Common use of RESIDUAL RECEIPTS Clause in Contracts

RESIDUAL RECEIPTS. a. Non-Profit and Public Body Borrowers that are prohibited from making or taking Distributions pursuant to this Agreement and Program Obligations, for so long as they are so prohibited, 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].

RESIDUAL RECEIPTS. a. To the extent that a Non-Profit and Public Body Borrowers that are Borrower is prohibited from making or taking Distributions pursuant to this Agreement and Program Obligations, for so long as they are so prohibited, such 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].

RESIDUAL RECEIPTS. a. Non-Profit and Public Body Borrowers that are prohibited from making or taking Distributions pursuant to this Agreement and Program Obligations, for so long as they are so prohibited, 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]...