Common use of Reserve Fund for Replacements Clause in Contracts

Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Lender and BCTC 94, Inc. The Partnership shall make an initial deposit into the Reserve Fund for Replacements equal to $37,000 not later than the making of the First Installment and shall make subsequent deposits into the Reserve Fund for Replacements equal to $16,650 annually commencing in 1998; such deposits may be suspended only as approved by the Lender and/or BCTC 94, Inc. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. The Reserve Fund for Replacement shall remain under the joint control of the Lender and, until the expiration of the HAP Contract, HUD. Withdrawals from the Reserve Fund for Replacements shall be made only with the consent, or upon the direction, of the Lender and, if required, HUD; provided, however, if such consent of the Lender is not required, such withdrawals may be made only with the Consent, or upon the direction, of the General Partner and BCTC 94, Inc.

Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Lender and BCTC 94, Inc. The Partnership shall make an initial deposit into the Reserve Fund for Replacements equal to $37,000 404,000 not later than the making of the First Installment and shall make subsequent deposits into the Reserve Fund for Replacements equal to $16,650 60,700 annually commencing in 1998; such deposits may be suspended only as approved by the Lender and/or BCTC 94, Inc. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. The Reserve Fund for Replacement shall remain under the joint control of the Lender and, until the expiration of the HAP Contract, HUD. Withdrawals from the Reserve Fund for Replacements shall be made only with the consent, or upon the direction, of the Lender and, if required, HUD; provided, however, if such consent of the Lender is not required, such withdrawals may be made only with the Consent, or upon the direction, of the General Partner and BCTC 94, Inc.

Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Lender and BCTC 94, Inc. The Partnership shall make an initial deposit into the Reserve Fund for Replacements equal to $37,000 23,000 not later than the making of the First Installment and shall make subsequent deposits into the Reserve Fund for Replacements equal to $16,650 9,890 annually commencing in 1998; such deposits may be suspended only as approved by the Lender and/or BCTC 94, Inc. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. The Reserve Fund for Replacement shall remain under the joint control of the Lender and, until the expiration of the HAP Contract, HUD. Withdrawals from the Reserve Fund for Replacements shall be made only with the consent, or upon the direction, of the Lender and, if required, HUD; provided, however, if such consent of the Lender is not required, such withdrawals may be made only with the Consent, or upon the direction, of the General Partner and BCTC 94, Inc.

Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Lender and BCTC 94, Inc. The Partnership shall make an initial deposit into the Reserve Fund for Replacements equal to $37,000 16,000 not later than the making of the First Installment and shall make subsequent deposits into the Reserve Fund for Replacements equal to $16,650 15,200 annually commencing in 1998; such deposits may be suspended only as approved by the Lender and/or BCTC 94, Inc. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. The Reserve Fund for Replacement shall remain under the joint control of the Lender and, until the expiration of the HAP Contract, HUD. Withdrawals from the Reserve Fund for Replacements forReplacements shall be made only with the consent, or upon the direction, of the Lender theLender and, if required, HUD; provided, however, if such consent of the Lender is not required, such withdrawals may be made only with the Consent, or upon the direction, of the General Partner and BCTC 94, Inc.

Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Lender and BCTC 94, Inc. The Partnership shall make an initial deposit into the Reserve Fund for Replacements equal to $37,000 25,000 not later than the making of the First Installment and shall make subsequent deposits into the Reserve Fund for Replacements equal to $16,650 48,900 annually commencing in 1998; such deposits may be suspended only as approved by the Lender and/or BCTC 94, Inc. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. The Reserve Fund for Replacement shall remain under the joint control of the Lender and, until the expiration of the HAP Contract, HUD. Withdrawals from the Reserve Fund for Replacements shall be made only with the consent, or upon the direction, of the Lender and, if required, HUD; provided, however, if such consent of the Lender is not required, such withdrawals may be made only with the Consent, or upon the direction, of the General Partner and Partner, BCTC 94, Inc.Inc. and the Lender.

Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Lender and BCTC 94, Inc. The Partnership shall make an initial deposit into the Reserve Fund for Replacements equal to $37,000 21,000 not later than the making of the First Installment and shall make subsequent deposits into the Reserve Fund for Replacements equal to $16,650 9,702 annually commencing in 1998; such deposits may be suspended only as approved by the Lender and/or BCTC 94, Inc. Funds in the Reserve Fund for Replacements are intended to be employed for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature. All interest earnings on funds on deposit in the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. The Reserve Fund for Replacement shall remain under the joint control of the Lender and, until the expiration of the HAP Contract, HUD. Withdrawals from the Reserve Fund for Replacements shall be made only with the consent, or upon the direction, of the Lender and, if required, HUD; provided, however, if such consent of the Lender is not required, such withdrawals may be made only with the Consent, or upon the direction, of the General Partner and BCTC 94, Inc.