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 7.02(a)(iv)) and for so long as such Cash Trap Condition continues to exist, all Collections available for such purpose under Article V (except as otherwise expressly provided below) shall be deposited with the Indenture Trustee and held in a Sub-Account of the Collection Account (the “Cash Trap Reserve Sub-Account”) in accordance with the terms of the Cash Management Agreement and this Indenture (said funds, together with any interest thereon, the “Cash Trap Reserve”). On the first Payment Date to occur on or after the commencement of an Amortization Period, or on any Payment Date at the direction of the Issuer, the Indenture Trustee will apply all funds on deposit in the Cash Trap Reserve Sub-Account to reimbursement of the Indenture Trustee and the Servicer in respect of unreimbursed Advances (including Advance Interest thereon) or any other amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, outstanding Advances, Advance Interest, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited in the Debt Service Sub-Account and applied to payment of the Notes on such Payment Date (including any required Yield Maintenance) in accordance with Section 5.01(b).
Appears in 1 contract
Sources: Indenture (American Tower Corp /Ma/)
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 7.02(a)(iv)) and for so long as such Cash Trap Condition continues to exist, all Collections available for such purpose under Article V Excess Cash Flow (except as otherwise expressly provided below) shall be deposited with the Indenture Trustee and held in a Sub-Account of the Collection Account (the “Cash Trap Reserve Sub-Account”) in accordance with the terms of the Cash Management Agreement and this Indenture (said funds, together with any interest thereon, the “Cash Trap Reserve”). On During the first Payment Date to occur on or after the commencement continuation of an Amortization Period, or on any Payment Date at or after the direction of the IssuerAnticipated Repayment Date, the Indenture Trustee will apply all funds on deposit deposited in the Cash Trap Reserve Sub-Account on any Payment Date to reimbursement of the Indenture Trustee and the Servicer in respect of unreimbursed Advances (including Advance Interest thereon) or any other amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, outstanding Advances, Advance Interest, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited in the Debt Service Sub-Account and applied to payment of the Outstanding principal on the Notes on such Payment Date (including any required Yield Maintenance). Any such repayment shall be applied first to reimbursement of the Indenture Trustee and the Servicer in respect of unreimbursed Advances (including Advance Interest thereon or any other amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, outstanding Advances, Advance Interest, unpaid Additional Issuer Expenses, and all unpaid fees, expenses and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents), second, to reduce the Class Principal Balance of the Class of Notes outstanding having the earliest alphabetical designation until the Class Principal Balance of such Class is reduced to zero, and then to reduce the Class Principal Balance of the Class of Notes outstanding having the second earliest alphabetical designation and so on until the Class Principal Balances of all Classes of Notes have been reduced to zero. For such purposes, the Class A-FL Notes will be deemed to have the same alphabetical designation as the Class A-FX Notes and will be pari passu with the Class A-FX Notes. Prior to the Anticipated Repayment Date, if a Cash Trap Condition ceases to exist and no Event of Default has occurred and is continuing, any funds then on deposit in the Cash Trap Reserve Sub-Account shall be released to the Issuer Entity. Prior to the Anticipated Repayment Date, if a Cash Trap Condition is continuing and the DSCR is greater than or equal to 1.75 to 1.0, and no Event of Default has occurred and is continuing, funds in the Cash Trap Reserve shall be released to the Issuer Entity to be used solely to meet the debt service requirements of Crown International and its subsidiaries (other than CC Towers Holding and its subsidiaries). The existence of a Cash Trap Condition shall be determined by the Servicer in its reasonable good faith determination which may be based solely upon the Financial Statements received by the Servicer. 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 the Indenture Trustee (solely at the direction and discretion of the Servicer) in accordance with Section 5.01(b)to payment of the Notes (including payment of Yield Maintenance, if any) or other Obligations as the Servicer may elect.
Appears in 1 contract
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 Monthly Report required to be delivered pursuant to Section 7.02(a)(iv7.02(a)(iii)) and for so long as such Cash Trap Condition continues to exist, all Collections available for such purpose under Article V (except as otherwise expressly provided below) shall be deposited with the Indenture Trustee and held in a Sub-Account of the Collection Account (the “Cash Trap Reserve Sub-Account”) in accordance with the terms of the Cash Management Agreement and this Indenture (said funds, together with any interest thereon, the “Cash Trap Reserve”). On (i) the first Payment Date to occur on or after the commencement of an Amortization Period, (ii) the first Payment Date after the occurrence of an Event of Default that is continuing or (iii) on any Payment Date at the direction of the Issuer, the Indenture Trustee will apply all funds on deposit in the Cash Trap Reserve Sub-Account to reimbursement of the Indenture Trustee and the Servicer in respect of unreimbursed Advances (including Advance Interest thereon) or any other amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, outstanding unreimbursed Advances, Advance Interest, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited in the Debt Service Sub-Account and applied to payment of the Notes on such Payment Date (including any required Yield Maintenance) in accordance with Section 5.01(b). On the first Payment Date after the expiration of a Cash Trap Condition, the Indenture Trustee shall pay any funds remaining in the Cash Trap Reserve Sub-Account to the Obligors provided that no Event of Default then exists.
Appears in 1 contract
Sources: Indenture (American Tower Corp /Ma/)
Cash Trap Reserve. If a Cash Trap Condition shall occuroccurs (as set forth in the Servicing Report), 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 7.02(a)(iv)) and for so long as such Cash Trap Condition continues to exist, all Collections available for such purpose under Article V (except as otherwise expressly provided below) shall be deposited with the Indenture Trustee and held in a Sub-Account of the Collection Reserve Account (the “Cash Trap Reserve Sub-Account”) in accordance with the terms of the Cash Management Agreement and this Indenture (said funds, together with any interest thereon, the “Cash Trap Reserve”). Prior to the commencement of an Amortization Period or a Rapid Amortization Period, if such Cash Trap Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Cash Trap Reserve Account shall be applied pursuant to Section 5.01(a)(xvi). On (i) the first Payment Date to occur on or after the commencement of an Amortization Period, (ii) the first Payment Date after the occurrence of an Event of Default that is continuing or (iii) on any other Payment Date at the direction of the IssuerIssuers, the Indenture Trustee will shall, at the written direction of the Servicer, apply all funds on deposit in the Cash Trap Reserve Sub-Account to reimbursement of the Indenture Trustee and the Servicer in respect of unreimbursed Advances (Advances, including Advance Interest thereon) or any thereon and other amounts then due to the Servicer Servicer, the Backup Manager, the Custodian or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, outstanding Advances, Advance Interest, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer Servicer, the Custodian and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited applied to pay the holders of each Class of Notes in direct order of alphabetical designation, the amounts due in respect of such Notes as provided pursuant to Section 5.01(a)(xi) or 5.01(a)(xii), as applicable. On the first Payment Date to occur on or after the commencement of a Rapid Amortization Period (in circumstances where there is no Amortization Period or Event of Default that is then continuing), the Indenture Trustee will apply all funds on deposit in the Debt Service Sub-Cash Trap Reserve Account to reimbursement of the Indenture Trustee and the Servicer in respect of unreimbursed Advances, including Advance Interest thereon and other amounts then due to the Servicer, the Backup Manager, the Custodian or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, outstanding Advances, Advance Interest, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer, the Custodian and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall, at the written direction of the Servicer, be applied to payment pay the holders of each Class of Notes of such Series subject to the Notes on such Payment Date (including any required Yield Maintenance) in accordance with Rapid Amortization Period the amounts provided pursuant to Section 5.01(b5.01(a)(xiii).
Appears in 1 contract