Sweep Period definition

Sweep Period shall have the meaning given to it in Section 2.1(d)(i) hereof.

Sweep Period. As defined in the Indenture.

Sweep Period means (i) the period that begins on the first date on which Facility Availability is less than or equal to the greater of (x) the amount that is 10% of the Maximum Facility Availability and (y) $140,000,000, and ends on the first date when all Release Conditions are satisfied, or, solely with respect to the initial Sweep Period, any earlier date on which the Earn Out Condition shall have been satisfied; and (ii) each period that begins upon the occurrence of (x) an Event of Default described in Section 7(a), Section 7(i), Section 7(j) or Section 7(k) of the Credit Agreement, or (y) an Event of Default caused by the Borrower’s failure to perform the covenant contained in Section 6.03 of the Credit Agreement, and ends when no Event of Default is continuing; provided that, except in the case of a Sweep Period that begins upon the occurrence of any Event of Default described in Section 7(a), Section 7(i), Section 7(j) or Section 7(k) of the Credit Agreement with respect to the Borrower (which Sweep Period shall commence automatically upon the occurrence of such Event of Default), no Sweep Period shall be deemed to have commenced unless and until the Collateral Agent shall have so determined and shall have so notified the Borrower.

Examples of Sweep Period in a sentence

• If, during any Cash Sweep Period, Borrower incurs or is required to incur an operating expense or capital expense which is not set forth in the Approved Annual Budget (each an “Extraordinary Expense”), then Borrower shall promptly deliver to Lender in writing a reasonably detailed explanation of such Extraordinary Expense.

• During a Cash Sweep Period, Borrower shall deposit with Lender all Excess Cash Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”.

• During the continuance of a Cash Sweep Period, Lender shall have the right to approve each Annual Budget (which approval shall not be unreasonably, conditioned or delayed withheld so long as no Event of Default is continuing).

• If a Cash Sweep Period shall be continuing, all Available Cash (after payment of the Monthly Budgeted Amount and any Approved Extraordinary Expenses in accordance with Section 2.6.3) shall be paid to Lender, which amounts shall be transferred by Lender into a Subaccount (the “Cash Collateral Subaccount”) to be held by Lender as cash collateral for the Debt.

• An Annual Budget approved by Lender during a Cash Sweep Period or any Annual Budget submitted prior to the commencement of a Cash Sweep Period, shall each hereinafter be referred to as an “Approved Annual Budget”.

More Definitions of Sweep Period

Sweep Period means each three-month period as follows:

Sweep Period. Defined in Section 7.3(e).

Sweep Period. Any period (a) commencing on the Determination Date, if any, on which the Current Cashflow Coverage Ratio is less than or equal to the Sweep Period Threshold but greater than the Early Amortization Threshold and (b) continuing until the Current Cashflow Coverage Ratio is greater than the Sweep Period Threshold for each of three consecutive Determination Dates.

Sweep Period means (i) the period that begins on the first date on which Facility Availability is less than or equal to the greater of (x) the amount that is 10% of the aggregate amount of the Commitments and (y) $150,000,000, and ends on the first date when all Release Conditions are satisfied, or, solely with respect to the initial Sweep Period, any earlier date on which the Earn Out Condition shall have been satisfied; and (ii) each period that begins upon the occurrence of (x) an Event of Default described in Section 7(a), Section 7(i), Section 7(j) or Section 7(k) of the Credit Agreement, or (y) an Event of Default caused by the Borrower’s failure to perform the covenant contained in Section 6.03 of the Credit Agreement, and ends when no Event of Default is continuing; provided that, except in the case of a Sweep Period that begins upon the occurrence of any Event of Default described in Section 7(a), Section 7(i), Section 7(j) or Section 7(k) of the Credit Agreement with respect to the Borrower (which Sweep Period shall commence automatically upon the occurrence of such Event of Default), no Sweep Period shall be deemed to have commenced unless and until the Collateral Agent shall have so determined and shall have so notified the Borrower.

Sweep Period means the period of time during which either an Event of Default or an O&M Operative Period shall have occurred and is continuing.

Sweep Period. As defined in Section 6.02.

Sweep Period. Any period: (a) commencing on the Determination Date, if any, on which the Current Cashflow Coverage Ratio is equal to or between 1.25 and 1.10; and (b) continuing until the Current Cashflow Coverage Ratio is greater than 1.25 for each of three consecutive Determination Dates, at which time 50% of the funds on deposit in the Cashflow Coverage Reserve Account will be released, and the remaining 50% of the funds on deposit in the Cashflow Coverage Reserve Account will be released when the Current Cashflow Coverage Ratio is greater than 1.25 for each of three additional consecutive Determination Dates.