CASH SWEEP; OPERATING DEFICIT LOANS; DEVELOPER'S FEE Sample Clauses

CASH SWEEP; OPERATING DEFICIT LOANS; DEVELOPER'S FEE. (a) PRE-STABILIZATION PERIOD. All Excess Cash Flow (as defined below) from the Premises (after the payment of monthly Base Rent and any Additional Rent due) will be deposited into an interest bearing escrow account established at Ocwen Federal Bank FSB within five (5) days of the end of each month (the "Mandatory Sweep Account") pursuant to an Assignment and Pledge of Deposit Account Agreement between Tenant and Landlord of even date. Except as provided below, Tenant shall have no right to withdraw from the Mandatory Sweep Account prior to Stabilization. Provided there is no Event of Default, upon achievement of Stabilization any balance, if any, in the Mandatory Sweep Account shall be paid to the Tenant. Prior to the occurrence of an Event of Default, the Tenant will calculate the Excess Cash Flow (after the payment of monthly Base Rent and Additional Rent due) for the Premises and deposit the same into the Mandatory Sweep Account. Following an Event of Default, the Tenant will consent to and participate in a lockbox agreement with Landlord for referral of all Premises revenues to a lockbox. On the date hereof, the Tenant and the Landlord will execute a lockbox agreement to be held by Landlord during the term of the Lease for its enforcement should an Event of Default occur. In the event that at any time during the Lease Term (i) the cash flow from the Premises for any month is insufficient to pay scheduled Base Rent or Additional Rent and (ii) scheduled Base Rent or Additional Rent then due and payable is not otherwise paid by Tenant, then, provided that no Event of Default shall have occurred, Landlord, upon receipt of a written direction from Tenant at least five (5) days prior to the payment date, shall disburse to itself from funds then in the Mandatory Sweep Account an amount sufficient to pay the scheduled Base Rent or Additional Rent then due and payable.