Excess Cash Sweep definition

Excess Cash Sweep shall have the meaning set forth in Section 2.2 hereof.
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Excess Cash Sweep. Cash flow sweep of one hundred percent (100%) of the Excess Cash Flow (as defined below), over and above (i) a $25 million cash balance for the first twelve (12) months after the Effective Date and (ii) a $20 million cash balance after the first twelve (12) months after the Effective Date (provided that such $20 million cash balance shall be reduced or increased (though never to exceed $20 million) by $2 million for each vessel that is removed or added to service following the Effective Date), to prepay the outstanding principal amount of the New Term Loan. “Excess Cash Flow” shall mean EBITDA in the previous quarter plus net proceeds (after deducting reasonable and customary costs of sale) from any vessel sales minus (i) interest and fee payments on the New Term Loan and letter of credit fees, (ii) any and all cash drydocking costs in previous quarter, budgeted cash drydocking costs for the next three quarters and all cash capital costs associated with the 4th ATB not funded from cash escrow, (iii) necessary and appropriate repair and maintenance costs to the extent such amounts are not already included in the determination of EBITDA, (iv) any cash taxes paid in such quarter, (v) scheduled amortization payments on the New Term Loan and (vi) any amounts used to repurchase New Term Loan Notes (as defined below) as provided in “Repurchase of New Term Loan Notes” below. The sweeps of the Excess Cash Flow shall be used to repay the New Senior Debt until such debt has been repaid in full at which time the sweeps of the Excess Cash Flow shall be used to repay the New Junior Debt until such debt has been repaid in full at which time the Excess Cash Sweeps shall terminate. In addition to the foregoing, no Excess Cash Sweep shall deplete cash reasonably expected by the Company to be required to pay its drydocking expenses for the following three quarters.
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Examples of Excess Cash Sweep in a sentence

  • Until the occurrence of the Excess Cash Sweep Termination Event, at or prior to the Excess Cash Payment Date, if the Excess Cash Amount exceeds zero on an Excess Cash Measurement Date, the Issuer will make payments under the Notes to the Holders equal to a percentage of the applicable Excess Cash Available Amount in accordance with the terms and conditions set forth below.

  • During the Excess Cash Sweep Period, Excess Cash Payments shall be payable to Holders on an annual basis, on May 15 following each relevant Excess Cash Measurement Date.

  • During the Excess Cash Sweep Period, if the Excess Cash Amount exceeds zero on an Excess Cash Measurement Date, the Issuer will make payments under the Securities to the Holders equal to a percentage of the applicable Excess Cash Available Amount in accordance with the terms and conditions set forth below (it being understood that certain percentages of the Excess Cash Available Amount will also be available for distributions to holders of the New Notes and to the Issuer Shareholder, as applicable).

  • Following the Excess Cash Sweep Period, the Issuer will make Excess Cash Payments to Holders from time to time on the same date that any distribution is made to the Issuer Shareholder in an amount equal to the Instrument Distribution Percentage of the applicable Excess Cash Available Amount on the terms and subject to the terms and conditions set forth below.

  • No amortization prior to the completion of the first full year following the Effective Date other than pursuant to the Excess Cash Sweep.

  • At such time, as any Excess Cash Sweep Period shall end or all principal and interest due on the Loan and all other amounts due and payable under the Loan Documents have been paid, any funds held in the Excess Cash Reserve Subaccount shall be returned to Borrower within five (5) Business Days; provided, however, that the Applicable Rating Cap shall not be released until the occurrence of the Rating Sweep Cure.

  • Lender may reassess its estimate of the amount necessary for the Replacement Reserve Monthly Deposit from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Subaccount during an Excess Cash Sweep Period upon thirty (30) days’ notice to Borrower if Lender ‑88 ‑ determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property.

  • Upon the occurrence and during the continuance of an Excess Cash Sweep Period, all Excess Cash shall be collected by Lender and all such amounts shall be held by Lender as additional security for the Loan (amounts so held shall be hereinafter referred to as the “Excess Cash Reserve Funds” and the Subaccount to which such amounts are held shall hereinafter be referred to as the “Excess Cash Reserve Subaccount”).

  • No Event of Default shall occur by reason of this Section 2.6.2(e) so long as Borrower deposits into the Cash Management Account the additional amounts required by this Section 2.6.2(e) and, provided that either of (A) or (B) of clause (ii) above is satisfied and no Event of Default has occurred and is continuing, no DSCR Excess Cash Sweep Event shall be deemed to have occurred.

  • Upon the occurrence and during the continuance of a Lock-Up Event or Excess Cash Sweep Event, the Borrower shall deliver to the Facility Agent on each Calculation Date a certificate of the CFO specifying and certifying the amount of Distributable Cash as of such date.