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If a tenant is in default, the borrower might not want the lockbox operator to deposit automatically that particular tenant’s rent cheque, because acceptance of a partial payment might create issues in the borrower’s eviction proceeding against the tenant. If the borrower received the rent directly, the borrower could step in and reject cheques under these circumstances. With a lockbox mechanism, though, a borrower might not be able to take these steps so easily. If the borrower wants to avoid this problem, it may want to set up a procedure so it can warn the lockbox to watch out for cheques from particular tenants or review each day’s receipts before the lockbox administrator deposits the cheques. Real estate acquisition transactions and development projects frequently are executed by way of joint ventures between two or more entities. In some cases, international investors team up with local partners, and in others operator/managers combine with more passive investors. In 2006, however, due to the increased competition for assets and the size and complexity of the transactions being undertaken, joint venture arrangements also became common among private equity funds, pension funds and other investors.