Springing Lockbox Event definition
Springing Lockbox Event has the meaning specified therefor in Section 2.4(b).
Springing Lockbox Event means the occurrence of any of the following: (i) an Event of Default; or (ii) Lessee's failure to achieve a LCR of at least 1.10:1.00 for any six (6) month period commencing on the LCR Commencement Date and measured on a monthly basis thereafter.
Examples of Springing 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.
The provisions of this Section 3.4(c) shall continue to apply after the occurrence of a Springing Lockbox Event, even if such Springing Lockbox Event is subsequently cured.
Notwithstanding any other provision hereof, subsequent to the occurrence of a Springing Lockbox Event, the provisions of Section 3.4 of the Trust Agreement shall control to the extent the same differ from the provisions of this Flow of Funds Agreement.