Lockbox Termination Event definition

Lockbox Termination Event means, in the case of a Lockbox Event due to the occurrence of (a) an Event of Default that (i) such Event of Default is not an Event of Default which is based upon the failure of Borrower to pay the Monthly Debt Service Payment Amount to Lender, (ii) Borrower promptly cures such Event of Default, and (iii) no other Event of Default has occurred either previously or simultaneously therewith and is then continuing, and (b) a DSCR Event that the Debt Service Coverage Ratio shall have increased to an amount equal to not less than 1.30:1 as of the end of two (2) consecutive quarters.
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Lockbox Termination Event means the discontinuance of a Cash Sweep Period, or, with respect to an Event of Default, if Borrower has cured such Event of Default, and no other Event of Default has occurred either previously or simultaneously therewith and is then continuing.
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Lockbox Termination Event means, in the case of a Lockbox Event due to the occurrence of (a) an Event of Default, that (i) Borrower has cured such Event of Default and (ii) no other Event of Default has occurred and is then continuing, or (b) a DSCR Event, that the Debt Service Coverage Ratio shall have increased to a ratio equal to not less than 1.20:1.0, which ratio shall have been sustained for two (2) consecutive Calculation Periods. (If both an Event of Default and a DSCR Event have occurred, then both curative events specified above must have occurred.)
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Examples of Lockbox Termination Event in a sentence

  • Upon the occurrence and during the continuance of a Lockbox Event and until the occurrence of the applicable Lockbox Termination Event, if any, Borrower shall pay to Agent (by depositing the required funds into the Lockbox Account) on each subsequent Payment Date the sum of $51,000 (the “Monthly Leasing Deposit”), until such time as the balance in the Leasing Reserve Account equals $1,224,000 (the “Minimum Leasing Reserve Balance”).

  • Borrower agrees that, upon notice from Lender to Agent of the occurrence and during the continuance of an Event of Default or the occurrence of a Lockbox Event until the occurrence of a cure of such Event of Default or a Lockbox Termination Event, as applicable, Agent shall establish the Payment Reserve Account and the Tax and Insurance Account in accordance with the Lockbox Agreement.

  • Mortgagor agrees that, upon the occurrence and during the continuance of an Event of Default or the occurrence of a Lockbox Event until the occurrence of a cure of such Event of Default or a Lockbox Termination Event, as applicable, Mortgagor shall establish with Agent the Payment Reserve Account and the Tax and Insurance Account in accordance with the Lockbox Agreement.


More Definitions of Lockbox Termination Event

Lockbox Termination Event means the first (1st) Business Day after the Event of Default has ceased to occur or has otherwise been cured by Borrower; provided, however, this shall not apply upon Borrower’s third Event of Default (should the same in fact occur and be cured). For the purpose of clarification, the cessation of or cure of a third Event of Default shall not be deemed to be a Lockbox Termination Event.Major Lease: Any lease at the Property which demises 20,000 square feet or more of the Property’s gross leasable area and all Anchor Xxxxxx.
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Lockbox Termination Event means the first (1st) Business Day after the Event of Default has ceased to occur or has otherwise been cured by Mortgagor; provided, however, this shall not apply upon Mortgagor’s third Event of Default (should the same in fact occur and be cured). For the purpose of clarification, the cessation of or cure of a third Event of Default shall not be deemed to be a Lockbox Termination Event.LSRP: As defined in Section 6.02 hereof.Major Lease: (i) That certain Lease dated as of January 23, 1979, by and between Mortgagor’s predecessor‑in‑interest, as Landlord, and Federated Department Stores, Inc., as predecessor-in-interest to A & S Real Estate, Inc., as Tenant; (ii) Lease Agreement dated as of June 11, 1993, by and between Mortgagor, as Landlord, and Saks & Company, as Tenant; (iii) Land Lease dated as of June 11, 1993, by and between Mortgagor, as Landlord, and Nordstrom, Inc., as Tenant; (iv) Land Lease dated as of June 11, 1993, by and between Mortgagor, as Landlord, and Neiman Marcus Group, Inc., as Tenant; and (v) Amended and Restated Lease dated as of June 11, 1993, by and between Mortgagor, as Landlord, and Bloomingdale’s Real Estate, Inc., as Tenant; together with all renewals, amendments, modifications, restatements and extensions of any of the xxxx.Xxxxxxxxxx Agreement: Amended and Restated Management Agreement, dated as of January 1, 2004, by and between Manager and Mortgagor or Mortgagor’s predecessor‑in‑interest, pursuant to which Manager is to provide management and other services with respect to the Property, as amended by that certain First Amendment to Amended and Restated Management Agreement, dated as of August 1, 2007, as the same may be further amended, restated, replaced, supplemented or otherwise modified from time to time or, if the context requires, a replacement Management Agreement.Manager: The Taubman Company LLC, a Delaware limited liability company.Managing Member: Short Hills SPE LLC, a Delaware limited liability company, together with its permitted successors and assigns as the managing member of Mortgagor.MetLife: As defined in Section 8.02 hereof.
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Related to Lockbox Termination Event

  • Servicer Termination Event shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

  • Company Termination Event means any of the following:

  • Consultation Termination Event shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

  • Servicer Termination Events (or any analogous term under the Lead Securitization Servicing Agreement) include customary market termination events with respect to failure to make advances, failure to timely remit payments to the Non-Lead Note Holders as required hereunder or under the Lead Securitization Servicing Agreement (subject to no more than one business day grace period), failure to timely deposit amounts into any REO Account or to remit to a Servicer for deposit into a related collection or custodial account, failure to deliver (or cause to be delivered) materials or information required in order for each Non-Lead Note Holder or each Non-Lead Depositor to timely comply with its obligations under the Exchange Act, the Securities Act and Form SF-3, and for rating agency downgrades or other triggers with respect to any certificates issued in connection with a Non-Lead Securitization, subject to customary grace periods (provided that, in the case of failures related to the securities laws, such grace periods will not cause a Non-Lead Depositor to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a Servicer Termination Event with respect to the Master Servicer affecting a Non-Lead Securitization Note Holder and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Master Servicer shall be required, upon the direction of such Non-Lead Securitization Note Holder, to appoint a subservicer with respect to such Non-Lead Securitization Note. Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer affecting a Non-Lead Securitization Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction of such Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage Loan;

  • Swap Termination Event means any event defined as a “Termination Event” in the Interest Rate Swap Agreement.

  • Special Servicer Termination Event shall have the meaning given to such term in the Lead Securitization Servicing Agreement.

  • Additional Termination Event has the meaning specified in Section 5(b).

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Termination Events means each of the events specified in Clause 10.3 of this Contract.

  • Unmatured Termination Event means an event that, with the giving of notice or lapse of time, or both, would constitute a Termination Event.

  • Servicer Event of Termination One or more of the events described in Section 7.01.

  • Early Termination Event has the meaning specified in Section 9.2.

  • Control Termination Event shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement.

  • Potential Termination Event means an event which but for the lapse of time or the giving of notice, or both, would constitute a Termination Event.

  • Master Servicer Event of Termination As defined in Section 7.01 hereof.

  • Operating Advisor Termination Event means any one of the following events whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body:

  • Incipient Event of Termination means an event that but for notice or lapse of time or both would constitute an Event of Termination.

  • Termination Event means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event.

  • Servicer Termination Notice Defined in Section 6.15.

  • Commitment Termination Event means the earlier of (a) automatically and without notice or further action, the occurrence of any Event of Default described in Section 7.01(i) (Bankruptcy, Insolvency, etc.) with respect to the Borrower and (b) the occurrence and continuation of any other Event of Default under this Agreement pursuant to which either a Commitment Termination Event has been expressly declared or a declaration of the Loan to be due and payable has been given, in each case pursuant to Section 7.03 (Action if other Event of Default).

  • Event of Termination has the meaning specified in Section 7.01.

  • Term SOFR Transition Event means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.14 that is not Term SOFR.

  • Exercise Termination Event (i) the Effective Time (as defined in the Merger Agreement) of the Merger; (ii) termination of the Merger Agreement in accordance with the provisions thereof if such termination occurs prior to the occurrence of an Initial Triggering Event, except a termination by Grantee pursuant to Section 8.1(d) of the Merger Agreement (unless the breach by Issuer giving rise to such right of termination is non-volitional); or (iii) the passage of 12 months after termination of the Merger Agreement if such termination follows the occurrence of an Initial Triggering Event or is a termination by Grantee pursuant to Section 8.1(d) of the Merger Agreement (unless the breach by Issuer giving rise to such right of termination is non-volitional) (provided that if an Initial Triggering Event continues or occurs beyond such termination and prior to the passage of such 12-month period, the Exercise Termination Event shall be 12 months from the expiration of the Last Triggering Event but in no event more than 18 months after such termination). The "Last Triggering Event" shall mean the last Initial Triggering Event to expire. The term "Holder" shall mean the holder or holders of the Option.

  • Event of Servicer Termination With respect to the Servicing Agreement, a Servicing Default as defined in Section 6.01 of the Servicing Agreement.

  • Event Termination Date See Section 2(e) hereof.

  • Liquidity Provider Ratings Event Termination Date means the date established by the Tender and Paying Agent, acting upon instructions of the Fund pursuant to the Tender and Paying Agent Agreement, for termination of the VRDP Purchase Agreement upon the occurrence of a Liquidity Provider Ratings Event, which date shall be not less than 16 days nor more than 30 days following such Liquidity Provider Ratings Event.