Definition of Equity Collateral Enforcement Action
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.
A Senior Junior Lender shall keep each Subordinate Junior Lender 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.
Notwithstanding any contrary or inconsistent provision of this Agreement, the Senior Loan Documents or the Junior Loan Documents, no acquisition or other fee or similar charge shall be due in connection with such Junior Lender's or such other Qualified Transferee's acquisition of any interest in Senior Borrower, any Junior 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.
The Senior Mezzanine Lender shall keep the Junior Mezzanine Lender reasonably apprised as to the status of any Equity Collateral Enforcement Action.