Funds Dedicated to Particular Purpose. Funds held in a Reserve Account are not to be used to fund Reserve Items contemplated by a different Reserve Account, and Borrower may not use and Lender shall have no obligation to apply funds from one Reserve Account to pay for Reserve Items contemplated by another Reserve Account.
Appears in 4 contracts
Samples: Loan Agreement (Resource Real Estate Opportunity REIT, Inc.), Loan Agreement (Consolidated Capital Properties Iv), Loan Agreement (Angeles Income Properties LTD Ii)
Funds Dedicated to Particular Purpose. Funds held in a Reserve Account are not to be used to fund Reserve Items contemplated by a different Reserve Account, and Borrower may not use and Lender shall have no obligation to apply funds from one Reserve Account to pay for Reserve Items contemplated by another Reserve Account. For example, (i) funds held in the Capital Improvements/Deferred Maintenance Escrow Account shall not be used to pay for Replacements and (ii) funds held in the Replacement Reserve Account shall not be used to pay for Capital Improvements/Deferred Maintenance.
Appears in 2 contracts
Samples: Loan Agreement (Macquarie Infrastructure CO LLC), Loan Agreement (Macquarie Infrastructure CO LLC)
Funds Dedicated to Particular Purpose. Funds held in a Reserve Account are not to be used to fund Reserve Items contemplated by a different Reserve Account, and Borrower may not use and Lender shall have no obligation to apply funds from one Reserve Account to pay for Reserve Items contemplated by another Reserve Account. For example, (i) funds held in the Capital Improvements Escrow Account shall not be used to pay for Replacements and (ii) funds held in the Replacement Reserve Account shall not be used to pay for Capital Improvements.
Appears in 1 contract
Samples: Loan Agreement (Macquarie Infrastructure Assets Trust)
Funds Dedicated to Particular Purpose. Funds held in a Reserve Account are not to be used to fund Reserve Items contemplated by a different Reserve Account, and Borrower may not use and Lender shall have no obligation to apply funds from one Reserve Account to pay for Reserve Items contemplated by another Reserve Account. For example, funds held in the Replacement Reserve Account shall not be used to pay for Immediate Repairs.
Appears in 1 contract
