Common use of Cash Trap Reserve Clause in Contracts

Cash Trap Reserve. If a Cash Trap Condition shall occur, then, from and after the date that it is determined that a Cash Trap Condition has occurred (which shall be based upon the financial reporting required to be delivered pursuant to Section 5.1(A)(ii)) and for so long as such Cash Trap Condition continues to exist, all Excess Cash Flow (except as otherwise expressly provided below) shall be deposited with Lender (or its Servicer or agent) and held in the Central Account in accordance with the terms of the Cash Management Agreement (said funds, together with any interest thereon, the “Cash Trap Reserve”). A “Cash Trap Condition” shall exist at such time as Lender determines that as of last day of any calendar quarter ending prior to an Anticipated Repayment Date, the Debt Service Coverage Ratio is equal to or less than the Cash Trap DSCR, and shall continue to exist until Lender determines that the Debt Service Coverage Ratio exceeds the Cash Trap DSCR for two (2) consecutive calendar quarters. Upon the commencement of an Amortization Period, Lender will apply any amounts in the Cash Trap Reserve on the next Due Date in accordance with the terms and conditions of the Trust Agreement, in the manner provided in Section 3.3(a) of the Cash Management Agreement for Available Funds. Any funds on deposit in the Cash Trap Reserve shall continue to be held as additional Collateral in accordance with this Section 6.5. Provided that no Event of Default exists and Lender determines that the Cash Trap DSCR test has been satisfied for two (2) consecutive calendar quarters (as determined above), any funds remaining in the Cash Trap Reserve shall be released to the Borrowers. The existence of a Cash Trap Condition shall be a reasonable determination made by Lender in good faith.

Cash Trap Reserve. If a Cash Trap Condition shall occur, then, from and after the date that it is determined that a Cash Trap Condition has occurred (which shall be based upon the financial reporting required to be delivered pursuant to Section 5.1(A)(ii5.1(A)(iv)) and for so long as such Cash Trap Condition continues to exist, all Excess Cash Flow (except as otherwise expressly provided below) shall be deposited with the Lender (or its Servicer or agent) and held in the Central Account in accordance with the terms of the Cash Management Agreement (said funds, together with any interest thereon, the “Cash Trap Reserve”). A “Cash Trap Condition” shall exist at such time as the Lender determines that as of last day of any calendar quarter ending prior to an Anticipated Repayment Date, the Debt Service Coverage Ratio is equal to or less than the Cash Trap DSCR, and shall continue to exist until the Lender determines that the Debt Service Coverage Ratio exceeds the Cash Trap DSCR for two (2) consecutive calendar quarters. Upon the commencement of an Amortization Period, the Lender will apply any amounts in the Cash Trap Reserve on the next Due Date in accordance with (i) first, to the terms and conditions reimbursement or payment of the Trust AgreementTrustee and the Servicer for any amounts due to the Trustee or the Servicer on such Due Date and (ii) second, in the manner provided in Section 3.3(a) of the Cash Management Agreement for Available Funds. Any funds on deposit After the Anticipated Repayment Date of a Component, provided an Amortization Period is not in effect and no Event of Default is continuing, the Lender will apply any amounts in the Cash Trap Reserve shall continue on the next Due Date (i) first, to be held as additional Collateral the reimbursement or payment of the Trustee, the Custodian and the Servicer for any amounts due to the Trustee, the Custodian or the Servicer on such Due Date and (ii) second, in accordance with this the manner provided in Section 6.5. Provided that no Event 3.3(a) of Default exists and Lender determines that the Cash Trap DSCR test has been satisfied for two (2) consecutive calendar quarters (as determined above), any funds remaining in the Cash Trap Reserve shall be released to the Borrowers. The existence of a Cash Trap Condition shall be a reasonable determination made by Lender in good faith.‑85‑

Cash Trap Reserve. If a Cash Trap Condition shall occur, then, from and after the date that it is determined that a Cash Trap Condition has occurred (which shall be based upon the financial reporting required to be delivered pursuant to Section 5.1(A)(ii5.1(A)(iv)) and for so long as such Cash Trap Condition continues to exist, all Excess Cash Flow (except as otherwise expressly provided below) shall be deposited with Lender (or its Servicer or agent) and held in the Central Account in accordance with the terms of the Cash Management Agreement (said funds, together with any interest thereon, the “Cash Trap Reserve”). A “Cash Trap Condition” shall exist at such time as the Lender determines that as of last day of any calendar quarter ending prior to an Anticipated Repayment Date, the Debt Service Coverage Ratio is equal to or less than the Cash Trap DSCR, and shall continue to exist until the Lender determines that the Debt Service Coverage Ratio exceeds the Cash Trap DSCR for two (2) consecutive calendar quarters. Upon the commencement of an Amortization Period, Lender will apply any amounts in the Cash Trap Reserve on the next Due Date in accordance with (i) first, to the terms and conditions reimbursement or payment of the Trust AgreementTrustee and the Servicer for any amounts due to the Trustee or the Servicer on such Due Date and (ii) second, in the manner provided in Section 3.3(a) of the Cash Management Agreement for Available Funds. Any funds on deposit in the Cash Trap Reserve shall continue to be held as additional Collateral in accordance with this Section 6.5. Provided that no Event of Default exists and Lender determines that the Cash Trap DSCR test has been satisfied for two (2) consecutive calendar quarters (as determined above), any funds remaining in the Cash Trap Reserve shall be released to the Borrowers. The existence of a Cash Trap Condition shall be a reasonable determination made determined by Lender in its reasonable good faithfaith determination. Notwithstanding the foregoing, during a Cash Trap Condition or an Amortization Period the Lender may apply Excess Cash Flow or amounts in the Cash Trap Reserve to the payment of contingent earn-out obligations of the Borrowers, in the Lender’s sole discretion.

Cash Trap Reserve. If a Cash Trap Condition Event shall occur, then, from and after the date that it is determined that a Cash Trap Condition Event has occurred (which shall be based upon the financial reporting required to be delivered pursuant to Section 5.1(A)(ii5.1(A)(iv)) and for so long as such Cash Trap Condition Event continues to exist, all Excess Cash Flow (except as otherwise expressly provided below) shall be deposited with Lender (or its Servicer or agent) and held in the Central Lock Box Account in accordance with the terms of the Cash Management Agreement (said funds, together with any interest thereon, the “"Cash Trap Reserve”"). A “"Cash Trap Condition” Event" shall exist at such time as Lender determines that occur as of the last day of any calendar quarter ending prior to an Anticipated Repayment Date, when the Debt Service Coverage Ratio is equal to or less than the Cash Trap DSCR, and shall continue to exist until Lender determines that such time as the Debt Service Coverage Ratio exceeds the Cash Trap DSCR for two (2) consecutive calendar quarters. Upon If as of the commencement last day of an Amortization Periodany calendar quarter the Debt Service Coverage Ratio is less than the Minimum DSCR, Lender will apply any amounts in the Cash Trap Reserve to payment of the Loan on the next Due Payment Date in accordance with the terms and conditions of the Trust Agreement, in the manner provided in Section 3.3(a) of the Cash Management Agreement for Available Funds(including any required Yield Maintenance). Any funds on deposit in the Cash Trap Reserve shall continue to be held as additional Collateral in accordance with this Section 6.56.8. Provided that no Event of Default exists and Lender determines that the Cash Trap DSCR test has been satisfied for two (2) consecutive calendar quarters (as determined above), any funds remaining in the Cash Trap Reserve shall be released to the Borrowers. The existence of a Cash Trap Condition Event shall be a reasonable determination made determined by Lender in its reasonable good faithfaith determination. Notwithstanding any provision herein to the contrary, during the continuance of an Event of Default all funds on deposit in the Cash Trap Reserve and any subsequent Excess Cash Flow may be applied by Lender to payment of the Loan (including payment of Yield Maintenance, if any) or other Obligations as Lender may elect.

Cash Trap Reserve. If a Cash Trap Condition Event shall occur, then, from and after the date that it is determined that a Cash Trap Condition Event has occurred (which shall be based upon the financial reporting required to be delivered pursuant to Section 5.1(A)(ii5.1(A)(iv)) and for so long as such Cash Trap Condition Event continues to exist, all Excess Cash Flow (except as otherwise expressly provided below) shall be deposited with Lender (or its Servicer or agent) and held in the Central Lock Box Account in accordance with the terms of the Cash Management Agreement (said funds, together with any interest thereon, the “"Cash Trap Reserve”"). A “"Cash Trap Condition” Event" shall exist at such time as Lender determines that occur as of the last day of any calendar quarter ending prior to an Anticipated Repayment Date, when the Debt Service Coverage Ratio is equal to or less than the Cash Trap DSCR, and shall continue to exist until Lender determines that such time as the Debt Service Coverage Ratio exceeds the Cash Trap DSCR for two (2) consecutive calendar quarters. Upon If as of the commencement last day of an Amortization Periodany calendar quarter the Debt Service Coverage Ratio is less than the Minimum DSCR, Lender will apply any amounts in the Cash Trap Reserve to payment of the Loans on the next Due Payment Date in accordance with the terms and conditions of the Trust Agreement, in the manner provided in Section 3.3(a) of the Cash Management Agreement for Available Funds(including any required Yield Maintenance). Any funds on deposit in the Cash Trap Reserve shall continue to be held as additional Collateral in accordance with this Section 6.5. Provided that no Event of Default exists and Lender determines that the Cash Trap DSCR test has been satisfied for two (2) consecutive calendar quarters (as determined above), any funds remaining in the Cash Trap Reserve shall be released to the Borrowers. The existence of a Cash Trap Condition Event shall be a reasonable determination made determined by Lender in its reasonable good faithfaith determination. Notwithstanding any provision herein to the contrary, during the continuance of an Event of Default all funds on deposit in the Cash Trap Reserve and any subsequent Excess Cash Flow may be applied by Lender to payment of the Loans, or any of them (including payment of Yield Maintenance, if any) or other Obligations of any of the Borrowers as Lender may elect.