Supplemental Replacement Reserve. The Partnership shall establish a Supplemental Replacement Reserve with respect to the Apartment Complex. The Partnership shall make deposits into the Supplemental Replacement Reserve in an amount equal to $2,058 annually, commencing in 1998. Funds in the Supplemental Replacement Reserve 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 Supplemental Replacement Reserve shall be retained therein for the aforesaid purposes. Withdrawals from the Supplemental Replacement Reserve shall be made only with the Consent, or upon the direction, of the General Partner, BCTC 94, Inc. and the Lender.
Appears in 2 contracts
Samples: Boston Capital Tax Credit Fund Iv Lp, Boston Capital Tax Credit Fund Iv Lp
Supplemental Replacement Reserve. The Partnership shall establish a Supplemental Replacement Reserve with respect to the Apartment Complex. The Partnership shall make deposits into the Supplemental Replacement Reserve in an amount equal to $2,058 10,000 annually, commencing in 1998. Funds in the Supplemental Replacement Reserve 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 Supplemental Replacement Reserve shall be retained therein for the aforesaid purposes. Withdrawals from the Supplemental Replacement Reserve shall be made only with the Consent, or upon the direction, of the General Partner, BCTC 94, Inc. and the Lender.
Appears in 1 contract
Samples: Boston Capital Tax Credit Fund Iv Lp
Supplemental Replacement Reserve. The Partnership shall establish a Supplemental Replacement Reserve with respect to the Apartment Complex. The Partnership shall make deposits into the Supplemental Replacement Reserve in an amount equal to $2,058 6,210 annually, commencing in 1998. Funds in the Supplemental Replacement Reserve 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 Supplemental Replacement Reserve shall be retained therein for the aforesaid purposes. Withdrawals from the Supplemental Replacement Reserve shall be made only with the Consent, or upon the direction, of the General Partner, BCTC 94, Inc. and the Lender.. ARTICLE IX
Appears in 1 contract
