Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account and shall deposit thereinto, or provide a letter of credit, in an amount required by the FmHA, to be used for initial operating capital as permitted or required by applicable FmHA regulations. Said amount shall be reimbursed, without interest, out of Apartment Housing funds as shall be authorized in accordance with applicable FmHA regulations, and if not so reimbursed within five years of the deposit, any amount remaining unreimbursed shall be forgiven and shall constitute an ordinary and necessary business expense of the General Partner as part consideration for the payment of the Development Fee.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account and shall deposit thereinto an annual amount equal to $200 per residential unit per year for the purpose of repairs, maintenance and capital repairs. Said deposit shall be made monthly in equal installments. Withdrawals from such account shall be made only with the Consent of the Special Limited Partner. Any balance remaining in the account at the time of a sale of the Project shall be allocated and distributed equally between the General Partner and the Limited Partner.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account and shall deposit thereunto an annual amount equal to $200 per residential unit per year for the purpose of repairs, maintenance and capital repairs. Said deposit shall be made monthly in equal installments. Withdrawals in the aggregate of $2,500 in a calendar year, from such account shall be made only with the Consent of the Special Limited Partner. Any balance remaining in the account at the time of a sale or refinancing of the Project, provided such reserves have not been transferred pursuant to such sale or refinancing, shall be allocated and distributed to the General.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account and shall deposit thereinto, or provide a letter of credit, in an amount required by the RD, to be used for initial operating capital as permitted or required by applicable RD regulations. Said amount shall be reimbursed, without interest, out of Apartment Housing funds as shall be authorized in accordance with applicable RD regulations, and if not so reimbursed within five years of the deposit, any amount remaining unreimbursed shall be forgiven and shall constitute an ordinary and necessary business expense of the General Partner as part consideration for the payment of the Development Fee.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account and shall deposit thereinto an annual amount equal to $200 per residential unit per year, or such greater sum as may be required by HUD, for the purpose of repairs, maintenance and capital improvements. Said deposit shall be made monthly in equal installments. Withdrawals from such account shall be made only with the Consent of the Special Limited Partner. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed equally between the General Partner and the Limited Partner, subject the restrictions stated in the Project's HAP Contract.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account and shall deposit thereinto an annual amount equal to $200 per residential unit per year for the purpose of repairs, maintenance and capital improvements. Said deposit shall be made monthly in equal installments commencing with the Apartment Housing's placement in service. Withdrawals from such account shall be made only with the Consent of the Special Limited Partner, which shall not unreasonably be withheld, and the prior consent of the Mortgage Lender. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed equally between the General Partner and the Limited Partner.
Operating and Maintenance Account. (a) The Operating and Maintenance Account shall be funded from funds transferred by the Collateral Agent from (i) the Construction Account pursuant to Section 3.9 and (ii) the Revenue Account pursuant to Section 3.10; provided, that at the beginning of each month, the Operating and Maintenance Account shall contain an amount at least sufficient to pay one-month's non-fuel Operating and Maintenance Costs.
(b) Upon receipt by the Collateral Agent of an Officer's Certificate of the Company detailing the amounts to be paid, the Collateral Agent shall transfer funds in the Operating and Maintenance Account to the Company or to whomsoever the Company directs for application to the payment of Operating and Maintenance Costs.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an Operating and Maintenance Account and shall deposit thereinto an amount equal to $21,472 or such greater amount as may be required by RD in connection with the Mortgage Loan. Said amount shall be disbursed in accordance with applicable RD regulations. Withdrawals from such account shall be made only with the consent of RD. To the extent that the Partnership has achieved financial stability between the operational years of two and five, as such financial stability is defined under the RD regulations, and there is a balance equal to or great than $21,472, then the amount of $21,472 shall be allocated and distributed to the General Partner.
Operating and Maintenance Account. The Partnership shall establish an operating and maintenance account and shall deposit thereinto an annual amount equal to $200 per residential unit per year for the purpose of repairs, maintenance and capital repairs. Said deposit shall be made monthly in equal installments. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed equally between the General Partner and the Limited Partner.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account at closing, in an amount required by Rural Development. The General Partner shall deposit thereinto an annual amount equal to $250 per residential unit per year (or such higher amount as may be required by the Mortgage lender) for the purpose of repairs, maintenance and capital improvements. Said deposit shall be made monthly in equal monthly installments. Withdrawals from such account shall be made only with the Consent of the Special Limited Partner. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed equally between the General Partner and the Limited Partner. The General Partner, on behalf of the Partnership, shall also establish and maintain any other accounts required by the Rural Development or any other lender, including an interest-bearing operating deficits reserve account (the "Operating Reserve Account") in the amount determined by Rural Development to be established upon closing of the Mortgage Loan and to be used for short term operating shortfalls, including debt service. Disbursements from the Operating Reserve Account shall be approved by the Rural Development and, following such disbursements, the General Partner shall make additional monthly deposits into such account so as to replenish the account of the amount required by Rural Development within one year. If the "Debt Service Coverage Ratio," as such term is defined in the Loan Agreement entered into between the Partnership and the Mortgage lender and as further provided therein, falls below 1.00, the General Partner shall make a cash deposit into the Operating Reserve Account in the amount of the projected shortfall for the next 12 months.
