Cash Sweep Trigger Event definition

Cash Sweep Trigger Event means the occurrence of:

Cash Sweep Trigger Event means the occurrence of (A) an Event of Default or (B) the date on which, for a period of three (3) Business Days, Availability is less than 15% of the Total Commitment.

Cash Sweep Trigger Event means any Refinancing Cash Sweep Trigger Event or any New System Growth Cash Sweep Trigger Event. 737240988

Examples of Cash Sweep Trigger Event in a sentence

• For purposes of clarification, a Cash Sweep Trigger Event shall be deemed to “exist”, “be continuing” and “remain outstanding” as long as a Cash Sweep Trigger Event Cure has not occurred.

• Under the Loan Agreement, a Cash Sweep Trigger Event occurred, and the Cash Sweep Period commenced, because Plaintiff failed to renew the Burlington Lease six months before its May 1, 2020 expiration (i.e., by November 1, 2019).

• Plaintiff failed to cure the Cash Sweep Trigger Event because it did not satisfy the Burlington Renewal Criteria by renewing the lease under the same terms and conditions as the original Lease.

• Last, all amounts remaining in the Mezzanine Deposit Account after deposits for items (i) through (iii) above shall be (A) in the event a Mezzanine 2 Loan Cash Sweep Trigger Event Period shall be continuing, transferred to Mezzanine 2 Lender (subject to Section 2.7.4) to be applied in accordance with the Mezzanine 2 Loan Documents, or (B) in the event no Mezzanine 2 Loan Cash Sweep Trigger Event Period shall be continuing, deposited into an account designated by Borrower.

• Each Junior Lender shall have the right to give notice to Senior Lender that such Junior Lender has determined, in its reasonable judgment made in accordance with the terms of the Senior Loan Documents, that a Cash Management Trigger Event Period or a Cash Sweep Trigger Event Period is in effect or that a Cash Management Trigger Event Period or a Cash Sweep Trigger Event Cure has not occurred, provided that no such determination shall be binding on Senior Lender’s determination thereof.

More Definitions of Cash Sweep Trigger Event

Cash Sweep Trigger Event has the meaning set forth in Section 4.7.

Cash Sweep Trigger Event means a period commencing upon the occurrence of (i) an event of default under the 3075 Olcott Whole Loan documents, (ii) any bankruptcy action involving the borrower, the borrower sponsor or an affiliated property manager, (iii) the debt yield falling below 6.00% or (iv) a Material Tenant Trigger Event, and expiring upon (a) with respect to clause (i) above, the cure of such event of default, (b) with respect to clause (ii) above, the filing being discharged or dismissed within 60 days for the borrower or the borrower sponsor, or within 120 days for the property manager, and the lender’s determination that such filing does not materially increase the borrower’s or the borrower sponsor’s monetary obligations, or materially and adversely affect the borrower sponsor’s or the property manager’s ability to carry out their obligations under the 3075 Olcott Whole Loan documents, as applicable, or, in the case of the property manager, the replacement of the property manager with a third-party property manager that constitutes a qualified property manager under the 3075 Olcott Whole Loan documents, (c) with respect to clause (iii) above, the debt yield being at least 6.25% for two consecutive calendar quarters or (d) with respect to clause (iv) above, the cure of such Material Tenant Trigger Event.

Cash Sweep Trigger Event means the occurrence of (A) an Event of Default or (B) the date on which, for a period of three (3) Business Days, Availability is less than the greater of (x) $7,500,000 and (y) 15% of the Total Commitment.

Cash Sweep Trigger Event means the occurrence of any of the following: (i) an Event of Default under this Agreement or any of the other Loan Documents or (ii) the Debt Service Coverage Ratio (calculated as of the last day of a calendar month), projected reasonably and in good faith by Lender for the subsequent twelve (12) calendar months, and calculated as if the LIBOR Interest Rate for the Note for such period was equal to the LIBOR Interest Rate for the Note applicable to the immediately preceding Interest Accrual Period, shall be less than 1.20:1.

Cash Sweep Trigger Event means the occurrence of any one or more of the following: (a) an event of default under The Grove at Shrewsbury Loan documents; or (b) the debt service coverage ratio for any fiscal quarter of the borrower, based upon interest only debt service, being less than 1.25x, after taking into account the DSC Avoidance Collateral (as defined below). The debt service coverage ratio is required to be calculated by the borrower within 45 days after the end of each of the first three fiscal quarters, and 90 days after the fourth fiscal quarter, and is subject to approval of the lender, in its reasonable discretion.

Cash Sweep Trigger Event means the occurrence and continuance of (i) an Event of Default under the Loan Documents, (ii) an Event of Default by Borrower, IDOT Guarantor or Operating Tenant under any Management Agreement beyond any applicable notice and cure period thereunder or (iii) a Net Cash Flow Test Failure.

Cash Sweep Trigger Event means the Rent Coverage Ratio falling below 2.00 to 1.00 as of the end of any fiscal quarter.