Available Surplus Cash definition
Available Surplus Cash means, for any quarter, all cash and Cash Equivalents on hand at the end of that quarter, less the amount of any cash reserves necessary or appropriate in the reasonable discretion of the Board of Directors to (a) provide for the proper conduct of the business of the Company and its Subsidiaries, including reserves for anticipated future credit needs and future capital expenditures, after that quarter, or (b) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which the company is a party or by which the Company or any Subsidiary is bound or to which its assets are subject.
Examples of Available Surplus Cash in a sentence
If not paid through an upfront, capitalized lease payment in the development budget, rental payments pursuant to each ground lease will be established based upon the appraised value of the leasehold taking account of all applicable restrictions, payable (through payments on a seller note or through annual ground lease payments) from the Authority’s share of Available Surplus Cash as described below.