Common use of Replacement Reserve Deposits Clause in Contracts

Replacement Reserve Deposits. On the Effective Date, the parties will establish the Replacement Reserve Fund and Borrower will pay the Initial Replacement Reserve Deposit, if applicable, to Funding Lender for deposit into the Replacement Reserve Fund. Subject to Section 4.04(b), on each Project Loan Payment Date until the Project Loan is paid in full, Borrower will pay the Monthly Replacement Reserve Deposit to Funding Lender for deposit into the Replacement Reserve Fund. A transfer of funds into the Replacement Reserve Fund from any other Reserve Fund in accordance with the terms of this Continuing Covenant Agreement will not alter or reduce the amount of any required Monthly Replacement Reserve Deposit.

Replacement Reserve Deposits. On the Effective Closing Date, the parties will establish the Replacement Reserve Fund and Borrower will pay the Initial Replacement Reserve Deposit, if applicable, to Funding Lender for deposit into the Replacement Reserve Fund. Subject to Section 4.04(b), on each Project Loan Payment Installment Due Date until the Project Loan is paid in full, Borrower will pay the Monthly Replacement Reserve Deposit to Funding Lender for deposit into the Replacement Reserve Fund. A transfer of funds into the Replacement Reserve Fund from any other Reserve Fund in accordance with the terms of this Continuing Covenant Loan Agreement will not alter or reduce the amount of any required Monthly Replacement Reserve Deposit.