Sweep Period definition

Sweep Period shall have the meaning given to it in Section 2.1(d)(i) hereof.

Sweep Period means (i) the period that begins on the first date on which Facility Availability is less than or equal to the greater of (x) the amount that is 10% of the Maximum Facility Availability and (y) $140,000,000, and ends on the first date when all Release Conditions are satisfied, or, solely with respect to the initial Sweep Period, any earlier date on which the Earn Out Condition shall have been satisfied; and (ii) each period that begins upon the occurrence of (x) an Event of Default described in Section 7(a), Section 7(i), Section 7(j) or Section 7(k) of the Credit Agreement, or (y) an Event of Default caused by the Borrower’s failure to perform the covenant contained in Section 6.03 of the Credit Agreement, and ends when no Event of Default is continuing; provided that, except in the case of a Sweep Period that begins upon the occurrence of any Event of Default described in Section 7(a), Section 7(i), Section 7(j) or Section 7(k) of the Credit Agreement with respect to the Borrower (which Sweep Period shall commence automatically upon the occurrence of such Event of Default), no Sweep Period shall be deemed to have commenced unless and until the Collateral Agent shall have so determined and shall have so notified the Borrower.

Sweep Period. As defined in the Indenture.

Examples of Sweep Period in a sentence

• If, during any Cash Sweep Period, Borrower incurs or is required to incur an operating expense or capital expense which is not set forth in the Approved Annual Budget (each an “Extraordinary Expense”), then Borrower shall promptly deliver to Lender in writing a reasonably detailed explanation of such Extraordinary Expense.

• If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived (or, during a Cash Sweep Period, paid into the Citibank Concentration Account).

• During a Cash Sweep Period, Borrower shall deposit with Lender all Excess Cash Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”.

• During the continuance of a Cash Sweep Period, Lender shall have the right to approve each Annual Budget (which approval shall not be unreasonably, conditioned or delayed withheld so long as no Event of Default is continuing).

• An Annual Budget approved by Lender during a Cash Sweep Period or any Annual Budget submitted prior to the commencement of a Cash Sweep Period, shall each hereinafter be referred to as an “Approved Annual Budget”.

More Definitions of Sweep Period

Sweep Period means each three-month period as follows:

Sweep Period. Defined in Section 7.3(e).

Sweep Period. As defined in Section 6.02.

Sweep Period. Any period (a) commencing on the Determination Date, if any, on which the Current Cashflow Coverage Ratio is less than or equal to the Sweep Period Threshold but greater than the Early Amortization Threshold and (b) continuing until the Current Cashflow Coverage Ratio is greater than the Sweep Period Threshold for each of three consecutive Determination Dates.

Sweep Period. Any period: (a) commencing on the Determination Date, if any, on which the Current Cashflow Coverage Ratio is equal to or between 1.25 and 1.10; and (b) continuing until the Current Cashflow Coverage Ratio is greater than 1.25 for each of three consecutive Determination Dates, at which time 50% of the funds on deposit in the Cashflow Coverage Reserve Account will be released, and the remaining 50% of the funds on deposit in the Cashflow Coverage Reserve Account will be released when the Current Cashflow Coverage Ratio is greater than 1.25 for each of three additional consecutive Determination Dates.

Sweep Period. As defined in the Indenture. “Taxable REIT Subsidiary ” With respect to Spirit Realty, an Affiliate thereof that is a “taxable REIT subsidiary” under the Code. “Tenant ”: With respect to each Lease, the tenant under such Lease and any successor or assign thereof. “Terminated Lease Property ”: A Mortgaged Property, with respect to which (a) the related Lease has expired, has been terminated or has been rejected in a bankruptcy, insolvency or similar proceeding of the Tenant, (b) the related Tenant has notified the Property Manager or the applicable Issuer of its intent to not renew such Lease within 24 months of the termination date of the related Lease or (c) the related Tenant has otherwise failed to comply with the procedures for renewal under the terms of the related Lease (including, but not limited to, any notice provisions relating to renewal of the Lease); provided solely in the case of an expiration, termination or rejection as described in clause (a), the Property Manager has used commercially reasonable efforts to renew such Lease or obtain a new Lease of such Mortgaged Property. “Third Party Option Expenses ”: Any reasonable out-of-pocket costs and expenses (but not internal costs and expenses) incurred by the Issuers (or Property Manager or Special Servicer, as applicable, on behalf of the Issuers) in connection with the exercise of a Third Party Purchase Option with respect to the applicable Mortgaged Property; provided , that such costs and expenses shall not exceed $50,000 with respect to any single Mortgaged Property. “Third Party Option Mortgaged Property ”: As defined in Section 7.02(a) . “Third Party Option Price ”: A cash price equal to (i) the amount specified in a related Lease, Lease Document or other agreement, as payable by a Tenant or any other Person in connection with the exercise of a Third Party Purchase Option minus (ii) the Third Party Option Expenses in connection with such exercise. “Third Party Purchase Option ”: An option of a Tenant or any other Person under or in connection with a Lease, Lease Documents or other related agreements to purchase the related Mortgaged Property before or at the expiration of the Lease term. “Title Company ”: As defined in Section 2.03(a). “Title Insurance Policies ”: As defined in Section 2.03(a). “Total Debt Service ”: As defined in the Indenture. “Transfer Date ”: The date on which a Mortgage Loan or Mortgaged Property is acquired by the applicable Issuer. “Treasury Regulations ” Any trea...

Sweep Period means the period of time during which either an Event of Default or an O&M Operative Period shall have occurred and is continuing.