Cash Management Period Sample Clauses

Cash Management Period shall commence upon Lender giving notice to the Borrower and Clearing Bank of the occurrence of any of the following: (i) a Default or an Event of Default or (ii) the failure by Borrower, after the end of a calendar quarter, to maintain the Debt Service Coverage Ratio of at least 1.00: 1; and shall end upon Lender giving notice to the Borrower and the Clearing Bank that the Cash Management Period has ended, which notice Lender shall only be required to give if (1) the Loan and all other obligations under the Loan Documents have been repaid in full or (2) there has been a Full Defeasance of the Loan or (3) for twelve consecutive months since the commencement of the existing Cash Management Period (A) no Default or Event of Default has occurred, and (B) no event that would trigger another Cash Management Period has occurred.
Sample 1
AutoNDA by SimpleDocs
Cash Management Period. Senior Lender shall consult with Junior Lenders with respect to any determination that a Cash Sweep Period is in effect, provided that such consultation shall not be binding on Senior Lender’s determination thereof. Senior Lender shall consult with Junior Lenders with respect to a determination that a Cash Sweep Event Cure has occurred in accordance with the provisions of the Senior Loan Agreement (whether the related Cash Sweep Period was initially determined to have occurred by Senior Lender or a Junior Lender). Each Junior Lender shall have the right to give notice to Senior Lender that such Junior Lender has determined, in its reasonable judgment made in accordance with the terms of the Senior Loan Documents that a Cash Sweep Period is in effect or that a Cash Sweep Event Cure has not occurred, provided that no such determination shall be binding on Senior Lender’s determination thereof. For the avoidance of doubt, in the event that a Junior Loan is terminated pursuant to an Equity Collateral Enforcement Action, then to the extent that a Cash Sweep Period is in effect solely as a result of the occurrence of a Cash Sweep Event due to an Event of Default under such terminated Junior Loan, a Cash Sweep Event Cure shall be deemed to have occurred upon the termination of such Junior Loan.
Sample 1
Cash Management Period shall commence upon Lender giving written notice to the Clearing Bank of the occurrence of any of the following: (i) the Stated Maturity Date, (ii) an Event of Default, or (iii) if, as of any two consecutive Calculation Dates, the Debt Service Coverage Ratio is less than 1.025:1 (a “DSCR Cash Management Period”) or (iv) the commencement of a Lease Sweep Period; and shall end upon Lender giving written notice to the Clearing Bank that the sweeping of funds into the Deposit Account may cease, which notice Lender shall only be required to give if (1) the Loan and all other obligations under the Loan Documents have been repaid in full or (2) the Stated Maturity Date has not occurred and (A) with respect for the matters described in clause (ii) above, such Event of Default has been cured and no other Event of Default has occurred and is continuing or (B) with respect to the matter described in clause (iii) above, Lender has determined that the Property has achieved a Debt Service Coverage Ratio of at least 1.025:1 for two (2) consecutive Calculation Dates or (C) with respect to the matter described in clause (iv) above, such Lease Sweep Period has ended. Additionally, a Cash Management Period shall exist at any time that an Approved Mezzanine Loan (or any portion thereof) is outstanding. Code: the Internal Revenue Code of 1986, as amended and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. Control: with respect to any Person, either (i) ownership directly or indirectly of 49% or more of all equity interests in such Person or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities, by contract or otherwise. Debt: the unpaid Principal, all interest accrued and unpaid thereon, any Yield Maintenance Premium and all other sums due to Lender in respect of the Loan or under any Loan Document.
Sample 1
Cash Management Period. For the avoidance of doubt, the Cash Management Period in place as of the date hereof shall remain in place until the date on which Lender delivers written notice to Borrowers that such Cash Management Period has ended, which, in accordance with the definition of Cash Management Period in Section 1.1 of the Original Loan Agreement, shall require, inter alia, Lender’s determination that the Debt Yield equals or exceeds seven and three-fourths percent (7.75%) for the two (2) most recent Calculation Dates.
Sample 1
Cash Management Period. So long as a Cash Management Period (as defined in the Senior Loan Agreement) is not then in effect, if the Borrower fails to pay the Monthly Cash Payment to Lender, due to insufficient funds available from operation of the Property, then the Borrower shall not be deemed to be in Default; provided, however, Lender may institute a cash sweep of all excess cash flow (after required payments are made on the Senior Loan) generated by the Property. Such excess cash flow will be deposited into an account controlled by Lender, pursuant to a deposit account control agreement to be entered into by Lender, Borrower, and a depository institution. In the event excess cash flow is deposited into such account, Lender shall disburse all funds in such account at the request of the Manager in order for such funds to be utilized in connection with the Property. Lender shall send notice to Borrower and Manager to inform them of the occurrence of the cash sweep described in this Section 2.3.6. Borrower shall execute and deliver to Lender such documents and do such other acts as Lender deems necessary or desirable, to evidence and effectively carry out the intent and purpose of this Section 2.3.6.
Sample 1
Cash Management Period. Subject to Section 3.1(a)(ii), any funds remaining on deposit in the Deposit Accounts after application of the amounts set forth in Sections 3.1(b)(i), (ii), (iii) and (iv) above, shall be retained by Agent as additional collateral security for the Loan.
Sample 1
Cash Management Period. If at any time Agent determines that a Cash Management Period shall have occurred, the Borrowers shall have the right, within twenty (20) Business Days of Agent's determination, to prepay the Loan within twenty (20) Business Days (and subject to Section 2.5.1(a)(D) of the Credit Agreement) in an amount such that the Cash Management Period would not have occurred. If the Borrowers shall prepay the Loan as aforesaid, then as of the date of such prepayment, the Cash Management Period shall be deemed to have expired on such date notwithstanding that the requirement in clause (b) of the definition of Cash Management Period has not been satisfied.
Sample 1
AutoNDA by SimpleDocs
Cash Management Period shall commence upon Lender giving notice to Borrower and Clearing Bank of the occurrence of any of the following: (i) an Event of Default or (ii) the failure by Borrower, after the end of a calendar quarter, to maintain a Debt Yield (ANCF) of at least nine percent (9.0%); and shall end upon Lender giving notice to Borrower and the Clearing Bank that the Cash Management Period has ended, which notice Lender shall only be required to give if (1) the Loan and all other obligations under the Loan Documents have been repaid in full, (2) with respect to a Cash Management Period triggered due to clause (i) above, Lender has, in its sole discretion, accepted a cure of such Event of Default hereunder or (3) with respect to a Cash Management Period triggered due to clause (ii) above, for six (6) consecutive months since the commencement of the existing Cash Management Period (A) no Default or Event of Default has occurred, (B) no event that would trigger another Cash Management Period has occurred that is continuing and (C) the Debt Yield (ANCF) is at least equal to or greater than nine and one half percent (9.5%).
Sample 1

Related to Cash Management Period

  • Cash Management (a) On or prior to the Closing Date:

  • Cash Management Account Borrower hereby represents and warrants to Lender that:

  • Cash Management Arrangements Borrower shall cause all Rents to be transmitted directly by tenants of the Property into an Eligible Account (the “Clearing Account”) maintained by Borrower at a local bank selected by Borrower, which shall at all times be an Eligible Institution (the “Clearing Bank”) as more fully described in the Clearing Account Agreement. A form of tenant direction letter for such purpose is attached hereto as Schedule 1. Without in any way limiting the foregoing, all Rents received by Borrower or Manager shall be deposited into the Clearing Account within one (1) Business Day of receipt. Funds deposited into the Clearing Account shall be swept by the Clearing Bank on a daily basis into Borrower’s operating account at the Clearing Bank, unless a Cash Management Period is continuing, in which event such funds shall be swept on a daily basis into an Eligible Account at the Deposit Bank controlled by Lender (the “Deposit Account”) and applied and disbursed in accordance with this Agreement. Funds in the Deposit Account shall be invested at Lender’s discretion only in Permitted Investments. Lender will also establish subaccounts of the Deposit Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such subaccounts are referred to herein as “Subaccounts”). The Deposit Account and any Subaccount will be under the sole control and dominion of Lender, and Borrower shall have no right of withdrawal therefrom. Borrower shall pay for all expenses of opening and maintaining all of the above accounts.

  • Cash Management System Each Borrower shall, and shall cause its Subsidiaries to, establish and maintain the Cash Management Systems described below:

  • Cash Management Services Funds received by Transfer Agent in the course of performing its services hereunder will be held in demand deposit bank accounts or money market fund accounts in the name of Transfer Agent (or its nominee) as agent for the Funds.

  • Cash Management Systems On or prior to the Closing Date, Borrowers will establish and will maintain until the Termination Date, the cash management systems described in Annex C (the “Cash Management Systems”).

  • Cash Management Services Sublimit Borrower may use the Revolving Line for Bank’s cash management services, which may include merchant services, direct deposit of payroll, business credit card, and check cashing services identified in Bank’s various cash management services agreements (collectively, the “Cash Management Services”), in an aggregate amount not to exceed the lesser of (A) One Million Dollars ($1,000,000), minus (i) the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), and minus (ii) the FX Reduction Amount, or (B) the lesser of the Revolving Line or the Borrowing Base, minus (i) the sum of all outstanding principal amounts of any Advances, minus the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), and minus (iii) the FX Reduction Amount Any amounts Bank pays on behalf of Borrower for any Cash Management Services will be treated as Advances under the Revolving Line and will accrue interest at the interest rate applicable to Advances.

  • Secured Cash Management Agreements and Secured Hedge Agreements Except as otherwise expressly set forth herein, no Cash Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03, the Guaranty or any Collateral by virtue of the provisions hereof or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice of such Secured Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements in the case of a Facility Termination Date.

  • Deposit Account Payments Subsection (b) is amended to read as follows:

  • Banking Services and Swap Agreements Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services or Swap Agreements, written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary or Affiliate thereof to such Lender or Affiliate (whether matured or unmatured, absolute or contingent). In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to time after a significant change therein or upon a request therefor, a summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap Agreement Obligations. The most recent information provided to the Administrative Agent shall be used in determining which tier of the waterfall, contained in Section 2.18(b), such Banking Services Obligations and/or Swap Agreement Obligations will be placed.

Time is Money Join Law Insider Premium to draft better contracts faster.