Action by Other Lienholder Clause Samples
The "Action by Other Lienholder" clause defines the rights and procedures available to a party who holds a lien on the same property as another lienholder. Typically, this clause outlines how a secondary or junior lienholder may act if the primary lienholder fails to enforce their rights, such as initiating foreclosure or taking legal action to protect their interest. For example, if the primary lender does not act on a default, the secondary lienholder may step in to safeguard their position. The core function of this clause is to ensure that all lienholders have a clear process to protect their interests, thereby reducing the risk of loss due to inaction by another party.
Action by Other Lienholder. The holder of any lien or security interest on any of the assets of Debtor, including without limitation, the Collateral (without hereby implying the consent of Secured Party to the existence or creation of any such lien or security interest on the Collateral), declares a default thereunder or institutes foreclosure or other proceedings for the enforcement of its remedies thereunder; or
Action by Other Lienholder. The holder of any lien or security interest on any of the assets of Pledgor, including without limitation, the Collateral (without hereby implying the consent of Secured Party to the existence or creation of any such lien or security interest on the Collateral), declares a default thereunder or institutes foreclosure or other proceedings for the enforcement of its remedies thereunder; or
Action by Other Lienholder. The holder of any lien or security interest on any of the Collateral (without hereby implying the consent of Secured Party to the existence or creation of any such lien or security interest on the Collateral not otherwise permitted hereunder), declares a default thereunder or institutes foreclosure or other proceedings for the enforcement of its remedies thereunder.
Action by Other Lienholder. The holder of any lien or security interest on any of the assets of Grantor, including without limitation, the Collateral (without hereby implying the consent of Secured Party to the existence or creation of any such lien or security interest on the Collateral), declares a default thereunder or institutes foreclosure or other proceedings for the enforcement of its remedies thereunder; or
Action by Other Lienholder. The holder of any lien or security interest on the Mortgaged Property (without hereby implying the consent of Noteholder to the existence or creation of any such lien or security interest) declares a default thereunder or institutes foreclosure or other proceedings for the enforcement of its remedies thereunder; or
Action by Other Lienholder. The holder of any lien or security interest on any of the assets of Grantor, including without limitation, the Collateral (without hereby implying the consent of Secured Party to the existence or creation of any such lien or security interest on the Collateral), (i) suffers a payment default by Grantor; (ii) suffers a non-monetary default by Grantor that is not cured by or before the expiration of any applicable grace or cure periods and permits the creditor to accelerate the indebtedness that is the subject of the default; or (iii) institutes foreclosure or other proceedings for the enforcement of its remedies thereunder;
Action by Other Lienholder. The holder of any lien or security -------------------------- interest on any of the assets of Debtor, including without limitation, the Collateral (without hereby implying the consent of Secured Party to the existence or creation of any such lien or security interest on the Collateral), declares a default thereunder or institutes foreclosure or other proceedings for the enforcement of its remedies thereunder;
Action by Other Lienholder. The holder of any lien or security interest on any of the assets of Borrower, including without limitation, the Collateral (without hereby implying the consent of Bank to the existence or creation of any such lien or security interest on the Collateral) securing Debt (as defined in the Loan Agreement) in excess of $10,000.00, declares a default thereunder or institutes foreclosure or other proceedings for the enforcement of its remedies thereunder.
Action by Other Lienholder. The holder of any lien or security interest on any of the assets of Debtor, including
Action by Other Lienholder. The holder of any lien or security interest in excess of $100,000 in the Collateral declares a default thereunder or institutes foreclosure or other proceedings for the enforcement of its remedies thereunder.