Application of Excess Cash Flow Sample Clauses

Application of Excess Cash Flow. (a) Bulk Trident undertakes with each Creditor Party to ensure that all Excess Cash Flow of the BULK TRIDENT (i.e., any Earnings of the BULK TRIDENT remaining in the Freights Account after paying the voyage expenses and charter hire) shall be transferred to the Bulk Trident Earnings Account and retained, subject to the following: (i) Provided the applicable Earnings Account Minimum Balance is being maintained in the Bulk Trident Earnings Account: (A) if the Excess Cash Flow is in the aggregate more than $106,250 on the date falling three (3) months after the Drawdown Date of the Advance in respect of the BULK TRIDENT, and at the end of each three (3) month period thereafter, Bulk Trident shall make a prepayment in integrals of $106,250, to be applied in the aggregate to prepay, without any prepayment fee otherwise required by Clause 8.9(c)), the repayment installments specified in Clause 8.1(b) in inverse order of maturity, provided that (B) if the Excess Cash Flow is in the aggregate less than $106,250 on the last day of the applicable 3 month period, all such Excess Cash Flow shall be retained in the Bulk Trident Earnings Account and Bulk Trident shall not be required to make the prepayment specified above; and (C) if the Excess Cash Flow is in the aggregate more than $106,250 on the last day of the applicable three (3) month Period (not including any amounts retained pursuant to Clause 19.4(a)(i)(B) above), all such Excess Cash Flow remaining after the required prepayment of $106,250 is made shall be released to the Security Parties for general corporate purposes. (ii) It is understood that the following shall be paid from the Bulk Trident Earnings Account: (A) daily operating expenses (“OPEX”) of the BULK TRIDENT (crew costs, insurance, maintenance, stores, lube oils, etc.); (B) amounts necessary to comply with the Collateral Maintenance Ratio; (C) excess expenses that exceed the daily charter hire rate. (b) Bulk Patriot undertakes with each Creditor Party to ensure that all Excess Cash Flow of the BULK PATRIOT (i.e., any Earnings of the BULK PATRIOT remaining in the Freights Account after paying the voyage expenses and charter hire) shall be transferred to the Bulk Patriot Earnings Account and retained, subject to the following:
Sample 1Sample 2
AutoNDA by SimpleDocs
Application of Excess Cash Flow. The balance of Net House Profit ------------------------------- remaining after application to the costs and expenses described in Section 8.4 hereinabove as referred to herein as "Excess Cash Flow." All Excess Cash Flow shall be applied in accordance with the terms of Section 2.3 of the Note. The items in clauses (vi), (vii) and (viii) above shall be paid to Lender by Borrower concurrently with the making of the Excess Cash Flow Payments pursuant to Section 2.3 of the Note.
Sample 1
Application of Excess Cash Flow. Borrower shall cause all Excess Cash Flow to be applied in accordance with Section 14.4 of the Mortgage Loan Agreement. In the event that the Mortgage Lender waives the requirements of Sections 14.4 or 14.6 of the Mortgage Loan Agreement or the Mortgage Loan has been repaid in full, Borrower shall comply with Sections 14.4 and 14.6 of the Mortgage Loan Agreement as though they are a part of this Agreement.
Sample 1
Application of Excess Cash Flow. Borrower shall apply all Excess Cash Flow at any time in the following order of priority: first, upon the occurrence and during the continuance of any Default, in accordance with Section 2.3(e); second, to make a distribution to Parent for the purpose set forth in Section 6.10(a) and in accordance therewith; and third, (a) if the Extension Option is exercised by Borrower, after the Extension Effective Date, in accordance with Section 2.3(d), and (b) on and prior to the Initial Maturity Date, in accordance with Section 2.3(c).
Sample 1
Application of Excess Cash Flow. Based on the calculations set forth on this Schedule, Borrower’s and Operator’s Excess Cash Flow for each of the following months was applied as follows:
Sample 1
Application of Excess Cash Flow. (1) At all times during which the Administrative Agent has determined that Projected Costs exceed the funds, if any, available to be disbursed from the Construction Completion Account and the Interest Holdback (which determination shall be made in the Administrative Agent’s sole and absolute discretion), Borrower shall cause all Excess Cash Flow from the sale of each Unit to be applied as follows: (a) To facilitate the sale of such Unit, Borrower may utilize all or a portion of such Excess Cash Flow to provide Seller Financing for the sale of such Unit; and (b) To extent any such Excess Cash Flow remains after application of the same in accordance with clause (a) above, all such remaining Excess Cash Flow shall be paid to the Administrative Agent to be deposited in the Construction Completion Account to be applied in accordance with the provisions of Section 4.3(2). (2) Except as provided in Section 14.4(1), Borrower shall cause all Excess Cash Flow from the sale of each Unit to be applied as follows: (a) A portion of such Excess Cash Flow equal to ten percent (10%) of the Scheduled Release Price for such Unit shall be paid to the Administrative Agent to be applied in accordance with Section 2.4(7)(b) until the Loans are repaid in full and, thereafter, to be paid to the Existing Mezzanine Lender for application to the Existing Mezzanine Loan until the Existing Mezzanine Loan is paid in full; (b) To facilitate the sale of such Unit, Borrower may utilize a portion of such Net Sales Cash Proceeds remaining after the payment required in clause (a) above to provide Seller Financing for the sale of such Unit; and (c) To extent any such Excess Cash Flow remains after application of the same in accordance with clauses 2(a) and 2(b) above, the remainder of such Excess Cash Flow shall be used to repay the Junior Mezzanine Loan until the Junior Mezzanine Loan is repaid in full; and (d) To extent any such Excess Cash Flow remains after application of the same in accordance with clauses 2(a), 2(b) and 2(c) above, the remainder of such Excess Cash Flow shall be paid to the Administrative Agent to be applied in accordance with Section 2.4(7)(b) until the Loans are repaid in full and, thereafter, to be paid to the Existing Mezzanine Lender for application to the Existing Mezzanine Loan until the Existing Mezzanine Loan is paid in full. (3) Notwithstanding the forgoing provisions of this Section 14.4: (a) All of the proceeds from any sale of Units pursuant to the Forward P...
Sample 1
Application of Excess Cash Flow. Notwithstanding anything to the contrary contained in the Credit Agreement or the other Credit Documents (a) from and after the Effective Date, any and all Excess Cash Flow for the fiscal year ended December 31, 2006, shall be applied in accordance with Section 2.13 of the Credit Agreement and (b) Excess Cash Flow for the fiscal year ending December 31, 2006 may be calculated based on the fiscal year-end unaudited financial statements and such calculation shall be due on or before April 16, 2007.
Sample 1
AutoNDA by SimpleDocs

Related to Application of Excess Cash Flow

  • Excess Cash Flow In the event that there shall be Excess Cash Flow in excess of $2,500,000 for any Fiscal Year, the Borrower shall, not later than the tenth Business Day following the date that is ninety days after the end of such Fiscal Year, prepay the Loans in an aggregate amount equal to 50% (provided that (i) such prepayment percentage shall be 25% if, as of the last day of the most recently ended Fiscal Year, the Senior Secured Net Leverage Ratio (determined for any such period by reference to the Compliance Certificate delivered pursuant to Section 5.1(c) calculating the Senior Secured Net Leverage Ratio as of the last day of such Fiscal Year) shall be 1.80:1.00 or less and (ii) no such prepayment shall be required by this clause (e) if the foregoing Senior Secured Net Leverage Ratio as of the last day of such Fiscal Year shall be 1.30:1.00 or less) of the entire Excess Cash Flow for such Fiscal Year minus 100% of voluntary repayments of the Loans made during such Fiscal Year with Internally Generated Cash; provided, that, if at the time that any such prepayment would be required, the Borrower is required to repay or repurchase or to offer to repurchase or repay Senior Secured Debt permitted pursuant to Section 6.1 pursuant to the terms of the documentation governing such Indebtedness with all or a portion of such Excess Cash Flow (such Senior Secured Debt required to be repaid or repurchased or to be offered to be so repaid or repurchased, “Other Applicable ECF Indebtedness”), then the Borrower may apply such Excess Cash Flow on a pro rata basis to the prepayment of the Loans and to the repayment or re-purchase of Other Applicable ECF Indebtedness, and the amount of prepayment of the Loans that would have otherwise been required pursuant to this Section 2.10(e) shall be reduced accordingly (for purposes of this proviso pro rata basis shall be determined on the basis of the aggregate outstanding principal amount of the Loans and Other Applicable ECF Indebtedness at such time, with it being agreed that the portion of Excess Cash Flow allocated to the Other Applicable ECF Indebtedness shall not exceed the amount of such Excess Cash Flow required to be allocated to the Other Applicable ECF Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such net proceeds shall be allocated to the Loans in accordance with the terms hereof); provided further, that to the extent the holders of Other Applicable ECF Indebtedness decline to have such indebtedness repurchased or prepaid, the declined amount shall promptly (and in any event within ten Business Days after the date of such rejection) be applied to prepay the Loans in accordance with the terms hereof.

  • Refund of Excess Cash If at any time the credit balance of Timber Sale Account exceeds the charges for timber that Forest Service estimates will be cut within the next 60 days, any portion of such excess that is due to cash in the account shall be refunded, if re- quested by Purchaser, unless deposited under B4.211,

  • Excess Cash Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent into which Borrower shall deposit all Excess Cash on each Payment Date during the continuation of a Cash Sweep Period (the “Excess Cash Reserve Account”). Amounts so deposited shall hereinafter be referred to as the “

  • Application of Excess Liability Coverage Contractors may use a combination of primary, and excess insurance policies which provide coverage as broad as (“follow form” over) the underlying primary policies, to satisfy the Required Insurance provisions.

  • Distributions of Available Cash From Operating Surplus Available Cash that is deemed to be Operating Surplus pursuant to the provisions of Section 6.3 or Section 6.5 shall be distributed as follows, except as otherwise contemplated by Section 5.6(b) in respect of additional Partnership Interests issued pursuant thereto (including pursuant to Article V with respect to the Preferred Units): (a) First, 100% to the General Partner and the Unitholders, Pro Rata, until there has been distributed in respect of each Unit then Outstanding an amount equal to the Minimum Quarterly Distribution for such Quarter; (b) Second, 100% to the General Partner and the Unitholders, Pro Rata, until there has been distributed in respect of each Unit then Outstanding an amount equal to the excess of the First Target Distribution over the Minimum Quarterly Distribution for such Quarter; (c) Third, (i) to the General Partner in accordance with its Percentage Interest; (ii) 13% to the holders of the Incentive Distribution Rights, Pro Rata; and (iii) to all Unitholders, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses (i) and (ii) of this clause (c), until there has been distributed in respect of each Unit then Outstanding an amount equal to the excess of the Second Target Distribution over the First Target Distribution for such Quarter; (d) Fourth, (i) to the General Partner in accordance with its Percentage Interest; (ii) 23% to the holders of the Incentive Distribution Rights, Pro Rata; and (iii) to all Unitholders, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses (i) and (ii) of this clause (d), until there has been distributed in respect of each Unit then Outstanding an amount equal to the excess of the Third Target Distribution over the Second Target Distribution for such Quarter; and (e) Thereafter, (i) to the General Partner in accordance with its Percentage Interest; (ii) 48% to the holders of the Incentive Distribution Rights, Pro Rata; and (iii) to all Unitholders, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses (i) and (ii) of this clause (e); provided, however, if the Minimum Quarterly Distribution, the First Target Distribution, the Second Target Distribution and the Third Target Distribution have been reduced to zero pursuant to the second sentence of Section 6.6(a), the distribution of Available Cash that is deemed to be Operating Surplus with respect to any Quarter will be made solely in accordance with Section 6.4(e).

  • Consolidated Excess Cash Flow Subject to Section 2.14(g), if there shall be Consolidated Excess Cash Flow for any Fiscal Year beginning with the Fiscal Year ending December 31, 2018, the Borrowers shall, within ten Business Days of the date on which the Borrowers are required to deliver the financial statements of Holdings and its Restricted Subsidiaries pursuant to Section 5.1(b), prepay the Loans and/or certain other Obligations as set forth in Section 2.15(b) in an aggregate amount equal to (i) 50% of such Consolidated Excess Cash Flow minus (ii) voluntary prepayments of the Loans, First Lien Loans or Refinanced Debt (as defined in the First Lien Credit Agreement) made during such Fiscal Year (excluding repayments of revolving First Lien Loans or Refinanced Debt (as defined in the First Lien Credit Agreement) except to the extent the applicable revolving credit commitments are permanently reduced in connection with such repayments) paid from Internally Generated Cash (provided that such reduction as a result of prepayments made pursuant to Section 10.6(k) shall be limited to the actual amount of cash used to prepay principal of Term Loans, First Lien Loans or Refinanced Debt (as defined in the First Lien Credit Agreement) (as opposed to the face amount thereof)); provided, if, as of the last day of the most recently ended Fiscal Year, the Consolidated Total Net Leverage Ratio (determined for such Fiscal Year by reference to the Compliance Certificate delivered pursuant to Section 5.1(c) calculating the Consolidated Total Net Leverage Ratio as of the last day of such Fiscal Year) shall be (A) less than or equal to 4.50:1.00 but greater than 4.00:1.00, the Borrowers shall only be required to make the prepayments and/or reductions otherwise required hereby in an amount equal to (1) 25% of such Consolidated Excess Cash Flow minus (2) voluntary repayments of the Loans, First Lien Loans or Refinanced Debt (as defined in the First Lien Credit Agreement) made during such Fiscal Year (excluding repayments of revolving First Lien or Refinanced Debt (as defined in the First Lien Credit Agreement) except to the extent the applicable revolving credit commitments are permanently reduced in connection with such repayments) paid from Internally Generated Cash (provided that such reduction as a result of prepayments made pursuant to Section 10.6(k) shall be limited to the actual amount of cash used to prepay principal of Term Loans, First Lien Loans or Refinanced Debt (as defined in the First Lien Credit Agreement) (as opposed to the face amount thereof)) and (B) less than or equal to 4.00:1.00, the Borrowers shall not be required to make the prepayments and/or reductions otherwise required by this Section 2.14(e).

  • Distributions of Available Cash from Capital Surplus Available Cash that is deemed to be Capital Surplus pursuant to the provisions of Section 6.3(a) shall be distributed, unless the provisions of Section 6.3 require otherwise, to the General Partner and the Unitholders, Pro Rata, until a hypothetical holder of a Common Unit acquired on the Closing Date has received with respect to such Common Unit distributions of Available Cash that are deemed to be Capital Surplus in an aggregate amount equal to the Initial Unit Price. Available Cash that is deemed to be Capital Surplus shall then be distributed (A) to the General Partner in accordance with its Percentage Interest and (B) to all Unitholders holding Common Units, Pro Rata, a percentage equal to 100% less the General Partner’s Percentage Interest, until there has been distributed in respect of each Common Unit then Outstanding an amount equal to the Cumulative Common Unit Arrearage. Thereafter, all Available Cash shall be distributed as if it were Operating Surplus and shall be distributed in accordance with Section 6.4.

  • Offer to Purchase by Application of Excess Proceeds In the event that the Issuers shall be required to commence an offer to all Holders to purchase Notes pursuant to Section 4.11 (an “Asset Sale Offer”), they shall follow the procedures specified below. The Asset Sale Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuers shall purchase the principal amount of Notes required to be purchased pursuant to Section 4.11 (the “Offer Amount”) or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. Unless the Issuers default in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date. If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no Special Interest shall be payable to Holders who tender Notes pursuant to the Asset Sale Offer. Upon the commencement of an Asset Sale Offer the Issuers shall send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders. The notice, which shall govern the terms of the Asset Sale Offer, shall state: (a) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.11 and the length of time the Asset Sale Offer shall remain open; (b) the Offer Amount, the purchase price and the Purchase Date; (c) that any Note not tendered or accepted for payment shall continue to accrue interest; (d) that, unless the Issuers default in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date; (e) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in minimum denominations of $2,000 and in multiple integrals of $1,000 in excess thereof only; (f) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer the Note by book-entry transfer, to the Issuers, the Depositary or the Paying Agent at the address specified in the notice at least three days before the Purchase Date; (g) that Holders shall be entitled to withdraw their election if the Issuers, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; (h) that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Issuers shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Issuers so that only Notes in minimum denominations of $2,000 or integral multiples of $1,000 in excess thereof, shall be purchased); and (i) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). On or before the Purchase Date, the Issuers shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Issuers in accordance with the terms of this Section 3.09. The Issuers, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Issuers for purchase, and the Issuers shall promptly issue a new Note, and the Trustee, upon written request from the Issuers, shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Issuers to the Holder thereof. The Issuers shall publicly announce the results of the Asset Sale Offer on the Purchase Date. Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06.

  • Distribution of Exchange Fund to Parent Any portion of the Exchange Fund that remains undistributed to the holders of the Certificates or Uncertificated Shares on the date that is one year after the Effective Time will be delivered to Parent upon demand, and any holders of shares of Company Common Stock that were issued and outstanding immediately prior to the Merger who have not theretofore surrendered or transferred their Certificates or Uncertificated Shares representing such shares of Company Common Stock for exchange pursuant to this Section 2.9 will thereafter look for payment of the Per Share Price payable in respect of the shares of Company Common Stock represented by such Certificates or Uncertificated Shares solely to Parent (subject to abandoned property, escheat or similar Laws), solely as general creditors thereof, for any claim to the Per Share Price to which such holders may be entitled pursuant to Section 2.7.

  • Application of Net Liquidation Proceeds For all purposes under this agreement, Net Liquidation Proceeds received from a Servicer shall be allocated first to accrued and unpaid interest on the related Mortgage Loan and then to the unpaid principal balance thereof.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!