Cash Sweep Condition definition

Cash Sweep Condition shall exist:
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Cash Sweep Condition shall exist if (a) as of an Assessment Period Determination Date, a DSCR Coverage Event is determined to exist with respect to the applicable Assessment Period, or (b) Borrower fails to deliver by the date that is ten (10) days prior to the Assessment Period Determination Date, the financial statements and compliance certificates required to be delivered with respect to any Calendar Quarter immediately preceding the Calendar Quarter during which the applicable Assessment Period Determination Date occurs pursuant to Sections 8.1(b) and (d) hereof. If a Cash Sweep Condition exists due to Borrower’s failure to deliver the financial statements and compliance certificates required to be delivered in accordance with clause (b) above, then it shall be deemed to continue to exist only until such time, if any, that Borrower delivers to Agent the financial statements and compliance certificates referred to in clause (b) above and it is determined based upon such financial statements and certificates that no Cash Sweep Condition exists pursuant to clause (a) above (such determination to be made within ten (10) Business Days of receipt of such financial statements and compliance certificates by Agent). If determined to exist, a “Cash Sweep Condition” shall continue until such time as Agent has determined as of an Assessment Period Determination Date, after receipt of the financial statements and certificates required to be delivered pursuant to Sections 8.1(b) and (d) hereof (such determination to be made within ten (10) Business Days of receipt of the such financial statements and compliance certificates by Agent), that no Cash Sweep Condition exists for the Assessment Period which is the subject of such financial statements and compliance certificates.
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Cash Sweep Condition and "Cash Sweep Conditions" means, individually and collectively, the DSCR Cash Sweep Condition and the LAUSD Cash Sweep Condition.
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Examples of Cash Sweep Condition in a sentence

  • Funds shall continue to be swept into the Cash Flow Collection Account so long as a Cash Sweep Condition exists.

  • Any amounts not applied to the Obligations in accordance with the previous sentence after a Cash Sweep Condition shall have existed for four (4) consecutive Testing Determination Dates shall, subject to Section 3.5, be held as cash collateral for the Obligations for the remainder of the Term.

  • For the avoidance of doubt, it is agreed that any prepayment made in accordance with Section 6.33 and any prepayment made to prevent the commencement of or end the continuation of a Cash Sweep Condition shall not be subject to payment of the Prepayment Fee.

  • At such time as a Cash Sweep Condition no longer exists, Agent shall revoke the Lockbox Notice and direct the financial institution holding the Cash Flow Collection Account to disburse any sums on deposit in the Cash Flow Payment Subaccount to the Operating Account (but not sums contained in the Wachovia Termination Payment Reserve Subaccount which shall be held in accordance with Section 2.16(f) hereof).

  • So long as no Event of Default has occurred and is continuing and at any time that a Cash Sweep Condition does not exist, funds deposited into the Lockbox Account shall be swept by the Lockbox Bank on a daily basis into the Operating Account.

  • On the first Payment Date to occur after the occurrence and during the continuation of a Cash Sweep Condition, the Cash Sweep Percentage as of such Payment Date of any funds on deposit in the Cash Trap Reserve Account will be applied to repay the aggregate unpaid Note Principal Balance of the Notes.

  • In addition during a Cash Sweep Condition caused by an Event of Default, Borrower Parties shall cause Manager to deposit the Owners’ Remittance into the Cash Collateral Account (in lieu of paying such amount to Borrower Parties).

  • Promptly following termination of a Cash Sweep Condition, provided there exists no Event of Default, Agent shall remit to Borrower all sums in the Cash Sweep Account.

  • Prior to the occurrence of an Event of Default and only during the existence of a Cash Sweep Condition, on or before the twentieth (20th) day of each calendar month from and after the date hereof, Loan Parties shall (or shall cause Property Manager to) deposit the Cash Collateral Payment Amount into the Additional Cash Collateral Account as additional, cash collateral for the Obligations, in the manner set forth and in accordance with the terms of the Cash Management Agreement.

  • Borrower shall cause all sums on deposit in the FF&E Reserve Account to be deposited into the Lockbox Account upon the demand of Agent at any time that a Cash Sweep Condition exists.


More Definitions of Cash Sweep Condition

Cash Sweep Condition means a condition that exists, as stated in the Manager Report, if (x) as of any Determination Date (i) the DSCR as of such Determination Date is less than or equal to the Cash Sweep DSCR, (ii) the Senior DSCR as of such Determination Date is less than or equal to the Senior Cash Sweep DSCR or (iii) a Cash Trap Condition continues to exist for a period of more than six months or (y) as of any Determination Date if the Leverage Ratio as of such Determination Date is greater than the Trigger Leverage Ratio, and shall continue to exist until (1) in the case of a Cash Sweep Condition pursuant to clause (x)(i) of this definition, the DSCR as of any Determination Date is greater than the Cash Sweep DSCR, (2) in the case of a Cash Sweep Condition pursuant to clause (x)(ii) of this definition, the Senior DSCR as of any Determination Date is greater than the Senior Cash Sweep DSCR, (3) in the case of a Cash Sweep Condition pursuant to clause (x)(iii) of this definition, the DSCR as of any Determination Date is greater than the Cash Trap DSCR and the Senior DSCR as of such Determination Date is greater than the Senior Cash Trap DSCR and (4) in the case of a Cash Sweep Condition pursuant to clause (y) of this definition, the Leverage Ratio as of any Determination Date is less than the Trigger Leverage Ratio.
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Cash Sweep Condition means a condition that exists as of any Determination Date if (i) a Cash Trap Condition has continued to exist for a period of more than six months and continues to exist on such Determination Date without regard to clause (ii) of the definition thereof, (ii) the Utilization Rate with respect to the Contributed IP Addresses is less than 70%, (iii) the average of the Senior DSCR as of such Determination Date and the Senior DSCR as of the last two preceding Determination Dates is less than or equal to the Cash Sweep DSCR, (iv) the Utilization Rate with respect to the Contributed IP Addresses is less than 60%, (v) the average of the Three-Month Average Leverage Ratio as of such Determination Date and the Three-Month Average Leverage Ratio as of the last two preceding Determination Dates is greater than the Trigger Three-Month Average Leverage Ratio or (vi) the Utilization Rate with respect to the Contributed IP Addresses is less than 50% and will continue to exist until (1) in the case of a Cash Sweep Condition pursuant to clause (i) of this definition, the Senior DSCR as of any Determination Date is greater than the Cash Trap DSCR, (2) in the case of a Cash Sweep Condition pursuant to clause (ii) of this definition, the Utilization Rate with respect to the Contributed IP Addresses is equal to or greater than 70%, (3) in the case of a Cash Sweep Condition pursuant to clause (iii) of this definition, the Senior DSCR as of any Determination Date is greater than the Cash Sweep DSCR, (4) in the case of a Cash Sweep Condition pursuant to clause (iv) of this definition, the Utilization Rate with respect to the Contributed IP Addresses is equal to or greater than 60%, (5) in the case of a Cash Sweep Condition pursuant to clause (v) of this definition, the Three-Month Average Leverage Ratio as of any Determination Date is less than the Trigger Three-Month Average Leverage Ratio and (6) in the case of a Cash Sweep Condition pursuant to clause (vi) of this definition, the Utilization Rate with respect to the Contributed IP Addresses is equal to or greater than 50%; provided, however, that a Cash Sweep Condition pursuant to clause (vi) of this definition will remain in effect during the period from the date of the Servicer’s engagement of a Valuation Provider through the date that the applicable Noteholders exercise or are deemed to exercise the option pursuant to clause (iii) of the definition of “Utilization Trigger Event Noteholder Direction Options”; provided, furth...
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Related to Cash Sweep Condition

  • Cash Sweep Period means each period commencing on the occurrence of a Cash Sweep Event and continuing until the earlier of (a) the Payment Date next occurring following the related Cash Sweep Event Cure, or (b) until payment in full of all principal and interest on the Loan and all other amounts payable under the Loan Documents.

  • Step Down Conditions As of any Distribution Date on which any decrease in any Senior Prepayment Percentage may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged over the preceding six month period, as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the seventh anniversary until the eighth anniversary of the first Distribution Date, 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eighth anniversary until the ninth anniversary of the first Distribution Date, 35% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the ninth anniversary until the tenth anniversary of the first Distribution Date, 40% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the tenth anniversary until the eleventh anniversary of the first Distribution Date, 45% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 50% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.

  • Liquidity Condition means an event of immediate termination or suspension as specified in a Liquidity Facility, upon the occurrence of which the Standby Purchaser is not obligated to purchase Multi-Modal Bonds, and, accordingly, such Bonds are not subject to tender for purchase.

  • Termination Conditions means, collectively, (a) the payment in full in cash of the Obligations (other than (i) contingent indemnification obligations not then due and (ii) Obligations under Secured Hedge Agreements and Secured Cash Management Agreements) and (b) the termination of the Commitments and the termination or expiration of all Letters of Credit under this Agreement (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized on terms reasonably acceptable to the applicable Issuing Bank, backstopped by a letter of credit reasonably satisfactory to the applicable Issuing Bank or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank).

  • Payment Condition shall be deemed to be satisfied in connection with a Restricted Payment, Restricted Debt Payment, investment or Permitted Acquisition if:

  • Extension Minimum Condition means a condition to consummating any Extension that a minimum amount (to be determined and specified in the relevant Extension Request, in the Borrower’s sole discretion) of any or all applicable Classes be submitted for Extension.

  • Acute condition means that the individual is medically unstable. Such an individual requires frequent monitoring by medical professionals, such as physicians and registered nurses, in order to maintain his or her health status.

  • Release Condition means the following:

  • Distribution Conditions means, with respect to any Restricted Payment or Restricted Junior Debt Prepayment, the following:

  • Equity Conditions Failure means that on any applicable date the Equity Conditions have not been satisfied (or waived in writing by the Holder).

  • Equity Conditions Measuring Period means each day during the period beginning twenty (20) Trading Days prior to the applicable date of determination and ending on and including the applicable date of determination.

  • Non-Monetary Default Cure Period shall have the meaning assigned to such term in Section 11(d).

  • Extension Conditions Defined in Section 3.06(a).

  • Trigger Event Date means a date on which a Trigger Event has occurred as determined by the Calculation Agent.

  • Condition Satisfaction Date shall have the meaning set forth in Section 7.2.

  • Minimum Condition has the meaning set forth in Annex I.

  • Payment Conditions means, at the time of determination with respect to a proposed payment to fund a Specified Transaction, that:

  • Unsafe condition as used in this clause means the actual or potential exposure of contractor or Government employees to a hazardous material as defined in Federal Standard No. 313, and any revisions thereto during the term of this contract, or any other material or working condition designated by the Contracting Officer's Technical Representative (COTR) as potentially hazardous and requiring safety controls.

  • Equity Conditions means, during the period in question, (a) the Company shall have duly honored all conversions and redemptions scheduled to occur or occurring by virtue of one or more Notices of Conversion of the Holder, if any, (b) the Company shall have paid all liquidated damages and other amounts owing to the Holder in respect of this Note, (c)(i) there is an effective Registration Statement pursuant to which the Holder is permitted to utilize the prospectus thereunder to resell all of the shares of Common Stock issuable pursuant to the Transaction Documents (and the Company believes, in good faith, that such effectiveness will continue uninterrupted for the foreseeable future) or (ii) all of the Conversion Shares issuable pursuant to the Transaction Documents (and shares issuable in lieu of cash payments of interest) may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions or current public information requirements as determined by the counsel to the Company as set forth in a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the Holder, (d) the Common Stock is trading on a Trading Market and all of the shares issuable pursuant to the Transaction Documents are listed or quoted for trading on such Trading Market (and the Company believes, in good faith, that trading of the Common Stock on a Trading Market will continue uninterrupted for the foreseeable future), (e) there is a sufficient number of authorized but unissued and otherwise unreserved shares of Common Stock for the issuance of all of the shares then issuable pursuant to the Transaction Documents, (f) there is no existing Event of Default and no existing event which, with the passage of time or the giving of notice, would constitute an Event of Default, (g) the issuance of the shares in question (or, in the case of an Optional Redemption or Monthly Redemption, the shares issuable upon conversion in full of the Optional Redemption Amount or Monthly Redemption Amount) to the Holder would not violate the limitations set forth in Section 4(d) and Section 4(e) herein, (h) there has been no public announcement of a pending or proposed Fundamental Transaction or Change of Control Transaction that has not been consummated, (i) the applicable Holder is not in possession of any information provided by the Company, any of its Subsidiaries, or any of their officers, directors, employees, agents or Affiliates, that constitutes, or may constitute, material non-public information, (j) for each of the twenty (20) Trading Days prior to the applicable date in question, the closing price of the Common Stock on the principal Trading Market is at least equal to the Floor Price plus an eight percent (8%) premium (as defined below), (k) the average daily dollar volume of for the Common Stock on the principal Trading Market for the twenty (20) Trading Days prior to the applicable date in question exceeds $200,000, and (l) the Company has timely filed (exclusive of any grace period) all of its SEC Reports during the time period in question. 3

  • Trigger Event shall have the meaning specified in Section 14.04(c).

  • Senior Step Down Conditions As of the first Distribution Date as to which any decrease in the Senior Prepayment Percentage applies, (i) the outstanding principal balance of all Mortgage Loans delinquent 60 days or more (including Mortgage Loans in foreclosure, REO Property and Mortgage Loans the mortgagors of which are in bankruptcy) (averaged over the preceding six month period), as a percentage of the aggregate Class Certificate Balance of the Subordinated Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to the Mortgage Loans do not exceed (a) commencing with the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the Original Subordinate Principal Balance, (b) commencing with the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the Original Subordinate Principal Balance, (c) commencing with the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the Original Subordinate Principal Balance, (d) commencing with the Distribution Date on the eighth anniversary of the first Distribution Date, 45% of the Original Subordinate Principal Balance, and (e) commencing with the Distribution Date on the ninth anniversary of the first Distribution Date, 50% of the Original Subordinate Principal Balance.

  • Release Conditions mean the following conditions: (i) Company has received the Executive’s executed Release and (ii) any rescission period applicable to the Executive’s executed Release has expired.

  • LC Conditions has the meaning given to such term in Section 2.9.

  • Accelerated Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Availability at least equal to the greater of (x) $22,500,000 and (y) fifteen percent (15%) of the Loan Cap. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing (i) so long as such Event of Default has not been waived, and/or (ii) if the Accelerated Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded the greater of (x) $22,500,000 and (y) fifteen percent (15%) of the Loan Cap for thirty (30) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

  • Funding Conditions With respect to any proposed Funding Date, the following conditions:

  • Early Termination Conditions means the types of conditions listed in Schedule A.