Residual Receipts definition

Residual Receipts means for each calendar year, the amount by which Gross Revenue exceeds Annual Operating Expenses.

Residual Receipts means certain funds held by a Non-Profit Borrower which are restricted in their use by this Agreement and Program Obligations, and otherwise described in Section 17.

Residual Receipts means certain funds held by a Non-Profit Borrower which are restricted in their use by Program Obligations.

Examples of Residual Receipts in a sentence

• For the purposes of this Subparagraph, Residual Receipts shall be determined based on Gross Revenue and Annual Operating Expenses attributable to the Tax Credit Units only.

• The Borrower shall preserve records on which any statement of Residual Receipts is based for a period of not less than five (5) years after such statement is rendered, and for any period during which there is an audit undertaken pursuant to subsection (c) below then pending.

• Within three (3) years after the receipt of any such statement, the County or the Agency or any designated agent or employee of the County and/or the Agency at any time shall be entitled to audit the Residual Receipts and all books, records, and accounts pertaining thereto.

• The Borrower shall keep and maintain at Borrower's office, or elsewhere with the County's and Agency's written consent, full, complete and appropriate books, record and accounts relating to the Development, including all such books, records and accounts necessary or prudent to evidence and substantiate in full detail Borrower's calculation of Residual Receipts and the deposits and withdrawals from the HUD Residual Receipts Account.

• No later than May 15 of each calendar year, commencing on the year after the year of the expiration of the HUD Regulatory Term, the Borrower shall pay the County and the Agency, respectively, their Prorata Percentages of Lender's Share of Residual Receipts attributable to all units in the Development.

More Definitions of Residual Receipts

Residual Receipts has the meaning specified in the HUD Regulatory Agreement.

Residual Receipts means any cash remaining at the end of a calendar year after deducting from Surplus Cash:

Residual Receipts means for each Budget Year, the Gross Revenues minus the sum of the (a) Approved Operating Expenses, (b) Senior Debt Service Payments, (c) the Property Management Fee, (d) the APAH Management and Services Fee, (e) the Special Limited Partner Asset Management Fee, and (f) payment(s) into the Capital Replacement Reserve.

Residual Receipts means Annual Project Revenue less the sum of:

Residual Receipts means (a) the Gross Revenue minus (b) the Operating Expenses, calculated on a 12-month basis, minus (c) the outstanding balance, if any, of the Deferred Developer Fee. All calculations of Residual Receipts shall be subject to verification and approval by the Agency Executive Director.

Residual Receipts means certain funds which are restricted in their use by Program Obligations and applicable business documents (e.g., HAP Contract, Use Agreement) as may be more specifically described in a Residual Receipts Rider attached hereto.

Residual Receipts means loan terms that offer below market rate interest, deferred payments, and loan payments that are due only after, and if, operating costs and senior debt service are paid.