Cash Trap Event Period definition

Cash Trap Event Period shall have the meaning set forth in the Cash Management Agreement.

Cash Trap Event Period shall have the meaning set forth in the Mortgage Loan Agreement.

Cash Trap Event Period means a period commencing upon the earlier of (i) the occurrence and continuance of an Event of Default (including, without limitation, the termination or loss of the franchise for an Individual Property) or (ii) the Debt Yield being less than 10% (tested quarterly), which such Cash Trap Event Period shall expire (y) with regard to any Cash Trap Event Period commenced in connection with clause (i) above, upon the cure (if applicable) of such Event of Default (provided that a Cash Trap Event Period has not occurred and is not continuing pursuant to clause (ii) above), or (z) with regard to any Cash Trap Event Period commenced in connection with clause (ii) above, upon the date that the Debt Yield is equal to or greater than 10.5% (provided that no Event of Default shall have occurred and be continuing during and at the time of the expiration of such period). Borrower shall have the right to cure a Cash Trap Event Period commenced in connection with clause (ii) above by prepaying the Loan in an amount which would cause the Debt Yield to be 10.5%. Any such prepayment shall be made in accordance with Section 2.7 of the Loan Agreement without payment of any Exit Fee.

Examples of Cash Trap Event Period in a sentence

• In the event of a Cash Trap Event Period, all Excess Cash Flow (as defined in the Cash Management Agreement) shall be deposited into the Excess Cash Flow Subaccount (as defined in the Cash Management Agreement), as more particularly set forth in the Cash Management Agreement.

• Therefore, the Debt Yield was less than 7.5% immediately after the date the LBO closed, and there was, in substance if not form, a continuous Cash Trap Event Period within the meaning of the mortgage loan agreement.

• Upon request from Lender, but no more than one (1) time during any twelve (12) month period (provided no Event of Default or Cash Trap Event Period has occurred and is continuing), Borrower shall provide an Officer’s Certificate certifying as to such Borrower’s continued compliance with the terms of this Article 5 and the terms of the Cash Management Agreement.

• The 2008 approved annual budget was not finalized until April 2008, and the Debtors were operating in a Cash Trap Event Period.

• Within ninety (90) days after the end of each fiscal year, an Annual Budget including a Capital Expenditures budget signed and dated by Borrower, and certified by Borrower to be a true, complete and correct copy of the Annual Budget adopted by Borrower for the applicable year; which, upon the occurrence and during the continuance of a Cash Trap Event Period shall be approved by Lender, which approval shall not be unreasonably withheld (such approved Annual Budget, an “Approved Annual Budget”).

More Definitions of Cash Trap Event Period

Cash Trap Event Period has the meaning given to such term in Section 10.16(b).

Cash Trap Event Period means the period commencing on the occurrence of a Cash Trap Event and terminating on the date of the Cash Trap Event Cure.

Cash Trap Event Period means a period commencing upon the earlier of (i) the occurrence and continuance of a Default or (ii) at any time that either the Debt Yield is less than nine percent (9.0%) or the Loan-to-Value Ratio (based on the then outstanding principal of the Loan and the most recent Appraisals obtained by Administrative Agent) exceeds sixty-five percent (65%), which Cash Trap Event Period shall expire (y) with regard to any Cash Trap Event Period commenced in connection with clause (i) above, upon the cure (if applicable) of such Default to the satisfaction of Administrative Agent in its sole discretion (provided that a Cash Trap Event Period has not occurred and is not continuing pursuant to clause (ii) above), or (z) with regard to any Cash Trap Event Period commenced in connection with clause (ii) above, upon the date that the Debt Yield exceeds nine percent (9.0%) and the Loan-to-Value Ratio (based on the then outstanding principal of the Loan) is not greater than sixty-five percent (65%) for two (2) consecutive calendar quarters (provided that no Default shall have occurred and be continuing during and at the time of the expiration of such period). In addition to the foregoing, Borrower may, at any time during the Cash Trap Event Period, make a principal prepayment to Administrative Agent, for the account of Lenders, in the amount necessary to achieve a Debt Yield of nine percent (9.0%) and a Loan-to-Value Ratio (based on the then outstanding principal of the Loan) of sixty-five percent (65%), and upon such prepayment, and provided no Default is then existing, the Cash Trap Event Period shall cease for such occurrence; however, any future failure to maintain the required Debt Yield and/or Loan-to-Value Ratio shall again result in a Cash Trap Event Period. Any principal prepayment made pursuant to this Section 10.16(b) shall not be subject to any Prepayment Premium, but shall be accompanied by (i) any LIBOR breakage costs incurred by Lenders and (2) any termination payments under any Swap Contract. Any principal payment made pursuant to this paragraph shall be applied first to any portion of the Loan that is not subject to a Swap Contract, if any.

Cash Trap Event Period means a period commencing upon the earlier of

Cash Trap Event Period means a period commencing upon the earlier of (i) the occurrence and continuance of an Event of Default (including, without limitation, the termination or loss of the franchise for an Individual Property) or (ii) the Debt Yield being less than 10% (tested quarterly), which such Cash Trap Event Period shall expire (y) with regard to any Cash Trap Event Period commenced in connection with clause (i) above, upon the cure (if applicable) of such Event of Default (provided that a Cash Trap Event Period has not occurred and is not continuing pursuant to clause (ii) above), or (z) with regard to any Cash Trap Event Period commenced in connection with clause (ii) above, upon the date that the Debt Yield is equal to or greater than 10.5% (provided that no Event of Default shall have occurred and be continuing during and at the time of the expiration of such period). Borrower shall have the right to cure a Cash Trap Event Period commenced in connection with clause (ii) above by prepaying the Loan in an amount which would cause the Debt Yield to be 10.5%; provided however, notwithstanding the foregoing, the occurrence of the items in clause (ii) above shall not constitute a Cash Trap Event Period if occurring on any testing date between May 1, 2020 and January 31, 2021. Any such prepayment shall be made in accordance with Section 2.7 of the Loan Agreement without payment of any Exit Fee. J. As of the Effective Date, the following shall be added to Section 1(a) of the Cash Management Agreement:

Cash Trap Event Period has the meaning given to such term in Section 11.27 of this Agreement.

Cash Trap Event Period shall be deemed to exist.