Common use of Participation Share Clause in Contracts

Participation Share. Notwithstanding the Boston Bank obligations under Delivery Commitments to fund Agency Loans, the MPF Provider will become vested in its Participation Share in each such Agency Loan concurrent with the funding of said loan, and without the need for further documentation, upon the deposit by the MPF Provider of its Participation Share to the Boston Bank’s Clearing Account. Upon purchase of each Closed Loan by the Boston Bank and the deposit by the MPF Provider of its Participation Share of such Closed Loan to the Boston Bank’s Clearing Account, the MPF Provider shall, without the need for further documentation, become vested in its Participation Share of such Closed Loan.