A hard lockbox with springing cash management on a CRE loan means

a) Tenants pay directly to a lender-controlled bank account (a lockbox)

b) Is a borrower protection measure

c) If no trigger event, the cash is swept daily to the borrower. If a trigger event, the lender has the right to apply the cash according to the terms of the mortgage agreement to fund escrows, DS payments, reserves.

d) A & C are both correct.