RESIDUAL RECEIPTS. (a) 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.
Appears in 8 contracts
Samples: Regulatory Agreement (Summit Healthcare REIT, Inc), omb.report, Healthcare Regulatory Agreement (Summit Healthcare REIT, Inc)
