Cash Management Termination Event means the Debt Service Coverage Ratio shall be equal to or greater than 1.35 to 1.0 for two (2) complete, consecutive calendar quarters following the calendar quarter in which the Cash Management Trigger caused by a Debt Service Coverage Ratio deficiency occurred, PROVIDED, HOWEVER, there shall not be more than two (2) Cash Management Termination Events during the term of the Loan.

Cash Management Termination Event means the occurrence of any of the following: (a) if the related Cash Management Event occurred as a result of an Event of Default, such Event of Default shall no longer exist (without implying that Borrower has a right to cure an Event of Default), no other Event of Default then exists, and Administrative Agent shall not have otherwise accelerated the Loan, moved for a receiver or commenced foreclosure proceedings; (b) in the event that the related Cash Management Event occurred as a result of a Bankruptcy Action, (i) the emergence of the applicable Person from bankruptcy with no material adverse consequence to the Property (unless same shall have been cured in full) or the Loan, as reasonably determined by Administrative Agent, (ii) if the Bankruptcy Action relates to a Manager, the emergence of the applicable Person from bankruptcy with no material adverse consequence to the Property or the Loan (unless same shall have been cured in full), or the replacement of such Manager with a Qualified Manager in accordance with the terms and conditions of this Agreement, or (iii) if the Bankruptcy Action relates to Guarantor, the emergence of the applicable Person from bankruptcy with no material adverse consequence to the Property or the Loan (unless same shall have been cured in full) or the replacement of Guarantor with an Approved Replacement Guarantor in accordance with the terms and conditions of this Agreement; (c) with respect to the Cash Management Event described in clause (c) of the definition thereof, Administrative Agent shall have determined that the Debt Yield is (i) prior to the Initial Maturity Date, at least six and seventy-five hundredths percent (6.75%) for the preceding two (2) consecutive full calendar quarters, or (ii) during any Extension Period, at least seven percent (7.0%) for the preceding two (2) consecutive full calendar quarters; and (d) with respect to the Cash Management Event described in clause (d) of the definition thereof, the receipt by Administrative Agent of a Mezzanine Loan Event of Default Revocation Notice.

Cash Management Termination Event means that Lender has accepted in writing Borrower’s cure of the Event of Default which was the basis for the occurrence of the Restrictive Condition (it being understood that this provision does not, and is not intended to, create or impose any obligation on Lender’s part to accept such cure), and there shall not then exist any other Event of Default, provided, however, that under no circumstances shall there be more than two (2) Cash Management Termination Events during the term of the Loan.

Examples of Cash Management Termination Event in a sentence

Upon the occurrence of a Cash Management Termination Event with respect to any Cash Management Period, any amounts remaining in the Excess Cash Flow Reserve Account shall be released to Borrower.
Upon the occurrence of a Cash Management Termination Event, the balance of the funds in the Lockbox Account shall be distributed to Borrower.
Upon the earlier of (i) repayment of the Debt and (ii) a Cash Management Termination Event, the balance of the funds in the Lockbox Account shall be distributed to Borrower.
Funds remaining in the Lockbox Account after payment of the foregoing (the "EXCESS CASH FLOW") shall be distributed to Borrower; PROVIDED, HOWEVER, upon the occurrence of a Cash Management Trigger and until the occurrence of a Cash Management Termination Event, such Excess Cash Flow shall be distributed to Borrower only to the extent of unbudgeted operating expenses approved by Lender and any remaining funds shall remain in such Lockbox Account as additional collateral for the Loan.
Funds remaining in the Lockbox Account after payment of the foregoing (the “Excess Cash Flow”) shall be distributed to Borrower; provided, however, upon the occurrence of a Cash Management Trigger and until the occurrence of a Cash Management Termination Event, such Excess Cash Flow shall be distributed to Borrower only to the extent of unbudgeted operating expenses approved by Lender and any remaining funds shall remain in such Lockbox Account as additional collateral for the Loan.

More Definitions of Cash Management Termination Event

Cash Management Termination Event means (a) if the Cash Management Trigger relates solely to clause (i) of the definition thereof, the Event of Default shall have been cured, and Lender shall have accepted such cure, provided that Lender has not otherwise accelerated the Loan, moved for a receiver or commenced foreclosure proceedings; (b) if the Cash Management Trigger relates solely to the bankruptcy or insolvency of the Manager, the dismissal of such bankruptcy without adverse consequences to the Loan or the Property, or the replacement of the Manager with a Qualifying Manager satisfactory to Lender in Lender’s reasonable discretion pursuant to a property management agreement satisfactory to Lender in Lender’s reasonable discretion, no later than thirty (30) days after the date on which Manager filed for bankruptcy or on which insolvency proceeding were initiated; (c) if the Cash Management Trigger relates solely to the bankruptcy or insolvency of the Anchor Tenant, the releasing of the entire Property to one or more replacement tenants satisfactory to Lender in Lender’s reasonable discretion pursuant to one or more replacement leases, each at an average rental rate not less than the greater of market rate and the rate paid by Anchor Tenant under the Anchor Tenant Lease at the time of such Cash Management Trigger, and Lender shall have received an estoppel letter from such replacement tenant confirming, among other things, that such tenant has taken occupancy of its demised premises and commenced payment of rent; (d) if the Cash Management Trigger relates solely to the bankruptcy or insolvency of the Anchor Lease Guarantor, the Anchor Lease Guarantor is replaced with a lease guarantor acceptable to Lender in its sole discretion within thirty (30) days after notice of such Cash Management Trigger; (e) if the Cash Management Trigger relates solely to the credit rating of Anchor Lease Guarantor falling below investment grade, the restoration and maintaining of an investment grade rating by each Rating Agency for twelve (12) consecutive calendar months; or (f), if the Cash Management Trigger relates solely to clause (iv) of the definition thereof, the releasing of the entire Property to one or more replacement tenants satisfactory to Lender in Lender’s reasonable discretion pursuant to one or more replacement leases, each at an average rental rate not less than the greater of market rate and the rate paid by Anchor Tenant under the Anchor Tenant Lease at the time of such Cash Management Trig...

Cash Management Termination Event means (i) if the most recent Cash Management Period was caused by the circumstances described in clause (i) of the definition of “Triggering Event”, Borrower’s cure and the acceptance of such cure by Lender of the Event of Default which caused such Triggering Event, (ii) if the most recent Cash Management Period was caused by the circumstances described in clause (ii) of the definition of “Triggering Event”, Mezzanine A Borrower’s cure and the acceptance of such cure by Mezzanine A Lender of the Mezzanine A Event of Default which caused such Triggering Event, or (iii) if the most recent Cash Management Period was caused by the circumstances described in clause (iii) of the definition of “Triggering Event”, at any time the Debt Service Coverage Ratio is equal to or greater than 1.10 to 1.00 for three (3) consecutive Monthly Reporting Periods; provided, however, that the Cash Management Termination Event shall not be deemed to have occurred if more than two (2) Triggering Events have occurred during the term of the Loan, it being understood that following the occurrence of the third Triggering Event, the Cash Management Period shall exist for the remaining term of the Loan.

Cash Management Termination Event means (a) in the case of a Cash Management Trigger pursuant to clause (ii) of the definition of such term, the Debt Service Coverage Ratio shall be equal to or greater than 1.25 to l.0 for two (2) complete, consecutive calendar quarters following the calendar quarter in which the Cash Management Trigger occurred, provided, however, there shall be no Cash Management Termination Event following a Cash Management Trigger caused by clause (i) of the definition of such term, and there shall not be more than two (2) Cash Management Termination Events during the term of the Loan.

Cash Management Termination Event means the occurrence of any of the following: (a) in the event the related Cash Management Event occurred as a result of an Event of Default, such Event of Default shall no longer exists (without implying that Borrower has a right to cure an Event of Default), no other Default or Event of Default then exists, and Lender shall not have otherwise accelerated the Loan, moved for a receiver, commenced foreclosure proceedings, or otherwise begun exercising remedies; (b) (i) in the event that the related Cash Management Event occurred as a result of a Bankruptcy Action relating to Borrower, Mezzanine Borrower, Specified Tenant or Guarantor, as applicable, such Bankruptcy Action no longer exists and there has been no Material Adverse Effect as a result thereof, and (ii) in the event that the related Cash Management Event occurred as a result of a Bankruptcy Action relating to any Affiliated Manager, the replacement of such Affiliated Manager in accordance with the terms and conditions of this Agreement, (c) in the event the related Cash Management Event occurred solely by a Specified Tenant Trigger Event, the achievement of a Specified Tenant Cure, and (d) with respect to the Cash Management Event described in clause (a) or (e) of the definition thereof, (i) Substantial Completion shall have occurred and (ii) Lender has determined that the Debt Yield is at least eight and one-half percent (8.5%) for two (2) consecutive calendar quarters. (c) The definition of “Guarantees” set forth in Section 1.1 of the Loan Agreement is hereby deleted in its entirety from the Loan Agreement and replaced with the following definition:

Cash Management Termination Event means (a) in the event the Cash Management Trigger is caused by (ii) of the Cash Management Trigger definition, Borrower has cured such Event of Default to the reasonable satisfaction of Lender, or (b) in the event the Cash Management Trigger is caused by (iv) of the Cash Management Trigger definition, (x) if the Tenant resumes operating its business at the Property or (y) Lender’s receipt of (a) one or more new leases entered into in accordance with the terms of this Agreement (the “New Leases”) with one or more tenants reasonably acceptable to Lender (the “New Tenants”) pursuant to which the New Tenants have leased space for a term which is at least as long as the remaining term of the Academy Lease if the Academy Lease was then in effect, on similar terms and at a similar rent as provided for in the Academy Lease and (b) tenant estoppels reasonably acceptable to Lender from the New Tenants confirming that (i) the New Leases are in full force and effect, (ii) to the New Tenants’ knowledge, neither Borrower nor the New Tenants are in default under the New Leases, (iii) the New Tenants are in occupancy of substantially all of the premises demised under the New Leases, and (iv) the New Tenants are open for business in substantially all of the premises demised under the New Leases and are paying rent without any right to offset or credit, provided, however, there shall not be more than two (2) Cash Management Termination Events during the term of the Loan.

Cash Management Termination Event means (a) the Debt Service Coverage Ratio shall be equal to or greater than 1.35 to 1.0 for two (2) complete, consecutive calendar quarters following the calendar quarter in which the Cash Management Trigger caused by a Debt Service Coverage Ratio deficiency occurred, or (b) in the event the Cash Management Trigger is caused by (iv), (v) or (vi) of Cash Management Trigger definition, Lender’s receipt of (a) one or more new leases entered into in accordance with the terms of this Agreement (the “New Leases”) with Lockheed or Cisco, as applicable, or one or more tenants reasonably acceptable to Lender (the “New Tenants”) pursuant to which Lockheed, Cisco and/or the New Tenants have leased space within the Lockheed Premises, Lockheed 300 Premises or Cisco Premises, as applicable for a term of at least five (5) years beyond the expiration date of the Lockheed Lease Suite 500 & 600, Lockheed Lease Suite 300 or Cisco Lease, as applicable, on similar terms and at a similar rent as provided for in the extension option section of the Lockheed Lease Suite 500 & 600, Lockheed Lease Suite 300 or Cisco Lease, as applicable and (b) tenant estoppels reasonably acceptable to Lender from Lockheed, Cisco and/or the New Tenants confirming that (i) the New Leases are in full force and effect, (ii) to Lockheed’s, Cisco’s or the New Tenants’ knowledge, as applicable, neither Borrower nor Lockheed, Cisco or the New Tenants, as applicable, are in default under the New Leases, (iii) Lockheed, Cisco and/or the New Tenants, as applicable, are in occupancy of substantially all of the premises demised under the New Leases, and (iv) Lockheed, Cisco or the New Tenants, as applicable, are open for business in substantially all of the premises demised under the New Leases and are paying rent without any right to offset or credit, provided, however, there shall not be more than two (2) Cash Management Termination Events during the term of the Loan.

Cash Management Termination Event definition

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