Cash Trap Event Cure shall have the meaning set forth in the Mortgage Loan Agreement.
Cash Trap Event Cure means:
Cash Trap Event Cure means (a) no Event of Default shall be continuing, and in the event that the related Cash Trap Event occurred solely as a result of an Event of Default, Lender (in its sole and absolute discretion) shall have accepted a cure by Borrower of such Event of Default and (b) in the event that the related Cash Trap Event occurred as a result of a Debt Yield Trigger Event, the achievement of a Debt Yield Cure.
Examples of Cash Trap Event Cure in a sentence
Upon the occurrence of a Cash Trap Event Cure, (A) all Borrower Excess Cash Flow Reserve Funds shall be paid to Borrower and (B) all Operating Lessee Excess Cash Flow Reserve Funds shall be paid to Operating Lessee.
Upon the occurrence of a Cash Trap Event Cure and provided that a Cash Trap Period shall not exist, amounts in the Ground Lease Reserve Fund shall be deposited into the Cash Management Account on the next Payment Date.
Upon the occurrence of a Cash Trap Event Cure, all Excess Cash Flow Reserve Funds shall be paid to Borrower.
Upon the occurrence of a Cash Trap Event Cure and provided that no Event of Default or Mezzanine Loan Default shall have occurred and be continuing all funds on deposit in the Excess Cash Flow Reserve Account shall be deposited into the Cash Management Account and applied in accordance with Section 2.6 hereof.
Upon the occurrence of a Cash Trap Event Cure and provided that no Event of Default, Mortgage Loan Default or Mezzanine B Loan Default shall have occurred and be continuing all funds on deposit in the Excess Cash Flow Reserve Account shall be deposited into the Cash Management Account and applied in accordance with Section 2.6 hereof.
More Definitions of Cash Trap Event Cure
Cash Trap Event Cure means (a) no Event of Default shall be continuing, and in the event that the related Cash Trap Event occurred solely as a result of an Event of Default, Lender (in its sole and absolute discretion) shall have accepted a cure by Borrower of such Event of Default, (b) in the event that the related Cash Trap Event occurred as a result of a DSCR Trigger Event, the achievement of a DSCR Cure, (c) in the event that the related Cash Trap Event occurred as a result of a MGM/Mandalay Tenant Bankruptcy Event, the achievement of a MGM/Mandalay Tenant Bankruptcy Event Cure or (d) in the event that the related Cash Trap Event occurred as a result of an OpCo Trigger Event, the achievement of a OpCo Trigger Event Cure. Notwithstanding the foregoing, in no instance shall (x) a Cash Trap Event caused by an ARD Failure Event be capable of being cured or be deemed to expire and (y) a Cash Trap Event be deemed to expire in the event that any other Cash Trap Event then exists.
Cash Trap Event Cure means (a) no Event of Default shall be continuing, and in the event that the related Cash Trap Event occurred solely as a result of an Event of Default, Lender (in its sole and absolute discretion) shall have accepted a cure by Borrower of such Event of Default, (b) no Mezzanine Loan Default shall be continuing, and in the event that the related Cash Trap Event occurred solely as a result of a Mezzanine Loan Default, the applicable Mezzanine Lender shall have accepted a cure by the applicable Mezzanine Borrower of such Mezzanine Loan Default or otherwise waived such Mezzanine Loan Default and shall not have otherwise accelerated the Mezzanine Loan, moved for a receiver or commenced foreclosure proceedings and (c) in the event that the related Cash Trap Event occurred as a result of a Debt Yield Trigger Event, the achievement of a Debt Yield Cure.
Cash Trap Event Cure means (a) no Mezzanine Loan Default shall be continuing, and in the event that the related Cash Trap Event occurred solely as a result of a Mezzanine Loan Default, the applicable Mezzanine Lender shall have notified Lender that it has either waived such Mezzanine Loan Default or accepted a cure by the applicable Mezzanine Borrower of such Mezzanine Loan Default and shall not have otherwise accelerated the Mezzanine Loan, moved for a receiver or commenced foreclosure or other enforcement proceedings permitted in accordance with the Loan Documents and (b) no Debt Yield Trigger Event shall be continuing and in the event that the related Cash Trap Event occurred as a result of a Debt Yield Trigger Event, the achievement of a Debt Yield of nine percent (9.0%) or greater based upon the trailing twelve (12) month period immediately preceding the date of determination.
Cash Trap Event Cure means (a) no Mortgage Loan Event of Default is continuing, and in the event the related Cash Trap Event occurred solely as a result of a Mortgage Loan Event of Default, the mortgagee will have accepted a cure by the Mortgagors of such Mortgage Loan Event of Default and will not have otherwise accelerated the Mortgage Loan, moved for a receiver or commenced foreclosure proceedings, (b) no Mezzanine Loan default is continuing, and in the event that the related Cash Trap Event occurred solely as a result of a Mezzanine Loan default, the related Mezzanine Lender will have accepted a cure by the related Mezzanine Borrower of such Mezzanine Loan default and will not have otherwise accelerated the related Mezzanine Loan, moved for a receiver or commenced foreclosure proceedings, (c) in the event that the related Cash Trap Event occurred as a result of bankruptcy action involving the Manager, the replacement of such Manager with a Qualified Manager pursuant to a replacement management agreement within 30 days after notice from the mortgagee, or (d) in the event that the related Cash Trap Event occurred as a result of a Debt Yield Event, the achievement of a Debt Yield Cure.
Cash Trap Event Cure means (a) no Event of Default shall be continuing, and in the event that the related Cash Trap Event occurred solely as a result of an Event of Default, Lender shall have accepted a cure by Borrower of such Event of Default and shall not have otherwise accelerated the Loan, moved for a receiver or commenced foreclosure proceedings, (b) no Mezzanine Loan Default shall be continuing, and in the event that the related Cash Trap Event occurred solely as a result of a Mezzanine Loan Default, the applicable Mezzanine Lender shall have accepted a cure by the applicable Mezzanine Borrower of such Mezzanine Loan Default and shall not have otherwise accelerated the Mezzanine Loan, moved for a receiver or commenced foreclosure proceedings, (c) no Debt Yield Trigger Event shall be continuing and in the event that the related Cash Trap Event occurred as a result of a Debt Yield Trigger Event, the achievement of a Debt Yield of nine and one-quarter percent (9.25%) or greater as of the calendar quarter immediately preceding the date of determination based upon the trailing twelve (12) month period ending on the last day of such calendar quarter and (d) no Guarantor Bankruptcy Event shall be continuing.
Cash Trap Event Cure. The cure or waiver of all continuing Events of Default. Notwithstanding the foregoing, in the event multiple Cash Trap Events have occurred, no Cash Trap Event Cure shall be deemed effective unless a Cash Trap Event Cure has occurred for each such Cash Trap Event.
Cash Trap Event Cure means, in each case provided that no other event that would cause a Cash Management Period to commence has occurred and is continuing, (i) in the case of a Cash Trap Event described in clause (a) of the definition of Cash Trap Event, Lender accepts (in its sole discretion) a cure of the applicable Event of Default giving rise to such Cash Trap Event and no other Event of Default exists, (ii) in the case of a Cash Trap Event described clause (b) of the definition of Cash Trap Event, upon the Lender’s reasonable determination that the Debt Yield is at least six and three-quarters percent (6.75%) for two (2) consecutive calendar quarters, as calculated by Lender as of the end of each calendar quarter on a trailing twelve (12) month basis, and (iv) in the case of a Cash Trap Event described in clause (c) of the definition of Cash Trap Event, Mezzanine Lender has delivered to Lender written notice that such Mezzanine Loan Default has been cured or waived (and no other Mezzanine Loan Default is then continuing).