Operating Reserve Account. Borrower shall establish an operating reserve account or sub-account within the Development’s general operating account no later than sixty (60) days from the date of recordation of this Agreement. Borrower shall fund the operating reserve account with an initial deposit in an amount as specified in Exhibit C, and through monthly deposits from Operating Income in amounts as specified in Exhibit C or in approved annual operating budgets. Borrower shall fully replace any withdrawals from the operating reserve account using available cash flow prior to use of any cash flow to pay deferred Developer Fee, partnership management or similar fees, or Distributions.
Operating Reserve Account. Not later than receipt of 8609s, Owner shall fund and maintain an Operating Reserve Account of not less than three months of underwritten operating expenses, replacement reserve deposits, and debt service. After Project Stabilization, the Operating Reserve Account may be used to pay operating costs and expenses to the extent the collected gross receipts are insufficient for such purpose. Further, the Operating Reserve Account may not be used to pay any identity of interest costs, including management fees. If drawn upon, the Operating Reserve Account must be replenished to its required minimum balance prior to distributions of Residual Cash Flow.
Operating Reserve Account. The Sponsor shall fund an operating reserve account in accordance with Section 8308 of the UMRs and subject to the requirements thereof. The specific amount of the Operating Reserve Account shall be set forth in the Regulatory Agreement.
Operating Reserve Account. Borrower shall establish and maintain an account that is available to fund operating deficits (which is the amount by which Annual Operating Expenses exceed Gross Revenue for any period) (the "Operating Reserve Account"). Borrower shall capitalize the Operating Reserve Account in the amount required by TCAC (currently three months of Annual Operating Expenses); provided, however that if the Partnership Agreement or the documents evidencing the Permanent Loan require the Operating Reserve Account to be capitalized and replenished in an amount greater than the TCAC requirement, Borrower shall capitalize and replenish the Operating Reserve Account as required by the Partnership Agreement or the documents evidencing the Permanent Loan, as applicable, for as long as the Partnership Agreement or the Permanent Loan, as applicable, is outstanding. In no event may the amount held in the Operating Reserve Account exceed six (6) months gross rent from the Development (as such rent may vary from time to time).
Operating Reserve Account. Borrower shall establish an operating reserve account or sub-account within the Development’s general operating account no later than sixty (60) days from the date of recordation of this Agreement. Borrower shall fund the operating reserve account with an initial deposit in an amount as specified in Exhibit C, and through monthly deposits from Operating Income in amounts as specified in Exhibit C or in approved annual operating budgets. Borrower shall fully replace any withdrawals from the operating reserve account using available cash flow prior to use of any cash flow to pay deferred Developer Fee, partnership management or similar fees, Supportive Services Costs (when not paid as part of operating costs), or Distributions. In no event shall the Operating Reserve be used to fund limited partner exit costs, except for amounts in excess of the balance required by the Department.
Operating Reserve Account. Borrower shall establish and maintain an account that is available to fund operating deficits (which is the amount by which Annual Operating Expenses exceed Gross Revenue for any period) (the "Operating Reserve Account"). Borrower shall capitalize the Operating Reserve Account in the amount required by TCAC (currently three months of Annual Operating Expenses); provided, however that if the Partnership Agreement or the documents evidencing the Bank Loan require the Operating Reserve Account to be capitalized in an amount greater than the TCAC requirement, Borrower shall capitalize the Operating Reserve Account as required by the Partnership Agreement or the documents evidencing the Bank Loan, as applicable, for as long as the Partnership Agreement or the Bank Loan, as applicable, is outstanding. In no event may the amount held in the Operating Reserve Account exceed six (6) months gross rent from the Development (as such rent may vary from time to time).
Operating Reserve Account. Borrower shall establish and maintain an account that is available to fund operating deficits (which is the amount by which Annual Operating Expenses exceed Gross Revenue for any period) (the "Operating Reserve Account"). Borrower shall capitalize the Operating Reserve Account with three months of Annual Operating Expenses. In no event may the amount held in the Operating Reserve Account exceed six (6) months gross rent from the Residence (as such rent may vary from time to time).
Operating Reserve Account. If, as of any Operating Expense Transfer Date, the cash available in the Revenue Account and the Excess Revenue Account is less than the Operating Expenses set forth in the Expense Certificate (or other certificate) setting forth such Operating Expenses to be paid on such date, the Administrative Agent shall transfer to the Person(s) entitled thereto in accordance with Section 8.12(a) (to the extent cash is available in the Operating Reserve Account) the amount of any deficiency in the payment of the Operating Expenses set forth in such certificate. Upon the occurrence and during the continuance of a Default or an Event of Default, funds in the Operating Reserve Account may be utilized to pay interest on and principal of the Loans.
Operating Reserve Account. From and after the Conversion Date, the Administrative Agent, acting in accordance with Section 8.8, shall deposit into the Operating Reserve Account (to the extent that cash is available for such purpose) the amount set forth in the Schedule of Sources and Uses to be deposited into the Operating Reserve Account, PROVIDED such amount shall in no event exceed the Operating Reserve Maximum Balance. The Administrative Agent shall deposit amounts into the Operating Reserve Account from amounts on deposit in the Pre-Sale Proceeds Account as specified in Section 8.8 and from amounts on deposit in the Revenue Account as specified in Section 8.12(b).
Operating Reserve Account. (8) Current Account; (9) Maintenance Reserve Account; (10) Capacity Upgrades Reserve Account; (11) Insurance Proceeds Account; (12) Special Payment Account; (13) Sales and Issuances Proceeds Account; (14) Excess Revenue Account; (15) Permitted Sources Account; and (16)
