Equity Bridge Lender definition
Examples of Equity Bridge Lender in a sentence
Equity Bridge Lender designates and appoints, irrevocably and coupled with an interest, Senior Lender (and all persons and entities designated by Senior Lender) as Equity Bridge Lender’s true and lawful attorney-in-fact with power to endorse the name of Equity Bridge Lender upon any check or other instrument and to take any action necessary to collect any payment, property, or asset referred to in, or otherwise effectuate the provisions of, this Section 3(d).
Senior Lender will apply any payment, asset, or property so received from Equity Bridge Lender to the Senior Indebtedness in such order, amount (with respect to any asset or property other than immediately available funds), and manner as Senior Lender determines in its sole and absolute discretion.
Equity Bridge Lender agrees that its agreement to subordinate under this Agreement will extend to any new mortgage debt which is for the purpose of refinancing all or any part of the Senior Indebtedness (including reasonable and necessary costs associated with the closing and/or the refinancing, and any reasonable increase in proceeds for rehabilitation in the context of a preservation transaction).
Without the prior written consent of Senior Lender, Equity Bridge Lender will not commence, or join with any other creditor in commencing, any Bankruptcy Proceeding.
Funding Lender will advise Equity Bridge Lender whether Funding Lender consents to the Enforcement Action by Equity Bridge Lender within 90 days following Funding Lender’s receipt of the Enforcement Action Notice (failure of Funding Lender to provide written consent to the Enforcement Action within such 90-day period constitutes Funding Lender’s refusal of such consent).
Equity Bridge Lender agrees that all proceeds advanced to Borrower under the Equity Bridge Loan Documents prior to the completion of the Repairs in accordance with the terms of the Continuing Covenant Agreement will be made to the Fiscal Agent or otherwise in accordance with the payment instructions received from Funding Lender to be deposited in the [Borrower Equity Account][Bridge Loan Account] and disbursed in accordance with the terms of the Continuing Covenant Agreement.
Except as permitted by this Section 4(b), any Enforcement Action on the part of Equity Bridge Lender will be subject to the prior written consent of Funding Lender.
Nothing in this Agreement or in any of the Senior Loan Documents or Equity Bridge Loan Documents will be deemed to constitute Senior Lender or Funding Lender as a joint venturer or partner of Equity Bridge Lender.
If Equity Bridge Lender either (i) amends the Equity Bridge Loan Documents in the manner set forth above or (ii) assigns the Equity Bridge Loan without Funding Lender’s consent then such amendment or assignment will be void ab initio and of no effect whatsoever.
In the event of a Bankruptcy Proceeding, Equity Bridge Lender will not vote affirmatively in favor of any plan of reorganization or liquidation unless Senior ▇▇▇▇▇▇ has also voted affirmatively in favor of such plan.