Lender Sweep Period definition
Lender Sweep Period means any period which commences upon the occurrence of an Event of Default and continues until such time, if any, as (i) Lender has, in its sole and absolute discretion, waived in writing the Event of Default giving rise to such Lender Sweep Period, or (ii) Borrower has tendered a cure of the Event of Default giving rise to such Lender Sweep Period and Lender has, in its sole and absolute discretion, accepted such cure.
Examples of Lender Sweep Period in a sentence
Upon the commencement of a Lender Sweep Period, Lender or Designee, on behalf of Lender, will establish the Deposit Account into which all funds in the Clearing Account will, during the continuance of any Lender Sweep Period, be deposited on a periodic basis as set forth in the Clearing Account Agreement.