Operating Income and Expense Fund Sample Clauses

Operating Income and Expense Fund. [To Be Determined] Upon written notice by OHCS, which notice OHCS may give and retract from time to time at its sole, but reasonable discretion, the Owner will establish and maintain a Project Operating Income and Expense Fund (the “Operating Fund”) with a depository approved in writing by OHCS (and acceptable to the Lender during the period of the Loan and to the Limited Partner of the Owner (the “Investor”) during the period of its participation in Owner). The processes otherwise allowed in the Loan Documents [To Be Determined] for the deposit and expenditure of Operating Income will be deemed permissible under this Agreement unless and until the Owner is notified by OHCS that it must implement the Operating Fund. Upon written notice by OHCS, all Operating Income will be deposited immediately in the Operating Fund, and Owner will promptly pay all Operating Expenses out of this Operating Fund. No other use of the Operating Fund deposits or the moneys required to be placed therein, including the distribution of Excess Revenues, may be made by Owner without prior written approval of OHCS. So long as the Loan or any portion thereof remains outstanding, any Operating Fund required pursuant to this Agreement will be maintained with the Lender ([Name of Primary Lender~]) so long as it is the holder of the Loan and thereafter, if required by the holder of the Loan, with such holder if such holder is a federally insured depository institution and otherwise with a federally insured depository institution satisfactory to such holder in its reasonable discretion.
Sample 1
AutoNDA by SimpleDocs
Operating Income and Expense Fund 
Sample 1

Related to Operating Income and Expense Fund

  • Transaction Expenses Whether or not the transactions contemplated hereby are consummated, the Obligors will pay all reasonable costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Notes or any Subsidiary Guaranty (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the reasonable costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Notes or any Subsidiary Guaranty or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, the Notes or any Subsidiary Guaranty, or by reason of being a holder of any Note, (b) the reasonable costs and expenses incurred in connection with the insolvency or bankruptcy of any Obligor or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes, and (c) the reasonable costs and expenses incurred in connection with the delivery of any Subsidiary Guaranty or Joinder Agreement as contemplated by Section 9.7. The Obligors will pay, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of any Notes).

  • Gross Income Allocation If any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible; provided that an allocation pursuant to this Section 5.05(c) shall be made only if and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article V have been tentatively made as if Section 5.05(b) and this Section 5.05(c) were not in this Agreement.

  • Medical/Dental Expense Account The Employer agrees to allow insurance eligible employees to participate in a medical and dental expense reimbursement program to cover co- payments, deductibles and other medical and dental expenses or expenses for services not covered by health or dental insurance on a pre-tax basis as permitted by law or regulation, up to the maximum amount of salary reduction contributions allowed per calendar year under Section 125 of the Internal Revenue Code or other applicable federal law.

Time is Money Join Law Insider Premium to draft better contracts faster.