Equity Bridge definition
Examples of Equity Bridge 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).
No action or failure to act on the part of Senior Lender or Funding Lender in the event of an Equity Bridge Loan Default or commencement of an Enforcement Action will constitute a waiver on the part of Senior Lender or Funding Lender of any provision of the Senior Loan Documents or this Agreement.
If there is any conflict or inconsistency between the terms of the Equity Bridge Loan Documents and the terms of this Agreement, then the terms of this Agreement will control.
In such event, any or all of the Senior Indebtedness and/or Equity Bridge Indebtedness originally intended to be satisfied will be deemed to be reinstated and outstanding to the extent of any repayment, return, or other action, as if such payment on account of such indebtedness had not been made.
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.
As of the date of this Agreement, other than the termination of the Equity Bridge Commitment Letter from and after the Equity Financing Closing Date, no amendment, modification or supplement is contemplated to be made to any of the Debt Commitment Letters and none of the obligations and commitments contained in the Debt Commitment Letters have been withdrawn, terminated or rescinded in any respect.
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.