Lockbox Event definition

Lockbox Event has the meaning set forth in Section 7 of the Cash ------------- Management Procedures.

Lockbox Event has the meaning ascribed to such term in SCHEDULE 5.11 of this Loan Agreement.

Lockbox Event means the occurrence of either of the following events: (a) an Event of Default or (b) a DSCR Event.

Examples of Lockbox Event in a sentence

• If any Borrower receives a payment of the Proceeds of Collateral directly (whether before or after the occurrence of a Springing Lockbox Event), such Borrower will promptly deposit the payment or Proceeds into the Collection Account.

• Following the occurrence of a Lockbox Event, the willful failure of Borrower to instruct tenants of the Mortgaged Properties to make payments of Rents into the Lockbox Account or the failure of Borrower or Manager to deposit payments of Rents received by Borrower or Manager into the Lockbox Account promptly upon receipt thereof.

• All funds on deposit in the Cash Management Account following the occurrence of a Lockbox Event which is an Event of Default and until such time as a Cure Event with respect to such Event of Default shall have occurred may be applied by Lender in such order and priority as Lender shall determine in its sole discretion, including, without limitation, to the payment of the Indebtedness.

• If the Lockbox Event is the occurrence of a Coverage Date, the first business day after the Property has maintained a Debt Yield of at least 6.75% for a period of six (6) consecutive calendar months following the occurrence of such Lockbox Event, provided no Event of Default shall have occurred or be continuing during such period.

• Notwithstanding the foregoing, Mortgagor and Manager shall not be obligated to transfer any funds from the Kiosk Account to the Lockbox Account until the occurrence of and during the continuance of an Event of Default or the occurrence of a Lockbox Event until a Lockbox Termination Event.

More Definitions of Lockbox Event

Lockbox Event means the occurrence of: (a) a Material Event of Default; (b) any Bankruptcy Action of Borrower or (c) any Bankruptcy Action of an Affiliated Manager to the extent Borrower does not either (i) replace such Affiliated Manager with a Qualified Manager under a Replacement Management Agreement or (ii) terminate such Affiliate Manager (which Borrower shall be permitted to do hereunder if such a Bankruptcy Action is continuing) and elect to self-manage (or to permit a Tenant to self-manage) the applicable Individual Property to which the terminated Management Agreement related, in either case, within sixty (60) days of the occurrence of such Bankruptcy Action.

Lockbox Event shall have the meaning set forth in Section 2.6.1 hereof.

Lockbox Event means the occurrence of any one or more of the following events: (a) an Event of Default, (b) the date which is six (6) months after the Anticipated Repayment Date, or (c) the Debt Service Coverage Ratio for the immediately preceding twelve (12) full calendar month period shall be less than 1.25:1.

Lockbox Event means (a) the occurrence and continuance of an Event of Default or a Mezzanine Loan Default, or (b) a Cash Flow Trigger Period.

Lockbox Event. 3.1 "Lockbox Termination" - 3.1 "Monthly Debt Service Payment Amount"- 2.2.1 "Nomura" - 9.1.2 "Nomura Group" - 9.1.2 "Operating Budget" - 5.9.5 "Policies" - 7.1.2 "Premium" - 2.1 "Principal" - 2.1 "Proceeds" - 7.2.2 "Provided Information" - 9.1 "Registration Statement" - 9.1.3 "Remedial Work" - 5.10.2 "Rents" - Mortgage "Required Records" - 5.9.6 "Required Repair Fund" - 3.2.1 "Required Repairs" - 3.2.1 "Restoration" - 7.4.1 "Rollover Reserve Fund" - 3.5.1 "Scheduled Defeasance Payments" - 2.3.3 "Securities" - 9.1 "Securities Act" - 9.1.2 "Securitization" - 9.1 "Security Agreement" - 2.

Lockbox Event means the occurrence of an (a) Event of Default; (b) the failure of the Borrower to maintain a Debt to Service Coverage Ratio equal to or greater than 1.20 to 1.0; or (c) the occurrence of the Anticipated Repayment Date.

Lockbox Event means (i) either (A) the failure by Borrower to pay any Monthly Debt Service Payment Amount, or any payment into any Fund, within five (5) days after the due date thereof, or (B) an Event of Default other than the failure by Borrower to pay when due any Monthly Debt Service Payment Amount or payment into any Fund, and (ii) the giving by Lender to the Clearing Bank of notice of such failure or Event of Default, in accordance with the terms and provisions of the Clearing Account Agreement. "LOCKBOX TERMINATION" shall mean the giving by Lender to the Clearing Bank, in accordance with the terms and provisions of the Clearing Account Agreement, of a notice and direction to terminate such sweeping of funds into the Deposit Account. Lender shall be required to give a Lockbox Termination notice to the Clearing Bank if and only if, for one year after the occurrence of a Lockbox Event, no Event of Default shall have occurred and, as of the end of such one-year period, the Debt Service Coverage Ratio shall be at least equal to the Debt Service Coverage Ratio immediately prior to such Lockbox Event. Upon a Lockbox Termination, the sweep of funds from the Clearing Account to the Deposit Account shall cease until the earlier of the occurrence of another Lockbox Event or the Optional Prepayment Date.