Cash Trap Termination Event definition

Cash Trap Termination Event means and shall be deemed to occur upon the first to occur of (i) at such time as the Megaplex Debt Service Coverage Ratio equals or exceeds the Cash Trap MDSCR for each month, measured month by month, for six (6) consecutive months, or (ii) the Cash Trap Account (as set forth in the Cash Management Agreement) has an amount in it equal to one full year's Interest Expense based upon the principal amount of the Loan outstanding (as it exists from time to time) and assuming an interest rate equal to the applicable Eurodollar Base Rate plus Applicable Margin (or Post-Default Rate, if applicable) in effect at such time and from time to time.
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Cash Trap Termination Event means (a) if the Cash Trap Period was caused by a Default, at such time as Lender shall have affirmatively waived, or affirmatively accepted Borrower’s cure of, such Default, as determined in Lender’s sole and absolute discretion, and (b) if the Cash Trap Period was caused by a Debt Yield Failure, the lack of existence of a Default and the earlier to occur of the following: (i) the Property’s satisfaction of the then applicable Debt Yield Condition, for two (2) consecutive calendar quarters, or (ii) any of the following occurring within ten (10) days after Lender has notified Borrower that a Debt Yield Failure has commenced: Borrower’s (x) prepayment of the Loan in an amount equal to the Debt Yield Cure Amount or (y) delivery of Debt Yield Collateral to Lender as additional collateral for the Obligations to be held and applied in accordance with Section 4.8(e).
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Cash Trap Termination Event means if, after the occurrence of a Cash Trap Period, the Cash Flow Available for Debt Service (calculated by Lender each month based on a trailing twelve month basis based on Borrower’s financial statements required to be delivered hereunder) is greater than the applicable Cash Trap Trigger Amount for two (2) consecutive months.
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Examples of Cash Trap Termination Event in a sentence

  • Upon the occurrence of a Cash Trap Termination Event, the funds on deposit in the Cash Trap Reserve Account shall be released to Borrower.


More Definitions of Cash Trap Termination Event

Cash Trap Termination Event shall have the meaning set forth in the Mortgage Loan Agreement.
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Related to Cash Trap Termination Event

  • Swap Termination Event means any event defined as a “Swap Termination Event” in the Interest Rate Swap Agreement.

  • Company Termination Event has the meaning set forth in Section 10 hereof.

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Additional Termination Event has the meaning specified in Section 5(b).

  • Servicer Termination Event shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

  • Unmatured Termination Event means an event that, with the giving of notice or lapse of time, or both, would constitute a Termination Event.

  • Potential Termination Event means an event which, with the passage of time or the giving of notice, or both, would constitute a Termination Event.

  • Consultation Termination Event shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

  • Early Termination Event has the meaning specified in Section 9.2.

  • Control Termination Event shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement.

  • Incipient Event of Termination means an event that but for notice or lapse of time or both would constitute an Event of Termination.

  • Forbearance Termination Event has the meaning set forth in Section 3(a) hereto.

  • Event Termination Date See Section 2(e) hereof.

  • Exercise Termination Event (i) the Effective Time (as defined in the Merger Agreement) of the Merger; (ii) termination of the Merger Agreement in accordance with the provisions thereof if such termination occurs prior to the occurrence of an Initial Triggering Event, except a termination by Grantee pursuant to Section 8.1(d) of the Merger Agreement (unless the breach by Issuer giving rise to such right of termination is non-volitional); or (iii) the passage of 12 months after termination of the Merger Agreement if such termination follows the occurrence of an Initial Triggering Event or is a termination by Grantee pursuant to Section 8.1(d) of the Merger Agreement (unless the breach by Issuer giving rise to such right of termination is non-volitional) (provided that if an Initial Triggering Event continues or occurs beyond such termination and prior to the passage of such 12-month period, the Exercise Termination Event shall be 12 months from the expiration of the Last Triggering Event but in no event more than 18 months after such termination). The "Last Triggering Event" shall mean the last Initial Triggering Event to expire. The term "Holder" shall mean the holder or holders of the Option.

  • Commitment Termination Event means the earlier of (a) automatically and without notice or further action, the occurrence of any Event of Default described in Section 7.01(i) (Bankruptcy, Insolvency, etc.) with respect to the Borrower and (b) the occurrence and continuation of any other Event of Default under this Agreement pursuant to which either a Commitment Termination Event has been expressly declared or a declaration of the Loan to be due and payable has been given, in each case pursuant to Section 7.03 (Action if other Event of Default).

  • Servicer Termination Events (or any analogous term under the Lead Securitization Servicing Agreement) include customary market termination events with respect to failure to make advances, failure to timely remit payments to the Non-Lead Note Holders as required hereunder or under the Lead Securitization Servicing Agreement (subject to no more than one business day grace period), failure to timely deposit amounts into any REO Account or to remit to a Servicer for deposit into a related collection or custodial account, failure to deliver (or cause to be delivered) materials or information required in order for each Non-Lead Note Holder or each Non-Lead Depositor to timely comply with its obligations under the Exchange Act, the Securities Act and Form SF-3, and for rating agency downgrades or other triggers with respect to any certificates issued in connection with a Non-Lead Securitization, subject to customary grace periods (provided that, in the case of failures related to the securities laws, such grace periods will not cause a Non-Lead Depositor to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a Servicer Termination Event with respect to the Master Servicer affecting a Non-Lead Securitization Note Holder and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Master Servicer shall be required, upon the direction of such Non-Lead Securitization Note Holder, to appoint a subservicer with respect to such Non-Lead Securitization Note. Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer affecting a Non-Lead Securitization Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction of such Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage Loan;

  • Special Servicer Termination Event shall have the meaning given to such term in the Lead Securitization Servicing Agreement.

  • Servicer Event of Termination One or more of the events described in Section 7.01.

  • Termination Events means each of the events specified in Clause 10.3 of this Contract.

  • Series Termination Date means, with respect to any Series of Certificates, the date stated in the related Supplement.

  • Event of Termination has the meaning specified in Section 7.01.

  • Termination Fee Event has the meaning ascribed thereto in Section 8.2(2).

  • Master Servicer Event of Termination As defined in Section 7.01 hereof.

  • Event of Servicer Termination With respect to the Servicing Agreement, a Servicing Default as defined in Section 6.01 of the Servicing Agreement.

  • Reduction Event means any of the following:

  • Termination Event means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event.