Definition of Post-Foreclosure Entity


Post-Foreclosure Entity means as defined in Section 9.14.
Sample 1

Examples of Post-Foreclosure Entity in a sentence

Title to all or any portion of the Collateral acquired by Agent as a result of a foreclosure or the acceptance of a deed or assignment in lieu of foreclosure, or retained in satisfaction of all or any part of the Obligations, will be held by a limited liability company or other legal entity owned by Lenders pro rata in proportion to their respective Commitment Percentages (the "Post-Foreclosure Entity").
Lenders acknowledge and agree that if title to any Collateral is obtained by the Post-Foreclosure Entity, such Collateral will not be held as a permanent investment but will be liquidated and the proceeds of such liquidation will be distributed in accordance with Section 10.2 as soon as practicable.
Agent, as the managing member, partner or owner of the Post-Foreclosure Entity, will prepare a recommended course of action for such Collateral (a "Post-Foreclosure Plan"), which will be subject to the approval of the Required Lenders; provided however, that the sale price of the Collateral will be subject to the approval of all Non-Defaulting Lenders.