Cash Flow Account. The Cooperative shall maintain a Cash Flow Account. Each MEMBER shall make pay- ments into that account equal to some percentage set by the Board of Directors of the payments that MEMBER has made into the Benefit Fund. The Board of Directors shall determine the manner in which each MEMBER'S obligation to make payments into the Cash Flow Account is established to assure that an adequate balance for the payment of claims remains in that account at all times. Automatic withdrawals from the Terminal Reserves of a MEMBER may be made by the MEMBER or the Executive Board to fund deficits in the Cash Flow Account. The Board of Directors shall determine whether the Cash Flow Account shall be treated as a single fund which can be utilized for the payment of the claims of any MEMBER or whether each MEMBER shall be obligated to maintain its own individual account. If separate accounts are maintained, MEMBERS may be individually required to make up deficiencies in their accounts. The establishment of payments into the Cash Flow Account from a single fund must receive at least the concurrence of at least the vote of two-thirds (2/3) of a quorum at a Board of Directors meeting.
Cash Flow Account. (1) Borrower shall create the Cash Flow Account into which the Borrower shall cause to be deposited (i) from the Depository Account, monthly no later than the 15th day of each month, the Net Revenues From Operations for the prior month, and (ii) any and all other Gross Cash Receipts, except to the extent such Gross Cash Receipts are deposited in the Depository Account to maintain the Minimum Balances required with respect thereto.
(2) Prior to the occurrence of an Event of Default (to the extent such funds are available in the Cash Flow Account):
(1) upon the written request of the Borrower, if the projected expenses of operating the Project for any month as set forth in the Annual Budget exceed the anticipated Gross Cash Receipts for such month, the Lender shall transfer from the Cash Flow Account to the Depository Account designated by the Borrower the amount of such shortfall; and
(2) on the last business day of June, July, August and September of each year, an amount equal to one-fourth (1/4th) of the yearly real estate taxes, ad valorem taxes, personal property taxes, assessments, betterments and all government charges of every name and restriction which may be levied on any Property, shall be paid to the Lender to be held as provided in Section 2 of the Security Deed; and
(3) the Lender may charge the Cash Flow Account for the monthly installments of principal and interest due under the Note, as provided for in ss.4.5, herein; and
(4) the Lender shall release to the Borrower funds sufficient to pay the costs and expenses of Permitted Capital Improvements, provided the Borrower shall have delivered a written request for the disbursement to Lender (1) setting forth the amount of the requested disbursement, (2) containing certifications from the Borrower that the work for which the disbursement is requested has been completed and is a Permitted Capital Improvement, (3) the costs are in accordance with the Annual Budget, or as otherwise approved in writing by the Lender, and the costs to be paid are then due and payable and (4) such other evidence of completion of work as may be requested by Lender; and
(5) the Lender shall release to the Borrower, from time to time, upon the request therefor, funds sufficient to pay distributions allowed under ss.8.8
(a) herein.
(3) The Cash Flow Account shall be held by Lender as additional and collateral security for the Obligations as provided in the Pledge Agreement.
(4) The Cash Flow Account shall be an interest be...
Cash Flow Account. On each Quarterly Date, all amounts held in the Cash Flow Account shall be applied in prepayment on the Loans; provided, however, that if such amount is greater than the Maximum Payment Cap, only the Maximum Payment Cap shall be so applied, with the balance to be retained in the Cash Flow Account (income accruing on amounts and investments held in the Cash Flow Account may be distributed to the Borrower so long as no Event of Default has occurred).
Cash Flow Account. The Cooperative shall maintain a Cash Flow Account. Each MEMBER shall make pay- ments into that account equal to some percentage set by the Board of Directors of the payments that MEMBER has made into the Benefit Fund. The Board of Directors shall determine the man- ner in which each MEMBER'S obligation to make payments into the Cash Flow Account is estab- lished to assure that an adequate balance for the payment of claims remains in that account at all times. Automatic withdrawals from the Terminal Reserves of a MEMBER may be made by the MEMBER or the Executive Board to fund deficits in the Cash Flow Account. The Board of Di- rectors shall determine whether the Cash Flow Account shall be treated as a single fund which can be utilized for the payment of the claims of any MEMBER or whether each MEMBER shall be obligated to maintain its own individual account. If separate accounts are maintained, MEMBERS may be individually required to make up deficiencies in their accounts. The establishment of payments into the Cash Flow Account from a single fund must receive at least the concurrence of at least the vote of two-thirds (2/3) of a quorum at a Board of Directors meeting.
