Lockbox Trigger Event definition

Lockbox Trigger Event means either a Lockbox Trigger Event (SPE) or a Lockbox Trigger Event (Up), as applicable.

Lockbox Trigger Event. The Majority Noteholders, in their sole discretion may declare the occurrence of a Lockbox Trigger Event at any time after the Closing Date if the long-term unsecured debt obligations of FFCA (i) fail to be rated at least BBB- by DCR and Baa3 by Moody's or are not rated by either of DCR or Moody's and (ii) such condition continues for 30 days after the occurrence thereof.

Lockbox Trigger Event means, (a) an Event of Default shall have occurred, (b) a Material Action related to Borrower and/or the Manager, (c) a Go Dark Trigger Event Period exists, or (d) that the ratio of (i) Net Cash Flow of the Property for the preceding twelve (12) months to (ii) the annual Debt Service payable under the Loan falls below 1.05 to 1.0, as determined by Lender. For the purposes hereof, “Net Cash Flow” shall mean sustainable, underwritten rent and other revenues using a maximum occupancy equal to the lesser of ninety-five percent (95%) or actual occupancy (“Effective Gross Income”) less operating expenses including a management fee of not less than four percent (4.0%) of Effective Gross Income, annualized real estate taxes and insurance premiums, structural reserves of $35,362 per annum and leasing commissions and tenant improvements of $111,000 per annum.

Examples of Lockbox Trigger Event in a sentence

• Following the occurrence of a Lockbox Trigger Event and notification thereof by Lender to the Lockbox Banks, any instruction or agreement regarding a Lockbox or the bank accounts related thereto is amended or terminated without the written consent of Lender, or if Borrowers fail, within two (2) Business Days of receipt, to forward Collections it receives with respect to any Accounts to the applicable Lockbox.

• A Low Debt Yield Period is deemed to have commenced on the Initial Effective Date resulting in a Lockbox Trigger Event (and without limitation of Section 2(a) above).

• If no Lockbox Trigger Event exists, all amounts on deposit in the Lockbox Account shall be disbursed to or at the direction of Borrower.

• Upon the occurrence of a Lockbox Trigger Event Cure, and acceptance of such cure by Administrative Agent (such acceptance not to be unreasonably withheld or delayed so long as no Default then exists, the Loan has not been accelerated, and Administrative Agent or the Lenders have not moved for a receiver or commenced foreclosure proceedings), the Lockbox Trigger Event shall be deemed cured.

• Upon the occurrence of a Lockbox Trigger Event Cure, and acceptance of such cure by Administrative Agent (such acceptance not to be unreasonably withheld or delayed so long as no Default then exists, the Loan has not been accelerated, and Administrative Agent or Lenders have not moved for a receiver or commenced foreclosure proceedings), the Lockbox Trigger Event shall be deemed cured.

More Definitions of Lockbox Trigger Event

Lockbox Trigger Event has the meaning set forth in the Lockbox Agreement.

Lockbox Trigger Event means any of the following events:

Lockbox Trigger Event means the occurrence of one or more of the following: (a) a Default; (b) an Event of Default; (c) a DSCR Trigger Event, or (d) a Management Agreement Default Trigger Event.

Lockbox Trigger Event means the first to occur of (i) an Event of Default, or (ii) the submission by the Borrowers of any Advance Request or Term Advance Request hereunder.

Lockbox Trigger Event means (i) the occurrence of an Event of Default, (ii) if Guarantor or Manager shall become insolvent or a debtor in any bankruptcy or insolvency proceeding, (iii) if the Debt Service Coverage Ratio is less than 1.25:1.00 as of any Calculation Date, as determined by Lender, or (iv) the commencement of a Lease Sweep Period.

Lockbox Trigger Event means an Event of Default.

Lockbox Trigger Event. The occurrence of either: (a) a Default Trigger Event, or (b) a DSCR Trigger Event.