Cash Control Event shall occur if (a) an Event of Default has occurred and is continuing; (b) a Potential Default has occurred and is continuing; or (c) a mandatory prepayment has been triggered pursuant to Section 3.5(b) and is yet to be repaid.
Cash Control Event shall occur if, on any date of determination, (A) an Event of Default has occurred and is continuing, (B) the Borrowers shall have failed to make any payment of interest required to be made hereunder when initially due and such failure shall not have been remedied, or (C) a Default pursuant to Section 10.1(k) (other than with respect to Xxxxxxx Xxxxx & Co. LLC) has occurred and is continuing.
Cash Control Event means either (a) the occurrence and continuance of any Event of Default, or (b) royalty revenues received by the Loan Parties during the immediately preceding twelve (12) months are less than 70% of the projected royalty revenues for such twelve (12) month period as set forth in the projections for such period delivered pursuant to Section 6.01(d). For purposes of this Agreement, the occurrence of a Cash Control Event shall be deemed continuing at the Agent’s option (i) so long as such Event of Default is continuing and has not been waived, and/or (ii) if the Cash Control Event arises as a result of the Loan Parties’ failure to achieve royalties revenues as required hereunder, until royalty revenues as of the end of each month exceed 70% of the projected royalties for each twelve (12) month period ending the last day of each such month, for a period of six (6) consecutive months; provided that a Cash Control Event shall be deemed continuing (even if an Event of Default is no longer continuing and/or royalty revenues received exceeds the required amount for six (6) consecutive months) at all times after a Cash Control Event has occurred and been discontinued on two (2) occasions in any twelve (12) month period. The termination of a Cash Control Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Cash Control Event in the event that the conditions set forth in this definition again arise.
Examples of Cash Control Event in a sentence
If a Cash Control Event has occurred and is continuing, the applicable Fund may withdraw funds from its Collateral Account only in compliance with Section 9.18.
More Definitions of Cash Control Event
Cash Control Event shall occur if, on any date of determination: (a) an Event of Default has occurred and is continuing; (b) a Default related to Section 11.01(a), Section 11.01(g) or Section 11.01(h) has occurred and is continuing; or (c) a Borrowing Base Deficiency exists (for the avoidance of doubt, the occurrence of a Borrowing Base Deficiency shall be a Cash Control Event notwithstanding that prepayment has not become due and payable under the time periods afforded in Section 3.04).
Cash Control Event shall occur with respect to a Fund Group if, on any date of determination, with respect to such Fund Group, (a) a Fund Group Event of Default has occurred and is continuing; (b) a Fund Group Potential Default that would give rise to a Fund Group Event of Default pursuant to Section 10.1(a), (b) (solely with respect to Section 7.20), (i), (n), (o) or (t) has occurred and is continuing; or (c) a mandatory prepayment has been triggered pursuant to Section 3.5(b), irrespective of whether such prepayment has become due and payable under the grace periods afforded in Section 3.5(b).
Cash Control Event is defined in Section 5.02(c).
Cash Control Event. Either (i) an Event of Default has occurred and is continuing, or (ii) the Average Excess Availability for any five (5) consecutive Business Days is less than Thirty Million Dollars ($30,000,000). For purposes hereof, the occurrence of a Cash Control Event shall be deemed continuing notwithstanding that Average Excess Availability may thereafter exceed the amount set forth in the preceding sentence unless and until Average Excess Availability exceeds such amounts for ninety (90) consecutive Business Days, in which case a Cash Control Event shall no longer be deemed to be continuing for purposes hereof; provided that a Cash Control Event shall be deemed continuing (even if Average Excess Availability exceeds the required amounts for ninety (90) consecutive Business Days) if a Cash Control Event has occurred and been discontinued on one (1) occasion during the preceding twelve month period.
Cash Control Event means that Excess Availability is less than $100,000,000. For purposes of Section 2.21(g), the occurrence of a Cash Control Event shall be deemed continuing notwithstanding that Excess Availability may thereafter exceed the amount set forth in the preceding sentence unless and until Excess Availability exceeds $125,000,000 for ninety (90) consecutive days, in which event a Cash Control Event shall no longer be deemed to be continuing for purposes of Section 2.21(g).
Cash Control Event shall occur if, on any date of determination, (a) an Event of Default has occurred and is continuing; (b) a Potential Default that would give rise to an Event of Default pursuant to Section 10.1(a), (b) (solely with respect to Section 7.20), (i), (n), (o) or (t) has occurred and is continuing; or (c) a mandatory prepayment has been triggered pursuant to Section 3.5(b), irrespective of whether such prepayment has become due and payable under the grace periods afforded in Section 3.5(b).
Cash Control Event means, with respect to any Fund Group, at any time, (i) a Borrowing Base Deficiency with respect to such Fund Group exists, (ii) a Fund Group Potential Default under Section 11.01(a), (g) or (h) exists, or (iii) any Fund Group Event of Default exists