Interest in Loan Documents. (a) Subject to Section 2.1(b), Participant shall, without the necessity of any written instrument of assignment or other document, become vested with an undivided equitable ownership interest (equal to its pro rata share) in (i) the Note and other Loan Documents, and (ii) the other rights and claims of Lead Lender with respect to the Loan. The respective interests of Lead Lender and Participant in the Loan Documents and the other rights and claims of Lead Lender under the Loan Documents with respect to the Loan shall be of equal priority with one another, subject to the provisions of Sections 2.1(b) and 3.
1. If Lead Lender intends to acquire an ownership interest in any of the property given as security for the Note, including the Property, due to the foreclosure or other realization of any security interest in or lien granted by any of the Loan Documents, Lead Lender shall, prior to such acquisition, enter into an agreement with Participant stating, inter alia, that Lead Lender holds title solely as nominee of Participant and Lead Lender or, at Participant's sole option, form an entity owned by the Lenders (the "Ownership Entity") which shall acquire title. Participant shall have an undivided interest in such ownership interest equal to its pro rata share, whether title is held by the Ownership Entity or Lead Lender as nominee.
(b) All documents executed and delivered in connection with the Loan shall be held by Lead Lender for the benefit of Lead Lender and Participant. Lead Lender is authorized to retain the Note and the other Loan Documents and Additional Loan Documents in Lead Lender's own name (provided, however, that the Participant's interest in the Loan Documents shall be duly noted in Lead Lender's loan files and Lead Lender shall have complied with, and shall continue to comply with the requirements outlined in Section 2.1 (d)) and to deal with parties other than Participant with respect to the servicing and administration of the Loan as though an absolute owner of the Note and the other Loan Documents. Notwithstanding the foregoing, Participant, or any authorized agents or representatives of Participant, shall have the right, at Participant's expense and at any reasonable time during normal business hours, to request and have access to and examine any and all books, records and documents relating to the Loan or relating to any matters covered by this Agreement. In addition, Lead Lender shall deliver promptly to Participant copies of written in...
Interest in Loan Documents. Provisions concerning interest in the Loan Documents shall be specified in the FHLB Guide.
Interest in Loan Documents. The respective interests of the Lead Lender and the Participants in the Loan Documents and in the rights and claims of the Lead Lender thereunder shall be in proportion to their respective Percentage Interests, shall be ratably concurrent, coordinate, and pari passu, and neither shall have any priority over the other.
Interest in Loan Documents. L’Auberge de Sonoma - 90 - Building Loan Agreement/Disbursement Schedule (a) Proportional Interest: Each Bank shall, upon funding its share of an Advance, become vested with its Commitment Percentage of the Advance without the necessity of any written instrument of assignment or document. Upon such funding, the respective interests of each Bank in the Loan Documents shall be of equal priority with one another, except as otherwise expressly provided in this Agreement. If Agent or its designee acquires an ownership interest in any of the collateral for the Loan due to the foreclosure or other realization of any security interest in or lien granted by any of the Loan Documents, each Bank shall have an interest in such ownership interest in such collateral equal to its Commitment Percentage in the Loan, notwithstanding that title is taken in the name of Agent or its designee alone.
Interest in Loan Documents
