NCF Payment definition

NCF Payment has the meaning set forth in Section 5(b) hereof.
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NCF Payment means, with respect to a Payment Date, a payment by Borrower to Lender in an amount equal to the NCF After Debt Service for the calendar month that is two (2) calendar months prior to the calendar month in which the applicable Payment Date occurs (the “Applicable Determination Month”) less the sum of (i) the applicable CapEx Cash Flow Monthly Credit Amount and (ii) the applicable Monthly CapEx Reserve Make-Whole Credit Amount (if any), such amounts to be calculated by Borrower based on the applicable Monthly Income Report and subject to Lender's review in its sole but good faith discretion. It being understood that in no event shall the amount of an NCF Payment be less than zero. For the avoidance of doubt, the NCF Payment due on the Payment Date occurring in April, 2012 shall be in an amount equal to the NCF After Debt Service generated by the Property during the month of February, 2012 less the sum of (i) the applicable CapEx Cash Flow Monthly Credit Amount and (ii) the applicable Monthly CapEx Reserve Make-Whole Credit Amount (if any). Therefore, the Applicable Determination Month of a Payment Date occurring in April, 2012 is February, 2012.
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Examples of NCF Payment in a sentence

  • Subject to Section 7 hereof, on or before the date that is sixty (60) days following the last day of each calendar year occurring during the First Extended Term (each such date, an “NCF Payment Date”, and each such year, a “Subject Year”), Sunrise shall pay Marriott the NCF Payment, together with a statement showing the calculation thereof and reasonable backup documentation with respect thereto.

  • If less than the applicable minimum DSC Ratio that is now required pursuant to Section 10.2.1 of the Loan Agreement but greater than 1.1 to 1, then either: (i) deposit Net Cash Flow for immediately preceding NCF Period in Cash Reserve Account and on each NCF Payment Date thereafter deposit all Net Cash Flow in Cash Reserve Account, (ii) pay down Loan to the applicable minimum DSC Ratio that is now required pursuant to Section 10.2.1, or (iii) furnish Acceptable Letter of Credit in such amount.