Sweep Event definition

Sweep Event means the occurrence and continuation of the following:

Sweep Event means the occurrence of any of the following events, whether or not declared by Administrative Agent as an Event of Default:

Sweep Event means the first to occur of the following events: (i) an Event of Default, (ii) a default under any Operating Lease that continues uncured beyond any applicable notice and cure periods contained therein, (iii) a default under any Management Agreement wherein the Manager is an Affiliate of any Borrower that continues uncured beyond any applicable notice and cure periods contained therein, or (iv) the Debt Service Coverage Ratio, as calculated by Lender for a trailing twelve (12) month period as of the last day of any calendar quarter, is less than 1.10 to 1.00.

Examples of Sweep Event in a sentence

• Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Cash Management Account to be disbursed in accordance with the Cash Management Agreement.

• Upon the occurrence of a Cash Sweep Event, Lender and Servicer shall have the sole right to make withdrawals from the Cash Management Account and all costs and expenses for establishing and maintaining the Cash Management Account shall be paid by Borrower.

• Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Lockbox Account to be disbursed in accordance with Section 2.7.1 hereof.

• On any Test Date a DSCR Cash Sweep Event shall occur if the DSCR Ratio is less than 1.25:1.

• Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Cash Management Account to be disbursed to Borrower in accordance with the Cash Management Agreement.

More Definitions of Sweep Event

Sweep Event shall have the meaning set forth in Section 6.8.

Sweep Event means any Event of Default.

Sweep Event means, as of any Determination Date, Lender’s reasonable determination that the Debt Service Coverage Ratio is less than 1.25 to 1.00 but greater than 1.10 to 1.00.

Sweep Event shall have the meaning set forth in the Intercreditor Agreement. “Term” shall have the meaning set forth in Section 6.01. “Third Party” shall mean any Person other than Ligand and any Affiliate of Ligand or the Company or any Subsidiary of the Company. “Transfer” shall have the meaning set forth in Section 8.06(c). “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York from time to time. ARTICLE II -

Sweep Event means (a) that on the last day of any fiscal quarter of the Borrower, the Net Operating Income attributable to the Mortgaged Properties determined as of the last day of such fiscal quarter is less than or equal to 90.0% of the Net Operating Income attributable to such Mortgaged Properties determined as of the Agreement Date or (b) the occurrence of an Event of Default. A Sweep Event shall cease to exist if, (x) in the case of the immediately preceding clause (a), (i) the Net Operating Income attributable to the Mortgaged Properties determined as of the last day of a fiscal quarter (tested on the last day of each such fiscal quarter) shall equal or exceed the Net Operating Income attributable to such Mortgaged Properties determined as of the Agreement Date and (ii) no Default or Event of Default shall then exist or (y) in the case of the immediately preceding clause (b), such Event of Default shall cease to exist.

Sweep Event shall have the meaning set forth in the Intercreditor Agreement.

Sweep Event means any of the following events: