Trigger Event Cure definition

Trigger Event Cure means that EBITDAR (excluding, in making such calculation, any capital contributions made to or for the benefit of Borrower, Mortgage Borrower or Operating Company, or payments made on the account of Borrower, Mortgage Borrower or Operating Company by any Affiliate of Borrower, Mortgage Borrower or Operating Company) from the Properties, calculated for the trailing twelve (12) month period immediately prior to the applicable calculation date, is equal to or greater than eighty-five percent (85%) of the EBITDAR (Closing Date) for two (2) consecutive calendar quarters.

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Trigger Event Cure with respect to any Trigger Event, the occurrence of (a) the repayment by the Borrower in full of all outstanding Loans, outstanding Reimbursement Obligations and the Cash Collateralization of all L/C Obligations in an amount not less than the Minimum Collateral Amount and (b) a Debt Yield of equal to or greater than, as of the last day of each of the three calendar months immediately succeeding the calendar month during which such Trigger Event occurred, the required percentage for such calendar month described in the next succeeding sentence. The required percentage referred to in the immediately preceding sentence for any calendar month shall be (x) for each calendar month ended prior to but excluding the first anniversary of the Closing Date, 11.50%, and (y) for each calendar month ended on or after the first anniversary of the Closing Date, 12.00%.

Trigger Event Cure with respect to any Trigger Event, the occurrence of (a) the repayment by the Borrower in full of all outstanding Revolving Loans and all outstanding Reimbursement Obligations and the Cash Collateralization of all L/C Obligations in an amount not less than the Minimum Collateral Amount and (b) a Debt Yield of equal to or greater than the Required Debt Yield (Trigger Event) as of the last day of each of two consecutive calendar quarters after the calendar quarter during which such Trigger Event occurred.

Examples of Trigger Event Cure in a sentence

If (and for so long as) a Trigger Event shall have occurred and shall not have been cured by a Trigger Event Cure, Borrower shall deposit with Lender (or Servicer, as directed by Lender), at least ten (10) Business Days prior to each Payment Date during such period, an amount equal to the Ground Rent that will be payable under the Ground Lease for the month in which such Payment Date occurs.
If at any time no Event of Default is continuing and a DSCR Trigger Event Cure shall occur (without taking into account any sums on deposit in the DSCR Cure Fund or the Letter of Credit delivered to Lender), Lender shall, as applicable, return the Letter of Credit or return all of the funds remaining in the DSCR Cure Fund to Borrower.
Upon the occurrence of a Lockbox Trigger Event Cure, and acceptance of such cure by Administrative Agent (such acceptance not to be unreasonably withheld or delayed so long as no Default then exists, the Loan has not been accelerated, and Administrative Agent or Lenders have not moved for a receiver or commenced foreclosure proceedings), the Lockbox Trigger Event shall be deemed cured.
At such time that the applicable Major Tenant Trigger Event Cure has occurred and provided no other Major Tenant Trigger Period exists, all available Rollover Funds in excess of the Rollover Cap Amount shall be deposited into the Clearing Account.
Upon the occurrence of a Lockbox Trigger Event Cure, and acceptance of such cure by Administrative Agent (such acceptance not to be unreasonably withheld or delayed so long as no Default then exists, the Loan has not been accelerated, and Administrative Agent or the Lenders have not moved for a receiver or commenced foreclosure proceedings), the Lockbox Trigger Event shall be deemed cured.
At Borrower’s election, in its sole discretion, Borrower may deposit into the Free Rent Reserve Account an amount equal to all or any portion of any free rent credit due from Borrower in connection with satisfying a Hobby Lobby Trigger Event Cure.
Upon a Trigger Event Cure, provided no Event of Default exists, the proceeds in the Net Cash Flow Escrow shall be returned to Borrower.
Provided no Event of Default is then continuing, Lender shall disburse the amounts on deposit in the Free Rent Reserve Account in accordance with Schedule VIII attached hereto or, if applicable, in connection with any free rent credits deposits by Borrower in connection with satisfying a Belpre V Trigger Event Cure on a monthly basis, on each Payment Date for each month of free rent credit deposited based on the corresponding month to which such free rent applies.
In the event that a Cash Sweep Period exists due solely to an Ally Lease Trigger Event, an Ally Credit Rating Trigger Event or an Ally Bankruptcy Trigger Event, unless Borrower delivers a Letter of Credit for the difference between $2,450,040.00 and the balance in the Rollover Reserve Account, all Excess Cash Flow shall be deposited into the Rollover Reserve Account until the occurrence of an Ally Lease Event Cure, an Ally Credit Rating Event Cure or an Ally Bankruptcy Trigger Event Cure, as applicable.
Upon a Cash Trap Trigger Event Cure, provided that no other Cash Trap Trigger Event exists, Lender shall disburse to Borrower the then current balance of the Cash Collateral Subaccount.

More Definitions of Trigger Event Cure

Trigger Event Cure means that EBITDAR (excluding, in making such calculation, any capital contributions made to or for the benefit of Borrower or Operating Company, or payments made on the account of Borrower or Operating Company by any Affiliate of Borrower or Operating Company) from the Properties, calculated for the trailing twelve (12) month period immediately prior to the applicable calculation date, is equal to or greater than eighty-five percent (85%) of the EBITDAR (Closing Date) for two (2) consecutive calendar quarters.

Trigger Event Cure means (i) with respect to any Trigger ------------------ Event which has occurred (other than a Trigger Event in clause (ii) below) (A) such Trigger Event has not continued for a period of three consecutive months, (B) all amounts in respect of distributions due to the Class A, Class B and Class C Notes as of such date have been paid or such amounts are on deposit in the Reserve Account, (C) the Requisite Reserve Amount (without taking into account such Trigger Event) is on deposit in the Reserve Account and (D) no other Trigger Event has occurred, and

Trigger Event Cure has the meaning assigned in Section 2.5.

Trigger Event Cure means Guarantor obtaining a corporate credit rating from S&P of “BB”.

Trigger Event Cure means (i) with respect to a Trigger Event based on Debt Service Coverage, the Debt Service Coverage for the Project is 1.25:1 or greater for two consecutive calendar quarters on a trailing six month basis as reasonably determined by Lender, and (ii) with respect to a Trigger Event based on the occurrence of an Event of Default, the cure of such Event of Default.