Surplus Cash Flow means the sum of gross rent revenues (less rental taxes and tenant security deposits) and other income received by Borrower from the operation of the Project, less (a) annual accrued debt service for the Senior Lender and (b) actual operating expenses, which shall be expressly limited to: payroll; utilities; general administrative expenses of software, telephone, travel, office supplies, bank service charges, Department training and compliance fees; repairs and maintenance; real estate taxes and property insurance; Borrower’s accounting and tax preparation and filing fees; PropertyManagement fees; Borrower’s annual state filing or registry fees; tenant-related legal fees; and replacement and/or operating reserves (collectively “Reserves”) not to exceed the sum of $350 per unit per year with an annual increase of up to 3% over the fiscal year immediately preceding the applicable accounting period; Deferred Developer Fee; and Investor Fee. No payment or disbursement shall be made to the Borrower or any of its members from revenue generated from the Project, including disbursements from the Reserves. Surplus Cash Flow shall be calculated based on the Borrower’s audited Financial Statement for the fiscal year-end immediately preceding the Payment Due Date. The cost of Supportive Services may be added to the actual operating expenses, where expressly allowable under this Plan.
Surplus Cash Flow for any period shall mean Net Income for such period plus depreciation, amortization and other non-cash expenses for such period minus scheduled principal payments of indebtedness for borrowed money payable during such period (excluding principal payments with respect to the Advances, but including any scheduled reductions in the Borrowing Base or the Maximum Principal Amount) minus Acceptable Distributions for such period.
Surplus Cash Flow. “Surplus Cash Distribution”, “Project Expenses”, “Operating Revenue”, “Residual Receipt” and “Annual Operating Expenses.” Uses of Cash Flow. Neither the LPA nor any other designation of the use of cash flow, in any non-Department Project or loan document, or any amendment, modification or restatement of any such document, is in any way binding on the Department. Borrower must comply with UMR 8314 and all other provisions of the UMR’s and this Agreement concerning project income and expenses notwithstanding any contrary requirement by any other party, including any partnership agreements regarding accrual of any asset management or similar fees. Limited Partner Exit. No Development funds, including reserves, nor any operating reserves except in accordance with section 8309(g) of the Regulations, may be used to fund the purchase of or to acquire a limited partner share.
Examples of Surplus Cash Flow in a sentence
The annual payment shall be the greater of: (1) an annual simple interest hard payment to be determined by ADOH during underwriting or (2) Surplus Cash Flow.
If a Project receives an award of an Authority Soft Loan with a Surplus Cash Flow payment structure (per Section II.B of this Guide), the Authority will allow a syndicator or investor asset management fee (“Syndicator/Investor Asset Management Fee”) or equivalent, in an amount up to $100 per unit annually (with no annual trending), to be included in the Project‘s cash flow waterfall prior to the payment on the Authority’s Soft Loan.
If other local governmental lenders are providing sources of funds to the project, the Department is willing to reduce its split of Surplus Cash Flow.
In this instance, the Department will require a minimum of 25% Surplus Cash Flow.
The annual payment shall be the greater of: (1) an annual simple interest hard payment to be determined by ADOH during underwriting (no less than $1,000.00) or (2) 50% of Surplus Cash Flow.
More Definitions of Surplus Cash Flow
Surplus Cash Flow means, in respect of any Accounting Quarter of the Parent, Cashflow less Total Debt Service of the Group for that Accounting Quarter (and, for the purpose of this definition, the relevant testing period for calculating Cashflow and Total Debt Service shall be that Accounting Quarter).
Surplus Cash Flow is defined in Annex 15 (Financial Figures) to this Facility Agreement;
Surplus Cash Flow means, for any fiscal year of Borrower, the Surplus Cash Flow of Borrower and its Subsidiaries, on a consolidated basis, determined pursuant to the calculations set forth on Exhibit 1.5(B).
Surplus Cash Flow means, for any period for which Cash Flow is calculated, Cash Flow for that period less the obligations of the Group in respect of Financial Indebtedness which are actually paid during that period plus (without double counting) any net cash balances in the Company.
Surplus Cash Flow means the amount available to be distributed to the Landlord with respect to such Lease Year in accordance with Section 5.11(d) of the Indenture.
Surplus Cash Flow for purposes of this Section shall be defined as set forth in the Master Amendment.
Surplus Cash Flow means the sum of gross rent revenues (less rental taxes and tenant security deposits) and other income received by Borrower from the operation of the Project, less (a) annual accrued debt service for the Senior Lender and (b) actual operating expenses, which shall be expressly limited to: payroll; utilities; general administrative expenses of software, telephone, travel, office supplies, bank service charges, Department fee; repairs and maintenance; real estate taxes and property insurance; accounting fees; tenant-related legal fees; and replacement of and/or operating reserves (“Reserves”) not to exceed the sum of $350 per unit per year; deferred Developer Fee; Investor Fee; and