Cash Flow Sweep. In the event of a Cash Trap Event Period, all Excess Cash Flow (as defined in the Cash Management Agreement) shall be deposited into the Excess Cash Flow Subaccount (as defined in the Cash Management Agreement), as more particularly set forth in the Cash Management Agreement.
Cash Flow Sweep. Section 2.7 of the Credit Agreement is amended to add a new Section 2.7(c) to read as follows:
Cash Flow Sweep. Supertel Hospitality agrees that it shall calculate Excess Cash Flow as of the end of each calendar quarter and provide such calculations to Borrower. No later than the forty-fifth (45th) day after each quarter-end, Borrower shall remit any Excess Cash Flow to Lender, accompanied by a report signed by an authorized officer of the Borrower detailing the calculation of Excess Cash Flow for GEFF smartDocs Form 7001 3 Contract Nos: 31437, 32912, 32630, 32098,14724001 Rev 11/06/09 14724003, 14724004, 14724005, 14724006, 15005001 4836-5755-6997.4 such quarter. Lender shall apply all payments of Excess Cash Flow received to the Deferred Charges in such order as Lender may determine in its sole discretion. Notwithstanding the foregoing, if there are no Deferred Charges outstanding, such payment of Excess Cash Flow to Lender as set forth in this Section 2(g) shall be suspended until any Deferred Charges are incurred.
Cash Flow Sweep. In addition to all other payments required under this First Supplement, Borrower shall make special principal payments to Lender in an amount of 40% of Borrower's Net Available Cash for each fiscal year (each a "Special Principal Payment"). Special Principal Payments required under this Section 9(d) shall be due and payable at the time Borrower submits its audited annual report to Lender as required under Section 4.01(a) of the Master Agreement. Special Principal Payments shall be applied in the inverse order of the maturities of scheduled principal payments, so as to not affect or reduce the GAAP-based current portion of Borrower's long-term debt. Borrower shall not be required to make any Special Principal Payments so long as Borrower achieves and maintains an Owner's Equity Ratio of 50% (as reported on audited fiscal year-end financial statements); provided, Borrower's obligation to make Special Principal Payments pursuant to this Section 9(d) will be reinstated if Borrower's Owner's Equity Ratio falls below 50% at any quarterly reporting period.
Cash Flow Sweep. In the event that Iron Mountain does not exercise its renewal option under the Iron Mountain Lease, Mortgagee shall sweep 100% of net cash flow (gross revenue minus approved operating expenses which shall include a 2% management fee) during the six (6) months prior to the expiration of the Iron Mountain Lease. Mortgagor shall execute any and all documents required to effectuate such cash flow sweep. Such funds shall be held in an interest bearing account as additional collateral for the Loan and made available for tenant improvements and leasing commissions related to replacement tenant(s) on Approved Leases. Any balance remaining in such account shall be released to Mortgagor after (i) all the space formerly occupied by Iron Mountain is occupied by tenants under Approved Leases or (ii) one or more tenants are occupying space in the Mortgaged Property under Approved Leases which will generate rental income for Mortgagor equal to, or greater than, that which is being received by Mortgagor under the Iron Mountain Lease as of the date hereof.
Cash Flow Sweep. The Master Agreement is amended to add a new Section 1.14, as follows:
Cash Flow Sweep. On the Forbearance Effective Date and on each day thereafter during the Forbearance Period, the Credit Parties shall pay to Agent in cash in immediately available funds an amount equal to the sum of (i) (a) available cash in all deposit accounts, securities accounts and all other accounts owned by Wave (including, without limitation, account numbers 10021929954, 10021929962, 10021929970, 10021929988, 10021929996, 10021930002 and 10021930028 maintained at Sovereign Bank), less (b) $250,000 and (ii) available cash in all deposit accounts, securities accounts and all other accounts owned by RNK (including, without limitation, account number 1255222603 maintained at Citibank, N.A. and account numbers 60600020030, 63904953971, 63904953989, 63904953997, 63904956909, 63904954003, 75860032277 and 75860038779 maintained at Sovereign Bank), less (b) $1,000,000; provided however, such amounts shall be reduced by all payments made pursuant to Section 4 of this Agreement. All amounts paid pursuant to this clause (d) shall be applied to fees, expenses, interest and principal due and owing under the Transaction Documents (pro rata among the Lenders). Notwithstanding the foregoing, if Chief Strategic Officer determines in its good faith (and upon consultation with Agent) that making the foregoing payments would cause material harm to the business of the Companies, then, such payments shall not be required.
Cash Flow Sweep. If and for so long as a Trigger Period shall exist and be continuing, then one hundred percent (100%) of the Net Cash Flow for each calendar month shall be deposited into the Curtailment Account in accordance with Section 3.7 hereof.
Cash Flow Sweep. (a) If, for any Determination Date with respect to which the financial covenants set forth in Section 8.01 are to be complied with, Borrower shall fail to meet any of such covenants, then, (i) within forty-five (45) days after the end of the first calendar month immediately following the calendar month in which such Determination Date occurs, Borrower shall, and hereby covenants to, make a payment to Administrative Agent in an amount equal to Net Cash Flow for such immediately following calendar month and (ii) within forty-five (45) days after the end of each subsequent calendar month until Administrative Agent is required to release sums as provided in paragraph (b) below, Borrower shall, and hereby covenants (subject to paragraph (c) below) to, make a payment to Administrative Agent in an amount equal to Net Cash Flow for such subsequent calendar month, irrespective of whether the requisite DSCR, Refinance DSCR and Debt Yield, as the case may be, were attained as of the end of the quarter in which such subsequent calendar month falls. Notwithstanding the foregoing, in the case of monthly payments of Net Cash Flow for any January, such payments shall be due with the monthly payment for deposit in the Cash Flow Collateral Account in respect of February (i.e., on April 14). Said amounts shall be deposited by Administrative Agent into interest-bearing, "blocked" cash collateral account no. 6005-524103 established with Administrative Agent (the "Cash Flow Collateral Account") to be held by Administrative Agent for the benefit of Lenders as hereinafter provided. Borrower hereby assigns the Cash Flow Collateral Account and all sums therein, including interest thereon, to Administrative Agent, for the benefit of Lenders, as security for the payment and performance of the Obligations and acknowledges that Borrower shall have no right to such sums except to the extent specifically provided for herein. Borrower further acknowledges that Administrative Agent shall retain possession of all documents evidencing the Cash Flow Collateral Account to perfect its security interest therein. Upon the occurrence of an Event of Default, Administrative Agent may, at the option of the Required Lenders, apply any and all sums in the Cash Flow Collateral Account (including interest) to the immediate reduction of the Principal Amount and/or accrued and unpaid interest and/or other sums payable hereunder or under the Note or other Loan Documents, in such order and amounts as the Req...
Cash Flow Sweep. Concurrently with the delivery of the certificate required pursuant to Section 5.2(f) for each fiscal quarter of the Borrower and its Subsidiaries (commencing with the fiscal quarter ending on December 25, 2016), the Borrower shall prepay the Loans and/or Cash Collateralize the LOC Obligations in an amount equal to 100% of Cash On Hand in excess of $2,000,000 as of the last day of such fiscal quarter (the “Cash Flow Sweep”); provided that no payments of the Cash Flow Sweep shall be required to be made to the extent that the Consolidated Lease-Adjusted Leverage Ratio for two (2) most recently ended consecutive fiscal quarters of the Borrower and its Subsidiaries is less than 5.00 to 1.0 (as demonstrated in the financial information and certificates delivered to the Administrative Agent pursuant to Sections 5.1 and 5.2(b) for such fiscal quarters). Any payments of the Cash Flow Sweep shall be applied as set forth in clause (vi) below.
