Closing Date Participation definition

Closing Date Participation means any Collateral Loan held in the form of a Participation Interest acquired by the Borrower under the Sale and Contribution Agreement on the Closing Date.

Closing Date Participation has the meaning set forth in Section 2.01(c).

Closing Date Participation means each Initial Portfolio Asset that consists of a loan participation interest until elevated by assignment.

Examples of Closing Date Participation in a sentence

• The Buyer shall be responsible for any expenses of administering each Closing Date Participation prior to its Elevation.

• At Elevation, the Seller shall deliver such assignment and the credit documentation with respect to the related Closing Date Participation in its possession to or as directed by the Buyer.

• The Warehouse Borrower acknowledges that from and after the Closing Date it shall have no equitable or beneficial interest in any payment received by it with respect to any Closing Date Participation (other than any accrued and unpaid interest with respect to the period of time prior to and excluding the Closing Date).

• For the avoidance of doubt, the failure to elevate any Closing Date Participation Interest will not result or be deemed to result in a Default or Event of Default under this Indenture or any other Transaction Document.

• At Elevation, the Seller and the Warehouse Borrower shall deliver such assignment and the credit documentation with respect to the related Closing Date Participation in its possession to or as directed by the Buyer.

• The Seller acknowledges that from and after the Closing Date it shall have no equitable or beneficial interest in any payment received by it with respect to any Closing Date Participation (other than any accrued and unpaid interest with respect to the period of time prior to and excluding the Closing Date).

• The Participation Interests conveyed to the Issuer pursuant to the Master Participation Agreement; provided that, for purposes of this Indenture, such Participation Interest shall be deemed to be a Closing Date Participation until the 90th day following the Closing Date, unless such Participation Interest has been elevated by such day.

• If any such Closing Date Participation Interest is not elevated to an assignment on or before the 120th day following the Closing Date, such Closing Date Participation Interest shall be deemed to be a Participation Interest for all purposes hereunder until otherwise assigned.

• Any Participation Interest in an asset conveyed to the Issuer on the Closing Date pursuant to the Loan Sale Agreement until elevated by assignment; provided that, for purposes of this Indenture, any such Participation Interest shall be deemed to be a Closing Date Participation Interest until the 120th day following the Closing Date, unless such Participation Interest has been elevated to an assignment on or before such day.

• For the avoidance of doubt, the failure to elevate any Closing Date Participation Interest shall not result or be deemed to result in a default or Event of Default under this Indenture or any other Transaction Document.

More Definitions of Closing Date Participation

Closing Date Participation means any Collateral Loan held in the form of a Participation Interest acquired by the Borrower under any Master Participation Agreement on the Closing Date.

Closing Date Participation means each Initial Portfolio Asset that consists of a loan participation interest until elevated by assignment. "Code" means the Internal Revenue Code of 1986, as amended. "Collateral" has the meaning assigned to that term in Section 2.09(a). "Collateral Custodian" means Wilmington Trust, National Association, not in its individual capacity, but in its capacity as collateral custodian for the Administrative Agent and the Lenders pursuant to the terms of this Agreement, together with its successors and permitted assigns, including any successor appointed pursuant to Article IX. "Collateral Custodian Fee Letter" means, if applicable, any fee letter or letters between the Collateral Custodian and the Borrower entered on or prior to the Closing Date as amended, restated, supplemented or otherwise modified from time to time. "Collateral Custodian Fees" means the fees set forth in the Collateral Custodian Fee Letter that are payable to the Collateral Custodian. "Collateral Custodian Termination Expenses" has the meaning assigned to that term in Section 9.05. "Collateral Custodian Termination Notice" has the meaning assigned to that term in Section 9.05. "Collection Accounts" means, collectively, each of the Principal Collection Accounts and the Interest Collection Accounts established with the Account Bank in the name of the Borrower into which Collections shall be deposited in accordance with the terms of this Agreement and subject to the Account Control Agreement specified on Schedule V hereto and under the "control" (within the meaning of Section 9‐104 or 9‐106 of the UCC, as applicable) of the Administrative Agent for the benefit of the Secured Parties; provided that, subject to the rights of the Administrative Agent hereunder with respect to funds, the funds deposited therein from time to time shall constitute the property and assets of the Borrower, and the Borrower shall be solely liable for any Taxes payable with respect to the Collection Accounts and each subaccount that may be established from time to time. "Collections" means Current Income Collections and Principal Collections. "Commitment" means, with respect to any Lender, (a) during the Revolving Period (i) with respect to the Initial Lender, the Maximum Facility Amount as such amount may be reallocated pursuant to Section 2.04(b), reduced pursuant to an Assignment and Assumption Agreement or Section 2.04(e) or increased pursuant to Section 2.15 and (ii) with respect to any other Lender, the amoun...