Replacement Reserve Funds. (a) Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Replacement Reserve Account”) on each Monthly Payment Date an amount equal to $3,550 (the “Replacement Reserve Monthly Deposit”) for the Replacements. Amounts deposited pursuant to this Section 8.2 are referred to herein as the “Replacement Reserve Funds”. Lender may reassess its estimate of the amount necessary for Replacements from time to time (but not more than one (1) time in any twelve (12) month period) and may require Borrower to increase the monthly deposits required pursuant to this Section 8.2 upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property.
Replacement Reserve Funds. Borrower shall pay to Lender on each Payment Date the Replacement Reserve Monthly Deposit, which is the amount reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Properties during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Funds” 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 Funds from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Account upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion (based upon a third party report by a Lender approved engineer employed to inspect one or more of the Properties) that an increase is necessary to properly maintain and operate the Properties. Notwithstanding the foregoing, if, at any time, and from time to time, the available Replacement Reserve Funds in the Replacement Reserve Account exceed $169,284.00 (the “Replacement Reserve Cap Condition”), Borrower’s obligation to pay to Lender the Replacement Reserve Monthly Deposit shall be suspended; provided, however, that if at any time, and from time to time, the Replacement Reserve Cap Condition is not satisfied, Borrower shall recommence and continue paying to Lender on each Payment Date the Replacement Reserve Monthly Deposit until such time as all of the Replacement Reserve Cap Condition is satisfied.
Replacement Reserve Funds. (a) Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Residential Replacement Reserve Account”) on each Monthly Payment Date an amount equal to $562.50 (the “Residential Replacement Reserve Monthly Deposit”) for the Replacements required in connection with the residential units (“Residential Replacements”).
Replacement Reserve Funds. Subject to Section 7.3.4 hereof, Borrower shall pay to Lender on each Payment Date the amount reasonably estimated by Lender in its sole discretion (the “Replacement Reserve Monthly Deposit”) to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Funds” 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 Funds from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Account upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to properly maintain and operate the Property.
Replacement Reserve Funds. (a) Borrower shall deposit (to the extent not deposited pursuant to Section 9.3(e) hereof) into an Eligible Account held by Cash Management Bank (the “Replacement Reserve Account”) on each Monthly Payment Date following the occurrence and during the continuance of a Trigger Period an amount equal to the Replacement Reserve Monthly Deposit for the Replacements. Amounts deposited pursuant to this Section 8.2 are referred to herein as the “Replacement Reserve Funds”.
Replacement Reserve Funds. (a) Borrower shall deposit with Lender on each Monthly Payment Date an amount equal to $4,203 (the “Replacement Reserve Monthly Deposit”) for the Replacements. Amounts deposited pursuant to this Section 8.4 are referred to herein as the “Replacement Reserve Funds”. Lender may reassess its estimate of the amount necessary for Replacements from time to time (but not more than once per year) and may require Borrower to increase the monthly deposits required pursuant to this Section 8.4 upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property. All Replacement Reserve Funds shall be held by Lender or Servicer in an Eligible Account (the “Replacement Reserve Account”) which, during the continuation of a Cash Trap Event Period, may be a sub-account of the Cash Management Account.
Replacement Reserve Funds. (a) Borrower shall deposit (to the extent not deposited pursuant to Section 9.3(f) hereof) into an Eligible Account held by Lender or Servicer (the “Replacement Reserve Account”) on each Monthly Payment Date an amount equal to the sum of (A)(i) one-twelfth (1/12th) of the aggregate square footage of each Medical Office Building that is not a Waived Replacement Reserve Property multiplied by thirty cents $0.30, (ii) one-twelfth (1/12th) of $421 multiplied by the Licensed Bed Capacity with respect to each Assisted Living Facility that is not a Waived Replacement Reserve Property, (iii) one-twelfth (1/12th) of $500 multiplied by the Licensed Bed Capacity with respect to each Skilled Nursing Facility that is not a Waived Replacement Reserve Property and (iv) one-twelfth (1/12th) of $1,000 multiplied by the Licensed Bed Capacity with respect to each Long-Term Acute Care Hospital that is not a Waived Replacement Reserve Property and (B) (A)(i) upon the occurrence of, and following, a Borrower Replacement Reserve Period, one-twelfth (1/12th) of the aggregate square footage of each Medical Office Building with respect to each Waived Replacement Reserve Property that is subject to a Borrower Replacement Reserve Period multiplied by thirty cents $0.30, (ii) upon the occurrence of, and following, a Borrower Replacement Reserve Period, one-twelfth (1/12th) of $421 multiplied by the Licensed Bed Capacity with respect to each Assisted Living Facility with respect to each Waived Replacement Reserve Property that is subject to a Borrower Replacement Reserve Period, (iii) upon the occurrence of, and following, a Borrower Replacement Reserve Period, one-twelfth (1/12th) of $500 multiplied by the Licensed Bed Capacity with respect to each Skilled Nursing Facility with respect to each Waived Replacement Reserve Property that is subject to a Borrower Replacement Reserve Period and (iv) upon the occurrence of, and following, a Borrower Replacement Reserve Period, one-twelfth (1/12th) of $1,000 multiplied by the Licensed Bed Capacity with respect to each Waived Replacement Reserve Property that is subject to a Borrower Replacement Reserve Period (the “Replacement Reserve Monthly Deposit”) for the Replacements. Amounts deposited pursuant to this Section 8.2 and pursuant to Section 9.3(f) hereof are referred to herein as the “Replacement Reserve Funds”. Lender may reassess its estimate of the amount necessary for Replacements from time to time and, and may require Borrower to incr...
Replacement Reserve Funds. Borrower shall pay to Lender on each Payment Date an amount equal to the Replacement Reserve Monthly Deposit to fund the cost of Replacements; provided, however, that Replacements shall not include expense items that otherwise would be expensed in the operating statements of the Property pursuant to the Uniform System of Accounts and provided, further, that, for so long as Borrower and Operating Lessee maintain the Property in accordance with the Management Agreement, the Replacement Reserve Monthly Deposit shall be reduced on a dollar-for-dollar basis by any amounts either (x) deposited into the FF&E Account for the applicable calendar month as set forth in the Annual Budget and required pursuant to the terms of the Management Agreement if Borrower delivers evidence reasonably satisfactory to Lender that such deposit has been made or (y) otherwise accounted for pursuant to the Working Capital Peg Balance held in either Operating Account if Borrower delivers evidence reasonably satisfactory to Lender that the Working Capital Peg Balance sufficiently cover such amounts. Amounts so deposited shall hereinafter be referred to as the “Replacement Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”.
Replacement Reserve Funds. (a) On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the "Replacement Reserve Account") an amount equal to $0.00, and on each Monthly Payment Date Borrower shall deposit to the Replacement Reserve Account an amount equal to $15,376.00 (the "Replacement Reserve Monthly Deposit") for the Replacements. Amounts deposited pursuant to this Section 8.2 are referred to herein as the "Replacement Reserve Funds". Lender may reassess its estimate of the amount necessary for Replacements from time to time and, and may require Borrower to increase the monthly deposits required pursuant to this Section 8.2 upon thirty (30) days' notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property.
Replacement Reserve Funds. (a) Borrower shall deposit with Lender on the date hereof $17,684.42 and on each Monthly Payment Date an amount equal to the Replacement Reserve Monthly Deposit. Amounts deposited pursuant to this Section 8.4 are referred to herein as the “Replacement Reserve Funds”. Lender may reassess its estimate of the amount necessary for Replacements from time to time (but not more than once per year) and, and may require Borrower to increase the monthly deposits required pursuant to this Section 8.4 upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property. All Replacement Reserve Funds shall be held by Lender or Servicer in an Eligible Account (the “Replacement Reserve Account”).
