Operating Surplus. Any operating surplus shall be held by the Authority. The Authority may allocate any operating surplus as it deems appropriate for the mission of the Cemetery.
Operating Surplus. If, at any time, the Provider accumulates an Operating Surplus, BC Housing in its sole discretion, may:
a. require the Provider to make a repayment to BC Housing, in an amount to be determined by BC Housing; or
b. allow the Provider to retain a portion of the Operating Surplus, in which case the Provider may make expenditures, as approved by BC Housing, to:
i. make payments for programs for the benefit of the Residents where such programs are related to the Support Services and are consistent with the goals of this Agreement; or
ii. make payments for capital repairs, renovations or improvements at the Development.
Operating Surplus. All distributions made by MLP during its existence have been made from Operating Surplus (as such term is defined in the MLP Partnership Agreement).
Operating Surplus. All distributions made by Buyer during its existence have been made from Operating Surplus (as such term is defined in the Buyer Partnership Agreement).
Operating Surplus. The Provider may retain the Operating Surplus and it may be used in order of priority as follows:
a. remedy an Operating Deficit incurred in a previous Fiscal Year;
b. establish and maintain the Operating Reserve;
c. transfer to the Capital Fund; or
d. any other purpose that is consistent with the provision of affordable housing, as approved by BC Housing.
Operating Surplus. For any period “Operating Surplus” is:
(A) $20 million (which may be increased to $30 million as described below); plus
(B) all of the Corporation’s cash receipts since closing of the Merger, excluding cash receipts from Interim Capital Transactions; plus
(C) interest (after giving effect to interest rate swap agreements) paid on debt incurred and cash dividends paid on equity securities issued by the Corporation, in each case, to finance all or any portion of the construction, replacement or improvement of a capital asset such as vessels (other than the Corporation’s Contracted Fleet) during the period from such financing until the earlier to occur of the date the capital asset is put into service or the date that it is abandoned or disposed of; plus
(D) interest (after giving effect to interest rate swap agreements) paid on debt incurred and cash dividends paid on equity securities issued by the Corporation, in each case, to pay the construction period interest on debt incurred, or to pay construction period dividends on equity issued, to finance the construction projects described in (C) above; less
(E) Operating Expenditures; less
(F) Maintenance Capital Expenditures; less
(G) a reserve for the estimated cost of future drydockings; less
(H) the amount of cash reserves established by the Board of Directors for future (1) Operating Expenditures and (2) Maintenance Capital Expenditures. The $20 million amount in (A) above may be increased by the Board of Directors to $30 million only if the Board of Directors determines that such increase is necessary to allow it to pay all or part of the Base Dividend on the Class A Common Shares. This $20 million amount cannot be increased in any period in which a dividend on the Class B Common Shares is paid or is otherwise payable from Operating Surplus. For purposes of calculating Operating Surplus, any dividends that are paid on the Preferred Shares will be treated as if they were interest payments and not dividends. Notwithstanding the foregoing, the construction or application of this definition of Operating Surplus as outlined above may be adjusted in the case of any particular transaction or matter or type of transaction or matter if the Board of Directors, with the concurrence of the Corporation’s audit committee, is of the opinion that such an adjustment is necessary or appropriate to further the overall purpose and intent of the definition of Operating Surplus, so long as such adjustment will not adversely af...
Operating Surplus. All distributions made by WPZ during its existence have been made from Operating Surplus or Capital Surplus (as such terms are defined in the WPZ Partnership Agreement).
Operating Surplus. In the event that the Operating Budget shows that an Owner's allocated share of income has exceeded his/her allocated share of Mandatory Expenditures, the Property Manager shall distribute the excess to such an Owner on an annual basis. The intention of an Owner to challenge an Operating Budget shall not provide a legitimate basis for not paying a distribution based upon it; rather, the distribution shall be payable in full until the date (if any) when the Operating Budget is altered through arbitration. If an Operating Budget is changed through arbitration, the change shall be retroactive to the date the Operating Budget first became effective, the Property Manager shall reconcile any Owner distributions based upon it, and the recipient Owner shall refund to the Property Manager Operating Account any overpayments. If a surplus shown in the Operating Budget turns out to be inaccurate, the Manager shall adjust the Operating Budget as provided in Subsection 4.2D, and adjust any distributions based upon it accordingly. If an Owner otherwise entitled to such a distribution has outstanding monetary obligations to the PHC or to another Owner under the terms of this Agreement, the amounts of such obligations shall be withheld from such Owner's distribution and paid directly to the party or parties to whom they are owed.
Operating Surplus. If, at any time, the Provider accumulates an Operating Surplus, BC Housing at its sole discretion, may:
a. require the Provider to make a repayment to BC Housing, in an amount to be determined by BC Housing;
b. adjust the Support Services Budget;
c. allow the Provider to retain a portion of the Operating Surplus, in which case the Provider will make expenditures, as approved by BC Housing, from the Operating Surplus to:
i. remedy an Operating Deficit incurred in a previous Fiscal Year; or
ii. make payments towards programs that are beneficial to the Recipients; and
d. allow the Provider to make payments for any other purpose that is consistent with the provision of affordable housing.
Operating Surplus. 1. The Provider may retain any operating surplus in each Fiscal Year, and may, with prior approval from BC Housing, make payments out of the operating surplus to provide additional Housing Benefits to eligible Recipients as described in this Agreement.
