Excess Cash Flow Reserve Sample Clauses

Excess Cash Flow Reserve. During a Cash Trap Period, Borrower shall deposit with Lender all Excess Cash Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve Funds” and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”.
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Excess Cash Flow Reserve. During the occurrence and continuance of a Trigger Period, on each Monthly Payment Date during the term of the Loan all Excess Cash Flow shall be deposited with Depository, into an account in the name of Lender in accordance with Section 11.2(b) hereof. All such amounts shall be held by Depository in an account (the “Excess Cash Flow Account”) until released in accordance with this Section 5.4. Lender shall cause all amounts held in the Excess Cash Flow Account, including interest, to be released to Borrower within ten (10) Business Days after the termination of the Trigger Period.
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Excess Cash Flow Reserve. During any Trigger Period, Lender shall reserve any excess cash flow after payment of operating expenses and capital expenditures (pursuant to an approved annual budget), debt service, and the reserves described above, pursuant to an agreed upon waterfall. So long as no Event of Default is continuing, subject to Lender’s customary draw procedures, funds in the Excess Cash Flow Reserve shall be made available for TI/LC costs in connection with leases entered into in accordance with the terms of the Loan documents, to the extent sufficient funds are not available in the TI/LC reserve for the same. So long as no Event of Default is continuing, when a Trigger Period ends, all amounts on deposit in the Excess Cash Flow Reserve shall be returned to Borrower. Lender shall respond to Borrower’s draw requests within 10 business days following the date on which Lender has received such request and all materials required to be delivered in connection with such request, so long as such request conforms to the conspicuous notice requirements to be set forth in the Loan Agreement. To the extent the reserve accounts are interest bearing accounts, all interest accrued therein shall be applied toward the purpose for which such funds are being reserved and shall otherwise be for the benefit of Borrower. Except for the Basic Carrying Cost reserve, all interest (if any) accruing on reserves held by Lender hereunder shall be for the benefit of Borrower.
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Excess Cash Flow Reserve a. Monthly, on a date reasonably selected by the Collateral Agent, from and after the occurrence and continuance of a Monetary Event of Default, an amount equal to the Excess Cash Flow generated by the properties for the immediately preceding monthly period shall be deposited with the Collateral Agent into an account in the name of the Collateral Agent (the “Excess Cash Flow Account”) in accordance with this Section 4.
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Excess Cash Flow Reserve. 5.3.1. Each Accounting Period prior to any Excess Cash Flow Release Event, Tenant shall deposit all Excess Cash Flow into an interest bearing escrow account at KeyBank National Association (the “Excess Cash Flow Reserve”) until the Excess Cash Flow Reserve contains a total amount equal to $1,780,000.00 (including without limitation at any time the Excess Cash Flow Reserve has been reduced beneath such threshold as the result of use or distribution of the Excess Cash Flow Reserve, including, but not limited to for payment of Rent, capital improvements or as otherwise provided under this Lease). All interest earned on amounts in the Excess Cash Flow Reserve shall be added to and remain a part of Excess Cash Flow Reserve. During the Term, all amounts in the Excess Cash Flow Reserve shall be the property of Tenant; provided, however, that if (i) this Agreement is terminated as a result of an Event of Default by Tenant, the Excess Cash Flow Reserve shall become the property of Landlord and shall be applied to any unpaid Rent owed to Landlord, any and all sums and damages due or in existence at the time of such termination with the excess being returned to Tenant (ii) Tenant defaults in its obligation to pay Rent under this Lease, the Excess Cash Flow Reserve shall be applied to any unpaid Rent owed to Landlord. Tenant may not withdraw funds from the Excess Cash Flow Reserve without the express written consent of Landlord; provided, however, Tenant shall be entitled to withdraw up to $200,000.00 in the aggregate for each Accounting Year from the Excess Cash Flow Reserve to the extent available after expected payments of Rent (including any outstanding Rent) and Applicable Reserve Contributions. Unless previously released to Tenant under Section 3.2.2, the Excess Cash Flow Reserve shall be released to Tenant (A) after the Initial Term unless (1) Tenant has elected to exercise its right to an Extended Term, and (2) Landlord has not exercised its right to utilize the Fair Market Rent Reset during the Extended Term or (B) upon an early termination of this lease pursuant to Section 2.5. Any such release shall be less any outstanding Rent payments. 5.3.2. Notwithstanding the requirements of Section 5.3.1, during each Accounting Period, up to forty percent (40%) of the Excess Cash Flow may, at Tenant’s election, be withheld by Tenant to fund anticipated state, federal and local income tax obligations of the Tenant (the “Tenant Tax Withholding Amount”). The Tenant Tax W...
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Excess Cash Flow Reserve. If, at any time prior to the beginning of Year 4, (A) all Events of Default that shall have occurred shall have been waived by the Lender; (B) each Debt Service Coverage Ratio is greater than or equal to the Required Debt Service Coverage Ratio, and (C) each Pool Requirement is satisfied, the Lender will direct the Collateral Agent in writing to transfer all funds on deposit in the Excess Cash Flow Reserve Sub-Account to the Collection Account.
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Excess Cash Flow Reserve. Following a Cash Sweep Trigger and prior to the occurrence of the related Cash Sweep Termination Event, on each Payment Date all Excess Cash Flow remaining in the Cash Management Account following the required transfers of sums to various sub-accounts pursuant to Section 3.4(a)-(g) of the Cash Management Agreement shall be deposited with Lender to be held by Lender as additional security for the Loan (amounts so deposited shall hereinafter be referred to as the “Excess Cash Flow Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”). Subject to the terms of this Agreement, sums from the Excess Cash Flow Reserve Fund may be disbursed to Borrower upon payment in full of the Debt. Upon the occurrence of the related Cash Sweep Termination Event following a Cash Sweep Trigger, Lender shall disburse, or cause to be disbursed, all amounts in the Excess Cash Flow Reserve Account to Borrower and Borrower shall no longer be obligated to pay Excess Cash Flow to Lender on each Payment Date.
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Excess Cash Flow Reserve 
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Related to Excess Cash Flow Reserve

  • 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.

  • 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 “

  • 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 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).

  • Net Cash Flow The term “Net Cash Flow” shall mean all cash and cash equivalents from all sources on hand as of the last day of the measurement period prior to any distributions to the Partners, and after the payment of all then due expenses of operating and managing the Restaurants, and after payment of all debts and liabilities and after any prepayments of any debts and liabilities that the General Partner, in its reasonable and good faith discretion, elects to cause to be made, and after the establishment of any reserves reasonably deemed necessary by the General Partner for (i) the repayment of any due debts or liabilities, including debts owed to the General Partner; (ii) the working capital requirements; (iii) capital improvements and replacement of furniture, fixtures or equipment; and (iv) any contingent or unforeseen liabilities. In determining Net Cash Flow of each Restaurant there shall be deducted the Supervision Fee and the Accounting Fee as provided in Section 4.7, the Advertising Payment and the Insurance Payment as provided in Section 4.8, and the OSRS Charges as provided in Section 4.2.

  • 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.

  • Cash Flow Coverage Ratio The ratio of (a) the Borrower's Cash Flow to (b) the sum of (i) the Borrower's consolidated Interest Expense plus (ii) the Borrower's scheduled payments of principal (including the principal component of Capital Leases) to be paid during the 12 months following any date of determination shall at all times exceed (1) 1.5 to 1.

  • Required Reserve Amount So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance under this Warrant a number of shares of Common Stock at least equal to 100% of the maximum number of shares of Common Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock under the Warrants then outstanding (without regard to any limitations on exercise) (the “Required Reserve Amount”); provided that at no time shall the number of shares of Common Stock reserved pursuant to this Section 1(g) be reduced other than in connection with any exercise of Warrants or such other event covered by Section 2(c) below. The Required Reserve Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among the holders of the Warrants based on the number of shares of Common Stock issuable upon exercise of Warrants held by each holder thereof on the Issuance Date (without regard to any limitations on exercise) (the “Authorized Share Allocation”). In the event that a holder shall sell or otherwise transfer any of such holder’s Warrants, each transferee shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any shares of Common Stock reserved and allocated to any Person which ceases to hold any Warrants shall be allocated to the remaining holders of Warrants, pro rata based on the number of shares of Common Stock issuable upon exercise of the Warrants then held by such holders thereof (without regard to any limitations on exercise).

  • Cash Flow Owner acknowledges that the budget prepared by Manager, pursuant to paragraph 3(k), will contain a category labeled "Cash Flow." Owner agrees, in the event that the budgeted cash flow for the Property is "negative" in any month covered by the budget, to place sufficient funds in a bank account, or to permit Manager to transfer Owner's funds to such account, to make up the budgeted operating deficit. These funds must be placed in such account at least forty-five (45) days before the budgeted deficit is to occur.

  • Cash Flow Leverage Ratio The Borrower will not permit the Cash Flow Leverage Ratio on the last day of any fiscal quarter to exceed 3.50 to 1.00.

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