Cash Sweep Period definition

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 in accordance with the terms and provisions of the Loan Documents.
Cash Sweep Period shall commence upon the occurrence of (i) an Event of Default or (ii) the commencement of a Low Debt Yield Period; and shall end if, (A) with respect to a Cash Sweep Period continuing pursuant to clause (i), the Event of Default commencing the Cash Sweep Period has been cured and such cure has been accepted by Lender (and no other Event of Default is then continuing) or (B) with respect to a Cash Sweep Period continuing due to clause (ii), the Low Debt Yield Period has ended pursuant to the terms hereof.
Cash Sweep Period shall have the meaning assigned to such term in the Senior Subsidiary Security Agreement.

Examples of Cash Sweep Period in a sentence

If, during any Cash Sweep Period, Borrower incurs or is required to incur an operating expense or capital expense which is not set forth in the Approved Annual Budget (each an “Extraordinary Expense”), then Borrower shall promptly deliver to Lender in writing a reasonably detailed explanation of such Extraordinary Expense.

During a Cash Sweep Period, Borrower shall deposit with Lender all Excess Cash Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”.

If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived (or, during a Cash Sweep Period, paid into the Citibank Concentration Account).

During the continuance of a Cash Sweep Period, Lender shall have the right to approve each Annual Budget (which approval shall not be unreasonably, conditioned or delayed withheld so long as no Event of Default is continuing).

If a Cash Sweep Period shall be continuing, all Available Cash (after payment of the Monthly Budgeted Amount and any Approved Extraordinary Expenses in accordance with Section 2.7.2(k)) shall be paid to Lender, which amounts shall be transferred by Lender into a Subaccount (the “Cash Collateral Subaccount”) to be held by Lender as cash collateral for the Debt.


More Definitions of Cash Sweep Period

Cash Sweep Period shall have the meaning set forth in the Mortgage Loan Agreement.
Cash Sweep Period means the period commencing on the first day of the calendar month following the date on which Lender notifies Borrower of its determination that the Debt Yield is less than seven and three-quarters percent (7.75%) for the immediately preceding twelve (12) month period and ending on the earlier of (i) last day of the calendar month during which Lender notifies Borrower of its determination that the Debt Yield is greater than or equal to seven and three-quarters percent (7.75%) for the immediately preceding twelve (12) month period for two (2) consecutive calendar quarters or (ii) receipt by Lender of a Cash Sweep Cure Payment.
Cash Sweep Period means the period from and after a Cash Sweep Event until a Cash Sweep Cure has occurred.
Cash Sweep Period means the period commencing on the Initial Borrowing Date and ending on the date which is twenty-four (24) months after the Initial Borrowing Date as such period may be extended in accordance with clause 7.5(b) (Mandatory PrepaymentCash Sweep) of the Term Facility Agreement or shortened in accordance with clause 27.8(b) (Distributions and Other Payments) of the Term Facility Agreement.
Cash Sweep Period means any period in which funds are transferred from (a) any Blocked Account to the Concentration Account or any Citibank Concentration Account, as applicable, pursuant to a Blocked Account Cash Sweep Notice or (b) the Concentration Account to any Citibank Concentration Account pursuant to a Concentration Account Cash Sweep Notice.
Cash Sweep Period means the period commencing on the date upon which the Debt Service Coverage Ratio for the Property, as reasonably determined by Lender on a quarterly basis, for the immediately preceding twelve (12) month period is less than 1.15 to 1.00, and ending on the date the Debt Service Coverage Ratio equals or exceeds 1.20 to 1.00 for the immediately preceding twelve (12) month period.