Common use of Participation Agreements Clause in Contracts

Participation Agreements. An agreement for a participating interest (i) may only provide to a Participant voting Rights in respect of any amendment of or approval, consent, or waiver under any Credit Document related to the matters in Section 12.10(c) if it also provides for a voting mechanism that a majority of that selling Lender's Commitment Percentage or Termination Percentage, as the case may be (whether directly held by that selling Lender or participated), controls the vote for that selling Lender, and (ii) may not permit a Participant to assign, pledge, or otherwise transfer its participating interest in the Obligation to any Person, except any Lender or its Affiliates.

Appears in 2 contracts

Samples: Credit Agreement (American Business Financial Services Inc /De/), Credit Agreement (American Business Financial Services Inc /De/)

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Participation Agreements. An agreement for a participating ------------------------ interest (i) may only provide to a Participant voting Rights in respect of any amendment of or approval, consent, or waiver under any Credit Loan Document related to the matters in Section 12.10(c12.10(b) if it also provides for a voting mechanism that a majority of that selling Lender's Commitment Percentage or Termination Percentage, as the case may be (whether directly held by that selling Lender or participated), ) controls the vote for that selling Lender, and (ii) may not permit a Participant to assign, pledge, or otherwise transfer its participating interest in the Obligation to any Person, Person except any Lender or its Affiliates.

Appears in 1 contract

Samples: Credit Agreement (Matrix Bancorp Capital Trust I)

Participation Agreements. An agreement for a participating interest (i) may only provide to a Participant voting Rights in respect of any amendment of or approval, consent, or waiver under any Credit Loan Document related to the matters in Section 12.10(c12.10(b) if it also provides for a voting mechanism that a majority of that selling Lender's Commitment Percentage or Termination Percentage, as the case may be (whether directly held by that selling Lender or participated), ) controls the vote for that selling Lender, and (ii) may not permit a Participant to assign, pledge, or otherwise transfer its participating interest in the Obligation to any Person, Person except any Lender or its Affiliates.

Appears in 1 contract

Samples: Loan Agreement (Matrix Bancorp Inc)

Participation Agreements. An agreement for a participating interest (i) may only provide to a Participant voting Rights in respect of any amendment of or approval, consent, or 43 CREDIT AGREEMENT waiver under any Credit Loan Document related to the matters in Section 12.10(cSECTION 12.10(b) if it also provides for a voting mechanism that a majority of that selling Lender's Commitment Percentage or Termination Percentage, as the case may be (whether directly held by that selling Lender or participated), ) controls the vote for that selling Lender, and (ii) may not permit a Participant to assign, pledge, or otherwise transfer its participating interest in the Obligation to any Person, Person except any Lender or its Affiliates.

Appears in 1 contract

Samples: Credit Agreement (Rac Financial Group Inc)

Participation Agreements. An agreement for a participating interest (i) may only provide to a Participant voting Rights in respect of any amendment of or approval, consent, or waiver under any Credit Document related to the matters in Section 12.10(cSECTION 12.10(B) if it also provides for a voting mechanism that a majority of that selling Lender's Commitment Percentage or Termination Percentage, as the case may be (whether directly held by that selling Lender or participated), controls the vote for that selling Lender, and (ii) may not permit a Participant to assign, pledge, or otherwise transfer its participating interest in the Obligation to any Person, except EXCEPT any Lender or its Affiliates.

Appears in 1 contract

Samples: Credit Agreement (Cfi Mortgage Inc)

Participation Agreements. An agreement for a participating interest (i) may only provide to a Participant voting Rights in respect of any amendment of or approval, consent, or waiver under any Credit Loan Document related to the matters in Section 12.10(c12.11(c)(i) and (iii) if it also provides for a voting mechanism that a majority of that selling Lender's Commitment Percentage or Termination Percentage, as the case may be (whether directly held by that selling Lender or participated), ) controls the vote for that selling Lender, and (ii) may not permit a Participant to assign, pledge, or otherwise transfer its participating interest in the Obligation to any Person, Person except any Lender or its Affiliates.

Appears in 1 contract

Samples: Loan and Security Agreement (Ryland Group Inc)

Participation Agreements. An agreement for a participating interest (i) may only provide to a Participant voting Rights in respect of any amendment of or approval, consent, or waiver under any Credit Loan Document related to the matters in Section 12.10(cSECTION 12.10(B) if it also provides for a voting mechanism that a majority of that selling Lender's Commitment Percentage or Termination Percentage, as the case may be (whether directly held by that selling Lender or participated), ) controls the vote for that selling Lender, and (ii) may not permit a Participant to assign, pledge, or otherwise transfer its participating interest in the Obligation to any Person, Person except any Lender or its Affiliates.

Appears in 1 contract

Samples: Loan Agreement (Matrix Capital Corp /Co/)

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Participation Agreements. An agreement for a participating interest (i) may only provide to a Participant voting Rights in respect of any amendment of or approval, consent, or waiver under any Credit Document Loan Paper related to the matters in Section 12.10(c12.11(d)(i) and (iii) if it also provides for a voting mechanism that a majority of that selling Lender's Commitment Percentage or Termination Percentage, as the case may be (whether directly held by that selling Lender or participated), ) controls the vote for that selling Lender, and (ii) may not permit a Participant to assign, pledge, or otherwise transfer its participating interest in the Obligation to any Person, Person except any Lender or its Affiliates.

Appears in 1 contract

Samples: Loan and Security Agreement (Ryland Group Inc)

Participation Agreements. An agreement for a participating ------------------------ interest (i) may only provide to a Participant voting Rights in respect of any amendment of or approval, consent, or waiver under any Credit Loan Document related to the matters in Section 12.10(cSECTION 12.10(B) if it also provides for a voting mechanism that a majority of that selling Lender's Commitment Percentage or Termination Percentage, as the case may be (whether directly held by that selling Lender or participated), ) controls the vote for that selling Lender, and (ii) may not permit a Participant to assign, pledge, or otherwise transfer its participating interest in the Obligation to any Person, Person except any Lender or its Affiliates.. Credit Agreement ----------------

Appears in 1 contract

Samples: Credit Agreement (Matrix Capital Corp /Co/)

Participation Agreements. An agreement for a participating ------------------------ interest (i) may only provide to a Participant voting Rights in respect of any amendment of or approval, consent, or waiver under any Credit Loan Document related to the matters in Section 12.10(cSECTION 11.10(B) if it also provides for a voting mechanism that a majority of that selling Lender's Commitment Percentage or Termination Percentage, as the case may be (whether directly held by that selling Lender or participated), Participant) controls the vote for that selling Lender, and (ii) may not permit a Participant to assign, pledge, or otherwise transfer its participating interest in the Obligation to any Person, Person except any Lender or its Affiliates.

Appears in 1 contract

Samples: Credit Agreement (Pioneer Commercial Funding Corp /Ny/)

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