Mortgage Trigger Event means, as of any date of determination, that (A) an Event of Default has occurred and is continuing, (B) the Leverage Ratio of the Borrower is equal to or greater than a ratio that is 0.25:1.00 less than the then-applicable maximum Leverage Ratio permitted under Section 6.1 for two consecutive Fiscal Quarters, or (C) Liquidity is equal to or less than 10% of the Aggregate Revolving Commitment Amount for a period of ten (10) consecutive Business Days.
Mortgage Trigger Event has the meaning assigned to such term in Section 5.12(b).
Mortgage Trigger Event means, as of any date of determination, that (i) (A) an Event of Default has occurred and is continuing, (B) the Leverage Ratio of the Borrower is equal to or greater than a ratio that is 0.25:1.00 less than the then-applicable maximum Leverage Ratio permitted under Section 6.1 for two consecutive Fiscal Quarters, or (C) Liquidity is equal to or less than 10% of the Aggregate Revolving Commitment Amount for a period of ten (10) consecutive Business Days, and (ii) the Required Lenders (or the Administrative Agent acting at the direction of the Required Lenders) shall have delivered a written notice to the Borrower indicating their election to require the Borrower to provide Mortgage(s) under Section 5.13.
Examples of Mortgage Trigger Event in a sentence
Set forth on Part 1 of Schedule 3.15 (to be updated on the Initial Funding Date and upon the occurrence of a Mortgage Trigger Event, as applicable) is a complete and correct list as of the applicable Schedule Date of all of the Material Real Property owned by any Company, indicating in each case the use of the respective property, the identity of the owner, and the location of the respective property.
Other personal property, such as furniture, is not included in the Project.
More Definitions of Mortgage Trigger Event
Mortgage Trigger Event means the occurrence of any of the following: (A) any Event of Default (that has not been waived by Lender), (B) the aggregate Market Value of all Financed Rental Properties that are Eligible Stabilized Rental Properties and which are vacant exceeds 15% of the total aggregate Market Value of all Financed Rental Properties that are Eligible Stabilized Rental Properties, (C) the aggregate Market Value of all Financed Rental Properties that are Eligible Stabilized Rental Properties the rents for which are 31+ days past due exceeds 12.5% of the aggregate Market Value of all Financed Rental Properties that are Eligible Stabilized Rental Properties, (D) the DSCR is less than 1.30:1, or (E) the Debt Yield is less than 6.5%.
Mortgage Trigger Event means that (i) the Borrower or any of its Subsidiaries shall be named in any action, fully or partially unsealed, in which the United States has affirmatively intervened, or any criminal indictment alleging violation of the federal False Claims Act or any other applicable law with damages, fines, penalties or overpayment in excess of $50,000,000 or alleging criminal liability for actions within the statute of limitation, or (ii) the Borrower or any of its Subsidiaries otherwise receives a written demand from any Governmental Authority for payment of damages, fines, penalties or overpayments in excess of $50,000,000. and by adding the following defined terms in proper alphabetical order:
Mortgage Trigger Event means that (i) the Borrower or any of its Subsidiaries shall be named in any action, fully or partially unsealed, in which the United States has affirmatively intervened, or any criminal indictment alleging violation of the federal False Claims Act or any other applicable law with damages, fines, penalties or overpayment in excess of$50,000,000 or alleging criminal liability for actions within the statute of limitation, or (ii) the Borrower or any of its Subsidiaries otherwise receives a written demand from any Governmental Authority for payment of damages, fines, penalties or overpayments in excess of $50,000,000. and by adding the following defined terms in proper alphabetical order:
Mortgage Trigger Event means, as of any date of determination, that (i) (A) an Event of Default has occurred and is continuing, (B) the Leverage Ratio of the Borrower is equal to or greater than 2.50:1.00 for two consecutive Fiscal Quarters, or (C) Liquidity is equal to or less than 10% of the Aggregate Revolving Commitment Amount for a period of ten (10) consecutive Business Days, and (ii) the Required Lenders (or the Administrative Agent acting at the direction of the Required Lenders) shall have delivered a written notice to the Borrower indicating their election to require the Borrower to provide Mortgage(s) under Section 5.13.
Mortgage Trigger Event means, as of any date of determination, that (A) an Event of Default has occurred and is continuing, (B) the Leverage Ratio of the Borrower is equal to or greater than a ratio that is 0.25:1.00 less than the then-applicable maximum Leverage Ratio permitted under S ection 6.1 for two consecutive Fiscal Quarters, or (C) Liquidity is equal to or less than 10% of the Aggregate Revolving Commitment Amount for a period of ten (10) consecutive Business Days.
Mortgage Trigger Event means any “Trigger Event” as defined in the Mortgage Sale, Contribution and Servicing Agreement.
Mortgage Trigger Event means, as of any date of determination, that (i) (A) an Event of Default has occurred and is continuing, (B) the Leverage Ratio of the Borrower is equal to or greater than a ratio that is 0.25:1.00 less than the then-applicable maximum Leverage Ratio permitted under Section 6.1 for two consecutive Fiscal Quarters, or (C) Liquidity is equal to or less than 10% of the Aggregate Revolving Commitment Amount for a period of ten (10) consecutive Business Days, and (ii) the Required Lenders (or the Administrative Agent acting at the direction of the Required Lenders) shall have delivered a written US-DOCS\51545218.9 notice to the Borrower indicating their election to require the Borrower to provide Mortgage(s) under Section 5.13.