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SURPLUS CASH Sample Clauses

SURPLUS CASH. Surplus Cash shall be calculated semi-annually, at the end of the first six months of the Borrower’s annual fiscal year, and at the end of the Borrower’s annual fiscal year. Each Surplus Cash calculation shall be submitted to Lender and HUD with the filing of Borrower’s Annual Financial Reports, unless otherwise required by HUD.
SURPLUS CASH. No surplus cash shall be distributed from the Transferor Partnership after the date of this Agreement unless the amount of such surplus cash has been established in accordance with the Regulatory Agreement. If (a) there shall be no outstanding unresolved HUD audit investigation relating to the Property and (b) such distribution of surplus cash relates only to the period prior to the Closing Date, all such surplus cash shall be distributed to the Transferor Partners prior to Closing; provided however, if as a result of the 1997 annual HUD audit (it being agreed that the BRI Partnership shall consult with the Transferor Agent during the HUD audit procedure), HUD (after final adjudication by regulatory and judicial authorities) determines that all or any portion of such distribution of surplus cash to the Transferor Partners was improper, the Transferor Partners, severally, agree to reimburse the Transferor Partnership immediately upon demand for all amounts so designated by HUD as improper and to indemnify, defend and hold the Transferor Partnership and the BRI Partnership harmless from and against all loss, cost, damage or expense (including reasonable legal fees) suffered or incurred as a result of such improper distribution of surplus cash. In all other cases, there shall be no adjustment at Closing regarding surplus cash, but at such time as HUD approves the distribution of surplus cash for fiscal 1997, the BRI Partnership shall receive all such surplus cash and thereafter the BRI Partnership shall promptly pay to the Transferor Agent, as distribution agent for the Transferor Partners, the Transferor Partners pro-rata share of such surplus cash allocable to the period prior to the Closing Date.
SURPLUS CASH. Consistent at all times with the Borrower's internal Statement of Investment Policy, invest surplus cash in (A) obligations of, or guaranteed by, the United States of America or any agency thereof, (B) short-term certificates of deposit issued by, and time deposits with, any Bank or any other financial institution domiciled in the United States of America with assets of at least $500,000,000, (C) short-term commercial paper rated at least "A1" by Standard & Poors or "P1" by Moody's, and (D) fixed or adjustable rate corporate debt securities with a credit rating of at least double A (Aa/AA) by either Moody's or Standard & Poors, provided that any fixed rate debt securities have a maturity of one year or less;
SURPLUS CASHWithout limiting any provision of the Commercial Tenant Regulatory Agreement, Commercial Tenant specifically acknowledges and agrees to conform to and be bound by the limitations and controls with respect to Distribution(s) and Surplus Cash, as defined and contained in the Commercial Tenant Regulatory Agreement. Surplus Cash will be determined as if the Mortgaged Property is owned and operated by one single purpose entity, by consolidating all income derived from the Mortgaged Property by the Owner, Master Tenant, Commercial Tenant and Residential Tenant (collectively, “All Parties”), (a) and, then determining and excluding therefrom the reasonable expenses incident to the operation and maintenance of the Mortgaged Property, the expenditure and accounting of which shall be governed by HUD regulations, handbooks, guides, directives and the FASS-MF system guides. The cost of oversight by tax credit agencies, including asset management fee, are entity expenses and may not be deemed to be an expense of the Mortgaged Property. (b) Distributions of Surplus Cash are permitted subject to the full compliance by All Parties (i) of each party’s undertakings and obligations under their (c) When available as a Distribution, Surplus Cash may be shared among All Parties in the amounts and manner determined by such parties.
SURPLUS CASH a. For purposes of this Section [15], “cash” includes the following of Borrower’s Project-related assets, at the close of business on the last day of Borrower’s annual or semi-annual fiscal period, as follows: (i) all cash and cash-equivalents (i.e., short-term investments) except for funds held for tenant security deposits, if any, or funds in the Reserve for Replacement, Debt Service Reserve, or Residual Receipts account; and (ii) all amounts approved by HUD for withdrawal, but not yet withdrawn, from the Project’s reserve and/or Residual Receipts accounts. In addition, if and for so long as Borrower is also the Operator, “cash” shall include Medicare and Medicaid receivables that are expected to be collected within thirty (30) days after the end of the annual or semi-annual fiscal period for which Surplus Cash is calculated. b. For purposes of this Section [15], “current obligations” include obligations arising from the operation of the Project, at the close of business on the last day of Borrower’s annual or semi-annual fiscal period, including: (i) all sums immediately due or currently required to be paid under the terms of the Loan Documents and this Agreement including, without limitation, all amounts required to be deposited in the Reserve for Replacement and the Debt Service Reserve, or other reserves as may be required by HUD, except required Residual Receipts deposits, as applicable, that are not delinquent; (ii) all other of Borrower’s obligations for Reasonable Operating Expenses of the Project, if any (such as, if applicable, accounts payable and accrued, un-escrowed expenses), or other obligations approved by HUD, unless funds for payment are set aside or deferment of payment has been approved by HUD; (iii) an amount equal to the aggregate of all special funds required to be maintained by Xxxxxxxx, if required by HUD; and (vi) all other accrued items payable by Borrower within thirty (30) days after the end of the annual or semi-annual fiscal period for which Surplus Cash is calculated.
SURPLUS CASH any cash (excluding tenant security deposits) remaining at the end of each fiscal year of the Borrower after payment of all Operating Expenses for the Project for such fiscal year.
SURPLUS CASHNeither the Company nor any of the Immediate Subsidiaries will, at any time, hold any Cash or Cash Equivalent Investments greater than required for its projected cashflow requirements for the next 30 days (the amount of any such excess being the "Cash Balance") and the Company shall, promptly upon being aware of such a situation procure that such Cash Balance shall be lent by itself or, as the case may be, the relevant Immediate Subsidiary to an account situated in England, Wales or Ireland, provided that such account and any credit balance standing to the credit thereof is subject to a Debenture or, as the case 103 may be, an Irish Debenture. save that, notwithstanding the foregoing, the Company may hold Cash that has been remitted to it in accordance with Clause 19.5(o) and apply the same in accordance therewith.
SURPLUS CASH. (a) No member of the Group may agree to any restriction on its ability to move cash to another member of the Group, whether by way of dividend or other distribution, inter-company loan, redemption of shares or otherwise. (b) Paragraph (a) above does not apply to any restriction contained in a Finance Document. (c) With effect from the date falling 30 days after the date of this Agreement, KDG may not hold any Cash or Cash Equivalents (disregarding any amounts held by KDG which KDG is permitted to distribute to its shareholders under the Finance Documents, pending such distribution) other than to meet its scheduled debt service falling due within five Business Days or to meet its other cashflow requirements (in respect of activities permitted under Clause 19.20 (Holding Companies)) for the next 30 days. (d) KDG will ensure that none of its Subsidiaries (other than KDVS and any Unrestricted Subsidiary) will, at any time, hold Cash or Cash Equivalents greater than required for its projected cashflow requirements for the next 30 days (the amount of such excess being the Cash Balance) and that any such Cash Balance shall be lent by that Subsidiary to KDVS except that no Subsidiary shall be required to lend any Cash Balance to KDVS: (i) at a time when to do so would cause KDVS or the Subsidiary to incur a materially greater Tax liability in respect of the Cash Balance than it would otherwise incur if the loan were made at a later date; or (ii) if to do so would breach any applicable law.
SURPLUS CASHWithout limiting any provision of the Residential Tenant Regulatory Agreement, Residential Tenant specifically acknowledges and agrees to conform to and be bound by the limitations and controls with respect to Distribution(s) and Surplus Cash, as defined and contained in the Residential Tenant Regulatory Agreement and/or Program Obligations. Surplus Cash will be determined as if the Mortgaged Property is owned and operated by one single purpose entity using the income and expenses of Borrower, Master Tenant, Residential Tenant and Commercial Tenant (collectively, “All Parties”) in the aggregate, applying the Surplus Cash calculation set forth in the Amended Regulatory Agreement between Borrower and HUD, except the costs of oversight by tax credit agencies, including the asset management fee, shall not be deducted in calculating Surplus Cash, as these are entity expenses that are not deemed to be an expense of the Mortgaged Property.
SURPLUS CASHWithout limiting any provision of the Amended Regulatory Agreement, Borrower specifically acknowledges and agrees that HUD requires Borrower, Master Tenant, Residential Tenant and Commercial Tenant (collectively, “All Parties”) to conform to and be bound by the limitations and controls with respect to Distribution(s) and Surplus Cash contained in their respective Regulatory Agreement and/or Program Obligations. (a) Surplus Cash will be determined as if the Mortgaged Property is owned and operated by one single purpose entity using the income and expenses of All Parties in the aggregate, applying the Surplus Cash calculation set forth in the Amended Regulatory Agreement, except the costs of oversight by tax credit agencies, including the asset management fee, shall not be deducted in calculating Surplus Cash, as these are entity expenses that are not deemed to be an expense of the Mortgaged Property. (b) Distributions of Surplus Cash are permitted subject to the full compliance by All Parties (i) of each party’s undertakings and obligations under their respective Regulatory Agreement, (ii) with all contracts with HUD that apply to the Project, and (iii) with Program Obligations. (c) When available as a Distribution, Surplus Cash may be shared among All Parties in the amounts and manner determined by such parties.