Examples of Cash Sweep Trigger Event in a sentence
For purposes of clarification, a Cash Sweep Trigger Event shall be deemed to “exist”, “be continuing” and “remain outstanding” as long as a Cash Sweep Trigger Event Cure has not occurred.
Under the Loan Agreement, a Cash Sweep Trigger Event occurred, and the Cash Sweep Period commenced, because Plaintiff failed to renew the Burlington Lease six months before its May 1, 2020 expiration (i.e., by November 1, 2019).
Plaintiff failed to cure the Cash Sweep Trigger Event because it did not satisfy the Burlington Renewal Criteria by renewing the lease under the same terms and conditions as the original Lease.
Last, all amounts remaining in the Mezzanine Deposit Account after deposits for items (i) through (iii) above shall be (A) in the event a Mezzanine 2 Loan Cash Sweep Trigger Event Period shall be continuing, transferred to Mezzanine 2 Lender (subject to Section 2.7.4) to be applied in accordance with the Mezzanine 2 Loan Documents, or (B) in the event no Mezzanine 2 Loan Cash Sweep Trigger Event Period shall be continuing, deposited into an account designated by Borrower.
Each Junior Lender shall have the right to give notice to Senior Lender that such Junior Lender has determined, in its reasonable judgment made in accordance with the terms of the Senior Loan Documents, that a Cash Management Trigger Event Period or a Cash Sweep Trigger Event Period is in effect or that a Cash Management Trigger Event Period or a Cash Sweep Trigger Event Cure has not occurred, provided that no such determination shall be binding on Senior Lender’s determination thereof.