Common use of Replacement Reserve Clause in Contracts

Replacement Reserve. At the time of and in addition to the monthly -------------------- installments of interest and, if applicable, principal, due under the Notes, Borrowers shall pay to Lender an amount equal to Thirty and No/100 Dollars ($30.00) per unit in the Projects (the "REPLACEMENT RESERVE"). The Replacement Reserve may be commingled with the general funds of Lender, and these sums shall not be deemed to be held in trust for the benefit of any Borrower. So long as no default exists hereunder or under any of the other Loan Documents, Lender shall credit for Borrowers' account interest in such funds contained in the Replacement Reserve (if any) at the money market account rate announced by a national banking association selected by Lender. On the Maturity Date (as it may be extended), the monies then remaining on deposit with Lender shall, at Lender's option, be applied against the Indebtedness or if no Event of Default is continuing, returned to Borrowers. So long as there is no Event of Default, Borrowers may request Lender to disburse funds from the Replacement Reserve (which request will include a reasonably detailed description of the capital expenditures at a Project which a Borrower intends to pay for with such funds), which request shall not be unreasonably denied by Lender. If requested by Lender, each disbursement request will be accompanied by copies of invoices or purchase orders, lien waivers and other evidence reasonably required by Lender. 5.9.

Replacement Reserve. At the time of and in addition to the monthly -------------------- installments of interest andinterest, and if applicable, principal, principal due under the NotesNote and this Agreement, Borrowers shall pay to Lender an amount equal to Thirty and No/100 the product of (i) One Hundred Twenty-Five Dollars ($30.00125.00) per unit and (ii) the aggregate number of beds in the Projects (the "REPLACEMENT RESERVE"). The Funds in the Replacement Reserve will be held by a depository institution insured by the Federal Deposit Insurance Corporation (which institution may be an Affiliate of Lender) in an interest-bearing account, may be commingled with the general funds of Lender, and these sums shall not be deemed to be held in trust for the benefit of any BorrowerBorrowers. So long as no default exists hereunder or under any of the other Loan Documents, Lender Interest shall credit for Borrowers' account interest in such funds contained in accrue on the Replacement Reserve (if any) at the money market account rate announced paid by a national banking association selected by Lendersuch depository institution for such deposits. Any interest accruing and paid on such funds shall be deemed to be part of the Replacement Reserve and shall be applied in accordance with this Section 4.2(g). On the Maturity Date (as it may be extended)Date, the monies then remaining on deposit with Lender shall, at Lender's option, be applied against the Indebtedness or if no Event of Default is continuing, returned to Borrowers. So long as there is no continuing Event of Default, Borrowers may request Lender to disburse funds from the Replacement Reserve (which request will include (i) a reasonably detailed description of the capital expenditures at a Project which a Borrower intends to pay for with such funds)funds and (ii) the written consent of the applicable Project Lessee, which request shall not be unreasonably denied by Lender. If requested by Lender, each disbursement request will be accompanied by copies of invoices or purchase ordersinvoices, lien waivers and other evidence reasonably required by Lender. 5.9Borrowers hereby grant Lender a first priority security interest in such funds, including all interest accruing thereon, and all such funds are pledged as additional collateral for the Loan and Borrowers shall execute any other documents and take any other actions necessary to provide Lender with such a perfected security interest in such funds; provided, however, that if such funds are the deposited by one or more Project Lessees, Borrowers hereby assign to Lender Borrowers' security interest in such funds, including all interest accruing thereon, as additional collateral for the Loan and Borrowers shall execute any other documents and take any other actions necessary to provide Lender with an assignment of Borrower's security interest in such funds. Upon the Maturity Date or at any time following an Event of Default, the moneys then remaining on deposit with Lender or its agent shall, at Lender's option, be applied against the Indebtedness. The provisions of this Section 4.1(g) shall be deemed satisfied to the extent that the Project Lessees deposit with Lender, for application in the manner specified in this Section 4.1(g), the replacement reserve deposits required to be made under the Project Leases.

Replacement Reserve. At the time of and in addition to the monthly -------------------- installments of interest and, if applicable, principal, due under the Notes, Borrowers Borrower shall pay to Lender an amount equal to Thirty Twenty-Five and No/100 Dollars ($30.0025.00) per unit in the Projects Project (the "REPLACEMENT RESERVE"). The Replacement Reserve may be commingled with the general funds of Lender, and these sums shall not be deemed to be held in trust for the benefit of any Borrower. So long as no default exists hereunder or under any of the other Loan Documents, Lender shall credit for Borrowers' Borrower's account interest in such funds contained in the Replacement Reserve (if any) at the money market account rate announced by a national banking association selected by Lender. On the Maturity Date (as it may be extended), the monies then remaining on deposit with Lender shall, at Lender's option, be applied against the Indebtedness or if no Event of Default is continuing, returned to BorrowersBorrower. So long as there is no Event of Default, Borrowers Borrower may request Lender to disburse funds from the Replacement Reserve (which request will include a reasonably detailed description of the capital expenditures at a Project which a the Property, Borrower intends to pay for with such funds), which request shall not be unreasonably denied by Lender. If requested by Lender, each disbursement request will be accompanied by copies of invoices or purchase orders, lien waivers and other evidence reasonably required by Lender. 5.9.

Replacement Reserve. At Except as provided below in this subsection (d), at the time of and in addition to the monthly -------------------- installments of interest andinterest, and if applicable, principal, principal and other payments due under the NotesNotes and this Agreement, Borrowers Borrower shall pay to Lender an amount equal to Thirty the product of Twenty Five and No/100 00/100 Dollars ($30.0025.00) per unit multiplied by the aggregate number of beds in the Projects Real Property (the "REPLACEMENT RESERVE"“Replacement Reserve”). The Replacement Reserve may be commingled with the general funds of Lender, and these sums shall not be deemed to be held in trust for the benefit of any Borrower. So long as no default exists hereunder or under any of the other Loan Documents, Lender shall credit for Borrowers' account interest in such funds contained in the Replacement Reserve (if any) at the money market account rate announced by a national banking association selected by Lender. On the Maturity Date (as it may be extended), the monies then remaining on deposit with Lender shall, at Lender's option, be applied against the Indebtedness or if no Event of Default is continuing, returned to Borrowers. So long as there is no continuing Event of Default, Borrowers Borrower may request Lender to disburse funds from the Replacement Reserve (which request will include a reasonably detailed description of the capital expenditures at a Project the Real Property which a Borrower intends to pay for with such funds), which request shall not be unreasonably denied by Lender. If requested by Lender, each disbursement request will be accompanied by copies of invoices or purchase ordersinvoices, lien waivers and other evidence reasonably required by Lender. 5.9Notwithstanding the foregoing, Lender hereby suspends Borrower’s obligation to fund the Replacement Reserve so long as, commencing no later than forty-five (45) days after the beginning of the second Loan Year and continuing on the 45th day after each Loan Year thereafter, Borrower demonstrates to the Lender’s sole satisfaction that capital expenditures for the Real Property equal to or in excess of $300 per bed for such preceding Loan Year have been made.

Replacement Reserve. At the time of and in addition Pursuant to the monthly -------------------- installments of interest andCash Management Agreement, if applicable, principal, due under the Notes, Borrowers shall pay to deposit with Lender an amount equal to Thirty (or such agent) monthly, on the first day of each calendar month commencing with February 1, 2001, $53,854 for the purpose of creating a reserve for Capital Expenditures in accordance with the Capital Expenditure Budget then in effect (said funds, together with any interest thereon and No/100 Dollars ($30.00) per unit in the Projects (additions thereto, the "REPLACEMENT RESERVEReplacement Reserve"). The Replacement Reserve may be commingled with the general funds of Lender, and these sums shall not be deemed to be held in trust for the benefit of any Borrower. So long as no default exists hereunder or under any of the other Loan Documents, Lender shall credit for Borrowers' account interest in such funds contained in the Replacement Reserve (if any) at shall be utilized by the money market account rate announced by a national banking association selected by Lender. On Borrowers solely for Capital Expenditures performed during the Maturity Date term of the Loan in accordance with the Capital Expenditure Budget (as it may amended from time to time) for each Property, and shall not be extended)used by any Borrower for purposes for which any other Reserve is established. Within ten (10) days after written request from any Borrower, Lender shall direct the monies then remaining on deposit with Lender shall, at Lender's option, be applied against the Indebtedness or if no Event of Default is continuing, returned to Borrowers. So long as there is no Event of Default, Borrowers may request Lender Central Account Bank to disburse funds from the Replacement Reserve (which request will include a reasonably detailed description of the capital expenditures at a Project which a Borrower intends to pay for costs that have been incurred by such Borrower for such Capital Expenditures, provided that (i) no Event of Default has occurred and is continuing, (ii) such Borrower shall provide to Lender such documentation and certifications as Lender may reasonably request to substantiate the requirement for and entitlement to such disbursement, (iii) such Borrower shall provide Lender with such funds)all invoices, which request shall not be unreasonably denied by Lender. If requested by Lender, each disbursement request will be accompanied by copies of invoices or purchase ordersreceipts, lien waivers and other evidence documentation of lawful and workmanlike progress or completion, lien-free status, and availability of sufficient funds, all as may be reasonably required requested by Lender and Lender may require, at such Borrower's expense, an inspection of the subject Property and/or a certificate of completion by a licensed independent architect approved by Lender. 5.9.

Replacement Reserve. At the time of and in addition to the monthly -------------------- installments of interest and, if applicable, principal, due under the Notes, Borrowers Borrower shall pay to Lender an amount equal to Thirty Three Thousand Two Hundred Forty and No/100 Dollars ($30.003,240.00) per unit in the Projects (the "REPLACEMENT RESERVE"). The Replacement Reserve may be commingled with the general funds of Lender, and these sums shall not be deemed to be held in trust for the benefit of any Borrower. So long as no default exists hereunder or under any of the other Loan Documents, Lender shall credit for Borrowers' Borrower's account interest in such funds contained in the Replacement Reserve (if any) at the money market account rate announced by a national banking association selected by Lender. On the Maturity Date (as it may be extended), the monies then remaining on deposit with Lender shall, at Lender's option, be applied against the Indebtedness or if no Event of Default is continuing, returned to BorrowersBorrower. So long as there is no Event of Default, Borrowers Borrower may request Lender to disburse funds from the Replacement Reserve (which request will include a reasonably detailed description of the capital expenditures at a Project which a the Project, Borrower intends to pay for with such funds), which request shall not be unreasonably denied by Lender. If requested by Lender, each disbursement request will be accompanied by copies of invoices or purchase orders, lien waivers and other evidence reasonably required by Lender. 5.9.

Replacement Reserve. At the time of and in addition to the monthly -------------------- installments of interest andinterest, and if applicable, principal, principal due under the NotesNote and this Agreement, Borrowers shall pay to Lender an amount equal to the product of Thirty and No/100 No/100ths Dollars ($30.00) per unit multiplied by the number of beds in the Projects (the "REPLACEMENT RESERVE"). The Funds in the Replacement Reserve will be held by a depository institution insured by the Federal Deposit Insurance Corporation (which institution may be an Affiliate of Lender), may be commingled with the general funds of Lender, and these sums shall not be deemed to be held in trust for the benefit of any Borrower. So long as no default exists hereunder or under any of the other Loan Documents, Lender shall credit for Borrowers' account not be obligated to pay interest in such on the funds contained in the Replacement Reserve (if any) at the money market account rate announced by a national banking association selected by LenderReserve. On the Maturity Date (as it may be extended)Date, the monies then remaining on deposit with Lender shall, at Lender's option, be applied against the Indebtedness or if no Event of Default is continuing, returned to BorrowersBorrower. So long as there is no continuing Event of Default, Borrowers Borrower may request Lender to disburse funds from the Replacement Reserve (which request will include a reasonably detailed description of the capital expenditures at a Project which a Borrower intends to pay for with such funds), which request shall not be unreasonably denied by Lender. If requested by Lender, each disbursement request will be accompanied by copies of invoices or purchase ordersinvoices, lien waivers and other evidence reasonably required by Lender. 5.9Borrower hereby grants Lender a first priority security interest in such funds, including all interest accruing thereon, and all such funds are pledged as additional collateral for the Loan and Borrower shall execute any other documents and take any other actions necessary to provide Lender with such a perfected security interest in such funds. Upon the Maturity Date or at any time following an Event of Default, the moneys then remaining on deposit with Lender or its agent shall, at Lender's option, be applied against the Indebtedness.