Cash Flow Waterfall Sample Clauses
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Cash Flow Waterfall. The Company shall direct the Security Agent on each payment arising under the Offtaker Sales Agreement to cause the following transfers from the Revenue Account:
1 Whenever sufficient funds exist within the Revenue Account all payments must initially be made to the Security Agent for fees incurred for services related to the Revenue Account; and
2 If sufficient funds to pay fee to the Security Agent and such payment is made from the Revenue Account, all funds sufficient to pay operating expenses of the company, including but not limited to expenses incurred under the management agreement, engineering, procurement and construction contracts and insurance premiums, shall be made immediately; and 3 if sufficient funds to pay the operating expenses of the Company and such payment is made from the Revenue Account, all funds sufficient to pay all fees, interests and payments owing to the Lender under this Agreement shall be made immediately into the respective accounts; and 4 if sufficient funds to pay the fees, interests and payments owing to the Lender and such payment is made such that the debt service account has on deposit an amount equal to the debt service due on the Senior Loan during the following twelve- month period, all funds sufficient to pay for all reasonably foreseeable extraordinary maintenance and repairs of capital equipment as determined by the operator satisfactory to the lender on a yearly basis; and 5 if sufficient funds to pay for all reasonably foreseeable extraordinary maintenance and repairs of capital equipment as determined by the operator as denoted above are in the Revenue Account, any amount above such funds shall be utilized to make interest and principal payments for the subordinated loan for the following twelve-month period; and 6 if sufficient funds to pay for the interest and principal payments of the subordinated loan for the following twelve month period are in the Revenue Account, any amount above such funds may be utilized for equity distributions in accordance with Section 7.04 of this Agreement.
Cash Flow Waterfall. (a) Provided that no Event of Default or Triggering Event shall have occurred and remain outstanding, on each Business Day, Borrower shall cause each Mortgage Borrower to cause all Gross Revenue funds on deposit in each Deposit Account to be applied in the following amounts and order of priority:
(i) First, to Mortgage Lender, funds sufficient to pay all amounts due to Mortgage Lender pursuant to Section 4(a)(i)(A) through 4(a)(i)(D) of the Mortgage Loan Cash Collateral Agreement.
(ii) Second, to Servicer, funds sufficient to pay all fees pursuant to Section 11.24 hereof, including without limitation, the Servicer Fee;
(iii) Third, to Lender, funds sufficient to pay the next monthly deposit to the Substitute Reserves, if any, in accordance with the terms and conditions of Section 6.1 hereof;
(iv) Fourth, to Lender, funds sufficient to pay the next Monthly Interest Payment;
(v) Fifth, to the Working Capital Account, all remaining funds; provided that, as soon as possible, but in no event later than three (3) Business Days after said fund were deposited in the Working Capital Account or otherwise made available by Mortgage Lender to Borrower and/or Mortgage Borrower, Borrower shall cause all such funds to be disbursed in the following amounts and order of priority and shall deliver to Lender an Officer’s Certificate containing a detailed reconciliation (in a form substantially similar to the form annexed hereto as Schedule VII) of all amounts deposited to the Working Capital Account and disbursed from the Working Capital Account pursuant to this Section 2.7.2(a)(v):
(1) First, funds sufficient to pay for Operating Expenses (as defined in the Mortgage Loan Cash Collateral Agreement) for the applicable period incurred in accordance with the applicable Approved Annual Budget and Capital Improvement Costs (as defined in the Mortgage Loan Cash Collateral Agreement) in excess of the Funds (as defined in the Mortgage Loan Reserve Agreement) available under the Mortgage Loan Reserve Agreement to the extent such Capital Improvement Costs were incurred in accordance with the applicable Approved Annual Budget;
(2) Second, to Borrower, funds sufficient to pay for Extraordinary Expenses for the applicable period approved by Lender, if any;
(3) Third, to Borrower, funds sufficient to pay the asset management fees due to Asset Manager (not to exceed 4.0% of Gross Revenue) pursuant to the Asset Management Agreement approved by Lender, if any;
(4) Fourth, to Borrower, funds ...
Cash Flow Waterfall. (a) The Borrower undertakes to ensure that all rental income from the Collateral Asset, including payments of ancillary costs from the tenants, as well as any other receivables by the Borrower are exclusively paid into the Rental Account, unless agreed otherwise in this Agreement.
(b) The Borrower may disburse the credit balance in the Rental Account, without affecting the Bank’s pledge, on each Interest Payment Date in the following order (the Rental Income Waterfall):
(i) to settle (i) the expenses necessary for the operation and maintenance of the Collateral Asset excluding any capital expenditures (Operating Expenses); and (ii) taxes due as well as any other public duties due;
(ii) to the Bank regarding any fees and remunerations due other than interest and principal, in as far as such amounts are not withheld from the drawdown amount;
(iii) to the Bank regarding interest accrued under the Facility;
(iv) to settle any amounts due under the Hedging Agreement;
(v) to settle capital expenditures due in accordance with the Business Plan (if any);
(vi) to settle asset management fees up to an amount of 14 % of the Projected Net Operating Income;
(vii) to the Escrow Account in case of a Cash Trap or Cash Sweep according to Section 20 (Cash Trap / Cash Sweep);
(viii) for the free disposal of the Borrower (e.g. towards payment of asset management fees over and above fees paid in accordance with (vi)) as long as (i) no Event of Default has occurred and is continuing and (ii) no Cash Trap or Cash Sweep has occurred and is continuing.
Cash Flow Waterfall. The cash flow waterfall described in Section 6.2(b) of the Cash Collateral Agreement.