Common use of Prescribed Cash Limitation Clause in Contracts

Prescribed Cash Limitation. (a) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) 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 permitted in (i), the Partnership will not be in breach of this covenant if it uses such excess amount (w) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the Mortgage Sale Agreement; and/or (x) to invest in Substitute Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (y) subject to complying with the Asset Coverage Test, 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. (b) For greater certainty, amounts standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund (other than, in each case, those amounts that constitute Substitute Assets) constitute cash and are subject to the Prescribed Cash Limitation. (c) In the event that the Partnership is required to fund the Pre-Maturity Liquidity Ledger and/or the Reserve Fund in accordance with the Transaction Documents and such funding would cause the Partnership to hold cash in excess of the Prescribed Cash Limitation, any cash held by the Partnership in excess of such cash standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund may be used in accordance with clauses (w), (x), (y) and (z) in paragraph (a) above. In the event that the Partnership is in breach of the Prescribed Cash Limitation and it does not hold any cash other than the amounts it is required to hold in order to fund the Pre-Maturity Liquidity Ledger and the Reserve Fund in accordance with the Transaction Documents, the Partnership may request that CMHC, in accordance with the discretion granted to it under the Covered Bond Legislative Framework and the CMHC Guide, permit the Partnership to hold such amount of cash in excess of the Prescribed Cash Limitation as may be required to allow it to comply with the Transaction Documents in the circumstances.

Prescribed Cash Limitation. (a) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) 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 permitted in (i) or (ii), as applicable, the Partnership will not be in breach of this covenant if it uses such excess amount (w) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the Mortgage Sale Agreement; and/or (x) to invest in Substitute Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (y) subject to complying with the Asset Coverage Test, 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. (b) For greater certainty, amounts standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund (other than, in each case, those amounts that constitute Substitute Assets) constitute cash and are subject to the Prescribed Cash Limitation. (c) In the event that the Partnership is required to fund the Pre-Maturity Liquidity Ledger and/or the Reserve Fund in accordance with the Transaction Documents and such funding would cause the Partnership to hold cash in excess of the Prescribed Cash Limitation, any cash held by the Partnership in excess of such cash standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund may must be used in accordance with clauses (w), (x), (y) and (z) in paragraph paragraph (a) aboveabove within 31 days of receipt. In the event that the Partnership is in breach of the Prescribed Cash Limitation and it does not hold any cash other than the amounts it is required to hold in order to fund the Pre-Maturity Liquidity Ledger and the Reserve Fund in accordance with the Transaction Documents, the Partnership may request that CMHC, in accordance with the discretion granted to it under the Covered Bond Legislative Framework and the CMHC Guide, permit the Partnership to hold such amount of cash in excess of the Prescribed Cash Limitation as may be required to allow it to comply with the Transaction Documents in the circumstances.

Prescribed Cash Limitation. ‌ (a) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) 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 permitted in (i) or (ii), as applicable, the Partnership will not be in breach of this covenant if it uses such excess amount (w) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the Mortgage Sale Agreement; and/or (x) to invest in Substitute Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (y) subject to complying with the Asset Coverage Test, 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. (b) For greater certainty, amounts standing to the credit of the Pre-Maturity Liquidity Ledger Ledger, if applicable, and the Reserve Fund (other than, in each case, those amounts that constitute Substitute Assets) constitute cash and are subject to the Prescribed Cash Limitation. (c) In the event that the Partnership is required to fund the Pre-Maturity Liquidity Ledger and/or the Reserve Fund in accordance with the Transaction Documents and such funding would cause the Partnership to hold cash in excess of the Prescribed Cash Limitation, any cash held by the Partnership in excess of such cash standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund may must be used in accordance with clauses (w), (x), (y) and (z) in paragraph paragraph (a) aboveabove within 31 days of receipt. In the event that the Partnership is in breach of the Prescribed Cash Limitation and it does not hold any cash other than the amounts it is required to hold in order to fund the Pre-Maturity Liquidity Ledger and the Reserve Fund in accordance with the Transaction Documents, the Partnership may request that CMHC, in accordance with the discretion granted to it under the Covered Bond Legislative Framework and the CMHC Guide, permit the Partnership to hold such amount of cash in excess of the Prescribed Cash Limitation as may be required to allow it to comply with the Transaction Documents in the circumstances.

Prescribed Cash Limitation. (a1) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) is an amount 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 permitted specified in clause (i), the Partnership will not be in breach of this covenant if it uses such excess amount (wx) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the Mortgage Sale Agreement; and/or (xy) to invest in Substitute Substitution Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (yz) 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. (b2) For greater certainty, amounts standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund (other than, in each case, those amounts that constitute Substitute Substitution Assets) constitute cash and are subject to the Prescribed Cash Limitation. (c3) In the event that the Partnership is required to fund the Pre-Maturity Liquidity Ledger and/or the Reserve Fund in accordance with the Transaction Documents and such funding would cause the Partnership to hold cash in excess of the Prescribed Cash Limitation, any cash held by the Partnership in excess of such cash standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund may be used in accordance with clauses (w), (x), (y) and (z) in paragraph paragraph (a1) above. In the event that the Partnership is in breach of the Prescribed Cash Limitation and either (i) it does not hold any cash other than the amounts it is required to hold in order to fund the Pre-Maturity Liquidity Ledger and the Reserve Fund in accordance with the Transaction Documents, or (ii) a Notice to Pay has been served on the Partnership, the Partnership may request that CMHC, in accordance with the discretion granted to it under the Covered Bond Legislative Framework and the CMHC Guide, permit the Partnership to hold such amount of cash in excess of the Prescribed Cash Limitation as may be required to allow it to comply with the Transaction Documents in the circumstances.

Prescribed Cash Limitation. (a) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) 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 permitted in (i) or (ii), as applicable, the Partnership will not be in breach of this covenant if it uses such excess amount (v) to fund the Yield Supplement Fund, (w) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the Mortgage Sale Agreement; and/or (x) to invest in Substitute Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (y) subject to complying with the Asset Coverage Test, 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. (b) For greater certainty, amounts standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund (other than, in each case, those amounts that constitute Substitute Assets) (but not amounts standing to the credit of the Yield Supplement Fund) constitute cash and are subject to the Prescribed Cash Limitation. (c) In the event that the Partnership is required to fund the Pre-Maturity Liquidity Ledger and/or the Reserve Fund in accordance with the Transaction Documents and such funding would cause the Partnership to hold cash in excess of the Prescribed Cash Limitation, any cash held by the Partnership in excess of such cash standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund may must be used in accordance with clauses (w), (x), (y) and (z) in paragraph paragraph (a) aboveabove within 31 days of receipt. In the event that the Partnership is in breach of the Prescribed Cash Limitation and it does not hold any cash other than the amounts it is required to hold in order to fund the Pre-Maturity Liquidity Ledger and the Reserve Fund in accordance with the Transaction Documents, the Partnership may request that CMHC, in accordance with the discretion granted to it under the Covered Bond Legislative Framework and the CMHC Guide, permit the Partnership to hold such amount of cash in excess of the Prescribed Cash Limitation as may be required to allow it to comply with the Transaction Documents in the circumstances.

Prescribed Cash Limitation. (a1) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) is an amount 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 permitted specified in clause (i), the Partnership will not be in breach of this covenant if it uses such excess amount (wx) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the Mortgage Sale Agreement; and/or (xy) to invest in Substitute Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (yz) 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. (b2) For greater certainty, amounts standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund (other than, in each case, those amounts that constitute Substitute Assets) constitute cash and are subject to the Prescribed Cash Limitation. (c3) In the event that the Partnership is required to fund the Pre-Maturity Liquidity Ledger and/or the Reserve Fund in accordance with the Transaction Documents and such funding would cause the Partnership to hold cash in excess of the Prescribed Cash Limitation, any cash held by the Partnership in excess of such cash standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund may be used in accordance with clauses (w), (x), (y) and (z) in paragraph paragraph (a1) above. In the event that the Partnership is in breach of the Prescribed Cash Limitation and either (i) it does not hold any cash other than the amounts it is required to hold in order to fund the Pre-Maturity Liquidity Ledger and the Reserve Fund in accordance with the Transaction Documents, or (ii) a Notice to Pay has been served on the Partnership, the Partnership may request that CMHC, in accordance with the discretion granted to it under the Covered Bond Legislative Framework and the CMHC Guide, permit the Partnership to hold such amount of cash in excess of the Prescribed Cash Limitation as may be required to allow it to comply with the Transaction Documents in the circumstances.

Prescribed Cash Limitation. (a) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) 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 permitted in (i) or (ii), as applicable, the Partnership will not be in breach of this covenant if it uses such excess amount (w) 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 (x) to invest in Substitute Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (y) subject to complying with the Asset Coverage Test, 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. (b) For greater certainty, amounts standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund (other than, in each case, those amounts that constitute Substitute Assets) constitute cash and are subject to the Prescribed Cash Limitation. (c) In the event that the Partnership is required to fund the Pre-Maturity Liquidity Ledger and/or the Reserve Fund in accordance with the Transaction Documents and such funding would cause the Partnership to hold cash in excess of the Prescribed Cash Limitation, any cash held by the Partnership in excess of such cash standing to the credit of the Pre-Pre- Maturity Liquidity Ledger and the Reserve Fund may must be used in accordance with clauses (w), (x), (y) and (z) in paragraph the immediately preceding paragraph (a) aboveabove within 31 days of receipt. In the event that the Partnership is in breach of the Prescribed Cash Limitation and it does not hold any cash other than the amounts it is required to hold in order to fund the Pre-Maturity Liquidity Ledger and the Reserve Fund in accordance with the Transaction Documents, the Partnership may request that CMHC, in accordance with the discretion granted to it under the Covered Bond Legislative Framework and the CMHC Guide, permit the Partnership to hold such amount of cash in excess of the Prescribed Cash Limitation as may be required to allow it to comply with the Transaction Documents in the circumstances.

Prescribed Cash Limitation. ‌ (a) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) 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 the‌ amount permitted in (i) or (ii), as applicable, the Partnership will not be in breach of this covenant if it uses such excess amount (w) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the Mortgage Sale Agreement; and/or (x) to invest in Substitute Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (y) subject to complying with the Asset Coverage Test, 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. (b) For greater certainty, amounts standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund (other than, in each case, those amounts that constitute Substitute Assets) constitute cash and are subject to the Prescribed Cash Limitation. (c) In the event that the Partnership is required to fund the Pre-Maturity Liquidity Ledger and/or the Reserve Fund in accordance with the Transaction Documents and such funding would cause the Partnership to hold cash in excess of the Prescribed Cash Limitation, any cash held by the Partnership in excess of such cash standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund may must be used in accordance with clauses (w), (x), (y) and (z) in paragraph paragraph (a) aboveabove within 31 days of receipt. In the event that the Partnership is in breach of the Prescribed Cash Limitation and it does not hold any cash other than the amounts it is required to hold in order to fund the Pre-Maturity Liquidity Ledger and the Reserve Fund in accordance with the Transaction Documents, the Partnership may request that CMHC, in accordance with the discretion granted to it under the Covered Bond Legislative Framework and the CMHC Guide, permit the Partnership to hold such amount of cash in excess of the Prescribed Cash Limitation as may be required to allow it to comply with the Transaction Documents in the circumstances.

Prescribed Cash Limitation. (a1) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) is an amount 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 permitted specified in clause (i), the Partnership will not be in breach of this covenant if it uses such excess amount (wx) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the Mortgage Sale Agreement; and/or (xy) to invest in Substitute Substitution Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (yz) 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. (b2) For greater certainty, amounts standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund (other than, in each case, those amounts that constitute Substitute Substitution Assets) constitute cash and are subject to the Prescribed Cash Limitation. (c3) In the event that the Partnership is required to fund the Pre-Maturity Liquidity Ledger and/or the Reserve Fund in accordance with the Transaction Documents and such funding would cause the Partnership to hold cash in excess of the Prescribed Cash Limitation, any cash held by the Partnership in excess of such cash standing to the credit of the Pre-Pre- Maturity Liquidity Ledger and the Reserve Fund may be used in accordance with clauses (w), (x), (y) and (z) in paragraph paragraph (a1) above. In the event that the Partnership is in breach of the Prescribed Cash Limitation and either (i) it does not hold any cash other than the amounts it is required to hold in order to fund the Pre-Maturity Liquidity Ledger and the Reserve Fund in accordance with the Transaction Documents, or (ii) a Notice to Pay has been served on the Partnership, the Partnership may request that CMHC, in accordance with the discretion granted to it under the Covered Bond Legislative Framework and the CMHC Guide, permit the Partnership to hold such amount of cash in excess of the Prescribed Cash Limitation as may be required to allow it to comply with the Transaction Documents in the circumstances.

Prescribed Cash Limitation. (a) The maximum amount of cash which may be held by the Partnership at any time (the “Prescribed Cash Limitation”) 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 permitted in (i) or (ii), as applicable, the Partnership will not be in breach of this covenant if it uses such excess amount (w) to purchase New Loans and their Related Security for the Covered Bond Portfolio pursuant to the terms of the MT DOCS 14908732v9 Mortgage Sale Agreement; and/or (x) to invest in Substitute Assets in an amount not exceeding the prescribed limit under the CMHC Guide; and/or (y) subject to complying with the Asset Coverage Test, 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. (b) For greater certainty, amounts standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund (other than, in each case, those amounts that constitute Substitute Assets) constitute cash and are subject to the Prescribed Cash Limitation. (c) In the event that the Partnership is required to fund the Pre-Maturity Liquidity Ledger and/or the Reserve Fund in accordance with the Transaction Documents and such funding would cause the Partnership to hold cash in excess of the Prescribed Cash Limitation, any cash held by the Partnership in excess of such cash standing to the credit of the Pre-Maturity Liquidity Ledger and the Reserve Fund may must be used in accordance with clauses (w), (x), (y) and (z) in paragraph paragraph (a) aboveabove within 31 days of receipt. In the event that the Partnership is in breach of the Prescribed Cash Limitation and it does not hold any cash other than the amounts it is required to hold in order to fund the Pre-Maturity Liquidity Ledger and the Reserve Fund in accordance with the Transaction Documents, the Partnership may request that CMHC, in accordance with the discretion granted to it under the Covered Bond Legislative Framework and the CMHC Guide, permit the Partnership to hold such amount of cash in excess of the Prescribed Cash Limitation as may be required to allow it to comply with the Transaction Documents in the circumstances.