Surplus Cash Flow definition

Surplus Cash Flow means the sum of gross rent revenues (less rental taxes and tenant security deposits) and other income received by Borrower from the operation of the Project, less (a) annual accrued debt service for the Senior Lender and (b) actual operating expenses, which shall be expressly limited to: payroll; utilities; general administrative expenses of software, telephone, travel, office supplies, bank service charges, Department training and compliance fees; repairs and maintenance; real estate taxes and property insurance; Borrower’s accounting and tax preparation and filing fees; Property Management fees; Borrower’s annual state filing or registry fees; tenant-related legal fees; and replacement of and/or operating reserves (collectively “Reserves”) not to exceed the sum of $350 per unit per year with an annual increase of up to 3% over the fiscal year immediately preceding the applicable accounting period; deferred Developer Fee; Investor Fee; and to the extent permitted under this Plan, Supportive Services Costs. No payment or disbursement shall be made to the Borrower or any of its members from revenue generated from the Project, including disbursements from the Reserves. Surplus Cash Flow shall be calculated based on the Borrower’s audited Financial Statement for the fiscal year- end immediately preceding the Payment Due Date.

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Surplus Cash Flow for any period shall mean Net Income for such period plus depreciation, amortization and other non-cash expenses for such period minus scheduled principal payments of indebtedness for borrowed money payable during such period (excluding principal payments with respect to the Advances, but including any scheduled reductions in the Borrowing Base or the Maximum Principal Amount) minus Acceptable Distributions for such period.

Examples of Surplus Cash Flow in a sentence

In addition the Developer shall pay a residual rent (“Residual Rent”), payable annually to the extent of Surplus Cash Flow (as such term is defined in the Memorandum of Understanding – Sunnydale\▇▇▇▇▇▇▇ ▇▇▇▇ SF Project (Surplus Cash Distributions) between Authority and the City dated March 3, 2017, as amended from time to time).
At Lenders' option and within ten (10) days of the Borrowers' receipt of written notice from Lenders of the exercise of such option, pay 75% of all Borrowers' Annual Surplus Cash Flow to Lenders, the payment of which shall be applied as a prepayment in the manner set forth in Section 2.8 hereof; provided, however that no Call Option Price shall be due and payable as a result of such prepayment.
The greater of (x) all Surplus Cash Flow or (y) all Surplus IP Royalty Income (as defined below) or (z) all Excess Cash on Hand (as defined below) shall be used first to pay interest and principal on the Hillside Notes and second to make all funding payments under the Plan.2 The Surplus Cash Flow and Surplus IP Royalty Income tests will be conducted on a semi-annual basis.
On the Annual Surplus Cash Flow Payment Date, Borrower shall repay the Loans in an amount equal to the Annual Surplus Cash Flow Payment.
ORDER OF APPLICATION Prepayments made pursuant to Clause 8.7 (Surplus Cash Flow) shall be applied in prepayment of Facility A Loans (and such prepayment shall satisfy the obligations under Clause 7.1 (Repayment of Facility A Loans) in inverse order of maturity) until Facility A has been reduced to zero.

More Definitions of Surplus Cash Flow

Surplus Cash Flow is defined in Annex 15 (Definitions of Key Financial Figures) to this Facility Agreement;

Surplus Cash Flow means, in respect of any Accounting Quarter of the Parent, Cashflow less Total Debt Service of the Group for that Accounting Quarter (and, for the purpose of this definition, the relevant testing period for calculating Cashflow and Total Debt Service shall be that Accounting Quarter).

Surplus Cash Flow. “Surplus Cash Distribution”, “Project Expenses”, “Operating Revenue”, “Residual Receipt” and “Annual Operating Expenses.” Uses of Cash Flow. Neither the LPA nor any other designation of the use of cash flow, in any non-Department Project or loan document, or any amendment, modification or restatement of any such document, is in any way binding on the Department. Borrower must comply with UMR 8314 and all other provisions of the UMR’s and this Agreement concerning project income and expenses notwithstanding any contrary requirement by any other party, including any partnership agreements regarding accrual of any asset management or similar fees. Limited Partner Exit. No Development funds, including reserves, nor any operating reserves except in accordance with section 8309(g) of the Regulations, may be used to fund the purchase of or to acquire a limited partner share.

Surplus Cash Flow means, for any period for which Cash Flow is calculated, Cash Flow for that period less the obligations of the Group in respect of Financial Indebtedness which are actually paid during that period plus (without double counting) any net cash balances in the Company.

Surplus Cash Flow means the amount available to be distributed to the Landlord with respect to such Lease Year in accordance with Section 5.11(d) of the Indenture.