Common use of Prescribed Cash Limitation Clause in Contracts

Prescribed Cash Limitation. (1) The maximum amount of cash which may be held by the Partnership (the “Prescribed Cash Limitation”) being equal to (i) the amount necessary to meet its payment obligations for the immediately succeeding six months pursuant to the terms of the Transaction Documents, or (ii) such greater amount of cash as CMHC may at its discretion permit in accordance with the Covered Bond Legislative Framework and the CMHC Guide; provided that to the extent that cash receipts of the Partnership cause it to hold cash in excess of the amount specified in clause (i), the Partnership will not be in breach of this covenant if it uses such excess amount (x) to purchase New Loans and their Related Security for the Portfolio pursuant to the terms of the Mortgage Sale Agreement; and/or (y) to invest in Substitution Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (z) subject to complying with the Asset Coverage Test and/or the Amortization Test, as applicable, to make Capital Distributions to the Limited Partner, in each case, within 31 days of receipt.

Prescribed Cash Limitation. (1a) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) being is an amount equal to (i) the amount necessary to meet its payment obligations for the immediately succeeding six months pursuant to the terms of the Transaction Documents, or (ii) such greater amount of cash as CMHC may at its discretion permit in accordance with the Covered Bond Legislative Framework and the CMHC Guide; provided that to the extent that cash receipts of the Partnership cause it to hold cash in excess of the amount specified permitted in clause (i), the Partnership will not be in breach of this covenant if it uses such excess amount (xw) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the Mortgage Sale Agreement; and/or (yx) to invest in Substitution Substitute Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (zy) subject to complying with the Asset Coverage Test and/or the Amortization Test, as applicable, to make Capital Distributions to the Limited Partner; and/or (z) repay all or a portion of the Demand Loan, in each case, within 31 days of receipt.

Prescribed Cash Limitation. (1a) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) being is an amount equal to (i) the amount necessary to meet its payment obligations for the immediately succeeding six months pursuant to the terms of the Transaction Documents, or (ii) such greater amount of cash as CMHC may at its discretion permit in accordance with the Covered Bond Legislative Framework and the CMHC Guide; provided that to the extent that cash receipts of the Partnership cause it to hold cash in excess of the amount specified permitted in clause (i) or (ii), as applicable, the Partnership will not be in breach of this covenant if it uses such excess amount (xw) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the Mortgage Sale Agreement; and/or (yx) to invest in Substitution Substitute Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (zy) subject to complying with the Asset Coverage Test and/or the Amortization Test, as applicable, to make Capital Distributions to the Limited Partner; and/or (z) repay all or a portion of the Demand Loan, in each case, within 31 days of receipt.

Prescribed Cash Limitation. (1) The maximum amount of cash which may be held by the Partnership (the “Prescribed Cash Limitation”) being equal to (i) the amount necessary to meet its payment obligations for the immediately succeeding six months pursuant to the terms of the Transaction Documents, or (ii) such greater amount of cash as CMHC may at its discretion permit in accordance with the Covered Bond Legislative Framework and the CMHC Guide; provided that to the extent that cash receipts of the Partnership cause it to hold cash in excess of the amount specified in clause (i), the Partnership will not be in breach of this covenant if it uses such excess amount (x) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the Mortgage Sale Agreement; and/or (y) to invest in Substitution Substitute Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (z) subject to complying with the Asset Coverage Test and/or the Amortization Test, as applicable, to make Capital Distributions to the Limited Partner, in each case, within 31 days of receipt.

Prescribed Cash Limitation. (1a) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) being is an amount equal to (i) the amount necessary to meet its payment obligations for the immediately succeeding six months pursuant to the terms of the Transaction Documents, or (ii) such greater amount of cash as CMHC may at its discretion permit in accordance with the Covered Bond Legislative Framework and the CMHC Guide; provided that to the extent that cash receipts of the Partnership cause it to hold cash in excess of the amount specified permitted in clause (i) or (ii), as applicable, the Partnership will not be in breach of this covenant if it uses such excess amount (xw) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the Mortgage Hypothecary Loan Sale Agreement; and/or (yx) to invest in Substitution Substitute Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (zy) subject to complying with the Asset Coverage Test and/or the Amortization Test, as applicable, to make Capital Distributions to the Limited Partner; and/or (z) repay all or a portion of the Demand Loan, in each case, within 31 days of receipt.