Examples of Cure Deposit in a sentence
If Borrower shall deposit with Lender any DSCR Cure Deposit, such amounts shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “DSCR Cure Deposit Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “DSCR Cure Deposit Reserve Account”.
If Borrower makes the Reserve Cure Deposit the failure to maintain the respective Reserve minimum balance shall not be a Default or Event of Default under this Agreement.
At such time as the conditions for a DSCR Cure have been satisfied (without taking into account the amount of any DSCR Cure Deposit Reserve Funds in the DSCR Deposit Reserve Account necessary to effectuate a cure), provided no Event of Default shall have occurred and be continuing, all DSCR Cure Deposit Reserve Funds then on deposit shall be deposited into the Cash Management Account to be disbursed in accordance with the Cash Management Agreement.
Investcorp shall not object to any proposed release with respect to the Estoppel Cure Deposit unless it has reasonable, good faith grounds for doing so and sets forth such grounds in a notice, delivered five (5) Business Days after receipt of written notice from Transferors, to Transferors and the Title Company objecting to such release.
Provided no Event of Default shall have occurred and be continuing, in the event of a Cash Sweep Cure pursuant to clause (b) or (c) of the definition of the term “Cash Sweep Cure”, the amount then remaining on deposit in the Excess Cash Reserve Account (including any Cash Sweep Cure Deposit) shall be promptly released to the applicable Individual Borrower.
If the Material Adverse Deviation in an Estoppel (x) is fully covered by the Estoppel Cure Deposit (as the same may be increased pursuant to Section 4.2(c) below), then the applicable Estoppel shall be deemed acceptable for the purposes of Section 2.1(g)(xi) hereof, or (y) is not covered by the Estoppel Cure Deposit, then the Estoppel will not be deemed acceptable and Investcorp shall have such rights with respect thereto as are set forth in this Section 4.2.
Borrower fails to make the DSCR Covenant Cure Deposit or pay down the Loans within the time period set forth in Section 9.10 of this Agreement.
Notwithstanding the foregoing, provided there exists no Event of Default, at such time as the Projects satisfy the Adjusted Financial Covenants for two (2) consecutive calendar quarters (without giving pro forma effect to the Covenant Cure Deposit), Administrative Agent will release the Covenant Cure Deposit to the Borrowers.
If a DSCR Covenant Cure is not achieved within six (6) months after the Minimum DSCR Covenant is violated, then the Administrative Agent shall have the right to apply the DSCR Covenant Cure Deposit (including, without limitation, by drawing on any Collateral Letter of Credit delivered by Borrower), to reduce the outstanding principal balance of the Loans (and upon any such payment, Borrower shall pay to the Lenders any amounts due to the Lenders in accordance with Sections 2.4(6) and 2.9(5)).
At such time as the conditions for a DSCR Cure have been satisfied (without taking into account the amount of any DSCR Cure Deposit Reserve Funds in the DSCR Deposit Reserve Account necessary to effectuate a cure), provided no Event of Default shall have occurred and be continuing, all DSCR Cure Deposit Reserve Funds then on deposit shall be deposited into the Lockbox Account to be disbursed in accordance with the Loan Documents.