Purchase Money Notes Trigger Event definition

Purchase Money Notes Trigger Event means an event that shall be deemed to have occurred if, as of any time during the periods set forth below, (a) the total amount then on deposit in the Defeasance Account (without giving effect to any net losses thereon arising from the investment of such amounts in accordance with the Custodial and Paying Agency Agreement), plus the sum of the aggregate amount from the Defeasance Account previously paid by the Company to all Holders (as such term is defined in the Custodial and Paying Agency Agreement) to repay any Purchase Money Note and the aggregate amount previously paid to the Purchase Money Notes Guarantor to reimburse Purchase Money Notes Guarantor for payments it has made under the Purchase Money Notes Guaranty, divided by (b) the original aggregate principal amount of the Purchase Money Notes, as of the Closing Date is less than: Third (3rd) anniversary of the Closing Date or any time thereafter before the fourth (4th) anniversary of the Closing Date: 25% Fourth (4th) anniversary of the Closing Date or any time thereafter before the fifth (5th) anniversary of the Closing Date: 40% Fifth (5th) anniversary of the Closing Date or any time thereafter before the sixth (6th) anniversary of the Closing Date: 50% Sixth (6th) anniversary of the Closing Date or any time thereafter before the seventh (7th) anniversary of the Closing Date: 75% Seventh (7th) anniversary of the Closing Date or any time thereafter before the eighth (8th) anniversary of the Closing Date: 100%
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Purchase Money Notes Trigger Event has the meaning given in the Reimbursement, Security and Guaranty Agreement.
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Examples of Purchase Money Notes Trigger Event in a sentence

  • The Manager shall direct the Paying Agent to deposit any Excess Working Capital Advances to pay Working Capital Expenses into the Collection Account (from which the funds will be available to pay such Working Capital Expenses) and shall direct the Paying Agent to deposit any Excess Working Capital Advances as might be required to cure a Purchase Money Notes Trigger Event into the Defeasance Account.

  • The Manager shall make Excess Working Capital Advances to the Paying Agent from its own funds in accordance with the terms described in Section 5.4 of the LLC Operating Agreement and to the extent that there are insufficient funds (a) in the Collection Account or the Working Capital Reserve with which to pay Working Capital Expenses in full or (b) in the Distribution Account to fund the Defeasance Account by such amount as might be required to cure a Purchase Money Notes Trigger Event.

  • The Manager shall direct the Paying Agent to deposit any Excess Working Capital Advances (i) to pay Working Capital Expenses into the Collection Account (from which the funds will be available to pay such Working Capital Expenses), (ii) as might be required to repay the Advance Facility in full to the Advance Lender in accordance with the provisions of Section 5.5 of the LLC Operating Agreement and (iii) as might be required to cure a Purchase Money Notes Trigger Event into the Defeasance Account.