Replacement and Reserve Account Sample Clauses

Replacement and Reserve Account. The Partnership shall fund, establish and maintain a reserve account in the amount that is the greater of $300 per unit or the amount required by the RD Loan Agreement, which funds shall be maintained and used in accordance with the requirements of RD Regulation 7 CFR Part 1930-C, or any successor thereof, as evidenced by the RD Loan Agreement.
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Replacement and Reserve Account. The General Partner, on behalf of the Partnership, shall open a Replacement and Reserve Account with a financial banking institution and shall deposit thereinto an annual amount equal to $799 per residential unit per year for the purpose of capital improvements. Said deposit shall be made monthly in equal installments. The Replacement and Reserve Account shall require the joint signature of the Special Limited Partner and RD for any withdrawals. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed 75% to the General Partner and 25% to the Limited Partner.
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Replacement and Reserve Account. The General Partner, on behalf of the Partnership, shall open a Replacement and Reserve Account with a financial banking institution and shall cause the Partnership to deposit thereinto an annual amount equal to $300 per residential unit per year for the purpose of capital improvements. Said deposit shall be made monthly in equal installments. The Replacement and Reserve Account shall require the joint signature of the Special Limited Partner for any withdrawals in excess of $5,000 per occurrence or $15,000 in aggregate per calendar year. Except with respect to a sale of the Project to the General Partner or its designee, 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. After the mandatory Compliance Period and upon re-purchase of the Limited Partners' interests, the replacement reserve shall be transferred to the General Partner or his designee with the Partnership and shall not be included as part of equity for purposes of the calculation of the re-purchase price.
Sample 1Sample 2
Replacement and Reserve Account. The General Partner, on behalf of the Partnership, shall open a Replacement and Reserve Account with a financial banking institution and shall deposit thereinto an annual amount equal to $350 per residential unit per year for the purpose of capital improvements. Said deposit shall be made monthly in equal installments. The Replacement and Reserve Account shall require the joint signatures of the Special Limited Partner and the Partnership for any withdrawals. The Replacement and Reserve Account shall be held by and assigned to the trustee of the Tax-Exempt Bonds, pursuant to the terms of the documents governing issuance of the Tax-Exempt Bonds.
Sample 1Sample 2
Replacement and Reserve Account. The General Partner, on behalf of the Partnership, shall open a Replacement and Reserve Account with a financial banking institution and shall deposit thereinto an annual amount equal to $265 per residential unit per year for the purpose of capital improvements. Said deposit shall be made monthly in equal installments beginning the month following the placed in service date or such earlier time or in such greater amounts as required by MHFA. Prior to seeking withdrawals from the Replacement and Reserve Account exceeding either (i) $5,000 individually, or (ii) $10,000 cumulative for any calendar year, the written consent of the Special Limited Partner shall be required. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed in accordance with Section 11.2.
Sample 1
Replacement and Reserve Account. The General Partner, on behalf of the Partnership, shall establish a Replacement and Reserve Account and shall deposit thereinto the minimum amount of $70,000, or make annual contributions equal to $10,000 per year until the minimum amount is reached, at which point the annual contribution will be reduced to equal $8,000 per year, for the purpose of capital improvements. Said deposit shall be made with an initial lump sum contribution or in equal monthly installments. Withdrawals from such account shall be made only with the Consent of the Special Limited Partner and Alabama Housing Finance Authority. 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.
Sample 1

Related to Replacement and Reserve Account

  • Reserve Account (a) 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.

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).

  • Reserve Account Property (i) The Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and (ii) the Reserve Account Deposit and all proceeds thereof (other than the Investment Earnings thereon).

  • 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.

  • 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.

  • 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.

  • Balance in the Replacement Reserve Account The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents.

  • Initial Reserve Account Deposit On the Closing Date, the Depositor will deposit or cause to be deposited the Specified Reserve Balance into the Reserve Account from the net proceeds of the sale of the Notes.

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

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