Equity Collateral Enforcement Action definition
Equity Collateral Enforcement Action shall have the meaning set forth in Section in Section 13.1 hereof.
Equity Collateral Enforcement Action means any action or proceeding or other exercise of Mezzanine Lender’s rights and remedies commenced by Mezzanine Lender, in law or in equity, or otherwise, in order to realize upon the Equity Collateral.
Equity Collateral Enforcement Action means any action or proceeding or other exercise of a Junior Lender’s rights and remedies commenced by such Junior Lender, in law or in equity, or otherwise, in order to realize upon the Equity Collateral (including, without limitation, an assignment in lieu of foreclosure or other negotiated settlement in lieu of any such enforcement action) other than the giving of notices of default and statements of overdue amounts.
Examples of Equity Collateral Enforcement Action in a sentence
Each Junior Lender shall keep the applicable Subordinate Junior Lenders reasonably apprised as to the status of any Equity Collateral Enforcement Action.
For the avoidance of doubt, in the event that a Junior Loan is terminated pursuant to an Equity Collateral Enforcement Action, then to the extent that a Cash Sweep Period is in effect solely as a result of the occurrence of a Cash Sweep Event due to an Event of Default under such terminated Junior Loan, a Cash Sweep Event Cure shall be deemed to have occurred upon the termination of such Junior Loan.
The Senior Mezzanine Lender shall keep the Junior Mezzanine Lender reasonably apprised as to the status of any Equity Collateral Enforcement Action.
A Senior Junior Lender shall keep each Subordinate Junior Lender reasonably apprised as to the status of any Equity Collateral Enforcement Action.
Notwithstanding any contrary or inconsistent provision of this Agreement, the Senior Loan Documents or the Mezzanine Loan Documents, no acquisition or other fee or similar charge shall be due in connection with such Qualified Transferee’s acquisition of any interest in Borrower, any Mezzanine Borrower or the Premises as the result of an Equity Collateral Enforcement Action or assignment in lieu of foreclosure or other negotiated settlement in lieu of any of the foregoing.
More Definitions of Equity Collateral Enforcement Action
Equity Collateral Enforcement Action means any action or proceeding or other exercise of a Permitted Mezzanine Lender's rights and remedies in connection with its security interests in the Pledgor in order to realize upon its equity collateral, including, without limitation, the acceptance of an assignment in lieu of foreclosure for the equity collateral. With respect to any Permitted Equity Encumbrance, (a) the granting of such Permitted Equity Encumbrance by Landlord shall not be deemed a Change of Control of Tenant, (b) any enforcement action and/or the completion of any Equity Collateral Enforcement Action (including, without limitation, the acquisition of all (or substantially all) of the direct or indirect ownership of Tenant) or the exercise of voting control over Tenant by a Permitted Mezzanine Lender with respect to such equity collateral security interest shall not be deemed a Change of Control of Tenant and shall not be prohibited by this Lease, (c) the Permitted Mezzanine Lender shall have the same cure rights and notice rights as are given to any other Permitted Lender under this Article 10, but such periods for the notice rights and cure rights shall run concurrently with the rights provided to the Permitted Mortgage Lender, and (d) in the case of MICC only, MICC shall have the same rights, including the same cure rights and the same notice rights, as are given to any other Permitted Lender under this Article 10, but such periods for notice rights and cure rights shall run concurrently with the rights provided to the Permitted Mortgage Lender.
Equity Collateral Enforcement Action means any action, proceeding, foreclosure, the taking of a bill of sale or assignment in lieu of any proceeding or foreclosure or any retention of title to the Equity Collateral authorized under the Uniform Commercial Code as now or hereafter in effect, including, without limitation, obtaining the appointment of a receiver or similar agent with respect to the Equity Collateral, the taking of possession or control of Equity Collateral or any portion thereof (other than the physical possession of any certificates evidencing Equity Collateral) or other exercise of a Junior Lender’s rights and remedies commenced by such Junior Lender (other than the giving of notices of default and statements of overdue amounts), at law, in equity, or otherwise, in order to realize upon or vest title in the Equity Collateral (including, without limitation, an assignment in lieu of foreclosure or other negotiated settlement in lieu of any such enforcement action) in Junior Lender, or otherwise obtaining, selling or transferring the Equity Collateral or the proceeds thereof. An “Equity Collateral Enforcement Action” shall not include (A) the delivery of reservation of rights or partial payment letters, (B) the declaration or determination that a Cash Sweep Trigger Event (as such terms are defined in the applicable Junior Loan Agreement) has occurred, (C) subject to the terms and conditions of this Agreement, the assessment and/or collection of default interest or late charges in accordance with the applicable Junior Loan Documents, (D) the making of Protective Advances, (E) exercising rights of offset, or (F) isolated instances of exercising consent or approval rights afforded to a Junior Lender in the applicable Junior Loan Documents and actions to prevent the occurrence of an event that would trigger recourse under the Senior Loan or the Senior Junior Loan, as applicable.
Equity Collateral Enforcement Action means any action, proceeding, demand for payment, foreclosure, the taking of a ▇▇▇▇ of sale or assignment in lieu of any proceeding or foreclosure or any retention of title to the Equity Collateral authorized under the Uniform Commercial Code as now or hereafter in effect, including, without limitation, obtaining the appointment of a receiver or similar agent with respect to the Equity Collateral, the taking of possession or control of Equity Collateral or any portion thereof (other than the physical possession of any certificates evidencing Equity Collateral) or other exercise of a Junior Lender’s rights and remedies commenced by such Junior Lender (other than the giving of notices of default and statements of overdue balances or imposing default interest or late charges), at law, in equity, or otherwise, in order to realize upon or vest title to the Equity Collateral (including, without limitation, an assignment in lieu of foreclosure or other final negotiated settlement in lieu of any such enforcement action) in Junior Lender free and clear of any lien or security interest, or otherwise obtaining, selling or transferring the Equity Collateral or the proceeds thereof.
Equity Collateral Enforcement Action has the meaning set forth in Section 18.2.
Equity Collateral Enforcement Action means any action or proceeding or other exercise of Mezzanine Lender’s rights and remedies commenced by Mezzanine Lender, in law or in equity, or otherwise, in order to realize upon the Equity Collateral or any part thereof, or any transaction, whether in the nature of a transfer or assignment in lieu of foreclosure or otherwise, in order to acquire the Equity Collateral, in whole or in part (other than the delivery by Mezzanine Lender to Borrower of notices of default and statements of overdue amounts).
Equity Collateral Enforcement Action means any action or proceeding or other exercise of a Junior Lender’s rights and remedies commenced by such Junior Lender, in law or in equity, or otherwise, in order to realize upon the Equity Collateral (including, without limitation, an assignment in lieu of foreclosure or other negotiated settlement in lieu
Equity Collateral Enforcement Action shall not include (A) the delivery of reservation of rights or partial payment letters, (B) the declaration or determination that a Cash Sweep Trigger Event (as such terms are defined in the applicable Junior Loan Agreement) has occurred, (C) subject to the terms and conditions of this Agreement, the assessment and/or collection of default interest or late charges in accordance with the applicable Junior Loan Documents, (D) the making of Protective Advances, (E) exercising rights of offset, or (F) isolated instances of exercising consent or approval rights afforded to a Junior Lender in the applicable Junior Loan Documents and actions to prevent the occurrence of an event that would trigger recourse under the Senior Loan or the Senior Junior Loan, as applicable.