Participation Interest. An undivided beneficial interest, represented by a certificate or other written document or book entry, in one or more mortgage loans, each secured by a lien on one or more one- to four-unit residential dwellings, cooperative shares in a residential dwelling or one or more units of manufactured housing.
Participation Interest. The Parties’ respective initial Participation Interests are as follows: [insert information]
Participation Interest. (except on Early Repayment, and subject to the provisions set forth in Section 4.2 with respect to a Deferred Obligation in connection with a refinancing of the Loan).
Participation Interest. The Indenture Trustee shall make all payments of principal of and interest on the Notes, subject to Section 3.03 as provided in Section 3.05 herein from moneys on deposit in the Payment Account.
Participation Interest. Subject to the provisions of this ARTICLE VII and the participation provisions specified in the FHLB Guide, the Lead Bank hereby sells and assigns to the Participant Bank, and the Participant Bank hereby purchases and accepts from the Lead Bank, a Participation Interest in its Designated Loans, the Notes and the other Loan Documents evidencing and securing such Designated Loans upon the terms and conditions stated herein as further evidenced by a Participation Certificate. THIS SALE IS MADE BY THE LEAD BANK WITHOUT RECOURSE, REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED, EXCEPT AS MAY OTHERWISE BE EXPRESSLY CONTAINED HEREIN.
(1) The execution of this Agreement, the performance of the terms or provisions hereof, and the performance or exercise of any obligations or rights pursuant hereto (including, without limitation, the Participant Bank’s purchase of and ownership interest in its Participation Interest in any Designated Loan and any Loan Documents) shall not cause the Participant Bank to be deemed the owner, holder, purchaser or seller of any security (as that term is defined in the Securities Act of 1933 or the Securities Exchange Act of 1934) issued, owned, purchased or sold by the Lead Bank, either as principal or as agent for the Borrower.
(2) The Participant Bank is purchasing and acquiring legal and equitable ownership of its Participation Interest in the Designated Loans and is not making a loan to the Lead Bank, and no debtor‑creditor relationship exists between them as a result of the terms of this ARTICLE VII.
Participation Interest. The Indenture Trustee shall establish and maintain with itself a trust account (the "Payment Account") in which the Indenture Trustee shall, subject to the terms of this paragraph, deposit, on the same day as it is received from the Deposit Trustee, each remittance received by the Indenture Trustee with respect to the Series 1997-2
Participation Interest. The Seller, concurrently with the execution and delivery hereof, does hereby transfer, convey, sell and assign to the Issuer, on behalf of the Holders of the Notes and the Certificates, without recourse, all its right, title and interest in and to the Series 1997-2 Participation Interest free and clear of any Liens, and all monies and the collections and proceeds due thereon and any part thereof which consists of general intangibles (as defined in the UCC) (the "Owner Trust Estate"). Simultaneous therewith and in consideration thereof, the Seller shall receive from the Issuer the Securities, including the Designated Certificate, and the obligation of the Issuer to pay an amount equal to a deferred stream of payments represented by the Holdback Amount in accordance with Section 3.05 of the Indenture. The parties hereto intend that the transaction set forth herein be a sale by the Seller to the Issuer of all of its right, title and interest in and to the Series 1997-2 Participation Interest and the other property described above. In the event that the transaction set forth herein is not deemed to be a sale, the Seller hereby grants to the Issuer a security interest in all of its right, title and interest in, to and under the Owner Trust Estate, all distributions thereon and all proceeds thereof, and this Trust Agreement shall constitute a security agreement under applicable law.
Participation Interest. Subject to the terms and conditions of this Agreement, the MPF Bank hereby sells and assigns to the MPF Provider, and the MPF Provider hereby purchases and accepts from the MPF Bank, a Participation Interest in its Loans funded or purchased under a Master Commitment, along with the Notes and the other Loan Documents evidencing and securing such Loans upon the terms and conditions stated herein as further evidenced by a Participation Certificate assumed by the MPF Bank. THIS SALE IS MADE BY THE MPF BANK WITHOUT RECOURSE, REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED, EXCEPT AS MAY OTHERWISE BE EXPRESSLY CONTAINED HEREIN.
Participation Interest. With respect to each Pledged Policy, the Borrower shall pay the related Participation Interest to the Lenders pursuant to the terms of this Loan Agreement.
Participation Interest. The Deposit Trustee shall deliver the Series 1997-1 Participation Interest to the Seller when authenticated in accordance with Section 6.02 of the Agreement.
