Cash Sweep Cure definition

Cash Sweep Cure means any one of the following: (a) depositing cash in escrow with Mortgage Lender or delivering to Mortgage Lender a Letter of Credit, which cash deposit or Letter of Credit shall be in an amount which, if applied to the reduction of the Mortgage Loan would cause the Debt Yield to be not less than the Debt Yield Threshold, and, if applicable, the Non-Minority Debt Yield to be not less than then the Non-Minority Debt Yield Threshold, (b) prepaying the Mortgage Loan in an amount which, if applied to the reduction of the Mortgage Loan would cause the Debt Yield to be not less than the Debt Yield Threshold, and, if applicable, the Non-Minority Debt Yield to be not less than the Non-Minority Debt Yield Threshold, or (c) the Debt Yield is in excess of the Debt Yield Threshold for three (3) consecutive months and, if applicable, the Non-Minority Debt Yield is in excess of the Non-Minority Debt Yield Threshold for three (3) consecutive months; provided that no new Cash Sweep Event shall have occurred and be continuing. Notwithstanding anything to the contrary contained herein, the number of occurrences of a Cash Sweep Cure hereunder shall not, in the aggregate, during any twelve (12) month period exceed two (2).

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Cash Sweep Cure means any one of the following: (a) if the Cash Sweep Event is caused solely by the occurrence of the Event of Default that such Event of Default has been cured or no longer exists or has been waived in writing by Lender or (b) if the Cash Sweep Event is caused solely by the occurrence of a NOI Trigger Event (defined below),the Actual Net Cash Flow for two (2) consecutive calendar quarters is equal to or greater than $19,685,954.00, as set forth in the financial statements required under this Agreement; provided, that, no new Cash Sweep Event shall have occurred and be continuing under this Agreement.

Cash Sweep Cure means the Properties in the aggregate maintaining a Rent Coverage Ratio which exceeds 2.50 to 1.00 for two (2) consecutive fiscal quarters.

Examples of Cash Sweep Cure in a sentence

Borrower may at any time prepay a portion of the Loan to (i) effectuate a Cash Sweep Cure, or (ii) satisfy the Debt Service Coverage Ratio test in connection with a Release, provided Borrower satisfies the requirements of Section 2.4.1 hereof.
Provided that no Event of Default has occurred and is continuing, at any time that is prior to a Cash Sweep Event or after a Cash Sweep Cure (a “Cash Sweep Period”), Mortgage Borrower shall have the sole right to make withdrawals from each Property Account, including, without limitation, the right to sweep the account on a daily basis.
Upon the occurrence of a Cash Sweep Event (but prior to a Cash Sweep Cure) or during the continuance of an Event of Default, Mortgage Lender shall provide notice of such occurrence to the Property Account Bank, and, thereafter Mortgage Lender and Mortgage Servicer shall have the sole right to make withdrawals from each Property Account in accordance with the Mortgage Loan Agreement and the other Mortgage Loan Documents.
After the occurrence of a Cash Sweep Event and until such time as a Cash Sweep Cure has occurred, the Annual Budget shall be subject to Lender’s written approval (each such Annual Budget, an “Approved Annual Budget”).
Upon the occurrence of a Cash Sweep Cure Date and provided that a Cash Sweep Period shall not then otherwise exist, amounts in the Tax and Insurance Reserve Account shall be released to Borrower on the next Payment Date.
Upon a Cash Sweep Cure, Borrower shall deposit with Lender in cash or cash equivalent (including a Letter of Credit) to the extent necessary to achieve a balance in the Ground Lease Escrow Fund equal to the Ground Rent which may be due during the month immediately following the month in which monthly escrows are discontinued (the amount then remaining in the Ground Lease Escrow Fund after giving effect to such deposit, the “Subsequent Ground Lease Escrow Deposit”).
Upon a Cash Sweep Cure Date and provided that a Cash Sweep Period shall not then otherwise exist, amounts in the Replacement Reserve Account shall be released to Borrower on the next Payment Date.
Upon a Cash Sweep Cure Date, Lender shall, within three (3) Business Days, provide notice to the Lockbox Bank that the Cash Sweep Period Instructions are no longer in effect and that all amounts on deposit in the Lockbox Account shall be transferred by the Lockbox Bank to an account designated by Borrower (together with any other account of Borrower (other than the Lockbox Account) each, a “Non-Pledged Account”).
Any Financial Covenant L/C or cash deposit made by Borrower to satisfy the Cash Sweep Debt Yield and/or Cash Sweep Interest Coverage Ratio requirements of this Agreement shall be held by Agent as additional security for the Obligations until such time as a Cash Sweep Cure Event occurs.
All proceeds in the Rent Reserve Account shall constitute additional collateral for the Secured Obligations, unless and until such time as the Rent Coverage Ratio exceeds 2.50 to 1.00 for two consecutive fiscal quarters, and, in such case, if no Event of Default has occurred and be continuing at such time, Administrative Agent shall give notice to Cash Management Bank of the Cash Sweep Cure, and Cash Management Bank shall be instructed to release the funds in the Rent Reserve Account to Borrower.

More Definitions of Cash Sweep Cure

Cash Sweep Cure means the following: (i) with respect to a Cash Sweep Trigger Event described in clause (a) above, upon the waiver in writing by the lender of, or cure accepted by the lender of, such event of default, as determined by the lender in its sole discretion; or (ii) with respect to a Cash Sweep Trigger Event described in clause (b) of the definition thereof, either (x) The Grove at Shrewsbury Property maintaining a debt service coverage ratio of greater than 1.30x for two consecutive calendar quarters determined by the lender as of the last day of each calendar quarter for such quarter; or (y) the borrower deposits with the lender cash or a letter of credit (“DSC Avoidance Collateral”) in form and substance acceptable to the lender in an amount which, if added to the net cash flow, would result in a debt service coverage ratio greater than 1.30x. If the amount of DSC Avoidance Collateral held by the lender as of any determination date is equal to or greater than $500,000, provided no event of default is continuing under The Grove at Shrewsbury Loan, the borrower will be deemed to have cured a Cash Sweep Trigger Event under clause (b) of the definition thereof, without being required to post any further DSC Avoidance Collateral.

Cash Sweep Cure. Means (i) the date of delivery of notice from Administrative Agent to Borrower that the Debt Service Coverage Ratio (including the Cash Sweep Credit) shall have been equal to or in excess of 5 basis points in excess of the applicable Debt Service Coverage Ratio indicated in the definition of Cash Sweep Trigger for two (2) consecutive DSCR Test Periods following delivery of notice from Administrative Agent that a Cash Sweep Period has commenced, and (ii) no Event of Default shall have occurred and be continuing. In connection with the satisfaction of the Debt Service Coverage Ratio in item (i) above, Borrower may, at its election, either (a) permanently repay (without the necessity of paying a Prepayment Premium) a portion of the Loan (which may include any Sweep Collateral then being held in the Clearing Account pursuant to Section 3.11) in an amount sufficient to have caused such Debt Service Coverage Ratio (excluding the Cash Sweep Credit) to have been satisfied as of the applicable test date or (b) deposit additional Sweep Collateral pursuant to Section 3.11 with Administrative Agent, in an amount sufficient to caused such Debt Service Coverage Ratio (including the Cash Sweep Credit) to have been satisfied as of the applicable test date.