Examples of Excess Cash Reserve Funds in a sentence
Develop and manage annual departmental budgets, including expenditure review and authorization, analysis of transactions, year-end projections and forecasts.
In the event a Cash Sweep Period occurs twice during the term of the Loan, Borrower shall not be entitled to any disbursement of Excess Cash Reserve Funds during the remaining term of the Loan, the Cash Sweep Period shall continue, and Borrower shall continue to be obligated to pay Excess Cash to Lender on each Payment Date until the Debt is paid in full.
If Borrower exercises the Fifth Extension Option, then upon Borrower’s written request and provided that no Event of Default shall have occurred and is then continuing, Lender shall disburse and otherwise apply the Excess Cash Reserve Funds in accordance with Section 5(c) of the Note.
At such time as no Event of Default and no Extension Term Sweep Period or Excess Cash Flow Sweep Period (as applicable) exists, all Excess Cash Reserve Funds shall be released to Borrower and, so long as no Event of Default shall then exist, may be distributed by Borrower to its members.
Funds held in the Excess Cash Reserve Account shall be held by Lender as additional collateral to secure the payment of the Indebtedness and, except as set forth in paragraph (b) of this Section 16.7, Borrower shall have no right to receive disbursements of or otherwise make use of any such Excess Cash Reserve Funds.