Collateral Shortfall definition
Collateral Shortfall has the meaning specified in Section 2.09(a).
Collateral Shortfall means, as of the close of the regular trading session on the Exchange on any Scheduled Trading Day, that the LTV Ratio is greater than the applicable LTV Margin Call Level; provided that for the purpose of determining whether a Collateral Shortfall has occurred on each Scheduled Trading Day following the date on which a Collateral Call Notice is given but prior to the Notice Deadline that relates to a Collateral Shortfall that has not yet been cured, (i) if Borrower has notified Administrative Agent and each Lender prior to the Notice Deadline of the manner in which it intends to cure the Collateral Shortfall in accordance with the provisions of this Agreement, “Net Obligations” shall be determined as if such Collateral Shortfall had been cured on such first Scheduled Trading Day through the posting of the types and amounts of Collateral specified therein and (ii) otherwise, “Net Obligations” shall be determined as if such Collateral Shortfall had been cured on such Scheduled Trading Day through the posting of Cash constituting Acceptable Collateral in an amount equal to the relevant Collateral Shortfall Cure Amount. A Collateral Shortfall shall be considered “cured” at the time, following such Collateral Shortfall, that Borrower has taken actions described in Section 2.09(c) in an amount sufficient to cause the LTV Ratio (determined based on the Market Price at the time such Collateral Call Notice is delivered) to be equal to or less than the LTV Reset Level; and, if more than one Collateral Shortfall remains un-cured, then for purposes of determining when any such Collateral Shortfall is cured, any Cash or Cash Equivalents posted as Collateral, net proceeds from Permitted Sale Transactions or payments of principal of, or interest on, the Advances will be deemed to relate to the earliest such un-cured Collateral Shortfall until cured.
Collateral Shortfall means, on any date, that the LTV Ratio is greater than the LTV Margin Call Level; provided that (i) solely for the purpose of determining whether a Collateral Shortfall has occurred on the first Scheduled Trading Day following the delivery of a Collateral Call Notice relating to a Collateral Shortfall that has not yet been cured, the LTV Ratio shall be determined as if an amount of Cash equal to the Cure Amount were subtracted from “Net Obligations” and (ii) if a Collateral Shortfall occurs and the Relevant Cure Time for such Collateral Shortfall is the Extended Cure Time for such Collateral Shortfall, solely for the purpose of determining whether a Collateral Shortfall has occurred during the related Capital Call Period, the LTV Ratio shall be determined as if an amount of Cash equal to the Cure Amount were subtracted from “Net Obligations”. A Collateral Shortfall shall be considered “cured” at the time that Borrower causes the LTV Ratio (determined based on the Reference Price as in effect on the date that the Collateral Shortfall occurred) to be less than or equal to the LTV Maintenance Level pursuant to clause (i) and/or (ii) of Section 2.06(d).
Examples of Collateral Shortfall in a sentence
If Borrower receives a Collateral Call Notice by 5:00 p.m. on any Business Day, Borrower shall, prior to the Cure Time, transfer additional cash in Dollars pro rata to the Collateral Accounts designated by Administrative Agent in an aggregate amount (the “Collateral Shortfall Cure Amount”) sufficient to cause the LTV Ratio to be less than the LTV Reset Level (calculated based the Market Price in effect on the date that the Collateral Shortfall occurred).
Notwithstanding the foregoing, the notice requirement shall be waived for Cash posted to the Collateral Accounts in connection with a Collateral Shortfall.
More Definitions of Collateral Shortfall
Collateral Shortfall means, as of the close of any Business Day, that the LTV Ratio is greater than the applicable LTV Margin Call Level.
Collateral Shortfall. With respect to any Distribution Date, any Pool, and REMIC I, or REMIC III, the amount, if any, by which the Class A Interest or Interests related to such Pool on such Distribution Date (after application of all principal distributions other than Crossover Amounts) exceeds the aggregate Scheduled Principal Balance of all Mortgage Loans in such Pool (as of the close of the related Due Period) or the Corresponding Class of AII Interests, in the case of REMIC III.
Collateral Shortfall means, on any date, that the LTV Ratio as of such date is greater than or equal to the LTV Margin Call Level; provided that for the purpose of determining whether a Collateral Shortfall has occurred on the first Scheduled Trading Day following the delivery of a Collateral Call Notice relating to a Collateral Shortfall that has not yet been cured, the LTV Ratio shall be determined as if the amount of Cash necessary to cure such Collateral Shortfall were subtracted from “Net Obligations”.
Collateral Shortfall means as is specified in Section 8.10 [Collateral Value].
Collateral Shortfall means, on any date of determination, that the LTV Ratio is greater than (a) [***]%, if such date of determination is on or prior to the date that is 90 days after the Original Closing Date, (b) [***]%, if such date of determination is more than 90 days after the Original Closing Date but on or prior to the date that is 180 days after the Original Closing Date or (c) [***]%, if such date of determination is more than 180 days after the Original Closing Date.
Collateral Shortfall means, on any date, that the LTV Ratio as of such date is greater than the LTV Margin Call Level.
Collateral Shortfall. “Cure Time,” “Eligible Letter of Credit,” “Equity Commitment Letter,” “Extended Cure Time,” “Facility Adjustment Event,” “LTV Ratio,” “Mandatory Prepayment Event,” “Relevant Cure Time” or increase the LTV Maintenance Level or the LTV Margin Call Level;