Escrow Surplus definition

Escrow Surplus means the balance standing to the credit of the Escrow Account after termination of the Escrow Arrangements and discharge of all outstanding invoices in respect of Relevant Costs;
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Examples of Escrow Surplus in a sentence

  • This Agreement and the obligations of all the Parties hereto shall terminate upon the distribution by the Escrow Agent of all of the Escrow Surplus Funds in accordance with the terms hereof.

  • Until released in accordance with this Agreement, the Escrow Surplus Funds shall be kept segregated in the records of the Escrow Agent and shall be deposited in the Escrow Agent Account.

  • The termination of the Existing Lease shall be effective without further documentation.

  • The Escrow Agent shall not be responsible for including any portion of the proceeds from the investment of or the interest earned on the Escrow Surplus Funds in its income for tax purposes.

  • The Escrow Agent acknowledges and agrees that it is not the beneficial owner of the Escrow Surplus Funds but holds them as agent for SO and AMS on the terms and conditions set out in this Agreement.

  • The Escrow Agent shall acknowledge receipt of the Escrow Surplus Funds by delivering to SO and AMS a written receipt executed by the Escrow Agent.

  • Any Withdrawal Notice relating to the transfer distribution of the Escrow Surplus Funds must be in writing and executed by an Authorized Representative of SO and AMS and must be delivered in accordance with sections [23-24].

  • The Escrow Surplus Funds shall be held in released by the Escrow Agent in accordance with the terms of this Agreement.

  • With respect to any Withdrawal Notice, the Escrow Agent shall withdraw such amount specified in the Withdrawal Notice as soon as reasonably practicable and will immediately release the Escrow Surplus Funds as so directed.

  • The delivery of the Escrow Surplus Funds to the Escrow Agent shall not give rise to a debtor-creditor or other similar relationship.

Related to Escrow Surplus

  • Operating Surplus means, with respect to any period ending prior to the Liquidation Date, on a cumulative basis and without duplication,

  • Capital Surplus has the meaning assigned to such term in Section 6.3(a).

  • Distributable surplus means the Gains that has been realised on a marked to market basis and is carried forward to the balance sheet at market value, arising out of appreciation on investments which is readily available for distribution to the unit holders as Income.

  • Adjusted Operating Surplus means, with respect to any period, (a) Operating Surplus generated with respect to such period less (b) (i) the amount of any net increase in Working Capital Borrowings (or the Partnership’s proportionate share of any net increase in Working Capital Borrowings in the case of Subsidiaries that are not wholly owned) with respect to such period and (ii) the amount of any net decrease in cash reserves (or the Partnership’s proportionate share of any net decrease in cash reserves in the case of Subsidiaries that are not wholly owned) for Operating Expenditures with respect to such period not relating to an Operating Expenditure made with respect to such period, and plus (c) (i) the amount of any net decrease in Working Capital Borrowings (or the Partnership’s proportionate share of any net decrease in Working Capital Borrowings in the case of Subsidiaries that are not wholly owned) with respect to such period, (ii) the amount of any net decrease made in subsequent periods in cash reserves for Operating Expenditures initially established with respect to such period to the extent such decrease results in a reduction in Adjusted Operating Surplus in subsequent periods pursuant to clause (b)(ii) above and (iii) the amount of any net increase in cash reserves (or the Partnership’s proportionate share of any net increase in cash reserves in the case of Subsidiaries that are not wholly owned) for Operating Expenditures with respect to such period required by any debt instrument for the repayment of principal, interest or premium. Adjusted Operating Surplus does not include that portion of Operating Surplus included in clause (a)(i) of the definition of “Operating Surplus.”

  • Common Surplus means the amount of all receipts or revenues, including assessments, rents, or profits, collected by a condominium association which exceeds common expenses.