Mortgage Trigger Event definition

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.

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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

Notwithstanding anything contained in this Section 5.9 to the contrary, prior to the execution, delivery and recording of any Mortgages with respect to any Material Real Property as a result of a Mortgage Trigger Event, the Lenders shall have had a period of not less than 45 days following the date of the most recent Compliance Certificate to complete its flood insurance due diligence with respect to such Material Real Property.
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.
Notwithstanding any of the foregoing to the contrary, the Collateral shall be subject to the limitations and exclusions set forth in the applicable Collateral Documents and no instruments, documents or other action will be requested or required with respect to any fee-owned real property or any leased real property prior to the Mortgage Trigger Event.
Such Mortgage Documents shall be recorded promptly following the occurrence of a Mortgage Trigger Event and Borrowers shall cooperate with the Lender in the recordation of such Mortgage Documents.
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 $40,000,000 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 $40,000,000.

Mortgage Trigger Event has the meaning specified in Section 6.11(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 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 any “Trigger Event” as defined in the Mortgage Sale, Contribution and Servicing Agreement.