Common use of Uses of Cash Flow Clause in Contracts

Uses of Cash Flow. Neither the LPA nor any other designation of the use of cash flow, in any non-Department Project or loan document, or any amendment, modification or restatement of any such document, is any way binding on the Department. Borrower must comply with UMR 8314 and all other provisions of the UMR’s and this Agreement concerning project income and expenses notwithstanding any contrary requirement by any other party, including any partnership agreements regarding accrual of any asset management or like fees. Limited Partner Exit. No Development funds, including reserves, may be used to fund the purchase of or to acquire a limited partner share.

Uses of Cash Flow. Neither the LPA LPA’s designation, nor any other designation designation, of the use of cash flow, in any non-Department Project or loan document, or any amendment, modification or restatement of any such document, is any way binding on the Department. Borrower must comply with UMR 8314 and all other provisions of the UMR’s and this Agreement concerning project income and expenses notwithstanding any contrary requirement by any other party, including any partnership agreements regarding accrual of any asset management or like fees. Limited Partner Exit. No Development funds, including replacement reserves, nor any operating reserves except in accordance with UMR 8309(g), may be used to fund the purchase of or to acquire a limited partner share.