Cash Trap Event Period shall have the meaning set forth in the Cash Management Agreement.
Cash Trap Event Period shall have the meaning set forth in the Mortgage Loan Agreement.
Cash Trap Event Period means the period commencing on the occurrence of a Cash Trap Event and terminating on the date of the Cash Trap Event Cure.
Examples of Cash Trap Event Period in a sentence
All Tax Reserve Funds shall be held by Lender or Servicer in an Eligible Account (the “Tax Reserve Account”) which, during the continuation of a Cash Trap Event Period, may be a sub-account of the Cash Management Account.
All Existing TI/LC Reserve Funds shall be held by Lender or Servicer in an Eligible Account (the “Existing TI/LC Reserve Account”) which, during the continuation of a Cash Trap Event Period, may be a sub-account of the Cash Management Account.
In the event of a Cash Trap Event Period, all Excess Cash Flow (as defined in the Cash Management Agreement) shall be deposited into the Excess Cash Flow Subaccount (as defined in the Cash Management Agreement), as more particularly set forth in the Cash Management Agreement.
All Replacement Reserve Funds shall be held by Lender or Servicer in an Eligible Account (the “Replacement Reserve Account”) which, during the continuation of a Cash Trap Event Period, may be a sub-account of the Cash Management Account.
All Insurance Reserve Funds shall be held by Lender or Servicer in an Eligible Account (the “Insurance Reserve Account”) which, during the continuation of a Cash Trap Event Period, may be a sub-account of the Cash Management Account.
More Definitions of Cash Trap Event Period
Cash Trap Event Period has the meaning given to such term in Section 10.16(b).
Cash Trap Event Period means a period commencing upon the earlier of (i) the occurrence and continuance of an Event of Default (including, without limitation, the termination or loss of the franchise for an Individual Property) or (ii) the Debt Yield being less than 10% (tested quarterly), which such Cash Trap Event Period shall expire (y) with regard to any Cash Trap Event Period commenced in connection with clause (i) above, upon the cure (if applicable) of such Event of Default (provided that a Cash Trap Event Period has not occurred and is not continuing pursuant to clause (ii) above), or (z) with regard to any Cash Trap Event Period commenced in connection with clause (ii) above, upon the date that the Debt Yield is equal to or greater than 10.5% (provided that no Event of Default shall have occurred and be continuing during and at the time of the expiration of such period). Borrower shall have the right to cure a Cash Trap Event Period commenced in connection with clause (ii) above by prepaying the Loan in an amount which would cause the Debt Yield to be 10.5%. Any such prepayment shall be made in accordance with Section 2.7 of the Loan Agreement without payment of any Exit Fee.
Cash Trap Event Period means a period commencing upon the earlier of (i) the occurrence and continuance of a Default or (ii) at any time that either the Debt Yield is less than nine percent (9.0%) or the Loan-to-Value Ratio (based on the then outstanding principal of the Loan and the most recent Appraisals obtained by Administrative Agent) exceeds sixty-five percent (65%), which Cash Trap Event Period shall expire (y) with regard to any Cash Trap Event Period commenced in connection with clause (i) above, upon the cure (if applicable) of such Default to the satisfaction of Administrative Agent in its sole discretion (provided that a Cash Trap Event Period has not occurred and is not continuing pursuant to clause (ii) above), or (z) with regard to any Cash Trap Event Period commenced in connection with clause (ii) above, upon the date that the Debt Yield exceeds nine percent (9.0%) and the Loan-to-Value Ratio (based on the then outstanding principal of the Loan) is not greater than sixty-five percent (65%) for two (2) consecutive calendar quarters (provided that no Default shall have occurred and be continuing during and at the time of the expiration of such period). In addition to the foregoing, Borrower may, at any time during the Cash Trap Event Period, make a principal prepayment to Administrative Agent, for the account of Lenders, in the amount necessary to achieve a Debt Yield of nine percent (9.0%) and a Loan-to-Value Ratio (based on the then outstanding principal of the Loan) of sixty-five percent (65%), and upon such prepayment, and provided no Default is then existing, the Cash Trap Event Period shall cease for such occurrence; however, any future failure to maintain the required Debt Yield and/or Loan-to-Value Ratio shall again result in a Cash Trap Event Period. Any principal prepayment made pursuant to this Section 10.16(b) shall not be subject to any Prepayment Premium, but shall be accompanied by (i) any LIBOR breakage costs incurred by Lenders and (2) any termination payments under any Swap Contract. Any principal payment made pursuant to this paragraph shall be applied first to any portion of the Loan that is not subject to a Swap Contract, if any.
Cash Trap Event Period means a period commencing upon the earlier of
Cash Trap Event Period shall have the meaning set forth on Exhibit B attached hereto and made a part hereof.
Cash Trap Event Period means (1) a Major Tenant Event Period or (2) a period commencing upon the earlier of (i) the occurrence and continuance of an Event of Default or (ii) the Debt Yield being less than 7.5% (tested quarterly), which such Cash Trap Event Period shall expire, provided that no other Cash Trap Event Period has commenced and is then continuing, (y) with regard to any Cash Trap Event Period commenced in connection with clause (i) above, upon the cure (if applicable) of such Event of Default, or (z) with regard to any Cash Trap Event Period commenced in connection with clause (ii) above, upon the date on which the Debt Yield has been at least 7.5% for two (2) consecutive calendar quarters.
Cash Trap Event Period means a period commencing upon the earlier of (i) the occurrence and continuance of an Event of Default, (ii) the occurrence of a Lease Sweep Event or (iii) the Debt Yield being less than 8.0% on two (2) consecutive Calculation Dates, which such Cash Trap Event Period shall expire (a) with regard to any Cash Trap Event Period commenced in connection with clause (i) above, upon the cure (if applicable) of such Event of Default (provided that a Cash Trap Event Period has not occurred and is not continuing pursuant to clauses (ii) or (iii) of this definition), (b) with regard to any Cash Trap Event Period commenced in connection with clause (ii) above, the occurrence of a Lease Sweep Event Termination (provided that a Cash Trap Event Period has not occurred and is not continuing pursuant to clauses (i) or (iii) of this definition), or (c) with regard to any Cash Trap Event Period commenced in connection with clause (iii) above, (i) upon the date that the Debt Yield is equal to or greater than 8.0% on two (2) consecutive Calculation Dates, or (ii) the date on which Borrower delivers Debt Yield Collateral in accordance with Section 4.17 hereof (provided that a Cash Trap Event Period has not occurred and is not continuing pursuant to clauses (i) or (ii) of this definition).