Examples of Net Excess Cash Flow in a sentence
Mezzanine Borrower hereby authorizes the filing of a form UCC-1 financing statement naming Mezzanine Borrower as debtor and Mezzanine Lender as secured party in any office (including the office of the Secretary of State of the State of Delaware) covering all property of Mezzanine Borrower (including, but not limited to, the Account Collateral (Mezzanine) and the Rate Cap Collateral (Mezzanine), but excluding Net Excess Cash Flow).
At such time that the Event of Default shall no longer be continuing and provided no other Event of Default shall have occurred and be continuing under the Mortgage Loan, any Senior Mezzanine Loan, or Mezzanine Loan, then all Net Excess Cash Flow shall be distributed in accordance with the provision of subsection (c) above.
From and after the transfer of such Net Excess Cash Flow to Mezzanine Borrower, Mezzanine Lender shall have no further liability or responsibility with respect to the funds so transferred or the investment thereof, such Net Excess Cash Flow shall be the property of Mezzanine Borrower and may be further distributed by Mezzanine Borrower and its Affiliates in accordance with their separate agreements.
Mezzanine Borrower hereby authorizes the filing of a form UCC-1 financing statement naming Mezzanine Borrower as debtor and Mezzanine Lender as secured party in any office (including the office of the Secretary of State of the State of Delaware) covering all property of Mezzanine Borrower (including, but not limited to, the Account Collateral (Senior Mezzanine) and the Rate Cap Collateral (Senior Mezzanine), but excluding Net Excess Cash Flow).
As used herein, the term Net Excess Cash Flow means the amount available in the Mezzanine Account after the transfers to the Mezzanine Debt Service Reserve Account required under this Section 3.1.6 have been made and the term Net Excess Cash Flow Commencement Date shall mean the date such amounts have been fully funded or reserved within the Mezzanine Account in any given calendar month.