Cash Sweep Cure Payment definition

Cash Sweep Cure Payment means either (i) delivery to Lender of cash deposits in an amount equal to the amount necessary to cause the Debt Yield to be greater than or equal to seven and three-quarters percent (7.75%) for the immediately preceding twelve (12) month period for two (2) consecutive calendar quarters calculated as if such cash had been applied pro-rata to the reduction of the principal balance of the Loan, the Senior Mezzanine Loan and the Junior Mezzanine Loan or (ii) a pro-rata prepayment of (a) the Loan in accordance with the terms of Section 2.6 hereof, (b) the Senior Mezzanine Loan in accordance with the terms thereof, and (c) the Junior Mezzanine Loan in accordance with the terms thereof, in an amount necessary cause the Debt Yield to be greater than or equal to seven and three-quarters percent (7.75%) for the immediately preceding twelve (12) month period for two (2) consecutive calendar quarters. Any cash deposited pursuant to clause (i) above shall be held as additional collateral for the Loan and shall only be returned to Borrower upon the earlier of (a) the date Lender determines that the Debt Yield has been greater than or equal to seven and three-quarters percent (7.75%) for the immediately preceding twelve (12) month period for two (2) consecutive calendar quarters calculated without giving any effect to any such deposits and (b) payment in full of the Debt.
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Cash Sweep Cure Payment means either (i) delivery to Lender of cash deposits in an amount equal to the amount necessary to cause the Debt Yield to be greater than or equal to seven and three-quarters percent (7.75%) for the immediately preceding twelve (12) month period for two (2) consecutive calendar quarters calculated as if such cash had been applied pro-rata to the reduction of the principal balance of the Loan and the Senior Mezzanine Loan or (ii) a pro-rata prepayment of (a) the Loan in accordance with the terms of Section 2.6 hereof, and (b) the Senior Mezzanine Loan in accordance with the terms thereof in an amount necessary to cause the Debt Yield to be greater than or equal to seven and three quarters percent (7.75%) for the immediately preceding twelve (12) month period for two (2) consecutive calendar quarters. Any cash deposited pursuant to clause (i) above shall be held as additional collateral for the Loan and shall only be returned to Borrower upon the earlier of (a) the date Lender determines that the Debt Yield has been greater than or equal to seven and three-quarters percent (7.75%) for the immediately preceding twelve (12) month period for two (2) consecutive calendar quarters calculated without giving any effect to any such deposits and (b) payment in full of the Debt.
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Cash Sweep Cure Payment means delivery to Lender of cash amounts (if any) for deposit into the Excess Cash Reserve Account that, together with any Excess Cash Reserve Funds in the Excess Cash Reserve Account to be utilized as part of a Cash Sweep Cure Payment if requested by Borrower, is equal to the amount necessary to cause the Debt Service Coverage Ratio to be greater than or equal to 1.25:1.00 on a trailing twelve (12) month basis, calculated as if the amount of the Cash Sweep Cure Payment had been applied to the reduction of the principal balance of the Loan. The amount of the Cash Sweep Cure Payment shall be held as additional collateral for the Loan and shall only be returned to Borrower upon the earlier of (a) the date Lender determines that the Debt Service Coverage Ratio has been greater than or equal to 1.25:1.00 on a trailing twelve (12) month basis (tested quarterly) for two (2) consecutive calendar quarters without giving any effect to the Cash Sweep Cure Payment, and (b) payment in full of the Debt.
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More Definitions of Cash Sweep Cure Payment

Cash Sweep Cure Payment means either (i) delivery to Lender of an amount equal to the amount necessary to cause the Debt Service Coverage Ratio to be at least 1.15:1.00 for the immediately preceding twelve (12) month period calculated as if such amount had been applied pro-rata to the reduction of the principal balance of the Loan and each Mezzanine Loan at the beginning of such twelve (12) month period, or (ii) a pro-rata prepayment of (a) the Loan in accordance with the terms of Section 2.6 hereof and (b) each Mezzanine Loan in accordance with the terms thereof, in an amount necessary cause the Debt Service Coverage Ratio to be at least 1.15:1.00 for the immediately preceding twelve (12) month period calculated as if such amount had been applied pro-rata to the reduction of the principal balance of the Loan and each Mezzanine Loan at the beginning of such twelve (12) month period. Any amounts deposited pursuant to clause (i) of this provision shall be held as additional collateral for the Loan and shall only be returned to Borrower upon the earlier of (a) the date Lender determines that the Debt Service Coverage Ratio has been greater than or equal to 1.20:1.00 for the immediately preceding twelve (12) month period for two (2) consecutive fiscal quarters without giving effect to any amounts deposited pursuant to this provision and (b) payment in full of the Debt.
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Related to Cash Sweep Cure Payment

  • Cure Payment shall have the meaning set forth in Section 11(b).

  • 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.

  • Cure Amount has the meaning assigned to such term in Section 7.02(a).

  • Reinvestment Prepayment Amount with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire or repair assets useful in the Borrower’s business.

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

  • Excess Cash Flow Payment Date means the date occurring 90 days after the last day of a fiscal year of the Parent (commencing with its fiscal year ending December 31, 2000).

  • Net Condemnation Proceeds The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that, in the case of an Outside Serviced Mortgage Loan, “Net Condemnation Proceeds” under this Agreement shall be limited to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

  • ECF Prepayment Amount has the meaning assigned to such term in Section 2.11(b)(i).

  • Equity Issuance Proceeds means, with respect to any Equity Issuance, all cash and cash equivalent investments received by any Restricted Entity from such Equity Issuance (other than from any other Credit Party) after payment of, or provision for, all underwriter fees and expenses, SEC and blue sky fees, printing costs, fees and expenses of accountants, lawyers and other professional advisors, brokerage commissions and other out-of-pocket fees and expenses actually incurred by any Restricted Entity in connection with such Equity Issuance.

  • Net Disposition Proceeds means, with respect to any sale, transfer or other disposition of any assets of the Borrower, any Parent Guarantor or any of their respective Subsidiaries (other than sales permitted pursuant to clause (a), (b) or (c) of Section 7.2.9), the excess of

  • Deferred Net Cash Proceeds Payment Date shall have the meaning provided such term in the definition of Net Cash Proceeds.

  • Excess Cash Amount means, as of any Excess Cash Measurement Date, (a) the total amount of Unrestricted Cash, less (b) the sum of (i) the applicable Minimum Cash Threshold hereto corresponding to such Excess Cash Measurement Date, (ii) the total amount of scheduled payments due by OEC and its Subsidiaries, taken as a whole, under (x) the New Notes and (y) any other Permitted Indebtedness in each case in the subsequent twelve (12) month period, (iii) projected expenses for the Issuer to conduct its operations during the subsequent twelve (12) month period, including any foreign currency conversion expenses and (iv) for any Excess Cash Measurement Date through (and including) December 31, 2024, any Fines due by OEC and its Subsidiaries for the subsequent twelve (12) month period; less (c) an amount equal to the Required Gross-Up; provided that any items already deducted from cash and short-term investments of OEC and its Subsidiaries for purposes of determining Unrestricted Cash shall not be deducted again for purposes of determining the Excess Cash Amount.

  • Refund Amount means the maximum refund that is admissible;

  • Cash Settlement Amount means the “Cash Settlement Amount” as determined by the Calculation Agent in accordance with Paragraph 6.

  • Sale Proceeds All proceeds (excluding accrued interest, if any) received with respect to Assets as a result of sales of such Assets in accordance with the restrictions described in Article XII less any reasonable expenses incurred by the Collateral Manager, the Collateral Administrator or the Trustee (other than amounts payable as Administrative Expenses) in connection with such sales. Sale Proceeds will include Principal Financed Accrued Interest received in respect of such sale.

  • Debt Incurrence Prepayment Event means any issuance or incurrence by the Borrower or any of the Restricted Subsidiaries of any Indebtedness (excluding any Indebtedness permitted to be issued or incurred under Section 10.1 other than Section 10.1(w)(i)).

  • Prepayment Interest Excess Amount With respect to any Principal Prepayment in full which is applied to the related Mortgage Loan from the first day of the month of any Remittance Date through the sixteenth day of the month of such Remittance Date, all amounts paid in respect of interest on such Principal Prepayment in full. A Prepayment Interest Excess Amount cannot result from a Principal Prepayment in part, but only from a Principal Prepayment in full.

  • Initial Cure Period As defined in Section 2.03(b).

  • Mandatory Prepayment Amount for any Debentures shall equal the sum of (i) the greater of: (A) 130% of the principal amount of Debentures to be prepaid, plus all accrued and unpaid interest thereon, or (B) the principal amount of Debentures to be prepaid, plus all other accrued and unpaid interest hereon, divided by the Conversion Price on (x) the date the Mandatory Prepayment Amount is demanded or otherwise due or (y) the date the Mandatory Prepayment Amount is paid in full, whichever is less, multiplied by the VWAP on (x) the date the Mandatory Prepayment Amount is demanded or otherwise due or (y) the date the Mandatory Prepayment Amount is paid in full, whichever is greater, and (ii) all other amounts, costs, expenses and liquidated damages due in respect of such Debentures.

  • Net Debt Proceeds means, with respect to any incurrence of Indebtedness for borrowed money, the cash proceeds (net of underwriting discounts and commissions and other reasonable costs associated therewith) received by the respective Person from the respective incurrence of such Indebtedness for borrowed money.

  • Monthly Debt Service Payment Amount means, for each Monthly Payment Date, an amount equal to the amount of interest which is then due on all the Components of the Loan in the aggregate for the Interest Period during which such Monthly Payment Date occurs.

  • Reinvestment Prepayment Date with respect to any Reinvestment Event, the earlier of (a) the date occurring twelve months after such Reinvestment Event and (b) the date on which the Borrower shall have determined not to, or shall have otherwise ceased to, acquire or repair assets useful in the Borrower’s business with all or any portion of the relevant Reinvestment Deferred Amount.

  • Cure Right shall have the meaning assigned to such term in Section 7.03.

  • Repurchase Proceeds the Repurchase Price in connection with any repurchase of a Mortgage Loan by the Seller and any cash deposit in connection with the substitution of a Mortgage Loan.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Cash Dominion Event means any of the following: (i) the occurrence and continuance of an Event of Default under clause (a), (f) or (g) of Section 8.01; (ii) the occurrence and continuance of an Event of Default under clause (b)(i)(B) or (e) of Section 8.01; (iii) the occurrence and continuance of an Event of Default under subclause (ii) of clause (c) of Section 8.01; (iv) the occurrence and continuance of an Event of Default under subclause (i) of clause (c) of Section 8.01 (to the extent such Event of Default results from a failure to comply with Section 6.01(i) or 6.01(ii)); or (v) the failure of the Loan Parties to maintain, for four consecutive Business Days, Excess Availability of at least $7,500,000. For purposes of this Agreement, the occurrence of any particular Cash Dominion Event shall be deemed continuing (a) if such Cash Dominion Event arises under clause (i) above, from the date of the occurrence of such Event of Default and for so long as such Event of Default is continuing and has not been cured or waived, (b) if such Cash Dominion Event arises under clause (ii), (iii) or (iv) above, from the date of the delivery by the Administrative Agent of a notice to the Lead Borrower of its intent to initiate a Cash Dominion Event based on such Event of Default and for so long as such Event of Default is continuing and has not been cured or waived and/or (c) if such Cash Dominion Event arises under clause (v) above, until Excess Availability is equal to or greater than $7,500,000 for 30 consecutive calendar days, in which case such Cash Dominion Event shall no longer be deemed to be continuing for purposes of this Agreement.