Tenant Transition Fund. The Partnership shall establish the Tenant Transition Fund as a separate, interest bearing account with a financial institution acceptable to the Lender and BCTC 94, Inc. and shall deposit therein funds in the amount of $120,000 from the Installments. The account shall be fully funded (less the amount of the Fourth Installment) not later than the making of the Third Installment. In the event of any shortfall in the funding of such account at the time of the Third Installment, the General Partner shall provide such funds to the Partnership as shall be necessary to eliminate such shortfall in the form of a loan to the Partnership (the "Tenant Transition Fund Loan"). The Partnership shall make subsequent deposits from Cash Flow into the Tenant Transition Fund equal to $8,000 annually commencing in 1998 and continuing through 2002. In the event that the account is not fully funded as of the making of the Third Installment, the Fourth Installment shall be used to fund the balance of the account and the Investment Partnership shall directly fund its Fourth Installment into such account. Funds in the Tenant Transition Fund are intended to be employed solely for the payment of Operating Deficits (including, without limitation, debt service, taxes and insurance), unless otherwise released from escrow by the Lender with the Consent of BCTC 94, Inc. All interest earnings on funds on deposit in the Tenant Transition Fund shall be retained therein for the aforesaid purposes. Withdrawals from the Tenant Transition Fund shall be made only with the consent, or upon the direction, of the Lender; 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.
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Tenant Transition Fund. The Partnership shall establish the Tenant Transition Fund as a separate, interest bearing account with a financial institution acceptable to the Lender and BCTC 94, Inc. and shall deposit therein funds in the amount of $120,000 140,000 from the Installments. The account shall be fully funded (less the amount of the Fourth Installment) not later than the making of the Third Installment. In the event of any shortfall in the funding of such account at the time of the Third Installment, the General Partner shall provide such funds to the Partnership as shall be necessary to eliminate such shortfall in the form of a loan to the Partnership thePartnership (the "Tenant Transition Fund Loan"). The Partnership shall make subsequent deposits from Cash Flow into the Tenant Transition Fund equal to $8,000 annually commencing in 1998 and continuing through 2002. [Intentionally Omitted] In the event that the account is not fully funded as of the making of the Third Installment, the Fourth Installment shall be used to fund the balance of the account and the Investment Partnership shall directly fund its Fourth Installment into such account. Funds in the Tenant Transition Fund are intended to be employed solely for the payment of Operating Deficits (including, without limitation, debt service, taxes and insurance), unless otherwise released from escrow by the Lender with the Consent of BCTC 94, Inc. Inc All interest earnings on funds on deposit in the Tenant Transition Fund shall be retained therein for the aforesaid purposes. Withdrawals from the Tenant Transition Fund TransitionFund shall be made only with the consent, or upon the direction, of the Lender; 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.Inc. (c) [Intentionally Omitted]. ARTICLE IX
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Tenant Transition Fund. The Partnership shall establish the Tenant Transition Fund as a separate, interest bearing account with a financial institution acceptable to the Lender and BCTC 94, Inc. and shall deposit therein funds in the amount of $120,000 232,000 from the Installments. The account shall be fully funded (less the amount of the Fourth Installment) not later than the making of the Third Installment. In the event of any shortfall in the funding of such account at the time of the Third Installment, the General Partner shall provide such funds to the Partnership as shall be necessary to eliminate such shortfall in the form of a loan to the Partnership (the "Tenant Transition Fund Loan"). The Partnership shall make subsequent deposits from Cash Flow into the Tenant Transition Fund equal to $8,000 10,000 annually commencing in 1998 and continuing through 2002. In the event that the account is not fully funded as of the making of the Third Installment, the Fourth Installment shall be used to fund the balance of the account and the Investment Partnership shall directly fund its Fourth Installment into such account. Funds in the Tenant Transition Fund are intended to be employed solely for the payment of Operating Deficits (including, without limitation, debt service, taxes and insurance), unless otherwise released from escrow by the Lender with the Consent of BCTC 94, Inc. All interest earnings on funds on deposit in the Tenant Transition Fund shall be retained therein for the aforesaid purposes. Withdrawals from the Tenant Transition Fund shall be made only with the consent, or upon the direction, of the Lender; 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.
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Tenant Transition Fund. The Partnership shall establish the Tenant Transition Fund as a separate, interest bearing account with a financial institution acceptable to the Lender and BCTC 94, Inc. and shall deposit therein funds in the amount of $120,000 75,000 from the Installments. The account shall be fully funded (less the amount of the Fourth Installment) not later than the making of the Third Installment. In the event of any shortfall in the funding of such account at the time of the Third Installment, the General Partner shall provide such funds to the Partnership as shall be necessary to eliminate such shortfall in the form of a loan to the Partnership (the "Tenant Transition Fund Loan"). The Partnership shall make subsequent deposits from Cash Flow into the Tenant Transition Fund equal to $8,000 10,000 annually commencing in 1998 and continuing through 20022003. In the event that the account is not fully funded as of the making of the Third Installment, the Fourth Installment shall be used to fund the balance of the account and the Investment Partnership shall directly fund its Fourth Installment into such account. Funds in the Tenant Transition Fund are intended to be employed solely for the payment of Operating Deficits (including, without limitation, debt service, taxes and insurance), unless otherwise released from escrow by the Lender with the Consent of BCTC 94, Inc. All interest earnings on funds on deposit in the Tenant Transition Fund shall be retained therein for the aforesaid purposes. Withdrawals from the Tenant Transition Fund shall be made only with the consent, or upon the direction, of the Lender; 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.
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Tenant Transition Fund. The Partnership shall establish the Tenant Transition Fund as a separate, interest bearing account with a financial institution acceptable to the Lender and BCTC 94, Inc. and shall deposit therein funds in the amount of $120,000 220,000 from the Installments. The account shall be fully funded (less the amount of the Fourth Installment) not later than the making of the Third Installment. In the event of any shortfall in the funding of such account at the time of the Third Installment, the General Partner shall provide such funds to the Partnership as shall be necessary to eliminate such shortfall in the form of a loan to the Partnership (the "Tenant Transition Fund Loan"). The Partnership shall make subsequent deposits from Cash Flow into the Tenant Transition Fund equal to $8,000 15,000 annually commencing in 1998 and continuing through 20022009. In the event that the account is not fully funded as of the making of the Third Installment, the Fourth Installment shall be used to fund the balance of the account and the Investment Partnership shall directly fund its Fourth Installment into such account. Funds in the Tenant Transition Fund are intended to be employed solely for the payment of Operating Deficits (including, without limitation, debt service, taxes and insurance), unless otherwise released from escrow by the Lender with the Consent of BCTC 94, Inc. All interest earnings on funds on deposit in the Tenant Transition Fund shall be retained therein for the aforesaid purposes. Withdrawals from the Tenant Transition Fund shall be made only with the consent, or upon the direction, of the Lender; 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.
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Tenant Transition Fund. The Partnership shall establish the Tenant Transition Fund as a separate, interest bearing account with a financial institution acceptable to the Lender and BCTC 94, Inc. and shall deposit therein funds in the amount of $120,000 240,000 from the Installments. The account shall be fully funded (less the amount of the Fourth Installment) not later than the making of the Third Installment. In the event of any shortfall in the funding of such account at the time of the Third Installment, the General Partner shall provide such funds to the Partnership as shall be necessary to eliminate such shortfall in the form of a loan to the Partnership (the "Tenant Transition Fund Loan"). The Partnership shall make subsequent deposits from Cash Flow into the Tenant Transition Fund equal to $8,000 10,000 annually commencing in 1998 and continuing through 20022012. In the event that the account is not fully funded as of the making of the Third Installment, the Fourth Installment shall be used to fund the balance of the account and the Investment Partnership shall directly fund its Fourth Installment into such account. Funds in the Tenant Transition Fund are intended to be employed solely for the payment of Operating Deficits (including, without limitation, debt service, taxes and insurance), unless otherwise released from escrow by the Lender with the Consent of BCTC 94, Inc. All interest earnings on funds on deposit in the Tenant Transition Fund shall be retained therein for the aforesaid purposes. Withdrawals from the Tenant Transition Fund shall be made only with the consent, or upon the direction, of the Lender; 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.
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)