Common use of SURPLUS CASH Clause in Contracts

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Debt Service Reserve, or Residual Receipts account; and (ii) all amounts approved by HUD for withdrawal, but not yet withdrawn, from the Project’s reserve and/or Residual Receipts accounts.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. 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 resident 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 Reserve for Replacement and/or Residual Receipts accounts. In addition, if and for so long as Borrower is also the Operator, “cash” shall include Medicare Medicare, Medicaid and Medicaid receivables other accounts receivable that are expected to be collected within thirty sixty (3060) 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 (other than amounts payable from escrows) within thirty (30) days after the end of the annual or semi-annual fiscal period for which Surplus Cash is calculated.

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:of (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 XxxxxxxxBorrower, 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.