Surplus Fund Clause Samples
The Surplus Fund clause defines how any excess funds remaining after all obligations and expenses have been paid are to be handled. Typically, this clause specifies the process for calculating the surplus, the parties entitled to receive it, and the timing of its distribution. For example, in a trust or project finance context, once debts, fees, and other costs are settled, any leftover money is distributed according to the priorities set out in the agreement. The core function of this clause is to ensure transparency and fairness in the allocation of remaining funds, preventing disputes over unallocated resources at the conclusion of a project or financial arrangement.
Surplus Fund. On each Monthly Calculation Date, the Trustee shall transfer from the Collection Fund to the Surplus Fund any amounts permitted to be transferred to the Surplus Fund pursuant to Section 4.6 hereof. The Trustee shall also credit to the Surplus Fund any amounts transferred from the Acquisition Fund pursuant to Section 4.2. At any time there is a deficiency in any of the other Funds or Accounts, Balances in the Surplus Fund shall be transferred to such Funds or Accounts to remedy such deficiency in the same order of priority as set forth in Section 4.6 hereof for the application of moneys in the Collection Fund. Upon receipt by the Trustee of an Issuer Order directing such transfer, Balances in the Surplus Fund may also be transferred to the Acquisition Fund for the acquisition or origination of Eligible Loans or the payment of origination or guarantee fees with respect to Financed Alternative Loans as provided in Section 4.2 hereof and as further authorized or limited in a Supplemental Indenture. Subject to Section 3.2 hereof, Balances in the Surplus Fund may also be applied to any one or more of the following purposes at any time as determined by the Issuer at such time, provided the Trustee shall have first certified that no deficiencies exist at such time in the Administration Fund, the Debt Service Fund or the Reserve Fund:
(i) transfer to the Retirement Account for the redemption or purchase of, or the distribution of principal with respect to, Notes;
(ii) the purchase of Notes in accordance with the provisions of Section 3.7 hereof; or
(iii) transfer to the Acquisition Fund for the acquisition or origination of Eligible Loans pursuant to Section 4.2 hereof. Any amounts in the Surplus Fund shall, upon Issuer Order, be released to the Issuer free and clear of the lien of this Indenture if, after taking into account any such release and excluding, for these purposes only, from the calculation of Aggregate Value, any Financed Student Loans which are not Eligible Loans, the Asset Release Requirement will be met. Pending application of moneys in the Surplus Fund, such moneys shall be invested in Investment Securities as provided in Section 4.11 hereof, and any earnings on or income from such investments shall be deposited in the Collection Fund as provided in Section 4.6 hereof.
Surplus Fund. Verify that before any amounts from the Surplus Fund are released to the Issuer in accordance with the terms of the Indenture and a Supplemental Indenture, that the Asset Release Requirement is met. Any Issuer Order requesting such release shall identify the Senior Asset Percentage and the Subordinate Asset percentage used in making the calculation of the Asset Release Requirement and provide the Trustee with the calculation of the Aggregate value of the assets held under the Indenture, the principal amount of all Notes Outstanding, the accrued interest on Outstanding Senior Notes, the accrued Issuer Swap Payments with respect to Senior Swap Agreements, the accrued fees with respect to Senior Credit Enhancement Facilities, the accrued interest on all Outstanding Subordinate Notes, the accrued Issuer Swap Payments (other than with respect to Junior Subordinate Swap Agreements), the accrued fees with respect to Credit Enhancement Facilities (other than Junior Subordinate Credit Enhancement Facilities) and the Asset Release Requirement.
Surplus Fund. (a) The Surplus Fund shall be held by the Trustee. The Trustee shall deposit into the Surplus Fund the amounts specified in Section 5.7(h) hereof. Annually, following computation and deposit of the Rebatable Arbitrage for the preceding Bond Year (if required for such Bond Year by Section 7.14 hereof) in the Rebate Fund in accordance with Section 7.14 hereof and provided there is no deficiency in the Debt Service Fund, the Debt Service Reserve Fund, the Rebate Fund, the Administration Fund, or the Repair and Replacement Fund, any moneys in the Surplus Fund shall be released from the lien hereof, not less frequently than annually, upon delivery to the Trustee of the semi-annual Coverage Requirement Certificate and provided no Event of Default has been declared hereunder or pursuant to the Loan Agreement, the amounts on deposit in the Surplus Fund as of the conclusion of the immediately preceding Bond Year shall, at the written direction of a Borrower Representative, remain on deposit in the Surplus Fund, be transferred to the Borrower or be transferred to any other party at the direction of the Borrower for use for any lawful purpose relating to the Project.
(b) If at any time there is a deficiency in the Debt Service Fund, the Debt Service Reserve Fund, the Rebate Fund, the Administration Fund, the Repair and Replacement Fund, the Trustee shall withdraw from the Surplus Fund, to the extent there are any moneys therein and deposit in such Fund in the order described in Section 5.7 hereof, the amount necessary to remedy such deficiency and shall give written notice to the Authority of such withdrawal.
(c) All interest and other income from time to time received from the deposit and investment of moneys in the Surplus Fund shall be transferred upon receipt to the Revenue Fund.
Surplus Fund. The Trustee shall establish and maintain a separate fund, when needed, to be known as the “Surplus Fund” which shall be administered as described in Section 4.4 hereof.
Surplus Fund. (a) After all the deposits required by Section 5.02(b)(i) through (x) have been made in accordance with the provisions of this Article, any remaining moneys shall be deposited to the credit of the Surplus Fund.
(b) From the amounts deposited in the Surplus Fund, there shall be credited to the Rate Stabilization Account, an amount equal to one twelfth (1/12) of the amount, if any, necessary to fund the Rate Stabilization Account at the amount set forth in the applicable Annual Budget.
(c) At any time the Authority may direct the Trustee to withdraw amounts on deposit in the Rate Stabilization Account and (i) transfer such amounts to any other Fund or Account established under this Agreement, (ii) use such amounts to purchase or redeem Indebtedness, or (iii) use such amounts to otherwise provide for the payment of Indebtedness or interest thereon. Subject to the provisions of Sections 5.03(f), 5.05(f) and 5.07(f), to the extent that moneys on deposit in the Senior Bond Fund, the Senior Subordinate Bond Fund or the Subordinate Bond Fund are insufficient to make the required interest and principal payments on Bonds, moneys in the Rate Stabilization Account shall be used prior to any withdrawal from the Senior Debt Service Reserve Fund, the Senior Subordinate Debt Service Reserve Fund or the Subordinate Debt Service Reserve Fund, to satisfy any such deficiencies.
(d) Subject to the provisions of Sections 5.03(f), 5.05(f) and 5.07(f), to the extent that moneys on deposit in the Senior Bond Fund, the Senior Subordinate Bond Fund or the Subordinate Bond Fund are insufficient to make the required interest and principal payments on Bonds, moneys in the Surplus Fund shall be used prior to any withdrawal from the Senior Debt Service Reserve Fund, the Senior Subordinate Debt Service Reserve Fund or the Subordinate Debt Service Reserve Fund, to satisfy any such deficiencies.
(e) At such time as all purposes described in paragraphs (a) through (d) above of this Section 512 are satisfied, amounts remaining to the credit of the Surplus Fund may be applied by the Authority to any lawful purpose of the Authority, including the payment of principal of and interest on any Operating Reserve Facility issued by Government Development Bank for Puerto Rico.
(f) On each September 15 and February 15 and at any other such time requested by the 1995 Resolution Trustee, the Trustee shall provide the 1995 Resolution Trustee with information as to the respective amounts on deposit in each...
Surplus Fund. After making all the deposits or payments provided in subsections (A) to (G), inclusive, above, including all deficiencies for prior required payments, the Authority shall on the first day of each month, withdraw all moneys then remaining in said Revenue Fund and deposit the same into the Surplus Fund. Moneys in the Surplus Fund may be used by the Authority for the payment of all Reimbursement Obligations and Derivative Non-Scheduled Payments then due, or to reduce airline rental payments described above, to make deposits into the Rebate Account, which is hereby created and established, in such amounts with respect to any of the Bonds Outstanding hereunder, as may be required to be paid to the United States pursuant to Section 148(f) of the Code, or for any other lawful purpose, or any combination of the foregoing; provided, however, that without regard to the use of such funds, the Authority shall always establish its rates and charges under Section 5.01 so that Revenues collected in the current Fiscal Year, without regard to carry over amounts from the Surplus Fund, will be at least sufficient to pay 100% of the yearly deposit requirements into the Operation and Maintenance Fund, the Sinking Fund, the Reserve Fund and subordinated indebtedness accounts.
Surplus Fund. There is hereby established a Surplus Fund to be held by the County. Following the payment of the amounts due pursuant to Section 6.6.2 (i) through (v) all remaining Sports Center Gross Revenues shall be considered Surplus Funds pursuant to Section 6.6.2
Surplus Fund. The District covenants and agrees that it shall not transfer or disburse from Special Tax Fund A to the Surplus Fund in any Loan Year any amount until such time as there has been deposited to the Repayment Fund an amount, together with any amounts already on deposit therein, that is sufficient to pay the Scheduled Payments on the Loan and all Parity Loans due in such Loan Year and any Deferred Payments on the Loan and all Parity Loans. Moneys deposited in the Surplus Fund will be transferred by the Authority Trustee as directed in a Certificate of an Authorized Representative of the District (i) to the Repayment Fund for application in accordance with Section 3.4 above, (ii) to the Authority Reserve Fund to pay any Reserve Replenishment Amount, (iii) to the Administrative Expense Fund to pay Administrative Expenses, (iv) to the Authority Surplus Fund established under the Authority Indenture, or (v) for any other lawful purpose of the District.
Surplus Fund. There is hereby created the Loan Surplus Fund (the “Surplus Fund”) which shall be an account held at the Lender or at Hillcrest Bank, a Lender Affiliate. On any Payment Date, all amounts on deposit in the Surplus Fund shall be used to prepay principal of the Loans in accordance with Section 2.4(f) hereof. Any funds remaining on deposit in the Surplus Fund after payment in full of all principal and interest on the Loans and the payment of any fees owed to the Lender hereunder shall be disbursed in accordance with the written directions of the Borrower.
Surplus Fund. At any time when the Borrower is not in compliance with the Rate Coverage Test (whether in the current, or any future, Calculation Period), the Borrower shall not utilize any amounts in the Surplus Fund for any purpose other than those described in clauses (i) through (ix) of Section 3.14(c) of the Indenture (as of the date of this Agreement).