Reserve Fund for Replacements definition

Reserve Fund for Replacements means the reserve fund for replacements with respect to the Apartment Complex as established pursuant to the provisions of Section 8.18(a) of this Agreement.
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Reserve Fund for Replacements means the reserve fund for replacements with respect to the Apartment Complex as is required by the Lenders pursuant to the Regulatory Agreement and the Loan Agreements, as described in Section 8.18(a) of this Agreement. "Revenues" means all cash receipts of the Partnership during any period, except for Capital Contributions, proceeds from the liquidation, sale or refinancing of Partnership property or of a Capital Transaction, or the proceeds of any loan to the Partnership. "Second Mortgage" means the mortgage, together with all amendments thereto, to be given by the Partnership at the Initial Closing to the Second Mortgage Lender, as maker of the Second Mortgage Loan, which will constitute a second lien on the Apartment Complex, subject and subordinate to the lien of the First Mortgage, and which will secure the Second Mortgage Loan. "Second Mortgage Lender" means the Agency, in its capacity as the maker of the Second Mortgage Loan, or its successor(s) and assign(s) in such capacity, acting through any authorized representative. "Second Mortgage Loan" means the nonrecourse construction/permanent second mortgage loan, in an original principal amount not to exceed $300,000, to be made to the Partnership with respect to the Apartment Complex by the Second Mortgage Lender on or before Initial Closing with funds from the Kentucky HOME Investment Partnerships Program. The Second Mortgage Loan is to bear interest at the rate of one per cent (1%) per annum, which interest shall be deferred until the maturity date of the Second Mortgage Loan. The outstanding principal balance, together with accrued and unpaid interest based on the aforesaid rate and a 25-year amortization schedule shall be due and payable twenty-five (25) years from the occurrence of Final Closing. "State" means the Commonwealth of Kentucky. "State Designation" means, with respect to the Apartment Complex, the final allocation by the Agency of LowIncome Housing Tax Credits, as evidenced by the receipt by the Partnership of IRS Form 8609s executed by the Agency as to all units in the Apartment Complex. "Subordinated Loan" means any loan made by the General Partner to the Partnership pursuant to Section 8.17. "Substantial Completion" means the date upon which the construction of the Apartment Complex has been completed, as evidenced by the Partnership's receipt of all necessary permanent certificates of occupancy from the applicable governmental jurisdiction(s) or authority(ies) for one hundred per...
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Reserve Fund for Replacements means cash funded reserve for replacements established by the Partnership pursuant to Section 8.20.
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Examples of Reserve Fund for Replacements in a sentence

  • 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 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 Agreement also calls for the Partnership to establish a Reserve Fund for Replacements deposit account, to be funded by monthly deposits of $292 following Completion of the Project, and to be used to make capital improvements and repairs to the Project having useful lives of one year or more.

  • 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.

  • The cost of each such CNA report may be paid from the Reserve Fund for Replacements.

  • A Reserve Fund for Replacements exists for most projects with HUD-insured, formerly coinsured, and HUD-held mortgages.

  • The amounts so deducted shall be deposited in the Reserve Account and shall be recorded on the Books and Records as the Reserve Fund for Replacements, Substitutions and Additions to Furniture and Equipment.

  • In connection with the Reserve Fund for Replacements, the Lender shall obtain a new Capital Needs Assessment (“CNA”) for HUD to evaluate on or before the ten (10) year anniversary date of the latest CNA.

  • In addition, a schedule of funds in the bank must be attached showing each depository by name, account title, and balance, including funds held in the Reserve Fund for Replacements and the Residual Receipts Accounts whether these accounts are maintained by a mortgagee or by the mortgagor.


More Definitions of Reserve Fund for Replacements

Reserve Fund for Replacements means the Reserve Fund for Replacements so designated. “Reserve Fund for Replacements Requirement” means $[ ].
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Related to Reserve Fund for Replacements

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Reserve Fund Deposit With respect to the Reserve Fund, an amount equal to $5,000, which the Depositor shall initially deposit into the Reserve Fund pursuant to Section 3.21 hereof.

  • Reserve Fund Property means, the Reserve Fund Initial Deposit and all proceeds thereof and all other amounts deposited in or credited to the Reserve Fund from time to time under this Agreement, all Eligible Investments made with amounts on deposit therein, all earnings and distributions thereon and proceeds thereof.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Funds means, collectively, the Tax and Insurance Escrow Fund, the Replacement Reserve Fund, the Required Repair Fund, the Initial Renovation Reserve Fund, the Interest Reserve Fund, the General Reserve Fund, any funds on deposit in the Construction Loan Reserve Account, any Shortfall Funds and any other escrow fund established pursuant to the Loan Documents.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Reserve Fund Requirement means (i) on any Payment Date other than a Payment Date described in clause (ii), an amount equal to 0.50% of the Aggregate Securitization Value of the 2013-1 Leases as of the Cutoff Date or (ii) on any Payment Date occurring on or after the date on which the Note Balance has been reduced to zero, zero.

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Trustee pursuant to Sections 3.07(b) and 3.07(c) in the name of the Trustee for the benefit of the Regular Certificateholders and designated "Deutsche Bank, National Trust Company in trust for registered Holders of Morgan Stanley ABS Capital I Inc. Trust 2006-HE3, Mortgage Pass-Through Xxxxxfxxxxxx, Series 2006-HE3." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Reserve Accounts means the Tax and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • Reserve Fund Required Amount means, (i) for any Payment Date on which the Note Balance is greater than $0, $4,792,570.75 (i.e., 0.25% of the Cutoff Date Adjusted Pool Balance) or (ii) if the Notes have been paid in full, $0.

  • Reserve Fund Initial Deposit means the initial deposit of cash in the amount of $3,846,153.85 made by or on behalf of the Seller into the Reserve Fund on the Closing Date.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Custodial Accounts Each custodial account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Purchasing and Servicing Agreement or Servicing Agreement, as applicable.

  • Replacement Reserve As defined in Section 9.5.1.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Replacement Servicer has the meaning assigned to that term in Section 6.01(c).

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Basis Risk Reserve Fund A fund created as part of the Trust Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any of the REMICs.

  • Debt Service Reserve Fund Requirement means, with respect to the 2013 Series C Bonds and as of each determination date, an amount equal to maximum annual debt service on the 2013 Series C Bonds Outstanding from time to time and, with respect to any other Series of Bonds, the amount set forth in the Related Series Indenture.

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • REO Account The account or accounts maintained by the Master Servicer in respect of an REO Property pursuant to Section 3.23.