Does the cylinder key lock/unlock the lever function on the Von Duprin E996 lever trim?

No, the cylinder key is intended to only retract the latches for key entry.   The NL Drive Screw MUST be left in the master cam of the exit device (for Rim/Vertical application).   The NL screw is left in it's position from the factory for the 7500 lock also for mortise application.  

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