Cash Sweep Event Cure means (a) if the Cash Sweep Event is caused solely by a Default Trigger, the acceptance by Lender of a cure of such Event of Default (which cure Lender is not obligated to accept and may reject or accept in its sole and absolute discretion, unless required by law), (b) if the Cash Sweep Event is caused solely by a Bankruptcy Action of Borrower based an involuntary petition against Borrower with respect to which neither Borrower, Guarantor nor any Affiliate of Borrower or Guarantor solicited or caused to be solicited petitioning creditors or consented to or otherwise acquiesced in or joined in such involuntary petition, upon the same being discharged, stayed or dismissed within thirty (30) days of such filing; provided that such filing does not result in any adverse consequences to the Loan or the Property, as determined by Lender in its sole discretion; (c) if the Cash Sweep Event is caused solely by a Property Manager BK Trigger, if Borrower replaces the Manager with a Qualified Manager under a Replacement Management Agreement; and (d) if the Cash Sweep Event is caused solely by the occurrence of a DSCR Trigger, the Property achieves a Debt Service Coverage Ratio of 1.40 to 1.00 or greater based upon the trailing six (6) month period immediately preceding the date of determination, for two consecutive calendar quarters; provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no Event of Default shall have occurred and be continuing under this Agreement or any of the other Loan Documents, (ii) a Cash Sweep Event Cure may occur no more than a total of three (3) times in the aggregate during the term of the Loan, and (iii) Borrower shall have paid all of Lender’s reasonable expenses incurred in connection with such Cash Sweep Event Cure including, reasonable attorney’s fees and expenses. Notwithstanding the foregoing, there shall be no Cash Sweep Event Cure following a Cash Sweep Event caused by a Bankruptcy Action of Borrower, except to the extent specifically set forth in clause (b) above.
Cash Sweep Event Cure means:
Cash Sweep Event Cure means (a) if the Cash Sweep Event is caused solely by the occurrence of a DSCR Trigger Event, the achievement of a Debt Service Coverage Ratio of 1.00 or greater for six (6) consecutive months based upon the trailing three (3) month period immediately preceding the date of determination, (b) if the Cash Sweep Event is caused by an Event of Default, the acceptance by Lender of a cure of such Event of Default (which cure Lender is not obligated to accept and may reject or accept in its discretion), or (c) if the Cash Sweep Event is caused by a Bankruptcy Action of Manager, if Borrower replaces the Manager with a Qualified Manager under a Replacement Management Agreement within sixty (60) days of such Bankruptcy Action; provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no Default or Event of Default shall have occurred and be continuing, (ii) a Cash Sweep Event Cure may occur no more than a total of two (2) times in the aggregate during the term of the Loan, and (iii) Borrower shall have paid all of Lender’s reasonable expenses incurred in connection with such Cash Sweep Event Cure including, reasonable or statutory attorney’s fees and expenses. Notwithstanding any provision in this Agreement to the contrary, in no event shall Borrower have the right to cure any Cash Sweep Event caused by a Bankruptcy Action of Borrower.
Examples of Cash Sweep Event Cure in a sentence
Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Cash Management Account to be disbursed in accordance with the Cash Management Agreement.
Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Lockbox Account to be disbursed in accordance with Section 2.7.1 hereof.
Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Cash Management Account to be disbursed to Borrower in accordance with the Cash Management Agreement.
In no instance shall a refund be granted if the demolition or decreased use of a building or property results in a lower discharge volume and/or loading level than that for which Capacity Charges have previously been paid.
Upon the occurrence of a Cash Sweep Event Cure, so long as no other Cash Management Period is then continuing, all Excess Cash Flow Reserve Funds shall be deposited into the Clearing Account to be disbursed to Borrower.
More Definitions of Cash Sweep Event Cure
Cash Sweep Event Cure means (a) if the Cash Sweep Event is caused solely by the occurrence of a DSCR Trigger Event, the achievement of a Debt Service Coverage Ratio of 1.12 to 1.00 or greater for six (6) consecutive months based upon the trailing six (6) month period immediately preceding the date of determination, or (b) if the Cash Sweep Event is caused by an Event of Default, the acceptance by Lender of a cure of such Event of Default (which cure Lender is not obligated to accept and may reject or accept in its sole and absolute discretion); provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no Event of Default shall have occurred and be continuing under this Agreement or any of the other Loan Documents, (ii) a Cash Sweep Event Cure may occur no more than a total of five (5) times in the aggregate during the term of the Loan, and (iii) Borrower shall have paid all of Lender’s reasonable expenses incurred in connection with such Cash Sweep Event Cure including, reasonable attorney’s fees.
Cash Sweep Event Cure means (a) if the Cash Sweep Event is caused by an Event of Default, the acceptance by Lender of a cure of such Event of Default (which cure Lender is not obligated to accept and may reject or accept in its discretion), or (b) if the Cash Sweep Event is caused by a Bankruptcy Action of Manager, if Borrower replaces the Manager with a Qualified Manager under a Replacement Management Agreement within sixty (60) days of such Bankruptcy Action; provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no Default or Event of Default shall have occurred and be continuing, (ii) a Cash Sweep Event Cure may occur no more than a total of two (2) times in the aggregate during the term of the Loan, and (iii) Borrower shall have paid all of Lender’s reasonable expenses incurred in connection with such Cash Sweep Event Cure including, reasonable or statutory attorney’s fees and expenses. Notwithstanding any provision in this Agreement to the contrary, in no event shall Borrower have the right to cure any Cash Sweep Event caused by a Bankruptcy Action of Borrower.
Cash Sweep Event Cure means (a) if the Cash Sweep Event is caused solely by the occurrence of a DSCR Trigger Event, the occurrence of a DSCR Trigger Event Cure, (b) if the Cash Sweep Event is caused solely by a Bankruptcy Action of CPLV Tenant Guarantor or CPLV Tenant, if (x) such Bankruptcy Action is not consented to by Borrower and such Bankruptcy Action is discharged or dismissed in a manner that does not cause a Material Adverse Effect or (y) the entry into of a replacement CPLV Lease in substantially the same form and substance as the original CPLV Lease or otherwise in form and substance reasonably acceptable to Lender with a CPLV Tenant Transferee pursuant to and in accordance with Section 5.2.10(e)(iv) or a Qualified CPLV Tenant Transferee in accordance with Sections 5.2.10(e)(vii) or 8.3(b) hereof and, to the extent CEC or a Replacement CEC Sponsor is no longer the guarantor under the CPLV Lease Guaranty, the delivery of a replacement CPLV Lease Guaranty by a Qualified CPLV Replacement Guarantor, each, in accordance with the terms and conditions hereunder, (c) if the Cash Sweep Event is caused by an Event of Default, the acceptance by Lender of a cure of such Event of Default (which cure Lender is not obligated to accept and may reject or accept in its sole and absolute discretion, except with respect to an Event of Default that results from a CPLV Lease Default, in which event Lender shall be reasonable in its determination to accept or reject such cure), (d) if the Cash Sweep Event is caused solely by a Mezzanine Loan Default, the applicable Mezzanine Lender shall have accepted a cure by the applicable Mezzanine Borrower of such Mezzanine Loan Default and (e) if the Cash Sweep Event is caused solely by a rejection of the Management Agreement by Manager following any Bankruptcy Action of Manager, the entry into of a Replacement Management Agreement with a Qualified Manager in accordance with the terms hereunder; provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no Event of Default shall have occurred and be continuing under this Agreement or any of the other Loan Documents, and (ii) Borrower shall have paid all of Lender’s reasonable out-of-pocket expenses incurred in connection with such Cash Sweep Event Cure including, reasonable attorney’s fees and expenses. For the avoidance of doubt, in no event shall Borrower have the right to cure a Cash Sweep Event caused solely by a Bankruptcy Ac...
Cash Sweep Event Cure means (a) if the Cash Sweep Event is caused solely by the occurrence of a DSCR Trigger Event, the achievement of a Debt Service Coverage Ratio of 1.15 to 1.00 or greater for two (2) consecutive quarters based upon the trailing twelve (12) month period immediately preceding the date of determination, (b) if the Cash Sweep Event is caused by an Event of Default, the acceptance by Lender of a cure of such Event of Default (which cure Lender is not obligated to accept and may reject or accept in its sole and absolute discretion), or (c) if the Cash Sweep Event is caused by a Bankruptcy Action of an Affiliated Manager, if Borrower within sixty (60) days of the commencement of such Bankruptcy Action replaces the Affiliated Manager with a Qualified Manager under a Replacement Management Agreement; provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no Event of Default shall have occurred and be continuing under this Agreement or any of the other Loan Documents (or, in the event of a Cash Sweep Event Cure pertaining to a Cash Sweep Event described in clause (a) of the definition of Cash Sweep Event, no Event of Default other than the triggering Event of Default shall have occurred and be continuing), (ii) a Cash Sweep Event Cure may occur no more than a total of three (3) times in the aggregate during the term of the Loan with respect to a Cash Sweep Event arising in connection with an Event of Default or a Bankruptcy Action by an Affiliated Manager, and (iii) Borrower shall have paid all of Lender’s reasonable out-of-pocket third party expenses incurred in connection with such Cash Sweep Event Cure including, reasonable attorney’s fees and expenses. Borrower shall not have the right to effect a Cash Sweep Event Cure with respect to a Cash Sweep Event arising in connection with a Bankruptcy Action by Borrower.
Cash Sweep Event Cure means (a) if the Cash Sweep Event is caused solely by the occurrence of a DSCR Trigger Event, the achievement of a Debt Service Coverage Ratio of 1.00 or greater for six (6) consecutive months based upon the trailing three (3) month period immediately preceding the date of determination, (b) if the Cash Sweep Event is caused by an Event of Default, the acceptance by Lender of a cure of such Event of Default (which cure Lender is not obligated to accept and may reject or accept in its discretion), or (c) if the Cash Sweep Event is caused by a Bankruptcy Action of Manager, if Borrower replaces the Manager with a Qualified Manager under a Replacement Management Agreement within sixty (60) days of such Bankruptcy Action; provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no Default or Event of Default shall have occurred and be continuing, (ii) a Cash Sweep Event Cure may occur no more than a total of two (2) times in the aggregate during the term of the Loan, and
Cash Sweep Event Cure means the occurrence of one or more of the following: (a) with respect to clause (i) above, the acceptance of a cure by the lender of the related event of default, (b) with respect to clause (ii) above, solely with respect to a bankruptcy or insolvency of the property manager, if the borrower replaces such property manager within 60 days of such action in accordance with the loan documents, (c) with respect to clause (iii) above, the achievement of a debt service coverage ratio (as calculated in the loan documents and based on the trailing three month period) of at least 1.15x for two consecutive calendar quarters and (d) with respect to (iv) above, an AMC Trigger Event Cure (as defined below).
Cash Sweep Event Cure means the acceptance by Lender of a cure of such Event of Default (which cure Lender is not obligated to accept and may reject or accept in its discretion); provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no Event of Default shall have occurred and be continuing under this Agreement or any of the other Loan Documents, and (ii) Borrower shall have paid all of Lender’s reasonable expenses incurred in connection with such Cash Sweep Event Cure including, reasonable attorney’s fees and expenses. Notwithstanding any provision in this Agreement to the contrary, in no event shall Borrower have the right to cure any Cash Sweep Event caused by a Bankruptcy Action of Borrower, Master Tenant or Principal.