Cash Sweep Cure definition

Cash Sweep Cure means any one of the following: (a) depositing cash in escrow with Mortgage Lender or delivering to Mortgage Lender a Letter of Credit, which cash deposit or Letter of Credit shall be in an amount which, if applied to the reduction of the Mortgage Loan would cause the Debt Yield to be not less than the Debt Yield Threshold, and, if applicable, the Non-Minority Debt Yield to be not less than then the Non-Minority Debt Yield Threshold, (b) prepaying the Mortgage Loan in an amount which, if applied to the reduction of the Mortgage Loan would cause the Debt Yield to be not less than the Debt Yield Threshold, and, if applicable, the Non-Minority Debt Yield to be not less than the Non-Minority Debt Yield Threshold, or (c) the Debt Yield is in excess of the Debt Yield Threshold for three (3) consecutive months and, if applicable, the Non-Minority Debt Yield is in excess of the Non-Minority Debt Yield Threshold for three (3) consecutive months; provided that no new Cash Sweep Event shall have occurred and be continuing. Notwithstanding anything to the contrary contained herein, the number of occurrences of a Cash Sweep Cure hereunder shall not, in the aggregate, during any twelve (12) month period exceed two (2).
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Cash Sweep Cure means any one of the following: (a) if the Cash Sweep Event is caused solely by the occurrence of the Event of Default that such Event of Default has been cured or no longer exists or has been waived in writing by Lender or (b) if the Cash Sweep Event is caused solely by the occurrence of a NOI Trigger Event (defined below),the Actual Net Cash Flow for two (2) consecutive calendar quarters is equal to or greater than $19,685,954.00, as set forth in the financial statements required under this Agreement; provided, that, no new Cash Sweep Event shall have occurred and be continuing under this Agreement.
Sample 1
Cash Sweep Cure means the following: (i) with respect to a Cash Sweep Trigger Event described in clause (a) above, upon the waiver in writing by the lender of, or cure accepted by the lender of, such event of default, as determined by the lender in its sole discretion; or (ii) with respect to a Cash Sweep Trigger Event described in clause (b) of the definition thereof, either (x) The Grove at Shrewsbury Property maintaining a debt service coverage ratio of greater than 1.30x for two consecutive calendar quarters determined by the lender as of the last day of each calendar quarter for such quarter; or (y) the borrower deposits with the lender cash or a letter of credit (“DSC Avoidance Collateral”) in form and substance acceptable to the lender in an amount which, if added to the net cash flow, would result in a debt service coverage ratio greater than 1.30x. If the amount of DSC Avoidance Collateral held by the lender as of any determination date is equal to or greater than $500,000, provided no event of default is continuing under The Grove at Shrewsbury Loan, the borrower will be deemed to have cured a Cash Sweep Trigger Event under clause (b) of the definition thereof, without being required to post any further DSC Avoidance Collateral.
Sample 1

Examples of Cash Sweep Cure in a sentence

  • Borrower may at any time prepay a portion of the Loan to (i) effectuate a Cash Sweep Cure, or (ii) satisfy the Debt Service Coverage Ratio test in connection with a Release, provided Borrower satisfies the requirements of Section 2.4.1 hereof.

  • After the occurrence of a Cash Sweep Event and until such time as a Cash Sweep Cure has occurred, the Annual Budget shall be subject to Lender’s written approval (each such Annual Budget, an “Approved Annual Budget”).

  • Upon the occurrence of a Cash Sweep Event (but prior to a Cash Sweep Cure) or during the continuance of an Event of Default, Mortgage Lender shall provide notice of such occurrence to the Property Account Bank, and, thereafter Mortgage Lender and Mortgage Servicer shall have the sole right to make withdrawals from each Property Account in accordance with the Mortgage Loan Agreement and the other Mortgage Loan Documents.

  • Provided that no Event of Default has occurred and is continuing, at any time that is prior to a Cash Sweep Event or after a Cash Sweep Cure (a “Cash Sweep Period”), Mortgage Borrower shall have the sole right to make withdrawals from each Property Account, including, without limitation, the right to sweep the account on a daily basis.

  • Upon a Cash Sweep Cure, Borrower shall deposit with Lender in cash or cash equivalent (including a Letter of Credit) to the extent necessary to achieve a balance in the Ground Lease Escrow Fund equal to the Ground Rent which may be due during the month immediately following the month in which monthly escrows are discontinued (the amount then remaining in the Ground Lease Escrow Fund after giving effect to such deposit, the “Subsequent Ground Lease Escrow Deposit”).

  • Upon the occurrence of a Cash Sweep Event (but prior to a Cash Sweep Cure) or during the continuance of an Event of Default, Lender shall provide notice of such occurrence to the Property Account Bank and thereafter Lender and Servicer shall have the sole right to make withdrawals from the Property Account in accordance with this Agreement and the other Loan Documents.

  • Upon a Cash Sweep Cure, Borrower or Baltimore Owner shall deposit with Lender in cash or cash equivalent (including a Letter of Credit) to the extent necessary to achieve a balance in the Ground Lease Escrow Fund equal to the Ground Rent which may be due during the month immediately following the month in which monthly escrows are discontinued (the amount then remaining in the Ground Lease Escrow Fund after giving effect to such deposit, the “Subsequent Ground Lease Escrow Deposit”).

  • If none of the above exceptions apply, service contracts exceeding $250,000 are subject to the approval of the attorney general and OSC, after consultation with, but not prior approval of, any other state agency.

  • If at any time (and from time to time) the aggregate Debt Yield is less than 7.75%, Lender may in its sole discretion send a Redirection Notice, which shall cause Lender to have full control of the Collections Account in accordance with Section 2.9 until a Cash Sweep Cure Event.

  • Following the occurrence of a Cash Sweep Period, upon the occurrence of a Cash Sweep Cure, funds deposited into the Clearing Account (excluding any existing Sweep Collateral) shall again be swept on a daily basis into the Operating Account.


More Definitions of Cash Sweep Cure

Cash Sweep Cure. Means (i) the date of delivery of notice from Administrative Agent to Borrower that the Debt Service Coverage Ratio (including the Cash Sweep Credit) shall have been equal to or in excess of 5 basis points in excess of the applicable Debt Service Coverage Ratio indicated in the definition of Cash Sweep Trigger for two (2) consecutive DSCR Test Periods following delivery of notice from Administrative Agent that a Cash Sweep Period has commenced, and (ii) no Event of Default shall have occurred and be continuing. In connection with the satisfaction of the Debt Service Coverage Ratio in item (i) above, Borrower may, at its election, either (a) permanently repay (without the necessity of paying a Prepayment Premium) a portion of the Loan (which may include any Sweep Collateral then being held in the Clearing Account pursuant to Section 3.11) in an amount sufficient to have caused such Debt Service Coverage Ratio (excluding the Cash Sweep Credit) to have been satisfied as of the applicable test date or (b) deposit additional Sweep Collateral pursuant to Section 3.11 with Administrative Agent, in an amount sufficient to caused such Debt Service Coverage Ratio (including the Cash Sweep Credit) to have been satisfied as of the applicable test date.
Sample 1
Cash Sweep Cure means the Properties in the aggregate maintaining a Rent Coverage Ratio which exceeds 2.50 to 1.00 for two (2) consecutive fiscal quarters.
Sample 1

Related to Cash Sweep Cure

  • Cash Sweep Period means each period commencing on the occurrence of a Cash Sweep Event and continuing until the earlier of (a) the Payment Date next occurring following the related Cash Sweep Event Cure, or (b) until payment in full of all principal and interest on the Loan and all other amounts payable under the Loan Documents.

  • Non-Monetary Default Cure Period shall have the meaning assigned to such term in Section 11(d).

  • Initial Cure Period As defined in Section 2.03(b).

  • Cure Amount has the meaning assigned to such term in Section 7.02(a).

  • Accelerated Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure, for a period of at least three (3) consecutive Business Days, of the Borrowers to maintain Availability at least equal to the greater of (a) fifteen percent (15%) of the Loan Cap, or (b) $9,750,000.00. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing (i) so long as such Event of Default has not been waived, and/or (ii) if the Accelerated Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded the greater of (x) fifteen percent (15%) of the Loan Cap, or (y) $9,750,000.00 for thirty (30) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

  • Cash Dominion Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Availability of at least the greater of (x) 12.5% of the Loan Cap and (y) $18,750,000. For purposes of this Agreement, the occurrence of a Cash Dominion Event shall be deemed continuing (i) so long as such Event of Default has not been waived, and/or (ii) if the Cash Dominion Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded the greater of (x) 12.5% of the Loan Cap and (y) $18,750,000 for thirty (30) consecutive days, in which case a Cash Dominion Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that, a Cash Dominion Event shall be deemed continuing (even if an Event of Default is no longer continuing and/or Availability exceeds the required amount for thirty (30) consecutive days) at all times after a Cash Dominion Event has occurred and been discontinued on two occasions in any twelve month period until both no Event of Default is then continuing and Availability has exceeded the amounts set forth above for ninety (90) consecutive days. The termination of a Cash Dominion Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Cash Dominion Event in the event that the conditions set forth in this definition again arise.

  • Excess Cash shall have the meaning set forth in Section 2.7.2(b)(vii) hereof.

  • Net Condemnation Proceeds The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that, in the case of an Outside Serviced Mortgage Loan, “Net Condemnation Proceeds” under this Agreement shall be limited to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

  • Anticipated State average revenue availability per student means the sum of all anticipated total county revenue availability divided by the average daily membership for the State.

  • Net Available Proceeds means, with respect to any Asset Sale, the proceeds thereof in the form of cash or Cash Equivalents, net of

  • Funds From Operations shall have the meaning determined from time to time by the National Association of Real Estate Investment Trusts to be the meaning most commonly used by its members.

  • DSCR means debt service coverage ratio.

  • Borrowing Base Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the Borrowing Base at such time.

  • Excess Cash Amount means, as of any Excess Cash Measurement Date, (a) the total amount of Unrestricted Cash, less (b) the sum of (i) the applicable Minimum Cash Threshold hereto corresponding to such Excess Cash Measurement Date, (ii) the total amount of scheduled payments due by OEC and its Subsidiaries, taken as a whole, under (x) the New Notes and (y) any other Permitted Indebtedness in each case in the subsequent twelve (12) month period, (iii) projected expenses for the Issuer to conduct its operations during the subsequent twelve (12) month period, including any foreign currency conversion expenses and (iv) for any Excess Cash Measurement Date through (and including) December 31, 2024, any Fines due by OEC and its Subsidiaries for the subsequent twelve (12) month period; less (c) an amount equal to the Required Gross-Up; provided that any items already deducted from cash and short-term investments of OEC and its Subsidiaries for purposes of determining Unrestricted Cash shall not be deducted again for purposes of determining the Excess Cash Amount.

  • Adjusted Funds From Operations means, for any period, Net Cash Flows From Operating Activities for such period plus Interest Expense for such period minus (x) the portion (but not less than zero) of Net Cash Flows From Operating Activities for such period attributable to any consolidated Subsidiary that has no Debt other than Nonrecourse Indebtedness and (y) After-Tax Transitional Funding Instrument Revenue for such period.

  • Cash Balance means, at any date of determination, the unencumbered and otherwise unrestricted cash and Cash Equivalents of the NCLC Group.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Excess Cash Flow means, for any period, an amount equal to:

  • Company Cure Period has the meaning specified in Section 10.01(b).

  • Cash Settlement Amount means the “Cash Settlement Amount” as determined by the Calculation Agent in accordance with Paragraph 6.

  • Minimum Cash Balance means $10,000,000 minus (i) $500,000, (ii) any amounts to be paid to holders of Allowed Ongoing Trade Claims of New Permian Corp., and (iii) any amounts to be paid to holders of Allowed Cure Amounts pursuant to Section 8.4(ii).

  • Trigger Period means the 60-day period commencing on the earlier of (i) the occurrence of a Change of Control or (ii) the first public announcement of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control (which Trigger Period will be extended so long as the ratings of the Notes are under publicly announced consideration for possible downgrade by any two of the three Rating Agencies); provided that the Trigger Period will terminate with respect to each Rating Agency when such Rating Agency takes action (including affirming its existing ratings) with respect to such Change of Control.

  • Threshold Event Cure shall have the meaning assigned to such term in Section 5(g).

  • Cure Right shall have the meaning assigned to such term in Section 7.03.

  • Anticipated total county revenue availability means the sum of the:

  • Net Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower or any of its U.S. Subsidiaries in connection with such Casualty Event (net of all collection or similar expenses related thereto), but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first priority Lien permitted by clause (d) of Section 7.2.3 on the property which is the subject of such Casualty Event.