Cash Sweep Condition definition

Cash Sweep Condition shall exist
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Cash Sweep Condition shall exist if (a) as of an Assessment Period Determination Date, a DSCR Coverage Event is determined to exist with respect to the applicable Assessment Period, or (b) Borrower fails to deliver by the date that is ten (10) days prior to the Assessment Period Determination Date, the financial statements and compliance certificates required to be delivered with respect to any Calendar Quarter immediately preceding the Calendar Quarter during which the applicable Assessment Period Determination Date occurs pursuant to Sections 8.1(b) and (d) hereof. If a Cash Sweep Condition exists due to Borrower’s failure to deliver the financial statements and compliance certificates required to be delivered in accordance with clause (b) above, then it shall be deemed to continue to exist only until such time, if any, that Borrower delivers to Agent the financial statements and compliance certificates referred to in clause (b) above and it is determined based upon such financial statements and certificates that no Cash Sweep Condition exists pursuant to clause (a) above (such determination to be made within ten (10) Business Days of receipt of such financial statements and compliance certificates by Agent). If determined to exist, a “Cash Sweep Condition” shall continue until such time as Agent has determined as of an Assessment Period Determination Date, after receipt of the financial statements and certificates required to be delivered pursuant to Sections 8.1(b) and (d) hereof (such determination to be made within ten (10) Business Days of receipt of the such financial statements and compliance certificates by Agent), that no Cash Sweep Condition exists for the Assessment Period which is the subject of such financial statements and compliance certificates.
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Cash Sweep Condition means a condition that exists as of any Determination Date if (i) a Cash Trap Condition has continued to exist for a period of more than six months and continues to exist on such Determination Date without regard to clause (ii) of the definition thereof, (ii) the Utilization Rate with respect to the Contributed IP Addresses is less than 70%, (iii) the average of the Senior DSCR as of such Determination Date and the Senior DSCR as of the last two preceding Determination Dates is less than or equal to the Cash Sweep DSCR, (iv) the Utilization Rate with respect to the Contributed IP Addresses is less than 60%, (v) the average of the Three-Month Average Leverage Ratio as of such Determination Date and the Three-Month Average Leverage Ratio as of the last two preceding Determination Dates is greater than the Trigger Three-Month Average Leverage Ratio or (vi) the Utilization Rate with respect to the Contributed IP Addresses is less than 50% and will continue to exist until (1) in the case of a Cash Sweep Condition pursuant to clause (i) of this definition, the Senior DSCR as of any Determination Date is greater than the Cash Trap DSCR, (2) in the case of a Cash Sweep Condition pursuant to clause (ii) of this definition, the Utilization Rate with respect to the Contributed IP Addresses is equal to or greater than 70%, (3) in the case of a Cash Sweep Condition pursuant to clause (iii) of this definition, the Senior DSCR as of any Determination Date is greater than the Cash Sweep DSCR, (4) in the case of a Cash Sweep Condition pursuant to clause (iv) of this definition, the Utilization Rate with respect to the Contributed IP Addresses is equal to or greater than 60%, (5) in the case of a Cash Sweep Condition pursuant to clause (v) of this definition, the Three-Month Average Leverage Ratio as of any Determination Date is less than the Trigger Three-Month Average Leverage Ratio and (6) in the case of a Cash Sweep Condition pursuant to clause (vi) of this definition, the Utilization Rate with respect to the Contributed IP Addresses is equal to or greater than 50%; provided, however, that a Cash Sweep Condition pursuant to clause (vi) of this definition will remain in effect during the period from the date of the Servicer’s engagement of a Valuation Provider through the date that the applicable Noteholders exercise or are deemed to exercise the option pursuant to clause (iii) of the definition of “Utilization Trigger Event Noteholder Direction Options”; provided, furth...
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Examples of Cash Sweep Condition in a sentence

  • Any amounts not applied to the Obligations in accordance with the previous sentence after a Cash Sweep Condition shall have existed for four (4) consecutive Testing Determination Dates shall, subject to Section 3.5, be held as cash collateral for the Obligations for the remainder of the Term.

  • For the avoidance of doubt, it is agreed that any prepayment made in accordance with Section 6.33 and any prepayment made to prevent the commencement of or end the continuation of a Cash Sweep Condition shall not be subject to payment of the Prepayment Fee.

  • So long as no Event of Default has occurred and is continuing and at any time that a Cash Sweep Condition does not exist, funds deposited into the Lockbox Account shall be swept by the Lockbox Bank on a daily basis into the Operating Account.

  • In addition during a Cash Sweep Condition caused by an Event of Default, Borrower Parties shall cause Manager to deposit the Owners’ Remittance into the Cash Collateral Account (in lieu of paying such amount to Borrower Parties).

  • On each Payment Date during the continuance of a Cash Sweep Condition, an amount equal to the Cash Collateral Payment Amount shall be deposited by Loan Parties (or Property Manager) into the Cash Collateral Account for application in accordance with Section 3.2.

  • During the existence of any Cash Sweep Condition, Borrower shall not adopt any budget as final without Agent’s prior reasonable consent, and upon the occurrence of any Cash Sweep Condition, Borrower shall submit to Agent for its reasonable approval operating and capital/FF&E budgets regardless of any budget theretofore delivered to Agent.

  • Agent’s concurrence with any request or the making of any advance hereunder shall not be deemed to constitute an acknowledgement or a representation by Agent or any Lender that no Default, Event of Default or Cash Sweep Condition shall have occurred or shall be continuing, or a waiver of any Default, Event of Default or Cash Sweep Condition, or any right or remedy relating therefrom.

  • Funds shall continue to be swept into the Cash Flow Collection Account so long as a Cash Sweep Condition exists.

  • At such time as a Cash Sweep Condition no longer exists, Agent shall revoke the Lockbox Notice and direct the financial institution holding the Cash Flow Collection Account to disburse any sums on deposit in the Cash Flow Payment Subaccount to the Operating Account (but not sums contained in the Wachovia Termination Payment Reserve Subaccount which shall be held in accordance with Section 2.16(f) hereof).

  • In addition, Borrower may make a partial prepayment of principal (including pursuant to clause (B) of the definition of Cash Sweep Condition) in order to avoid the commencement of a Cash Sweep Condition or to end a Cash Sweep Condition which has previously commenced (for the avoidance of doubt, it is agreed that such prepayment may be made prior to the Par Prepayment Date).


More Definitions of Cash Sweep Condition

Cash Sweep Condition and "Cash Sweep Conditions" means, individually and collectively, the DSCR Cash Sweep Condition and the LAUSD Cash Sweep Condition.
Sample 1
Cash Sweep Condition means a condition that exists, as stated in the Manager Report, if (x) as of any Determination Date (i) the DSCR as of such Determination Date is less than or equal to the Cash Sweep DSCR, (ii) the Senior DSCR as of such Determination Date is less than or equal to the Senior Cash Sweep DSCR or (iii) a Cash Trap Condition continues to exist for a period of more than six months or (y) as of any Determination Date if the Leverage Ratio as of such Determination Date is greater than the Trigger Leverage Ratio, and shall continue to exist until (1) in the case of a Cash Sweep Condition pursuant to clause (x)(i) of this definition, the DSCR as of any Determination Date is greater than the Cash Sweep DSCR, (2) in the case of a Cash Sweep Condition pursuant to clause (x)(ii) of this definition, the Senior DSCR as of any Determination Date is greater than the Senior Cash Sweep DSCR, (3) in the case of a Cash Sweep Condition pursuant to clause (x)(iii) of this definition, the DSCR as of any Determination Date is greater than the Cash Trap DSCR and the Senior DSCR as of such Determination Date is greater than the Senior Cash Trap DSCR and (4) in the case of a Cash Sweep Condition pursuant to clause (y) of this definition, the Leverage Ratio as of any Determination Date is less than the Trigger Leverage Ratio.
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Related to Cash Sweep Condition

  • Payment Condition at any time of determination with respect to any Specified Transaction, that the following conditions are all satisfied: (x) (1) 30-Day Specified Excess Availability (divided by Availability as of such time of determination and expressed as a percentage) and (2) the Specified Availability on the date of such Specified Transaction (divided by Availability as of such time of determination and expressed as a percentage), in each case exceed the applicable Availability Percentage (as defined below), (y) unless the Fixed Charge Condition (as defined below) is satisfied (to the extent applicable), the Parent Borrower shall be in Pro Forma Compliance with a minimum Consolidated Fixed Charge Coverage Ratio of at least 1.00:1.00 and (z) if reasonably requested by the Administrative Agent, the Borrower Representative shall have delivered to the Administrative Agent (i) a copy of calculations required by preceding clause (y) in reasonable detail and (ii) a calculation of Specified Unrestricted Cash. As used herein, the following terms shall have the following meanings: (i) “Availability Percentage” shall mean (a) in respect of any Restricted Payment pursuant to Subsection 8.3(k), 12.5%; (b) in respect of (A) any investment or acquisition permitted pursuant to clause (u) of the definition of “Permitted Investments” or (B) clause (c)(i) of the definition of “Permitted Acquisitions,” 10.0%; (c) in respect of any payment, repurchase or redemption pursuant to Subsection 8.6(a), 12.5%; (d) in respect of any merger, consolidation, amalgamation or asset sale pursuant to Subsection 8.2(a) or 8.2(b), 10.0%; and (e) in respect of any Asset Sale that would otherwise have to comply with Subsection 8.5, 10.0%; and (ii) “Fixed Charge Condition” shall mean 30-Day Specified Excess Availability (divided by Availability as of such time of determination and expressed as a percentage) exceeds: (a) in respect of any Restricted Payment pursuant to Subsection 8.3(k), 17.5%; (b) in respect of any acquisition permitted pursuant to clause (c)(i) of the definition of “Permitted Acquisitions”, 15.0%; (c) in respect of any investment permitted pursuant to clause (u) of the definition of “Permitted Investments”, 15.0%; (d) in respect of any payment, repurchase or redemption pursuant to Subsection 8.6(a), 15.0%; and (e) in respect of (A) any merger, consolidation, amalgamation or asset sale pursuant to Subsection 8.2(a) or 8.2(b) or (B) any Asset Sale that would otherwise have to comply with Subsection 8.5, 15.0%.

  • Release Condition means the following:

  • Equity Conditions Failure means that on any applicable date the Equity Conditions have not been satisfied (or waived in writing by the Holder).

  • Equity Conditions Measuring Period means each day during the period beginning twenty (20) Trading Days prior to the applicable date of determination and ending on and including the applicable date of determination.

  • Trigger Event Date means a date on which a Trigger Event has occurred as determined by the Calculation Agent.

  • Condition Satisfaction Date shall have the meaning set forth in Section 7.2.

  • Payment Conditions means, at the time of determination with respect to any specified transaction or payment, that:

  • Unsafe condition as used in this clause means the actual or potential exposure of contractor or Government employees to a hazardous material as defined in Federal Standard No. 313, and any revisions thereto during the term of this contract, or any other material or working condition designated by the Contracting Officer's Technical Representative (COTR) as potentially hazardous and requiring safety controls.

  • Equity Conditions means, during the period in question, (a) the Corporation shall have duly honored all conversions scheduled to occur or occurring by virtue of one or more Notices of Conversion of the applicable Holder on or prior to the dates so requested or required, if any, (b) the Corporation shall have paid all liquidated damages and other amounts owing to the applicable Holder in respect of the Preferred Stock, (c)(i) there is an effective registration statement pursuant to which either (A) the Corporation may issue Conversion Shares or (B) the Holders are permitted to utilize the prospectus thereunder to resell all of the shares of Common Stock issuable pursuant to the Transaction Documents (and the Corporation believes, in good faith, that such effectiveness will continue uninterrupted for the foreseeable future) or (ii) all of the Conversion Shares may be issued to the Holder pursuant to Section 3(a)(9) of the Securities Act and immediately resold without restriction, (d) the Common Stock is trading on a Trading Market and all of the shares issuable pursuant to the Transaction Documents are listed or quoted for trading on such Trading Market (and the Corporation believes, in good faith, that trading of the Common Stock on a Trading Market will continue uninterrupted for the foreseeable future), (e) there is a sufficient number of authorized, but unissued and otherwise unreserved, shares of Common Stock for the issuance of all of the shares then issuable pursuant to the Transaction Documents, (f) the issuance of the shares in question to the applicable Holder would not violate the limitations set forth in Section 6(d) herein and (g) the applicable Holder is not in possession of any information provided by the Corporation, any of its Subsidiaries, or any of their officers, directors, employees, agents or Affiliates, that constitutes, or may constitute, material non-public information.

  • Trigger Event shall have the meaning specified in Section 14.04(c).

  • Release Conditions mean the following conditions: (i) Company has received the Executive’s executed Release and (ii) any rescission period applicable to the Executive’s executed Release has expired.

  • LC Conditions has the meaning given to such term in Section 2.9.

  • DSCR means debt service coverage ratio.