Cash Sweep Payments definition

Cash Sweep Payments means the payment of the remaining Available Cash to the First Lien Noteholders and First Lien Bank Lenders pro rata based on the First Lien Bank Obligations and First Lien Note Obligations; provided that (1) First Lien Bank Lenders holding at least 2/3 of such First Lien Bank Obligations become Consenting Creditors and (2) only those First Lien Bank Lenders that are Consenting Creditors shall share, pro rata, in the payment made to the First Lien Bank Lenders to the fullest extent permitted by law. The Cash Sweep Payments shall be made to the Consenting Creditors solely on account of them signing the RSA.
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Cash Sweep Payments means fifty percent (50%) of funds comprising the Excess Cash Flow that shall be paid to Lender annually as additional principal payments on the Obligations.
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Examples of Cash Sweep Payments in a sentence

  • All Cash Sweep Payments shall be accompanied by accrued and unpaid interest on the amount repaid.

  • It is intended that the Parent-to-SpinCo Cash Sweep Payments belong to members of the Parent Group and not members of the Spinco Group, and that the SpinCo-to-Parent Cash Sweep Payments belong to members of the SpinCo Group and not members of the Parent Group.

  • Except for any Cash Sweep Payments, but only to the extent permitted by this Agreement, without the prior written consent of Senior Agent, no Subordinated Creditor will take, demand, or receive from any Grantor any prepayment of principal (whether optional, voluntary, mandatory, or otherwise or by redemption, defeasance, or other payment or distribution) with respect to any Subordinated Debt, until the Payment In Full of the Senior Debt.

  • The Collateral Agent shall notify each of the Secured Parties within two (2) business days after the Collateral Agent receives any notice (a) from any Bank, Note Holder or LC Issuer of the occurrence of an Event of Default, or (b) from the Requisite Parties that payments referred to in the definition of Post-Default Cash Sweep Payments will not constitute Post-Default Cash Sweep payments on account of such Event of Default.

  • Cash Sweep Payments Subject to certain exceptions, upon the completion of certain equity financings at a price below the conversion price of the Notes, holders of the Notes will have the right to require us to use up to 15% of the gross proceeds of the equity financing to redeem the principal amounts described in “Description of the Notes” at the Repayment Price, plus accrued interest.