Surplus Account Sample Clauses
A Surplus Account clause defines how excess funds or profits, remaining after all obligations and expenses have been met, are to be managed or distributed within an organization or agreement. Typically, this clause outlines the process for calculating the surplus, specifies who is entitled to receive distributions, and may set conditions for retaining or reinvesting the surplus. Its core practical function is to ensure transparency and fairness in handling surplus funds, thereby preventing disputes and clarifying financial expectations among the parties involved.
Surplus Account ss.6.12(c) Surviving Corporation....................................................ss.1.01 Taxes.............................................................ss.3.13(a)(iv) Termination Date......................................................ss.8.01(b) Year 2000 Compliant.......................................ss.3.12(c), ss.4.12(b) AGREEMENT AND PLAN OF MERGER dated as of February 13, 2000 (this "Agreement") between HEALTHEON/WEBMD CORPORATION, a Delaware corporation ("Parent"), and MEDICAL MANAGER CORPORATION, a Delaware corporation (the "Company").
Surplus Account. The Borrower has established the Surplus Account, and the balance of the Surplus Account on the date hereof is equal to, or in excess of $*, which amount includes $* in respect of an initial Tax payment from the Beneficiary.
Surplus Account. If certain capital improvement expenditures have been authorized by the GWCCA and StadCo as described in Section 10.2 or have been approved by StadCo without GWCCA approval under Section 10.4(d), but there are insufficient funds in the NSP Renewal and Extension Account to pay for such capital improvement(s), any amounts then on deposit in the Surplus Account will be used first for such authorized capital improvement(s), and any remaining proceeds therein may then be used for unfunded operating expenses or any other lawful purpose (as determined by the GWCCA and StadCo) for the benefit of the NSP.
Surplus Account. The Surplus Account shall be established by the Escrow Bank in the name of the SPC.
▇. ▇▇▇▇▇▇▇▇▇▇▇ from the Surplus Account The Escrow Bank shall pay, from time to time, to the SPC, within three (3) days of receiving directions in this regard from the SPC, such amounts from the Surplus Account as the SPC may direct. Provided however, in the event of the Escrow Bank receiving directions from the Lenders or their agent/ trustee, then the Escrow Bank shall follow the instructions of the Lenders (or their agents/ trustee) in relation to the Surplus Account and amounts therein.
Surplus Account. On the Business Day following the last Interest Payment Date of each Fiscal Year, or on such other date as provided in a Supplemental Trust Agreement, any moneys remaining in the Bond Fund shall be deposited by the Trustee in the Surplus Account. So long as no Event of Default has occurred and is continuing, moneys deposited in the Surplus Account shall be transferred by the Trustee to or upon the order of the Local Agency, as specified in a Written Request of the Local Agency.
Surplus Account. Notwithstanding the foregoing, a District need not establish a Subordinate AV Obligation Payment Account or a Subordinate Revenue Obligation Payment Account unless and until it has incurred Subordinate AV Obligations or Subordinate Revenue Obligations, respectively; a District need only establish a Rate Stabilization Account if and when it deems the establishment of such account to be necessary or appropriate for the management of its financial affairs.
Surplus Account. So long as no Event of Default of the City has occurred and is continuing hereunder or under the 2021 Installment Sale Agreement, the Trustee shall transfer or deposit amounts in the Surplus Account as instructed in a Certificate signed by an Authorized City Representative and the City may use amounts so released from the Surplus Account for any purpose permitted by applicable law, including without limitation the Measure M Ordinance, the Measure R Ordinance, and the Proposition C Ordinance.
Surplus Account. The Trustee, on or before October 1 of each year, beginning on October 1, 2015, shall deposit in the Surplus Account all money remaining in the Wastewater Revenue Fund after the deposits required by Section 4.03 and subsections (a), (b) and (c) of this section have been made. On October 31 of each year, beginning on October 31, 2015, the Trustee, if the Authority is not then in default hereunder, shall disburse the money in the Surplus Account to the City.
Surplus Account. Moneys deposited in the Surplus Account will be transferred by the Fiscal Agent at the direction of an Authorized Officer of the District (i) to the Interest Account and the Principal Account of the Bond Fund to pay the principal of, including mandatory sinking fund payments, premium, if any, and interest on the Bonds and any Parity Bonds when due in the event that moneys in the Special Tax Fund and the Reserve Fund are insufficient therefor; (ii) to the Reserve Fund in order to replenish the Reserve Fund to the Reserve Requirement; (iii) to the Administrative Expense Fund to pay Administrative Expenses to the extent that the amounts on deposit in the Administrative Expense Fund are insufficient to pay Administrative Expenses; and (iv) to the Project Account of the Improvement Fund to pay for additional costs of the Project until September 1, 2023, after which date no further deposits shall be made to the Project Account. The amounts in the Surplus Account are not pledged to the repayment of the Bonds or the Parity Bonds and may be used by the City for any lawful purpose, including the Project. In the event that the City reasonably expects to use any portion of the moneys in the Surplus Account to pay debt service on any 2018 Bonds or Parity Bonds, the City will notify the Fiscal Agent in a certificate of an Authorized Officer and the Fiscal Agent will segregate such amount into a separate subaccount and the moneys on deposit in such subaccount of the Surplus Account shall be invested at the written direction of the City in Permitted Investments the interest on which is excludable from gross income under Section 103 of the Code (other than bonds the interest on which is a tax preference item for purposes of computing the alternative minimum tax of individuals under the Code) or in Permitted Investments at a yield not in excess of the yield on the issue of 2018 Bonds or Parity Bonds to which such amounts are to be applied, unless, in the opinion of Bond Counsel, investment at a higher yield will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the 2018 Bonds or any Parity Bonds which were issued on a tax-exempt basis for federal income tax purposes.
Surplus Account. All moneys remaining in the System Fund, after crediting the required amounts to the respective accounts hereinabove provided for, and after making up any deficiency in the accounts described in subsections (a) to (c), inclusive, shall be credited each month to the Surplus Account. Funds in the Surplus Account shall first be used to make up any subsequent deficiencies in the Depreciation Account and thereafter in any of the other accounts hereinabove named, secondly shall be used for the purpose of paying principal of and interest on subordinate or junior ▇▇▇▇ ▇▇▇▇▇ or obligations issued for the purpose of acquiring or constructing repairs, replacements, or improvements or extensions to the System (which such bonds or obligations are hereby expressly authorized to be issued payable from the Surplus Account), and thirdly, at the discretion of the Corporate Authorities, shall be used for one or more of the following purposes without any priority among them:
(1) For the purpose of constructing or acquiring repairs, replacements, or improvements to the System; or
(2) For the purpose of calling and redeeming Outstanding Bonds which are callable at the time; or
(3) For the purpose of purchasing Outstanding Bonds at the time at a price of not to exceed par and accrued interest to the date of purchase; or
(4) For any other lawful corporate purpose (including but not limited to payments in lieu of taxes and general supervision and administrative charges by the City).