Net Cash Flow Reserve Clause Samples

Net Cash Flow Reserve. (a) If as of the end of any calendar quarter Lender determines that the Debt Yield is less than 7.50% or the Debt Service Coverage is less than 1.25:1.0, then on the tenth (10th) day of each calendar month after the month in which such determination is made, Borrower shall pay to Lender, for deposit into a reserve established by Lender (a “Net Cash Flow Reserve”), one hundred percent (100%) of the Net Cash Flow for the prior month. Such monthly deposits of Net Cash Flow shall continue until the Debt Yield equals or exceeds 7.75% and the Debt Service Coverage equals or exceeds 1.30:1.0 as of the end of two consecutive calendar quarters, at which time, so long as no Event of Default or Potential Default then exists, Lender shall transfer all funds then on deposit in the Net Cash Flow Reserve to Borrower. Such Net Cash Flow payments shall resume if, as of the end of any subsequent calendar quarter, Lender determines that the Debt Yield is less than 7.50% or the Debt Service Coverage is less than 1.25:1.0. Notwithstanding anything to the contrary contained herein, Debt Service Coverage shall be calculated, for the purposes of this Section 3.1(4) by taking interest and the estimated amortizing principal payments hereunder even if not then payable. (b) So long as no Event of Default then exists, amounts on deposit in the Net Cash Flow Reserve shall be available to pay (i) Debt Service on the Loan, provided that Borrower delivers to Lender evidence satisfactory to Lender that Operating Revenues, after payment of current Operating Expenses, are insufficient to pay current Debt Service then owing on the Loan, and (ii) Operating Expenses, provided that Borrower delivers to Lender evidence satisfactory to Lender that Operating Revenues are insufficient to pay current Operating Expenses.
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Net Cash Flow Reserve. Upon and during the continuance of an Event of Default under the terms of the covenants contained in Section 4.2(e)(i) or 4.2(e)(ii), Lender shall have the right to require that all Net Cash Flow of the Hotel Subsidiaries shall be deposited with the Lender and applied to reduce the outstanding principal of Loan I.
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Net Cash Flow Reserve. (a) If as of the end of any calendar quarter Administrative Agent determines that (i) the Debt Yield is less than 6.75%; or (ii) the Debt Service Coverage is less than 1.1:1.0 (each of event described in clauses (i) and (ii) a “Cash Flow Reserve Event”), then on the tenth (10th) day of the second calendar month after the month in which such determination is made, Borrowers shall pay to Administrative Agent, for deposit into a reserve established by Administrative Agent (a “Net Cash Flow Reserve“), one hundred percent (100%) of the Net Cash Flow for the immediately preceding month. Such monthly deposits of Net Cash Flow shall continue on the 10th day of each month thereafter until the Debt Yield equals or exceeds 7.0% and the Debt Service Coverage equals or exceeds 1.1:1.0 as of the end of two consecutive calendar quarters, at which time Administrative Agent shall transfer all funds then on deposit in the Net Cash Flow Reserve to Borrowers. Such Net Cash Flow payments shall resume if, as of the end of any subsequent calendar quarter, Administrative Agent determines that the Debt Yield is less than 6.75% or the Debt Service Coverage is less than 1.1:1.0. (b) Amounts on deposit in the Net Cash Flow Reserve shall be available to pay the following (it being understood that so long as no Event of Default has occurred and is continuing, Administrative Agent shall apply funds in the Net Cash Flow Reserve as requested by Borrowers in writing for any one or more of the following purposes): (i) to pay Debt Service on the Loans, provided that Borrowers deliver to Administrative Agent evidence reasonably satisfactory to Administrative Agent that Operating Revenues, after payment of current Operating Expenses (which Operating Expenses are consistent with an operating budget reasonably approved by Administrative Agent), are insufficient to pay current Debt Service then owing on the Loans, (ii) to pay Operating Expenses (which Operating Expenses are consistent with an operating budget reasonably approved by Administrative Agent), provided that Borrowers deliver to Administrative Agent evidence reasonably satisfactory to Administrative Agent that Operating Revenues are insufficient to pay such current Operating Expenses, (iii) to pay Borrowers’ required portion of the cost of any Capital Expenditures or Tenant Improvement/Leasing Commission Costs for which Subsequent Advances will be made, or (iv) for prepayment of the outstanding principal balance of the Loans. (c) During...
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Related to Net Cash Flow Reserve

  • 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.

  • 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.

  • Consolidated Capital Expenditures (i) Company will not, and will not permit any of its Subsidiaries to, make or commit to make Consolidated Capital Expenditures in any Fiscal Year, beginning with the Fiscal Year ending December 31, 2003, except Consolidated Capital Expenditures which do not aggregate in excess of the corresponding amount set forth below opposite such Fiscal Year: Fiscal Year ending December 31, 2003 $ 5,000,000 Fiscal Year ending December 31, 2004 $ 5,000,000 Fiscal Year ending December 31, 2005 and each Fiscal Year thereafter $ 7,000,000 provided that (a) if the aggregate amount of Consolidated Capital Expenditures actually made in any such Fiscal Year shall be less than the limit with respect thereto set forth above (before giving effect to any increase therein pursuant to this proviso) (the “Base Amount”), then the amount of such shortfall (up to an amount equal to 50% of the Base Amount for such Fiscal Year, without giving effect to this proviso) may be added to the amount of such Consolidated Capital Expenditures permitted for the immediately succeeding Fiscal Year and any such amount carried forward to a succeeding Fiscal Year shall be deemed to be used prior to Company and its Subsidiaries using the amount of capital expenditures permitted by this section in such succeeding Fiscal Year, without giving effect to such carryforward and (b) for any Fiscal Year (or portion thereof) following any acquisition of a business (whether through the purchase of assets or of shares of capital stock) permitted under subsection 6.7, the Base Amount for such Fiscal Year (or portion) shall be increased, for each such acquisition, by an amount equal to the product of (A) the lesser of (x) $5,000,000 and (y) 4% of revenues of the business acquired in such acquisition for the period of four Fiscal Quarters most recently ended on or prior to the date of such business acquisition multiplied by (B) (x) in the case of any partial Fiscal Year, a fraction, the numerator of which is the number of days remaining in such Fiscal Year after the date of such business acquisition and the denominator of which is 365 (or 366 in a leap year), and (y) in the case of any full Fiscal Year, 1. (ii) The parties acknowledge and agree that the permitted Consolidated Capital Expenditure level set forth in clause (i) above shall be exclusive of the amount of Consolidated Capital Expenditures actually made with the proceeds of a cash capital contribution to Company (including the proceeds of issuance of equity securities) made by Parent from the issuance by Parent of its equity Securities after the Closing Date and specifically identified in a certificate delivered by an Authorized Officer of Company to Administrative Agent on or about the time such capital contribution is made; provided that, to the extent any such cash capital contributions constitute Net Securities Proceeds after the Closing Date, only that portion of such Net Securities Proceeds which is not required to be applied as a prepayment pursuant to Section 2.4B(ii)(c) (or pursuant to the First Lien Credit Agreement) may be used for Consolidated Capital Expenditures pursuant to this clause (ii).

  • Cash Flow Coverage Ratio The ratio of (a) the Company’s Cash Flow to (b) the sum of (i) the Company’s consolidated Interest Expense plus (ii) the Company’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 1.0. Compliance with the ratio will be tested as of the last day of each month, with Cash Flow and Interest Expense being calculated for the twelve months then ended.

  • 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.