Subordinate Loan Enforcement Action definition
Subordinate Loan Enforcement Action means the acceleration of all or any part of the Subordinate Indebtedness, the advertising of or commencement of any foreclosure or trustee’s sale proceedings, the exercise of any power of sale, the acceptance of a deed or assignment in lieu of foreclosure or sale, the collecting of rents, the obtaining of or seeking of the appointment of a receiver, the seeking of default interest, the taking of possession or control of any of the Mortgaged Property, the commencement of any suit or other legal, administrative, or arbitration proceeding based upon the Subordinate Note or any other of the Subordinate Loan Documents, the exercising of any banker's lien or rights of set-off or recoupment, or the taking of any other enforcement action against Borrower, any other party liable for any of the Subordinate Indebtedness or obligated under any of the Subordinate Loan Documents, or the Mortgaged Property.
Subordinate Loan Enforcement Action means the acceleration of all or any part of the Subordinate Indebtedness, the advertising of or commencement of any foreclosure or trustee’s sale proceedings, the exercise of any power of sale, the acceptance of a deed or assignment in lieu of foreclosure or sale, the collecting of rents, the obtaining of or seeking of the appointment of a receiver, the seeking of default interest, the taking of possession or control of any of the Mortgaged Property, the commencement of any suit or other legal, administrative, or arbitration proceeding based upon the Subordinate Loan Documents, the exercising of any banker’s lien or rights of set-off or recoupment, or the taking of any other enforcement action against Borrower, any other party liable for any of the Subordinate Indebtedness or obligated under any of the Subordinate Loan Documents, or the Mortgaged Property.
Subordinate Loan Enforcement Action means the acceleration of all or any part of the Subordinate Indebtedness, the advertising of or commencement of any foreclosure or trustee’s sale proceedings, the exercise of any power of sale, the acceptance of a deed or assignment in lieu of foreclosure
Examples of Subordinate Loan Enforcement Action in a sentence
Notwithstanding anything contained herein to the contrary, so long as any of the Senior Loan Obligations or Junior Loan Obligations remain outstanding, Subordinate Lender shall not, without the prior written consent of both Senior Lender and Junior Lender, commence any Subordinate Loan Enforcement Action.
More Definitions of Subordinate Loan Enforcement Action
Subordinate Loan Enforcement Action means any (a) judicial or non-judicial foreclosure proceeding, the exercise of any power of sale, the taking of a deed or assignment in lieu of foreclosure, the obtaining of a receiver or the taking of any other enforcement action under the Subordinate Loan Documents by the Subordinate Lender against the Property or Borrower, including, without limitation, the taking of possession or control of the Property or instituting or participating in the institution of any Proceeding, (b) demand or action taken by the Subordinate Lender in order to collect all or any indebtedness under the Subordinate Loan Documents secured by the Property (other than acceleration of the Subordinate Loan, giving of notices of default and statements of overdue amounts and exercising rights expressly provided in the Lock Box Agreement) or (c) exercise of any default enforcement right or remedy available to Subordinate Lender under the Subordinate Loan Documents, at law, in equity or otherwise against the Borrower or the Property.
Subordinate Loan Enforcement Action means the acceleration of all or any part of the Subordinate Indebtedness, the advertising of or commencement of any foreclosure or trustee’s sale proceedings, the exercise of any power of sale, the acceptance of a deed or assignment in lieu of foreclosure or sale, the collecting of rents, the obtaining of or seeking of the appointment of a receiver, the seeking of default interest, the taking of possession or control of any of the Mortgaged Property, the commencement of any suit or other legal,
Subordinate Loan Enforcement Action means the acceleration of all or any part of the Subordinate Indebtedness, the advertising of or commencement of any
Subordinate Loan Enforcement Action means the acceleration of all or any part of the 136 Subordinate Indebtedness, the advertising of or commencement of any foreclosure or trustee’s 137 sale proceedings, the exercise of any power of sale, the acceptance of a deed or assignment in 138 lieu of foreclosure or sale, the collecting of rents, the obtaining of or seeking of the appointment 139 of a receiver, the seeking of default interest, the taking of possession or control of any of the 140 Mortgaged Property, the commencement of any suit or other legal, administrative, or arbitration 141 proceeding based upon the Subordinate Loan Documents, the exercising of any banker’s lien or 142 rights of set-off or recoupment, or the taking of any other enforcement action against Borrower, 143 any other party liable for any of the Subordinate Indebtedness or obligated under any of the 144 Subordinate Loan Documents, or the Mortgaged Property. 145 146 “Subordinate Mortgage Default” means any act, failure to act, event, condition, or occurrence 147 which allows (but for any contrary provision of this Agreement), or which with the giving of 148 notice or the passage of time, or both, would allow (but for any contrary provision of this 149 Agreement), Subordinate Lender to take a Subordinate Loan Enforcement Action. 150