Residual Receipts. Any Non-Profit Borrower shall establish and maintain a Residual Receipts account. Unless and until otherwise approved in writing by HUD, Residual Receipts and the Residual Receipts account shall be restricted as set forth in this Section 17. Within ninety (90) days after the end of the annual or semi-annual fiscal period for which Surplus Cash is calculated, Borrower shall deposit into the Residual Receipts account an amount equal to the excess, if any, of (i) Surplus Cash as of the end of such fiscal period over (ii) the amount of any permitted Distributions therefrom. Residual Receipts shall be deposited with Lender or in a safe and responsible depository designated by Lender in accordance with Program Obligations. Residual Receipts shall at all times remain under the control of Lender or Xxxxxx’s designee, whether in the form of a cash deposit or invested in obligations of, or fully guaranteed as to principal by, the United States of America or in such other investments as may be allowed by HUD and shall be held in accounts insured or guaranteed by a federal agency and in accordance with Program Obligations. Borrower shall carry the balance in such account on the financial records as a restricted asset. Residual Receipts shall be invested in accordance with Program Obligations, and any interest earned on the investment shall be deposited in the Residual Receipts account for use by the Project in accordance with this Section 17. Disbursements from such account shall only be made after consent, in writing, of HUD, which may be given or withheld in its sole discretion, provided that, if the Non-Profit Xxxxxxxx has been permitted to take Distributions as indicated on the first page of this Agreement, then HUD shall apply the conditions enumerated in Section 16(e) in granting or withholding such consent. In the event of a notification of default under the terms of the Borrower Security Instrument, pursuant to which the Indebtedness has been accelerated, a written notification by HUD to Borrower of a violation of this Agreement or at such other times as determined solely by HUD, HUD may direct the application of the balance in such account to the amount due on the Indebtedness as accelerated or for such other purposes as may be determined solely by HUD. Upon Borrower’s full satisfaction of all its obligations under the Loan Documents and the First Mortgage Documents, all funds remaining in the Residual Receipts account shall be released to the Borrower. Borro...
Residual Receipts. (a) Any Non-Profit Borrower shall establish and maintain a Residual Receipts account. Unless and until otherwise approved in writing by HUD, Residual Receipts and the Residual Receipts account shall be restricted as set forth in this Section 17. Within ninety (90) days after the end of the annual or semi-annual fiscal period for which Surplus Cash is calculated, Borrower shall deposit into the Residual Receipts account an amount equal to the excess, if any, of (i) Surplus Cash as of the end of such fiscal period over (ii) the amount of any permitted Distributions therefrom.
Residual Receipts a. Non-Profit and Public Body Borrowers that are prohibited from making or taking Distributions pursuant to this Agreement and Program Obligations, for so long as they are so prohibited, shall establish and maintain a Residual Receipts account. Unless and until otherwise approved in writing by HUD, Residual Receipts and the Residual Receipts account shall be restricted as set forth in this Section [17].
Residual Receipts. During the term of this Note, Developer agrees to pay after the end of each calendar year within the time(s) set forth in Section 3 above, the specified percentage of the Phase B Residual Receipts, as described in Section 3 above in this Note and pursuant to the Original Agreement and the Phase B Implementation Agreement. At the end of each year, Developer shall calculate total Annual Project Revenue from Phase B for that year and shall thereupon pay to Authority an amount equal to the specified percentage of the Residual Receipts set forth above in Section 3 of this Note. If there are no Residual Receipts, then no payment is due for that year and no corresponding adjustment to the principal amount of the Promissory Note outstanding shall be made.
Residual Receipts. Subject to the adjustments described in Section 10 of this Note, prior to the expiration of the 55-year Term hereof, Borrower shall be obligated to repay the Agency Loan exclusively from the City’s Share of Residual Receipts, as follows: Annually, not later than the last day of April, beginning with the year following the year in which the Conversion occurs, Borrower shall submit to City an audited Annual Financial Statement for the preceding calendar year, prepared by a certified public accountant reasonably acceptable to the City, determining the amount of Residual Receipts, if any, generated in that year, together with payment of the City’s Share of such Residual Receipts. The first such Annual Financial Statement shall be for the partial year beginning on the Conversion and ending on December 31 of that year. The City shall review and approve such Annual Financial Statement, or request revisions, within 30 days after receipt. In the event as the result of the City’s review of the statement, there is an increase in the amount of any payment due and payable to City (as the result, for example, of a determination that the actual amount of Residual Receipts to which the City is entitled exceeds the amount of City’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower shall promptly pay to the City the difference, with interest, from the date on which such payment was due, at the rate of five percent (5%) per annum.
Residual Receipts. Developer shall, annually on or before March 31 in the year following the year in which the final certificate of occupancy for the Project is issued, and annually thereafter for the 55-year term of the Note, pay to Agency an amount equal to fifty-seven percent (57%) of the Residual Receipts from operation of the Project during the preceding calendar year; provided however that if an annual calculation of Residual Receipts results in a figure of zero dollars ($0) or a negative number then no Residual Receipts payment shall be due or payable for such year and further provided that the Residual Receipts payments shall not be applied to reduce the principal owing under this Note; and
Residual Receipts. Subject to the adjustments described in Section 10 of this Note, prior to the expiration of the 55-year Term hereof, Borrower shall be obligated to repay the City Loan exclusively from City’s Share of Residual Receipts, as follows: Annually, not later than the last day of April, beginning with the year following the year in which the Occupancy Date occurs, Borrower shall submit to City an audited Annual Financial Statement for the preceding calendar year, prepared by a certified public accountant reasonably acceptable to City, determining the amount of Residual Receipts, if any, generated in that year, together with payment of City’s Share of such Residual Receipts. The first such Annual Financial Statement shall be for the partial year beginning on the Occupancy Date and ending on December 31 of that year. City shall review and approve such Annual Financial Statement, or request revisions, within 30 days after receipt. In the event as the result of City’s review of the statement, there is an increase in the amount of any payment due and payable to City (as the result, for example, of a determination that the actual amount of Residual Receipts to which the City is entitled exceeds the amount of City’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower shall promptly pay to the City the difference, with interest, from the date on which such payment was due, at the rate of five percent (5%) per annum.
Residual Receipts. Only public agencies can receive Residual Receipts.
Residual Receipts. Any whole or partial repayment of the principal and any other payments as set forth in the Documents shall be made only from Residual Receipts (as defined in the HUD Documents), and then only after obtaining the prior written approval of HUD, or from the Borrower’s own funds.
Residual Receipts. (a) Any Non-Profit Borrower shall establish and maintain a Residual Receipts account. Unless and until otherwise approved in writing by HUD, Residual Receipts and the Residual Receipts account shall be restricted as set forth in this Section 17. Within ninety (90) days after the end of the annual or semi-annual fiscal period for which Surplus Cash is calculated, Borrower shall deposit into the Residual Receipts account an amount equal to the excess, if any, of (i) Surplus Cash as of the end of such fiscal period over (ii) the amount of any permitted Distributions therefrom. Previous versions obsolete Page 13 of 35 form HUD-92466-0RCF (Rev. 03/13)
