Cash Trapping Percentage means, with respect to any Weekly Allocation Date during a Cash Trapping Period, a percentage equal to (i) 50%, if the DSCR as calculated as of the immediately preceding Quarterly Calculation Date is less than 1.75:1.00 but equal to or greater than 1.50:1.00 and (ii) 100%, if the DSCR as calculated as of the immediately preceding Quarterly Calculation Date is less than 1.50:1.00.
Cash Trapping Percentage means (i) with respect to a Cash Trap Period pursuant to clauses (I)(a) or (b) of the definition thereof, 50% and (ii) with respect to a Cash Trap Period pursuant to clause (I)(c) of the definition thereof, 25%, it being understood that the Cash Trapping Percentage can never exceed 50%.
Cash Trapping Percentage means, with respect to any Weekly Allocation Date during a Cash Trapping Period, a percentage equal to (i) 50%, if the DSCR as calculated as of the immediately preceding Quarterly Calculation Date is less than 1.75:1.00 but equal to or greater than 1.50:1.00 and (ii) 100%, if the DSCR as calculated as of the immediately preceding Quarterly Calculation Date is less than 1.50:1.00; provided that, on and after the 2021 Springing Amendments Implementation Date, anything herein or in any other Transaction Document to the contrary notwithstanding, the thresholds set forth in this definition may be increased by the Issuer with the consent of the Control Party (such consent not to be unreasonably withheld, conditioned or delayed) and, to the extent a Cash Trapping Period is then in effect, each Noteholder of each Series of Notes then outstanding and affected thereby.
Examples of Cash Trapping Percentage in a sentence
From and after the date that it is determined that a Cash Trap Period has commenced (as set forth in the Manager Report) and for so long as such Cash Trap Period continues to exist, the Cash Trapping Percentage of the funds available to be paid pursuant to clause (vii) of the Priority of Payments shall be deposited into the Cash Trap Reserve Account.
More Definitions of Cash Trapping Percentage
Cash Trapping Percentage means, with respect to any Weekly Allocation Date during a Cash Trapping Period (i) 50%, if either (A) the Quarterly DSCR determined with respect to such Quarterly Payment Date is less than the Cash Trapping DSCR Threshold but equal to or greater than 1.5x or (B) Global Retail Sales for the 13 Fiscal Periods ended on the last day of the immediately preceding Fiscal Period are less than $5,150,000,000 but greater than or equal to $4,650,000,000 and (ii) 100%, if either (A) the Quarterly DSCR determined with respect to such Quarterly Payment Date is less than 1.5x or (B) Global Retail Sales for the 13 Fiscal Periods ended on the last day of the immediately preceding Fiscal Period are less than $4,650,000,000.
Cash Trapping Percentage means, with respect to any Weekly Allocation Date during a Cash Trapping Period (i) 50%, if either (A) the Quarterly DSCR or, on and after the Springing Amendments Implementation Date, the DSCR, determined with respect to such Quarterly Payment Date is less than the Cash Trapping DSCR Threshold but equal to or greater than 1.5x or (B) Global Retail Sales for the 13 Fiscal Periods ended on the last day of the immediately preceding Fiscal Period are less than $5,150,000,000 but greater than or equal to $4,650,000,000 and (ii) 100%, if either (A) the Quarterly DSCR or, on and after the Springing Amendments Implementation Date, the DSCR, determined with respect to such Quarterly Payment Date is less than 1.5x or (B) Global Retail Sales for the 13 Fiscal Periods ended on the last day of the immediately preceding Fiscal Period are less than $4,650,000,000.
Cash Trapping Percentage means, with respect to any Weekly Allocation Date during a Cash Trapping Period, (i) unless clause (ii) applies, 50%, if (x) the DSCR as calculated as of the immediately preceding Quarterly Calculation Date is less than 1.75x but equal to or greater than 1.50x and/or (y) Applebee’s/IHOP Systemwide Sales as calculated as of the immediately preceding Quarterly Calculation Date are less than $5,000,000,000 but equal to or greater than $4,000,000,000, and (ii) 100%, if (x) the DSCR as calculated as of the immediately preceding Quarterly Calculation Date is less than 1.50x and/or (y) Applebee’s/IHOP Systemwide Sales as calculated as of the immediately preceding Quarterly Calculation Date are less than $4,000,000,000; provided that such the thresholds in (i)(y) and (ii)(y) may be increased or decreased at the request of the Co-Issuers subject to approval by the Control Party and satisfaction of the Rating Agency Condition.
Cash Trapping Percentage means (i) if the aggregate number of Contributed Company-owned Drive-Ins held by all Contributed Company-owned Drive-In Holders as of such date is less than one hundred (100), 100% or (ii) if the aggregate number of Contributed Company-owned Drive-Ins held by all Contributed Company-owned Drive-In Holders is greater than or equal to one hundred (100), 65%.