Lien Enforcement Action definition
Lien Enforcement Action means (a) any action by any Secured Party to foreclose on or otherwise enforce the Lien of such Person in all or a material portion of the Collateral or exercise any right of repossession, levy, attachment, setoff or liquidation against all or a material portion of the Collateral, (b) any action by any Secured Party to take possession of, sell or otherwise realize (judicially or non-judicially) upon all or a material portion of the Collateral (including, without limitation, by setoff), (c) any action by any Secured Party to facilitate the possession of, sale of or realization upon all or a material portion of the Collateral including the solicitation of bids from third parties to conduct the liquidation of all or any material portion of the Collateral, the engagement or retention of sales brokers, marketing agents, investment bankers, accountants, auctioneers or other third parties for the purpose of valuing, marketing, promoting or selling all or any material portion of the Collateral, (d) the commencement by any Secured Party of any legal proceedings against or with respect to all or a material portion of the Collateral to facilitate the actions described in (a) through (c) above, (e) any action to seek or request relief from or modification of the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of all or a material portion of the Collateral, or any proceeds thereof, or (f) the pursuit of any Asset Sale of all or any material portion of the Collateral by the Grantors after the occurrence and during the continuance of a First Lien Event of Default (and prior to the Discharge of First Lien Debt), which Asset Sale is conducted by such Grantors with the consent of First Lien Agent in connection with good faith efforts by First Lien Agent to collect the First Lien Debt through consummation of such Asset Sale within a commercially reasonable time. For the purposes hereof, (i) neither the notification of account debtors to make payments to First Lien Lenders or First Lien Agent nor the exercise of control with regards to any deposit or security account pursuant to the First Lien Loan Agreement during a Cash Dominion Period (as defined in the First Lien Loan Agreement) shall constitute a Lien Enforcement Action unless such action is coupled with an action to take possession of all or a material portion of the Collateral or the commencement of any legal proceedings or actions against or with respect to Grantors or all or a ...
Lien Enforcement Action means (a) any action by or on behalf of any Lender to take possession of, sell or otherwise realize (judicially or non-judicially) upon any Collateral (including by setoff or notification of account debtors but excluding all remittance of collections to blocked accounts established by or for the benefit of Senior Creditors) and/or (b) the commencement by or on behalf of any Lender of any legal proceedings against any Obligor to foreclose on the Lien of such Person in any Collateral.
Lien Enforcement Action means (a) any action by any Secured Creditor to foreclose on the Lien of such Person in any portion of the applicable Collateral, (b) any action by any Secured Creditor to take possession of, sell or otherwise realize (judicially or non-judicially) upon all or any portion of the applicable Collateral (including, without limitation, by setoff or notification of account debtors), and/or (c) the commencement by any Secured Creditor of any legal proceedings against or with respect to any portion of the applicable Collateral to facilitate the actions described in (a) or (b) above.
Examples of Lien Enforcement Action in a sentence
In the absence of Exigent Circumstances, Revolving Loan Agent, for itself and on behalf of the Revolving Loan Secured Parties, agrees that it will give Notes Agent ten (10) Business Days’ prior written notice of its intention to commence the exercise of any Revolving Loan Lien Enforcement Action against the Collateral.
ABL Lender agrees that it will give Collateral Agent ten (10) Business Days prior written notice of its intention to commence a Lien Enforcement Action.
If Foothill takes any Lien Enforcement Action prior to the expiration of the Standstill Insolvency Extension Period, then the Collateral Agent shall not take any Lien Enforcement Action or Commence Legal Action.).
In the event that a Revolver Nonmonetary Default shall have occurred and be continuing and the amount of Advances outstanding at the time of such Revolver Nonmonetary Default shall be zero, the Collateral Agent may take any Lien Enforcement Action and/or Commence Legal Action.
If Foothill takes any Lien Enforcement Action prior to the expiration of the Insolvency Extension Period, then the Collateral Agent shall not take any Lien Enforcement Action or Commence Legal Action.).
More Definitions of Lien Enforcement Action
Lien Enforcement Action means (a) any action by a creditor to foreclose, enforce, collect, take possession of, sell or otherwise realize upon, or to exercise any other right or remedy with respect to, any collateral, including any action by a creditor to foreclose on the Lien of such Person in any collateral or any action by a creditor to take possession of, sell or otherwise realize (judicially or non-judicially) upon any collateral (including by setoff or notification of account debtors); or (b) the commencement by a creditor of any legal proceedings against the Obligor with respect to any collateral to facilitate the actions described in clause (a) of this definition.
Lien Enforcement Action means (i) any action by any ABL Secured Party or Noteholder Secured Party to foreclose on the Lien of such Person in all or a material portion of the ABL Collateral or exercise any right of repossession, levy, attachment, setoff or liquidation against all or a material portion of the ABL Collateral, (ii) any action by any ABL Secured Party or Noteholder Secured Party to take possession of, sell or otherwise realize (judicially or non-judicially) upon all or a material portion of the ABL Collateral (including, without limitation, by setoff), (iii) any action by any ABL Secured Party or Noteholder Secured Party to facilitate the possession of, sale of or realization upon all or a material portion of the ABL Collateral including the solicitation of bids from third parties to conduct the liquidation of all or any material portion of the ABL Collateral, the engagement or retention of sales brokers, marketing agents, investment bankers, accountants, auctioneers or other third parties for the purpose of valuing, marketing, promoting or selling all or any material portion of the ABL Collateral, (iv) the commencement by any ABL Secured Party or Noteholder Secured Party of any legal proceedings against or with respect to all or a material portion of the ABL Collateral to facilitate the actions described in (i) through (iii) above, or (v) any action to seek or request relief from or modification of the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of all or a material portion of the ABL Collateral, or any proceeds thereof. For the purposes of this definition, (1) the notification of account debtors to make payments to ABL Lender shall constitute a Lien Enforcement Action if and only if such action is coupled with an action to take possession of all or a material portion of the ABL Collateral or the commencement of any legal proceedings or actions against or with respect to the ABL Loan Parties of all or a material portion of the ABL Collateral, and (2) a material portion of the ABL Collateral shall mean ABL Collateral having a value in excess of $10,000,000.
Lien Enforcement Action means (i) any action by the Credit Facility Agent or any Credit Facility Secured Party or the Trustee or any Holder to foreclose on the Lien of such Person in any Collateral, (ii) any action, as part of an exercise of rights or remedies by any of the Credit Facility Agent, any Credit Facility Secured Party, the Trustee or any Holder to take possession of, sell or otherwise realize (judicially or non judicially) upon any Collateral (including, without limitation, by setoff or notification of account debtors or other Persons obligated on Collateral), and/or (iii) the commencement by the Credit Facility Agent or any Credit Facility Secured Party or the Trustee or any Holder of any legal proceedings against any Loan Party or with respect to any Collateral to facilitate the actions described in clauses (i) and (ii) above; provided that, for the avoidance of doubt, none of the following shall constitute a Lien Enforcement Action: (A) making demand for payment or accelerating the maturity of any Credit Facility Debt or Indenture Debt, (B) the receipt of payments of principal of or interest on the Credit Facility Debt or payments of other obligations arising under the Credit Facility Documents (including the receipt and application by the Credit Facility Agent to the Credit Facility Debt of collections of accounts receivable or proceeds of other Collateral received from account debtors or other Persons obligated on Collateral or through any lockbox or other cash management arrangement, whether or not any Credit Facility Event of Default under the Credit Facility Loan Agreement exists at the time of application), or receipt of scheduled payments of interest on the Notes as set forth in Section 11.1 hereof, (C) the implementation of Reserves (as defined in the Credit Facility Loan Agreement) under the Credit Facility Loan Agreement, (D) the reduction or increase of advance rates under the Credit Facility Loan Agreement, (E) the termination of the Commitments (as defined in the Credit Facility Loan Agreement) or the cessation (whether temporary or permanent) of lending under the Credit Facility Loan Agreement due to the existence of a Credit Facility Default or Credit Facility Event of Default, (F) sending by the Credit Facility Agent, any Credit Facility Secured Party or any of their Affiliates of any “activation” notice under a deposit control agreement to block access to any deposit account of a Loan Party, or (G) the exercise by the Credit Facility Agent, any Cre...
Lien Enforcement Action means any action, whether legal, equitable, judicial, non-judicial or otherwise, to enforce any Lien, security interest, restriction, encumbrance, charge, claim or other interest or arrangement now or in the future existing, including, without limitation, any repossession, foreclosure, public sale, private sale, obtaining of a receiver or retention of all or any part of the Collateral and/or declaring a default or event of default under the Subordinated Indebtedness or with respect to any of the Subordinated Indebtedness or taking any action with respect to or upon the occurrence of any such default or event of default.
Lien Enforcement Action means (i) commencing any judicial or non-judicial foreclosure proceedings with respect to the Common Collateral, or (ii) any action to take possession or control of, or sell or otherwise realize upon the Common Collateral.
Lien Enforcement Action means any action, whether legal, equitable, judicial, non-judicial, or otherwise, to enforce any assignment, lien, security interest, or other encumbrance now or in the future securing all or any indebtedness or other obligations, including, without limitation, exercise of any assignments of production or the right to receive proceeds thereof, division orders or letters in lieu of division orders, any offset, repossession, foreclosure, public sale, private sale, or retention of all or any part of an asset for any indebtedness or other obligations.
Lien Enforcement Action means (a) any action in which Lender exercises any rights or remedies against Borrower (and/or any Guarantor) pursuant to the Loan Documents or under applicable law or at equity against or with respect to the Property or the Collateral, including, without limitation: appointment and maintenance of a receiver; any action to prevent waste or otherwise to protect the Property or the Collateral from material physical damage or material physical deterioration; Lender’s exercise of a power of sale contained in any Loan Document; commencement and prosecution of a foreclosure, trustee’s sale, or similar proceeding or other judicial process; prosecution of any and all rights available to Lender relating to Borrower or the Property and the Collateral in any bankruptcy, insolvency or similar proceeding (including Lender’s rights under the Bankruptcy Code to file a claim for the full amount of all Loan Obligations, to require that all collateral held by Lender continue to secure all Loan Obligations, and to elect treatment under 11 U.S.C. Section 1111(b)(2)); consummation of a U.C.C. sale; and (b) any other action or proceeding relating to the Property or the Collateral (including, without limitation, an action for specific performance as to Borrower’s express nonmonetary obligations under the Loan Documents), or relating to any other collateral held by Lender for the Loan.