Surplus Monies Clause Samples
The Surplus Monies clause defines how any excess funds remaining after all contractual obligations and expenses have been satisfied are to be handled. Typically, this clause specifies the party entitled to receive the surplus, such as the seller in a real estate transaction or the contractor in a construction project, once all debts, fees, and costs are paid. Its core function is to ensure clarity and prevent disputes by establishing a clear process for distributing leftover funds at the conclusion of a transaction or project.
Surplus Monies. If at any time after satisfaction of the Secured -------------- Indebtedness the Security Agent holds any surplus money payable to the Company, those monies shall not carry interest and may be placed to the credit of an account in the name of the Company with a bank and the Security Agent shall thereupon be under no further liability in respect thereof.
Surplus Monies. (a) The parties agree and acknowledge that:
(i) The total costs of carrying out the Intersection Upgrade Works may be less than the Monetary Contribution in Item A1 of Schedule 1;
(ii) The total costs of delivering the Recreation Facility may be less than the Works Value for Item B3 of Schedule 1;
(iii) any Surplus Funds - Intersection and Upgrade Works and Surplus Funds - Recreation Facility are to be dealt with in the manner set out in this clause 7.
Surplus Monies. Any Revenues remaining at the end of the operating year after satisfying all of the expenses of Operation and Maintenance, Bond payments, and payment of Management Fees, shall be deemed to be net revenue and shall be distributed to City.