Cash Trap Period definition

Cash Trap Period means each period commencing on the occurrence of a Cash Trap Event and continuing until the earlier of (a) the Payment Date next occurring following the related Cash Trap 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 in accordance with the terms and provisions of the Loan Documents.

Cash Trap Period means the following:

Cash Trap Period means a period commencing on the first (1st) Business Day after a Cash Trap Event has occurred to the first (1st) Business Day after the related Cash Trap Event has not existed for a period of two (2) consecutive fiscal quarters.

Examples of Cash Trap Period in a sentence

• During the continuance of any Non-Marriott Property Operating Account Cash Trap Period, no Borrower or Operating Lessee shall have any right of withdrawal in respect to the Non-Marriott Property Operating Account.

• If a Non-Marriott Property Operating Account Cash Trap Period has occurred and exists, Lender may, in its sole discretion, in addition to any other rights and remedies available hereunder, withdraw funds from the Non-Marriott Property Operating Account to apply to payment of the Indebtedness.

• Provided that no Non-Marriott Property Operating Account Cash Trap Period is continuing, the Non-Marriott Property Operating Account shall be under the sole dominion and control of Borrower, and Borrower shall have full access thereto and right of withdrawal therefrom for payment of operating expenses relating to the Non-Marriott Properties.

• If a Cash Trap Period shall have commenced, then on the immediately succeeding Payment Date and on each Payment Date thereafter during the continuance of such Cash Trap Period, all Available Cash shall be paid to Lender, which amounts shall be transferred by Lender into a Subaccount (the "CASH COLLATERAL SUBACCOUNT") as cash collateral for the Debt.

• If a Cash Trap Period shall have commenced, then on the immediately succeeding Payment Date and on each Payment Date thereafter during the continuance of such Cash Trap Period, all Available Cash shall be paid to Lender, which amounts shall be transferred by Lender into a Subaccount (the “Cash Collateral Subaccount”) as cash collateral for the Debt.

More Definitions of Cash Trap Period

Cash Trap Period means the period commencing on the occurrence of a Cash Trap Event and terminating on the date of a Cash Trap Event Cure. For the avoidance of doubt, a Cash Trap Period occurring due to an ARD Failure Event shall not expire and shall continue until the Debt is indefeasibly paid in full.

Cash Trap Period means (as determined by Lender) each period during the term of the Loan commencing on the date that the DSCR is less than 1.05 x and continuing until the DSCR is equal to or greater than 1.15 x for three consecutive calendar months.

Cash Trap Period means (a) any period commencing upon the occurrence of any Event of Default, and ending upon Lender giving notice to the Collection Account Bank and Borrower that such Event of Default no longer exists and no other Event of Default then exists, and (b) any period during which any mezzanine loan permitted under the Loan Documents is outstanding.

Cash Trap Period shall commence, if, (i) a Default or Event of Default has occurred and is continuing, and shall end if such Default or Event of Default has been cured and no other Default or Event of Default has occurred and is continuing or (ii) as of any Calculation Date, the Property fails to achieve the Minimum DSCR Requirement (a “DSCR Cash Trap Period”), and shall end upon Lender’s determination that the Property has achieved the Minimum DSCR Requirement for two (2) consecutive Calculation Dates. Code: the Internal Revenue Code of 1986, as amended and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form.

Cash Trap Period means, from time to time, any period commencing on the date Lender gives Borrower notice that Lender has determined that a Cash Trap Event has occurred and continuing until Lender gives Borrower notice of the occurrence of a Cash Trap Termination Event.

Cash Trap Period shall have the meaning set forth in the Mortgage Loan Agreement.

Cash Trap Period shall commence on the occurrence of a Cash Trap Event and will end (i) upon payment and performance in full of all Obligations, or (ii) solely with regard to a Cash Trap Period commencing due to clause (ii) or (iii) of the definition of “Cash Trap Event”, if (A) no Event of Default has occurred or is then in effect and (B) the Cash Trap Event giving rise to such Cash Trap Period has been cured and the Franchisor or Manager, as applicable, has confirmed that the event of default giving rise to the Cash Trap Event has been cured or waived, and (C) no other Cash Trap Period is then continuing, or (iii), solely with regard to a Cash Trap Period commencing due to clause (iv) of the definition of “Cash Trap Event”, if (A) no Event of Default has occurred and is continuing, and (B) for a period of two (2) consecutive calendar quarters subsequent to the commencement of such Cash Trap Period, the Debt Service Coverage Ratio for the preceding twelve (12) month period is at least equal to 1.25:1.0 (and no other Cash Trap Period is then continuing). Any termination of a Cash Trap Period in connection with the preceding sentence shall occur on the next succeeding Monthly Payment Date, or (iv) solely with regard to a Cash Trap Period commencing due to clause (i) of the definition of “Cash Trap Event”, (A) the Event of Default giving rise to such Cash Trap Period has been cured and (1) Lender has accepted such cure, in Lender’s sole discretion or (2) such Event of Default has been waived in writing by Lender (in Lender’s sole discretion) or (3) solely if such Event of Default is an Administrative Default, the condition underlying such Administrative Default is cured and has been cured for a period of at least six (6) months, and in the case of each of the foregoing clauses (1), (2) and (3), Lender shall not have exercised any of its rights to accelerate the Loan, moved to appoint a receiver or commenced a foreclosure action or exercised any other remedies available to it under this Agreement, and (B) no other Cash Trap Period is then continuing. Lender shall be under no obligation to terminate a Sweep Period commencing due to clause (i) of the definition of “Cash Trap Event” more than three (3) times during the Term except upon the Loan, and all other obligations under the Loan Documents, having been repaid in full.