposit Amount pursuant to Section 5.7(a)(xix), and (B) if the amount on deposit in the Reserve Account, after giving effect to all other deposits thereto and withdrawals therefrom to be made on such Distribution Date is greater than the Specified Reserve Balance, in which case the Trust Collateral Agent shall distribute the amount of such excess as part of Available Funds on such Distribution Date. (b) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Collection Account to be included as Total Available Funds for that Distribution Date. (c) Amounts properly transferred to the Certificate Distribution Account for payment to the Certificateholder pursuant to this Agreement shall not be available to the Trust Collateral Agent or the Trust for the purpose of making deposits to the Reserve Account, or making payments to the Noteholders, nor shall the Certificateholder be required to refund any amount properly received by them.

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Reserve Funds Section 7.1.

  • Basis Risk Reserve Fund (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Basis Risk Reserve Fund. The Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. (b) On the Closing Date, $5,000.00 will be deposited by the Depositor into the Basis Risk Reserve Fund. On each Distribution Date, the Trustee shall transfer from the Certificate Account to the Basis Risk Reserve Fund pursuant to Section 4.02(e)(xiii) the Required Basis Risk Reserve Fund Deposit. Amounts on deposit in the Basis Risk Reserve Fund shall be withdrawn by the Trustee in connection with any Distribution Date to fund the amounts required to be distributed to holders of the LIBOR Certificates in respect of Basis Risk Shortfalls. Any distributions of Monthly Excess Cashflow to the holders of the LIBOR Certificates pursuant to Sections 4.02(e)(xiii)(A)-(L) shall be deemed to have been deposited in the Basis Risk Reserve Fund and paid to such holders. On any Distribution Date, any amounts on deposit in the Basis Risk Reserve Fund in excess of the Required Basis Risk Reserve Fund Amount shall be distributed to the Class X Certificateholder pursuant to Section 4.02(e)(xv). (c) Funds in the Basis Risk Reserve Fund may be invested in Eligible Investments by the Trustee at the direction of the holders of the Class X Certificates maturing on or prior to the next succeeding Distribution Date. Any net investment earnings on such amounts shall be payable to the holders of the Class X Certificates. The Trustee shall account for the Basis Risk Reserve Fund as an outside reserve fund within the meaning of Treasury regulation 1.860G-2(h) and not an asset of any REMIC created pursuant to this Agreement. The Class X Certificates shall evidence ownership of the Basis Risk Reserve Fund for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall treat amounts transferred by the Master REMIC to the Basis Risk Reserve Fund as distributions to the Class X Certificateholder for all federal tax purposes. In the absence of such written direction, all funds in the Basis Risk Reserve Fund shall remain uninvested. The Trustee shall have no liability for losses on investments in Eligible Investments made pursuant to this Section 4.06(c) (other than as obligor on any such investments). Upon termination of the Trust Fund, any amounts remaining in the Basis Risk Reserve Fund shall be distributed to the Holders of the Class X Certificates in the same manner as if distributed pursuant to Section 4.02(e)(xv) hereof. (d) On the Distribution Date immediately after the Distribution Date on which the aggregate Class Principal Balance of the LIBOR Certificates equals zero, any amounts on deposit in the Basis Risk Reserve Fund not payable on the LIBOR Certificates shall be deposited into the Certificate Account and distributed to the Holders of the Class X Certificates in the same manner as if distributed pursuant to Section 4.02(e)(xv) hereof.

  • Reserve Accounts All unexpended funds in project reserve accounts shall remain with the project to be used for the benefit of the property and/or its residents.

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

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