Residual Receipts definition

Residual Receipts means for each calendar year, the amount by which Gross Revenue exceeds Annual Operating Expenses.

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Residual Receipts means certain funds held by a Non-Profit Borrower which are restricted in their use by this Agreement and Program Obligations, and otherwise described in Section 17.

Residual Receipts means certain funds held by a Non-Profit Borrower which are restricted in their use by Program Obligations.

Examples of Residual Receipts in a sentence

The Borrower shall keep and maintain on the Property or at its principal place of business, or elsewhere with the County Manager’s written consent, full, materially complete and appropriate books, records and accounts relating to the Property, including all such books, records and accounts necessary or prudent to evidence and substantiate in full detail Borrower’s calculation of Residual Receipts.
If there are no Residual Receipts for the previous year available for disbursement, the Borrower shall also provide to the County Manager or his designee a Residual Receipts Certificate certified in writing by the Borrower and prepared by a certified public accountant containing the computation detailing that there were no Residual Receipts (as defined in the Loan Agreement) during the preceding calendar year.
Annual Payments from the disbursement of Residual Receipts shall be due and payable to the County Board in arrears no later than June 1st of each year with respect to the Residual Receipts from the previous calendar year.
Books, records and accounts relating to ▇▇▇▇▇▇▇▇’s compliance with the terms, provisions, covenants and conditions of the CDBG Loan Documents shall be kept and maintained in accordance with generally accepted accounting principles consistently applied and shall be consistent with requirements of this Agreement which provide for the calculation of Residual Receipts on a cash basis.
Borrower covenants and agrees that if the Borrower makes any Credit Adjuster payments to the Investor Limited Partner, any such payments paid from Residual Receipts funds shall be paid solely from Borrower’s retained thirty percent (30%) of the Residual Receipts, pursuant to the disbursement of such Residual Receipts to the Borrower under Section 2.05(b)(1) above.

More Definitions of Residual Receipts

Residual Receipts has the meaning specified in the HUD Regulatory Agreement.

Residual Receipts means loan terms that offer below market rate interest, deferred payments, and loan payments that are due only after, and if, operating costs and senior debt service are paid.

Residual Receipts means any cash remaining at the end of a calendar year after deducting from Surplus Cash:

Residual Receipts means Annual Project Revenue less the sum of:

Residual Receipts means for each Budget Year, the amount by which Gross Revenues exceed the sum of (a) Approved Operating Expenses, (b) Senior Debt Service Payments, (b) the VHDA Monitoring Fee, (c) the Investor Member Asset Management Fee, (e) the WHDC Asset Management Fee, (f) the WHDC Property Management Fee, and (g) payments into the Replacement Reserve. Residual Receipts shall also include Net Proceeds resulting from any Capital Transaction.

Residual Receipts means for each Budget Year, the Gross Revenues minus the sum of the annual (a) Approved Operating Expenses,

Residual Receipts in a particular calendar year shall mean the amount by which Gross Revenue exceeds Annual Operating Expenses.