CCP 07-20-1993 - Laserfiche WebLink

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. 3.02. Calculation of Excess Cash Flow. There is attached to this Agreement as Exhibit E. which is hereby incorporated by teference herein. a cashflow projection prepared by the Partnership for the operation of the Minimum Improvements for the calendar yCars 1994 through 2009 (the "Cashtlow Projection''). The Partnership does not represent or warrant the accuracy or achievability of the Cashflow Projection. On or before April 1 of each year. commencing April 1. 1995. the Parmership shall deliver to the City a statement of cashflow for the operations of the Facilities for the immcdiare1y preceding calendar year, substantial1y in the fonn of Exhibit E hereto and p.epared and pn:sented in a manner consistent with the Cashflow Projection, certified by the general parmer of the Parmership to be complete and accurate and prepared in accordance with generally accepted accounting principles consistendyapplied (the "Annual Cashflow Schedule''). With the Annual Cashflow Schedule. the Partnership shall also deliver to the City a certificate. executed by the geneml partner of the Partnership. setting fonh the following amounts for the preceding calendar year and the method of calculation of such amounts: Operating Revenue. Operating Expenses, Net Operating Cash Flow. Debt Service Coverage. Net Debt Service. Net Debt Service Coverage. Net Operating Cash Flow After Debt Service Coverage. Cash Flow, Debt Service Subsidy Amount and Excess Cash Flow. .' For purposes of Section 3 of this Agreement. the following tenDS shall have the following respective meanings: Cat)ital Reolacement Reserve Fund means the bookkeeping account established on the books and records of the Partnership for the purpose of reserving amounts to be applied to the costs of capital improvements 10 the Facilities and nol for the payment of operating or maintenance expenses. . Cash Flow means, for a calendar year. the difference between (i) Net Operating Cash Flow for such calendar year. and (ii) Net Debt Service Coverage for such calendar year. but not less than zero dollars ($0.00). Excess Cash Flow means. for a calendar year, (i) the sum of the amounts of Cash Flow. if any. for sucll calendar year and any previous calendar year. beginning with 1994; less(ii) the sum of the Debt Service Subsidy Amounts. if any, for such calendar year and any previous calendar year. beginning with 1994; less (ill) the product of (x) the aggregate amounts. if any. by whicll the reimbursement payments to the Partnership under Section 3.01 of this Agreement have been reduced by reason of Section 3.01(c) hereof. multiplied by (y) two (2.00). Debt Service Coveral!:e means. for a calendar year, the aggregate amount of principal and interest paid by the Partnership during such period with respect to indebtedness incurred to construct or improve the Facility multiplied by the Debt Service Coverage Ratio. Debt Service Coveral!:e Ratio means 1.20 for calendar years 1994102000, inclusive. and 1.10 for calendar years 200 I and tIlereafter, Debt Service Subsidv Amollnt means. for a calendar year, the difference between (i) Net Debt Service Coverage for such calendar year, and (ii) Net Operating Casll Flow for such calendar year. but not less than zero dollars ($O.llO). Facilities means tile Property. the Minimum Improvements and any Subsequent Improvements. as such shall exist from time to time. . -5- I