Equity Account definition
Examples of Equity Account in a sentence
On the Closing Date, the Borrower shall deposit or cause to be deposited with the Fiscal Agent, for deposit in the Equity Account of the Project Fund, the amount of $0.00.
Any amounts remaining in the Costs of Delivery Account (including investment proceeds) after the payment of all costs of delivery, and in any event not later than thirty (30) days following the Closing Date, shall be transferred to the respective subaccount of the Funding Loan Proceeds Account or the Equity Account of the Project Fund, as applicable, as directed in writing by the Borrower.
All remaining amounts in the Equity Account of the Project Fund upon Stabilization shall be paid to the Borrower upon receipt of the prior written approval of the Funding Lender, which approval shall not be unreasonably withheld or delayed.
The Fiscal Agent will receive and deposit into the Equity Account amounts received as future installments of Required Equity Funds from the Tax Credit Investor, in accordance with the provisions of the Partnership Agreement and the Assignment of Capital Contributions.
Additional amounts provided by or on behalf of the Borrower to the Fiscal Agent for the payment of costs of the Project shall be deposited by the Fiscal Agent to the Equity Account of the Project Fund.