Monthly Excess Cash Flow definition

Monthly Excess Cash Flow means, for each fiscal month of the Obligor, without duplication, the result of (a) the net income of the Obligor for such month, plus (b) the sum of (i) depreciation for such month, and (ii) amortization for such month, minus (c) the sum of (i) tax obligations (including a reserve for estimated tax liabilities), capital expenditures and other investments made during such month, (ii) payments made on account of the Senior Debt Documents and equipment financings during such month, and (iii) the amount (to the extent a positive number) by which accounts payable exceeds billed and unbilled accounts receivable as of the end of such month, in each case, determined on a consolidated basis in accordance with generally accepted accounting principles.

Monthly Excess Cash Flow. The amount by which the monthly cash flow from the Projects exceeds the actual operating expenses for the Projects and all amounts payable under the Loan Documents for such month.

Monthly Excess Cash Flow for any Payment Date means the sum of (a) any Interest Proceeds remaining after application thereof pursuant to clauses (1) through (4) under “Description of the Notes—Payments on the Notes—Interest Payments”, (b) any Principal Payment Amount remaining after application thereof pursuant to clause (1) under “Description of the Notes—Payments on the Notes—Principal Payment Amount” and (c) the Overcollateralization Release Amount, if any.

Examples of Monthly Excess Cash Flow in a sentence

• Any Monthly Excess Cash Flow amounts shall be increased by any Excess ECF Adjustment from the immediately preceding Test Period.

• Within five (5) Business Days after delivery of the financial statements of Borrower for the relevant Test Period, to the extent that such financial statements demonstrate Excess Cash Flow (the “Monthly Excess Cash Flow”), Borrower shall allocate the applicable ECF Percentage of such Monthly Excess Cash Flow for the prepayment of the Term Loan (the “Lender Allocated ECF”).

• At all times while any indebtedness under the Loan remains outstanding, Borrowers shall not make any distributions to partners, members or shareholders; provided, however, so long as no Event of Default exists as of the date of any such distribution and after giving effect thereto, Borrowers shall have access to and may use any or all Monthly Excess Cash Flow then held in the Corporate Operating Account for any cash distribution.

• If an Event of Default occurs, Lender may take all Monthly Excess Cash Flow and apply the same to the aggregate outstanding balance under the Loan Documents.

• At all times while any indebtedness under the Loan remains outstanding, Borrowers shall not make any distributions to partners, members or shareholders; provided, however, so long as no Event of Default exists as of the date of any such distribution and after giving effect thereto, Borrowers shall have access to and may use any or all Monthly Excess Cash Flow for any cash distribution.

More Definitions of Monthly Excess Cash Flow

Monthly Excess Cash Flow. For any month, the amount by which Gross Revenues exceed the sum of (a) actual Operating Expenses and (b) actual debt service on the Loan.

Monthly Excess Cash Flow. For any Distribution Date for a Trust, the excess, if any, of (i) all interest collected on the related Mortgage Loans or for which Periodic Advances were made by the Servicer during the related Due Period over (ii) the sum of the related Class A Interest Distribution Amount and the related Administrative Costs for such Distribution Date.

Monthly Excess Cash Flow means for any month, the amount by which Gross Revenues exceed the sum of (w) actual cash operating expenses, (x) any tenant improvement costs, brokerage commissions, letter of credit costs and other scheduled capital costs incurred by Borrower in connection with the signed leases of the Project in the ordinary operation of the Building, to the extent costs are not being funded from proceeds of the Loan, and (y) actual debt service on the Loan.

Monthly Excess Cash Flow means, for each fiscal month of Holdings, without duplication, the result of (a) the net income of Holdings for such month, plus (b) the sum of (i) depreciation for such month, and (ii) amortization for such month, minus (c) the sum of (i) tax obligations (including a reserve for estimated tax liabilities), capital expenditures and other investments made during such month, (ii) payments made on account of the Senior Debt Documents and equipment financings during such month, and (iii) the amount (to the extent a positive number) by which accounts payable exceeds billed and unbilled accounts receivable as of the end of such month, in each case, determined on a consolidated basis in accordance with generally accepted accounting principles.

Monthly Excess Cash Flow as used herein, shall mean balance sheet cash at the end of the month minus the immediately succeeding six (6) weeks' forecasted cash disbursements, inclusive of scheduled principal payments as detailed in Section 2(b)(iii). Such principal payments shall be due and payable forty-five (45) days after the close of each month.

Monthly Excess Cash Flow. The amount by which the monthly Lease Income from the Projects exceeds all amounts due and payable under the Loan Documents for such month. Mortgages: The collective reference to the Council Bluffs Mortgage, the Decatur Mortgage, the Lima Mortgage, the Zanesville Mortgage and the Aberdeen Mortgage.

Monthly Excess Cash Flow. The amount by which the monthly Lease Income from the Projects exceeds all amounts due and payable under the Loan Documents for such month. Mortgages: The collective reference to the Batesville Mortgage, the Broadway Mortgage, the Jonesboro Mortgage, the Magnolia Mortgage, the Mine Creek Mortgage, and the Searcy Mortgage. Net Operating Income or NOI: The difference between (i) the Gross Revenues for the applicable period, less (ii) the Operating Expenses for such period. Notes: As such term is defined in Section 4.2(a).