Waterfall Date definition
Examples of Waterfall Date in a sentence
The Borrower may only withdraw amounts from the Operations Account if such amounts are applied for the payment of the expenses and Taxes anticipated to be due and payable by the Borrower on or before the next Waterfall Date pursuant to the Business Plan and the Budget.
The Borrower must ensure that, on each Waterfall Date, it will transfer the relevant amounts (if any) into the Operations Account pursuant to Clause 18.7(b)(ii).
By 11:00 a.m. on each Receipt Waterfall Date, funds on deposit in the Revenue Account shall be used to fund the Expense Account to an amount sufficient to cover all ordinary course operating expenses for the immediately following month as set forth in the most recently approved operating budget (or to the extent of permitted prepayments from the Working Capital Account or the Receipt Account, for such purposes as permitted for such payments under Sections 7.1.16 or 9.3, respectively).
On or prior to each Monthly Waterfall Date, Buyer will provide Seller notice if there are insufficient proceeds after application of the priority of payments to pay the applicable Facility Monthly Payment.
All value of the Net Cash Settlement Amount remaining after the Waterfall Date, less any additional invoice or set aside for administrative costs, shall be distributed among Group 2, pro rata, in proportion to the Class Members’ Step One Payments.
All deposits contained in the Collection Account (other than any Income relating to prepayments of principal in full, or any voluntary partial prepayments, which shall be paid in accordance with Section 7(d) below) will be transferred to the Settlement Account on the Monthly Waterfall Date in accordance with Section 12(c) by the Servicer or at any other time the Administrative Agent directs such a transfer in its discretion.
Any such amounts deposited in the Collection Account shall be remitted to the Settlement Account on a monthly basis, on the Monthly Waterfall Date, and on any other day Administrative Agent directs such a transfer in its discretion.
By 2:00 p.m. on each Receipt Waterfall Date, ▇▇▇▇▇ Timberland shall pay directly into the Receipt Account all funds deposited into the Revenue Account during the Receipt Waterfall Period for such Receipt Waterfall Date, less ordinary course operating expenses for the immediately following month as set forth in the most recently approved operating expense budget (which ordinary course operating expenses shall be deposited directly into the Expense Account in accordance with clause (a) of Section 7.1.17).
By 11:00 a.m. on each Receipt Waterfall Date, funds on deposit in the Revenue Account shall be used to fund the Expense Account to an amount sufficient to cover all ordinary course operating expenses for the immediately following month as set forth in the most recently approved operating budget.
To the extent that there are insufficient proceeds remitted to the Settlement Account to satisfy the Facility Monthly Payment, Seller shall pay Buyer any amounts in respect of the Facility Monthly Payment (or any shortfall) on each Monthly Waterfall Date within one (1) Business Day of receipt of notice, including any amounts necessary to maintain the Reserve Account Threshold or Seller’s Clearing Account Threshold, as applicable.