Cash Management Period definition

Cash Management Period shall have the meaning ascribed to the term “Cash Management Period” in the Mortgage Loan Agreement.

Cash Management Period shall commence upon Lender giving notice to the Clearing Bank of the occurrence of any of the following: (i) the Maturity Date, (ii) an Event of Default, (iii) if, as of any Calculation Date, the Debt Service Coverage Ratio is less than 1.10:1, or (iv) the commencement of a Rollover Sweep Period; and shall end upon Lender giving notice to the Clearing Bank that the sweeping of funds into the Deposit Account may cease, which notice Lender shall only be required to give if (1) the Loan and all other obligations under the Loan Documents have been repaid in full or (2) the Maturity Date has not occurred and (A) with respect for the matters described in clause (ii) above, such Event of Default has been cured and no other Event of Default has occurred and is continuing or (B) with respect to the matter described in clause (iii) above, Lender has determined that the Property has achieved a Debt Service Coverage Ratio of at least 1.10:1 for two consecutive Calculation Dates or (C) with respect to the matter described in clause (iv) above, the subject Rollover Sweep Period has ended.

Cash Management Period shall commence upon Lender giving notice to the Clearing Bank of the occurrence of any of the following: (i) an Event of Default hereunder, or (ii) an Event of Default (as such term is defined in the Mezzanine Loan Documents), or (iii) a default after the lapse of any applicable notice and cure period under any Approved Mezzanine Loan other than the Mezzanine Loan, and shall end upon Lender giving notice (and which Lender covenants to promptly give) to the Clearing Bank that the sweeping of funds into the Deposit Account may cease, which notice Lender shall give promptly after (1) the Loan and all other obligations under the Loan Documents and any Approved Mezzanine Loan have been repaid in full, (2) with respect to the matters described in clause (i) above, such Event of Default has been cured and no other Event of Default has occurred and is continuing, and (3) with respect to the matters described in clause (ii) above, such Event of Default has been cured and no other Event of Default has occurred and is continuing, (4) with respect to the matters described in clause (iii) above, such default has been cured and no other such default has occurred and is continuing. Code: the Internal Revenue Code of 1986, as amended and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. Control: with respect to any Person, either (i) ownership directly or indirectly of 49% or more of all equity interests in such Person or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities, by contract or otherwise. Debt: the unpaid Principal, all interest accrued and unpaid thereon, any Yield Maintenance Premium and all other sums due to Lender in respect of the Loan or under any Loan Document.

Examples of Cash Management Period in a sentence

• Any funds in the Cash Collateral Account and not previously disbursed or applied shall be disbursed to Borrower upon the termination of such Cash Management Period.

• During a Cash Management Period, on each Payment Date, a portion of the Rents that have been deposited into the Deposit Account during the immediately preceding Interest Period in an amount equal to the monthly amount set forth in the Approved Operating Budget for the following month as being necessary for payment of Approved Operating Expenses at the Property for such month, shall be transferred into a Subaccount for the payment of Approved Operating Expenses (the “Operating Expense Subaccount”).

• Funds deposited into the Clearing Account shall be swept by the Clearing Bank on a daily basis into Borrower’s operating account at the Clearing Bank, unless a Cash Management Period is continuing, in which event such funds shall be swept on a daily basis into an Eligible Account at the Deposit Bank controlled by Lender (the “Deposit Account”) and applied and disbursed in accordance with this Agreement.

• Unless a Cash Management Period (as defined below) is continuing, all funds deposited into the Clearing Account shall be swept by the Clearing Bank into Grantor’s operating account at the Clearing Bank.

• If a Cash Management Period shall have commenced, then on the immediately succeeding Payment Date and on each Payment Date thereafter during the continuance of such Cash Management Period, all Available Cash shall be paid to Lender, which amounts shall be transferred by Lender into a Subaccount (the “Cash Collateral Subaccount”) as cash collateral for the Debt.

More Definitions of Cash Management Period

Cash Management Period means the period commencing on the occurrence of a Cash Management Event and continuing until the payment in full of all principal and interest on the Loan and all other amounts payable under the Loan Documents in accordance with the terms and provisions of the Loan Documents.

Cash Management Period means the occurrence of a Default. A Cash Management Period shall terminate in the event that a Default has been cured.

Cash Management Period shall have the meaning set forth in the Senior Loan Agreement. Code: the Internal Revenue Code of 1986, as amended and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form.

Cash Management Period means the period commencing on the 45th day prior to the Optional Prepayment Date.

Cash Management Period means the existence and continuance of an Event of Default.

Cash Management Period shall be deemed to

Cash Management Period means a period that: