Reserve Fund for Replacements. 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 shall make an initial deposit into the Reserve Fund for Replacements equal to $404,000 not later than the making of the First Installment and shall make subsequent deposits into the Reserve Fund for Replacements equal to $60,700 annually commencing in 1998; such deposits may be suspended only as approved by the Lender and/or BCTC 94, Inc. 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 Reserve Fund for Replacement shall remain under the joint control of the Lender and, until the expiration of the HAP Contract, HUD. 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.
Reserve Fund for Replacements. The following is hereby added to the end of the first subparagraph of paragraph 2(a) of the Agreement: The amount of the monthly deposits to the reserve fund for replacements shall be subject to change in accordance with the requirements of the Secretary, but such change can be accomplished by a letter from HUD to the Owner and will not necessitate an amendment to the Agreement. In connection therewith, every ten (10) years, the mortgagee shall obtain a physical and capital needs assessment report for the Secretary to evaluate. The cost of such report may be paid from the reserve fund for replacements. In addition to the required monthly deposits to the said reserve fund, Original Borrower made an initial deposit in an amount not less than $219,000.
Reserve Fund for Replacements. The following is hereby added to the end of the first subparagraph of paragraph 2(a) of the Agreement: The amount of the monthly deposits to the reserve fund for replacements shall be subject to change in accordance with the requirements of the Secretary, but such change can be accomplished by a letter from HUD to the Owner and will not necessitate an amendment to the Agreement. In connection therewith, every ten (10) years, the mortgagee shall obtain a physical and capital needs assessment report for the Secretary to evaluate. The cost of such report may be paid from the reserve fund for replacements. [Insert if applicable] In addition to the required monthly deposits to the said reserve fund, Owners shall make an initial deposit in an amount not less than $__________. [Insert if applicable] In addition to the required monthly deposits to the said reserve fund, the balance in the replacement reserve fund existing with respect to the project under FHA Project No. _____________ [old project number] shall be transferred to the replacement reserve fund to be established pursuant to this Agreement under FHA Project No. _____________ [new project number].
Reserve Fund for Replacements. The Partnership shall satisfy HUD's requirements as to the Reserve Fund for Replacements as to the Apartment Complex by making monthly deposits into the Reserve Fund for Replacements in an amount equal to $3,867 per month, or such other amount as the Lender shall require pursuant to the Project Documents, commencing January 1, 1996. In addition, the General Partner hereby acknowledges and agrees that it shall deposit additional funds into the Reserve Fund for Replacements, on an annual basis, in amounts equal to any and all amounts which it receives as distributions of Net Cash Flow pursuant to Section 11.01(a) of this Agreement with respect to all fiscal years of the Partnership through the fiscal year ending December 31, 2002. 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. Withdrawals from the Reserve Fund for Replacements shall be made only with the Consent, or upon the direction, of the Lender. Operating Reserve Account. At or prior to Substantial Completion, the Developer shall satisfy the requirements of the Lender and the Investment Partnership by establishing an Operating Reserve Account, in the amount of $350,000 as a separate interest-bearing account in a financial institution designated by the General Partner, subject to the reasonable approval of the Lender and of BCTC 94. Such Operating Reserve Account shall be established from the proceeds of the Second and Third Installments and shall be funded by two deposits, of which $267,566 shall be deposited upon the receipt of the Second Installment, and $82,434 shall be deposited upon the receipt of the Third Installment. Funds on deposit in the Operating Reserve Account shall be employed solely for the payment of Operating Deficits (which are defined as existing when the total of all operating and other income is insufficient to pay all Apartment Complex operating expenses, debt service payments with respect to the Mortgage Loan, and all other expenditures provided for in the then-applicable operating budget approved pursuant to Section 8.20 of this Agreement, specifically including the Asset Management Fee, and specifically excluding the Incentive Partnership Management Fee). All interest earnings on funds...
Reserve Fund for Replacements. The Company shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Lender and BCTC 94, Inc. The Company shall make deposits into the Reserve Fund equal to $7,500 annually commencing in 1997 through and including 2001, with a pro rata share to be paid for 1996 (the "Initial Required Deposit") and thereafter, commencing in 2002, the Company shall make deposits into the Reserve Fund equal to $8,750 annually (the "Working Required Deposit") (collectively, the Initial Required Deposit and the Working Required Deposit shall be known as the "Required Deposit"); such deposits may be suspended only as approved by the Lender and/or BCTC 94, Inc. 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 Reserve Fund for Replacement shall remain under the joint control of the Member-Manager and BCTC 94, Inc. Withdrawals from the Reserve Fund for Replacements shall be made only with the Consent, or upon the direction, of the Lender; 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 Member-Manager and BCTC 94, Inc.
Reserve Fund for Replacements. The Reserve Fund for Replacements has been established by the Seller pursuant to the requirements of the Lender with respect to the Apartment Complex, and shall remain in existence subsequent to the Initial Closing, and continue to be governed by the provisions of the Regulatory Agreement. The Reserve Fund for Replacements is expected to have a balance of approximately $400,000 as of the Initial Closing; such balance will be reduced to approximately $200,000 at the Initial Closing as a result of the Replacement Reserve Withdrawal. From and after the Initial Closing, the Partnership shall satisfy the Lender's requirements as to the Reserve Fund for Replacements as to the Apartment Complex by making monthly deposits into the Reserve Fund for Replacements in an amount equal to $3,300 per month, or such other amount as the Lender shall require pursuant to the Project Documents. 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. Proposals or requisitions for withdrawals from the Reserve Fund for Replacements shall be submitted to the Lender by the General Partner only with the Consent, or upon the direction, of BCTC 94; withdrawals from the Reserve Fund for Replacements shall be made only with the Consent of the Lender.
Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Letter of Credit Issuer and BCTC 94, Inc. The Partnership shall make deposits into the Reserve Fund at the rate of $3,633 per month commencing on the first day of the month following the Debt Service Coverage Date (as defined in the Letter of Credit and Reimbursement Agreement); such deposits may be suspended only as approved by the Letter of Credit Issuer and/or BCTC 94, Inc. 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 Reserve Fund for Replacement shall be maintained in an account established with the Letter of Credit Issuer and shall remain under the joint control of the General Partner and BCTC 94, Inc. Withdrawals from the Reserve Fund for Replacements shall be made only with the Consent, or upon the direction, of the Letter of Credit Issuer, the General Partners and BCTC 94, Inc.
Reserve Fund for Replacements. On or before Final Closing, the Partnership shall establish and maintain a Reserve Fund for Replacements as a separate special account as required by the Second Mortgage Lender and/or BCTC 94. The Partnership shall make monthly deposits into the Reserve Fund for Replacements in the amount of $334, or such greater amount as shall be required by the Second Mortgage Lender. 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. Withdrawals from the Reserve Fund for Replacements shall be made only with the consent, or upon the direction, of the Second Mortgage Lender; provided, however, that if such consent of the Second Mortgage Lender is not required, such withdrawals may be made only with the Consent, or upon the direction, of BCTC 94. (b)
Reserve Fund for Replacements. Upon the earlier of: (i) the Final Closing, or (ii) the date four (4) months from and after the occurrence of Substantial Completion, the General Partners shall satisfy BCTC 94's requirements by establishing the Reserve Fund for Replacements as a separate interest-bearing account in an FDIC-insured financial institution. Thereafter, the General Partners shall cause deposits to be made into the Reserve Fund for Replacements in an annual amount of $22,400, to be paid in monthly installments of not less than $1,866.66; provided, however, that the parties hereto acknowledge and agree that if, upon the occurrence of the Final Closing, the Lender shall require deposits into the Reserve Fund for Replacements in amounts greater than those set forth above in this Section 8.18(a) and/or other changes in the terms and conditions applicable to the funding, maintenance, and/or employment of the Reserve Fund for Replacements, such requirements of the Lender shall control. Funds in the Reserve Fund for Replacements are intended to be employed only for the replacement as needed of fixtures, equipment, structural elements and other components of the Apartment Complex of a capital nature, and not for any items considered normal operating expenses. All interest earnings on the Reserve Fund for Replacements shall be retained therein for the aforesaid purposes. Withdrawals from the Reserve Fund for Replacements shall: (i) be made not more frequently than quarterly, unless specifically Consented to by BCTC 94; (ii) be reported to BCTC 94 by written Notice within two (2) business days of their making; and (iii) be made only with the Consent of BCTC 94 in the event that the aggregate amount of such withdrawals (excluding withdrawals in accordance with a budget approved pursuant to Section 8.19 below) exceeds $2,500 in any calendar quarter.
Reserve Fund for Replacements. The Partnership shall establish a Reserve Fund for Replacements with respect to the Apartment Complex, as required by the Special Limited Partner The Partnership shall make an initial deposit into the Reserve Fund for Replacements equal to $1,600 from the proceeds of the First Installment funded under Section 5.01(c)(i) and shall make subsequent deposits into the Reserve Fund for Replacements equal to $4,800 annually commencing in 1999; such deposits may be suspended only as approved by the Special Limited Partner. 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 Reserve Fund for Replacements shall remain under the control of the Special Limited Partner. Withdrawals from the Reserve Fund for Replacements shall be made only upon the direction of the General Partner and the Special Limited Partner.
