Unit Reserve Amount definition

Unit Reserve Amount means beginning on Completion of Construction an amount to be deposited by the Borrower pursuant to the Financing Agreement solely from Surplus Cash, or from amounts received pursuant to the Guaranty, to the Replacement Reserve Fund based on $300 times the number of apartment units in the Project shall be paid semiannually on each January 1 and July 1 (commencing on the first January 1 or July 1 after the Final Completion of Construction) into the Replacement Reserve Fund established pursuant to the Supplemental Indenture; provided, that such Unit Reserve Amount shall be offset by the amount of any Monthly Deposit or Revised Monthly Deposit (as such terms are defined in the Replacement Reserve Agreement) required by the Credit Facility Provider pursuant to the Replacement Reserve Agreement; and provided, further that even in the event the Revised Monthly Deposit exceeds the Monthly Deposit, the Supplemental Indenture shall always remain applicable.
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Unit Reserve Amount means, beginning on the Completion Date, an amount to be deposited by the Borrower pursuant to the Financing Agreement solely from Surplus Cash, or from amounts received pursuant to the Guaranty, to the Replacement Reserve Fund based on $300 times the number of apartment units (62) at the Project, which amount, equal to $18,600, shall be paid semiannually on each April 1 and October 1 (commencing on the first April 1 or October 1 after the Completion Date) into the Replacement Reserve Fund established pursuant to the Supplemental Indenture. For purposes of this definition, “Completion” has the meaning ascribed thereto in the Borrower’s Partnership Agreement.
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Unit Reserve Amount means during the first twelve months following completion of construction and equipping of the Project, an amount equal to $ times the number of apartment units at the Project, which amount shall be increased (i) as of the first day of the first full month of each succeeding twelve month period by the amount by which the cost of living (as reflected in the Consumer Price Index for the metropolitan area in which the Project is located, or any successor or substitute index) as of the last calendar month of the immediately preceding twelve month period exceeded such cost of living as of the last calendar month of the prior twelve month period and (ii) not more frequently than once every five years upon the written direction of the Servicer by an amount reasonably determined by the Servicer, based on a physical needs assessment in respect of the Project, as necessary to meet the upcoming capital needs of the Project.
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Examples of Unit Reserve Amount in a sentence

  • Notwithstanding any other provision of the Supplemental Indenture, the Financing Agreement or any other Bond Mortgage Loan Document, failure by the Borrower to make a deposit of the Unit Reserve Amount into the Replacement Reserve Fund shall not constitute an Event of Default hereunder nor under the Financing Agreement nor any other Bond Mortgage Loan Document.

  • Replacement Reserve Fund Beginning on the first to occur of April 1 or October 1 after the Loan Conversion Date, the Unit Reserve Amount shall be deposited on each April 1 and October 1 in the Replacement Reserve Fund solely from Surplus Cash, if any, or amounts received pursuant to the Guaranty.

  • Replacement Reserve Fund Beginning on the first to occur of January 1 or July 1 after the Loan Conversion Date, the Unit Reserve Amount shall be deposited on each January 1 and July 1 in the Replacement Reserve Fund solely from Surplus Cash, if any, or amounts received pursuant to the Guaranty.

  • Notwithstanding any other provision of the Supplemental Indenture, the Financing Agreement or any other Bond Mortgage Loan Document, failure by the Borrower to make a deposit of the Unit Reserve Amount into the ReplacementReserve Fund shall not constitute an Event of Default hereunder nor under the Financing Agreement nor any other Bond Mortgage Loan Document.


More Definitions of Unit Reserve Amount

Unit Reserve Amount means beginning on the Completion Date, an amount to be deposited by the Borrower pursuant to the Financing Agreement solely from Surplus Cash, or from amounts received
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Unit Reserve Amount means during the first twelve months following completion of construction and equipping of the Project, an amount equal to $600 times the number of apartment units at the Project, which amount shall be increased (i) as of the first day of the first full month of each succeeding twelve month period by the amount by which the cost of living (as reflected in the Consumer Price Index for the metropolitan area in which the Project is located, or any successor or substitute index) as of the last calendar month of the immediately preceding twelve month period exceeded such cost of living as of the last calendar month of the prior twelve month period and
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Related to Unit Reserve Amount

  • Reserve Amount means, for any Payment Date, the amount of cash or other immediately available funds in the Reserve Account on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date.

  • Required Reserve Amount means, with respect to any Payment Date, the lesser of (a) 0.25% of the difference of the Aggregate Starting Principal Balance less the Yield Supplement Overcollateralization Amount as of the applicable Cutoff Date of all Receivables transferred to the Trust and (b) the Outstanding Amount of the Notes.

  • 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 [*];

  • Professional Fee Reserve Amount means the total amount of Professional Fee Claims estimated in accordance with Article II.A.2(c) of the Plan.

  • Available Reserve Account Amount means, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.

  • Required Accumulation Reserve sub-Account Amount means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2022-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

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

  • Interest Reserve means, for any Calculation Period, the product (expressed as a percentage) of (i) 1.5 times (ii) the Alternate Base Rate as of the immediately preceding Cut-Off Date times (iii) a fraction the numerator of which is the highest Days Sales Outstanding for the most recent 12 Calculation Periods and the denominator of which is 360.

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • Specified Reserve Account Balance means, for any Payment Date, an amount equal to 2.00% of the Pool Balance as of the Cut-Off Date; provided, however, on any Payment Date after the Notes are no longer Outstanding following payment in full of the principal and interest on the Notes, the “Specified Reserve Account Balance” shall be $0.