Residual Receipts Sample Clauses
Residual Receipts. Any Non-Profit Borrower shall establish and maintain a Residual Receipts account. Unless and until otherwise approved in writing by HUD, Residual Receipts and the Residual Receipts account shall be restricted as set forth in this Section 17. Within ninety (90) days after the end of the annual or semi-annual fiscal period for which Surplus Cash is calculated, Borrower shall deposit into the Residual Receipts account an amount equal to the excess, if any, of (i) Surplus Cash as of the end of such fiscal period over (ii) the amount of any permitted Distributions therefrom. Residual Receipts shall be deposited with Lender or in a safe and responsible depository designated by Lender in accordance with Program Obligations. Residual Receipts shall at all times remain under the control of Lender or Xxxxxx’s designee, whether in the form of a cash deposit or invested in obligations of, or fully guaranteed as to principal by, the United States of America or in such other investments as may be allowed by HUD and shall be held in accounts insured or guaranteed by a federal agency and in accordance with Program Obligations. Borrower shall carry the balance in such account on the financial records as a restricted asset. Residual Receipts shall be invested in accordance with Program Obligations, and any interest earned on the investment shall be deposited in the Residual Receipts account for use by the Project in accordance with this Section 17. Disbursements from such account shall only be made after consent, in writing, of HUD, which may be given or withheld in its sole discretion, provided that, if the Non-Profit Xxxxxxxx has been permitted to take Distributions as indicated on the first page of this Agreement, then HUD shall apply the conditions enumerated in Section 16(e) in granting or withholding such consent. In the event of a notification of default under the terms of the Borrower Security Instrument, pursuant to which the Indebtedness has been accelerated, a written notification by HUD to Borrower of a violation of this Agreement or at such other times as determined solely by HUD, HUD may direct the application of the balance in such account to the amount due on the Indebtedness as accelerated or for such other purposes as may be determined solely by HUD. Upon Borrower’s full satisfaction of all its obligations under the Loan Documents and the First Mortgage Documents, all funds remaining in the Residual Receipts account shall be released to the Borrower. Borro...
Residual Receipts. Subject to the adjustments described in Section 10 of this Note, prior to the expiration of the fifty-five (55) year Term hereof or in an event of acceleration described in subsections (a) and (b) of Section 7, Borrower shall be obligated to repay the City Loan exclusively from the City’s Share of Residual Receipts, as follows:
(a) Annually, not later than the first day of May (commencing with such date occurring in the year after the year in which the City of San Diego issues a certificate of occupancy for the Property) (the “Payment Date”), Borrower shall submit to City an audited Annual Financial Statement for the preceding calendar year, prepared by an independent certified public accountant reasonably acceptable to the City, determining the amount of Affordable Housing Residual Receipts, if any, generated in that year. The first such Annual Financial Statement shall be for a partial year commencing upon the issuance of the certificate of occupancy. The City shall review and approve such Annual Financial Statement, or request revisions, within thirty (30) days after receipt. In the event as the result of the City’s review of the statement, there is an increase in the amount of any payment due and payable to City (as the result, for example, of a determination that the actual amount of Affordable Housing Residual Receipts to which the City is entitled exceeds the amount of City’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower shall promptly pay to the City the difference, with interest, from the date on which such payment was due, at the rate of zero percent (0.0%) over the Prime Rate announced by Bank of America, but in any event within ten (10) days of notice of such increase.
(b) Annually, commencing with the year in which the City of San Diego issues a certificate of occupancy for the Property, Borrower shall calculate its Affordable Housing Residual Receipts as provided in subsection (a) of this Section 8, and pay to the City the City’s Share of Residual Receipts; provided, however that no Affordable Housing Residual Receipts shall be paid to either the City or the Borrower unless and until there are sufficient operating and replacement reserves for the operation and maintenance of the Affordable Units as set forth in Section 18 herein.
Residual Receipts. During the term of this Note, Developer agrees to pay after the end of each calendar year within the time(s) set forth in Section 3 above, the specified percentage of the Phase B Residual Receipts, as described in Section 3 above in this Note and pursuant to the Original Agreement and the Phase B Implementation Agreement. At the end of each year, Developer shall calculate total Annual Project Revenue from Phase B for that year and shall thereupon pay to Authority an amount equal to the specified percentage of the Residual Receipts set forth above in Section 3 of this Note. If there are no Residual Receipts, then no payment is due for that year and no corresponding adjustment to the principal amount of the Promissory Note outstanding shall be made.
Residual Receipts. Subject to the adjustments described in Section 10 of this Note, prior to the expiration of the 55-year Term hereof, Borrower shall be obligated to repay the Agency 20% Loan from the Agency’s Share of Residual Receipts, as follows: Annually, not later than the last day of April, beginning with the year following the year in which the Completion occurs, Borrower shall submit to Agency an audited Annual Financial Statement for the preceding calendar year, prepared by a certified public accountant reasonably acceptable to the Agency, determining the amount of Residual Receipts, if any, generated in that year. The first such Annual Financial Statement shall be for the partial year beginning on the Completion and ending on December 31 of that year. The Agency shall review and approve such Annual Financial Statement, or request revisions, within 30 days after receipt. In the event as the result of the Agency’s review of the statement, there is an increase in the amount of any payment due and payable to Agency (as the result, for example, of a determination that the actual amount of Residual Receipts to which the Agency is entitled exceeds the amount of Agency’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower shall promptly pay to the Agency the difference, with interest, from the date on which such payment was due, at the rate of five percent (5%) per annum.
Residual Receipts. Developer shall, annually on or before March 31 in the year following the year in which the final certificate of occupancy for the Project is issued, and annually thereafter for the 55-year term of the Note, pay to Agency an amount equal to fifty-seven percent (57%) of the Residual Receipts from operation of the Project during the preceding calendar year; provided however that if an annual calculation of Residual Receipts results in a figure of zero dollars ($0) or a negative number then no Residual Receipts payment shall be due or payable for such year and further provided that the Residual Receipts payments shall not be applied to reduce the principal owing under this Note; and
Residual Receipts. Any whole or partial repayment of the principal and any other payments as set forth in the Documents shall be made only from Residual Receipts (as defined in the HUD Documents), and then only after obtaining the prior written approval of HUD, or from the Borrower’s own funds.
Residual Receipts. As part of the consideration for the sale to the Corporation by the Government of the Matching Fund Receipts and the Related Rights during the Transfer Period, the Corporation agrees to issue the Residual Certificate in the form annexed hereto as Exhibit A. In accordance with the provisions of Article V of the Indenture, amounts in the Residual Fund (“Residual Receipts”) will be paid to the holder of the Residual Certificate promptly upon any application of the Matching Fund Receipts pursuant to Section 5.06 of the Indenture.
Residual Receipts. A. Residual Receipts shall be distributed as follows:
1. City shall receive an amount equal to fifty percent (50%) of Residual Receipts of the Project (HHH = 41.11%; CDBG-CV = 8.89%) (the “City’s Share”); and
2. Borrower shall receive an amount equal to fifty percent (50%) of Residual Receipts of the Project.
B. Residual Receipts calculations shall be on an accrual basis accounting, and shall be paid to the City on an annual basis. Residual Receipts is defined in Exhibit B as all Revenues from the Project reduced by the following: (1) Operating Expenses calculated on an accrual basis; (2) debt service on senior project debt secured by the senior position deed of trust; (3) deposits to the Operating Reserve Fund; (4) deposits to the Replacement Reserve Fund; (5) deposits to the Supportive Services Reserve Fund (if any), (6) deposits to any other reserve accounts as may be required by HCD; and (7) all asset management and cost recovery fees paid to Borrower. Borrower’s asset management fees and cost recovery fees are calculated as the sum of (1) $1,099 per unit (which sum shall escalate annually from the date of the execution of the City Note at a rate equal to the greater of (a) three percent (3%) or (b) a percentage increase based on the US. Department of Labor Bureau Statistics Los-Angeles-Long Beach-Anaheim, CA Consumer Price Index – All Urban Consumers (CPI-U), and if such index is no longer available, then a comparable index as reasonably selected by Borrower shall be used), and (2) five percent (5%) of the Project’s net revenue, with any unpaid fees to accrue without interest.
C. The City's Share shall be applied first to pay current annual interest due, then the cumulative interest owed, and then to reduce the principal amount of the Loan. Upon payment in full of the Loan, City shall have no further right to payment of any portion of Residual Receipts.
D. The term of the Loan shall be fifty-five (55) years from the date of execution of the City Note, which repayment date may be extended at the sole discretion of Lender if any portion of the Loan remains unpaid. Unless paid in full earlier, the remaining balance of the Loan shall be due and payable in full at the expiration of the term of the Loan.
E. Debt service on all residual receipts loan will not be considered an expense, except for senior debt service identified in Exhibit B, Section 56, Residual Receipts.
Residual Receipts. Any whole or partial repayment of the principal and any other payments as set forth in the County Documents that are made after initial occupancy of the Development and after the PRAC has been executed shall be made only from Residual Receipts (as defined in the HUD Documents), and then only after obtaining the prior written approval of HUD, or from the Borrower's own funds.
Residual Receipts. Only public agencies can receive Residual Receipts.