Net Monetary Assets Sample Clauses

Net Monetary Assets. Within thirty (30) days of a finalized audit for the year prior to the Effective Date, RSU 2 shall pay to the New Xxxxxxxx XXX 24% of RSU 2’s undesignated fund balance as of the June 30 immediately preceding the Effective Date. Funds for summer salary and benefit obligations for that year shall not be included in RSU 2’s undesignated fund balance as of June 30 of that year, but rather shall be treated as encumbered funds to be used to pay salary and benefit obligations of RSU 2. Within thirty (30) days of that finalized audit, RSU 2 shall pay to the New Xxxxxxxx XXX, in full, all other reserve funds, scholarship funds, grant moneys and donations that are specifically dedicated to Richmond School Facilities or to Richmond students, and 24% of all capital reserve accounts held by RSU 2 as of June 30 of the year prior to the Effective Date, less amounts approved for capital projects by RSU 2 voters. The audit relied upon by RSU 2 to determine the amount of the year end undesignated fund balance, balances for the capital reserve accounts, and balances for reserve funds, scholarship funds, grant moneys and donations dedicated to Richmond School Facilities or to Richmond students shall be based upon, and shall take into account accrued expenses pursuant to generally accepted accounting principles.
Sample 1
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Net Monetary Assets. (1) Undesignated Fund Balances after Final Audit and Allocation of Net Monetary Assets. T h e net monetary assets subject to allocation under this provision is that amount which is the difference between the undesignated fund balances remaining in RSU 12 accounts at the end of the last fiscal year prior to the Effective Date and the sum for which the New Wiscasset SAU has assumed liability under subsection (C)(2) below. These net monetary assets shall be allocated between RSU 12 and the New Wiscasset SAU after the completion of RSU 12's year-end audit for the fiscal year prior to Wiscasset's withdrawal. The undesignated fund balance used in the determination of the net monetary assets to be allocated shall be determined in accordance with generally accepted accounting principles as determined by final audit, including adjustments for encumbrances for all RSU 12 summer salary and benefits owed for that year. RSU 12 will pay the New Wiscasset SAU 26.01% of such net monetary assets remaining as of the date of withdrawal. Should the resulting undesignated fund balance be positive, RSU 12 will pay the amount due under this paragraph to the New Wiscasset SAU by January 31 following the Effective Date. Otherwise, the New Wiscasset SAU will pay RSU 12 26.01% of the negative undesignated fund balance amount remaining as of the date of withdrawal, such payment being made by January 31 following the Effective Date. The year-end net monetary assets to be allocated under this subsection (C)(1) do not include RSU 12 funds encumbered for the summer salary/benefit liability that the New Wiscasset SAU assumes under subsection (C)(2) as of the Effective Date. Since that assumption by the New Wiscasset SAU is in recognition of a Wiscasset liability that Wiscasset did not fund, it is not shared under this provision. RSU 12 shall conduct its business in good faith and shall not take any action for the purpose of gaining an unfair advantage in the allocation of net monetary assets under this provision.
Sample 1
Net Monetary Assets. The parties agree that RSU 2 will not pay any amount from any funds, assigned or unassigned, general or reserve, to the New Xxxxxxxx XXX or the Town of Richmond in the event that the withdrawal becomes effective, except for any reserve funds, scholarship funds, grant monies and donations that are specifically dedicated to Richmond School Facilities or to Richmond students that have not been expended as of the Effective Date, which shall be paid over to the New Xxxxxxxx XXX in full.
Sample 1

Related to Net Monetary Assets

  • Gross Asset Value The term "Gross Asset Value" means, with respect to any asset, the asset's adjusted basis for federal income tax purposes, except as follows:

  • Net Operating Income For any Real Estate and for a given period, an amount equal to the sum of (a) the rents, common area reimbursements, and service and other income for such Real Estate for such period received in the ordinary course of business from tenants or licensees in occupancy paying rent (excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ or licensees’ obligations for rent and any non-recurring fees, charges or amounts including, without limitation, set-up fees and termination fees) minus (b) all expenses paid or accrued and related to the ownership, operation or maintenance of such Real Estate for such period, including, but not limited to, taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such Real Estate, but specifically excluding general overhead expenses of REIT and its Subsidiaries, any property management fees and non recurring charges), minus (c) the greater of (i) actual property management expenses of such Real Estate, or (ii) an amount equal to three percent (3.0%) of the gross revenues from such Real Estate excluding straight line leveling adjustments required under GAAP and amortization of intangibles pursuant to FAS 141R, minus (d) all rents, common area reimbursements and other income for such Real Estate received from tenants or licensees in default of payment or other material obligations under their lease, or with respect to leases as to which the tenant or licensee or any guarantor thereunder is subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding.

  • Consolidated Fixed Charges On any date of determination, the sum of (a) Consolidated Interest Expense for the period of two (2) fiscal quarters most recently ended annualized (both expensed and capitalized), plus (b) all of the principal due and payable and principal paid with respect to Indebtedness of REIT, the Borrower and their respective Subsidiaries during such period, other than any balloon, bullet or similar principal payment which repays such Indebtedness in full and any voluntary full or partial prepayments prior to stated maturity thereof, plus (c) all Preferred Distributions paid during such period, plus (d) the principal payment on any Capital Lease Obligations. Such Person’s Equity Percentage in the fixed charges referred to above of its Unconsolidated Affiliates and Subsidiaries of Borrower that are not Wholly Owned Subsidiaries shall be included (without duplication) in the determination of Consolidated Fixed Charges.

  • Total Assets Based on total assets at period end. Used primarily to allocate costs associated with the oversight and safeguarding of corporate assets. This would include services provided by financial management and certain finance functions, among others. Also used when the services provided are driven by the relative size and complexity of the System Companies and there is no functional relationship between the services and any other available allocation formula. Based on the number of bank accounts at period end. Used for the allocation of costs associated with daily cash management activities.

  • Interest Expense Coverage Ratio The Borrower will not permit the ratio of (i) Consolidated EBITDA to (ii) Consolidated Cash Interest Expense for any period of four consecutive fiscal quarters to be less than 3.75 to 1.00.

  • Monetary In consideration of, and in full payment for, the Services, the Company hereby agrees to issue to Consultant, subject to the provisions of this paragraph, an aggregate of 50,000 shares of the Company’s common stock, $.001 par value per share (the “Shares”); provided, however, that prior to issuance of any of the Shares, the Company shall file with the Securities and Exchange Commission a registration statement on Form S-8 with respect to the Shares.

  • Minimum Consolidated Fixed Charge Coverage Ratio The Consolidated Fixed Charge Coverage Ratio shall not be less than 1.50 to 1.00, determined based on information for the most recent fiscal quarter annualized.

  • Minimum Consolidated Net Worth The Borrower will not permit its Consolidated Net Worth at any time to be less than the sum of (i) $250,000,000 plus (ii) thirty percent (30%) of the sum of the Consolidated Net Income of the Borrower (with any consolidated net loss during any fiscal quarter counting as zero) for each fiscal quarter of the Borrower commencing with the fiscal quarter of the Borrower ending June 30, 1997.

  • Fixed Charges Coverage Ratio The Company will not permit the Consolidated Fixed Charge Coverage Ratio to be less than 2.00 to 1.00.

  • Business Assets The Company Assets comprise all of the property and assets of the Business, and none of the Vendor or the Significant Shareholders nor any other person, firm or corporation owns any assets used by the Company in operating the Business, whether under a lease, rental agreement or other arrangement;

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