Closing Date Participation Interest definition

Closing Date Participation Interest. The participation interests acquired by the Issuer pursuant to the Loan Sale Agreements on the Closing Date.

Closing Date Participation Interest means an undivided 100% participation interest granted by 405 II Loan Funding LLC to the Borrower in and to each Collateral Loan identified on the schedule attached to the Closing Date Participation Agreement and in which a Lien is granted therein by the Borrower to the Collateral Agent pursuant to this Agreement.

Closing Date Participation Interest. With respect to each Collateral Obligation subject to transfer from the EU/UK Retention Holder to the Issuer pursuant to a Transfer Agreement and in respect of which title to the underlying loan obligation will not be owned by the Issuer as of the Closing Date, an undivided 100% Participation Interest granted by the EU/UK Retention Holder to the Issuer pursuant to the Master Participation Agreement. For the avoidance of doubt, each such Participation Interest shall, upon its respective Elevation Date, automatically terminate.

Examples of Closing Date Participation Interest in a sentence

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

• If any Collateral Obligation included in a Closing Date Participation Interest is not elevated by an assignment agreement prior to the end of the Ramp-Up Period, such Collateral Obligation will be deemed to have a principal balance for purposes of determining the Adjusted Collateral Principal Amount equal to the S&P Collateral Value until the date on which such Collateral Obligation is assigned to the Issuer.

• Such repurchase and substitution obligations constitute the sole remedy available for a breach of Section 3.2 or the failure to convert a Closing Date Participation Interest to a full assignment within 60 days following the Closing Date.

• If any Collateral Obligation included in a Closing Date Participation Interest is not elevated by an assignment agreement prior to the Effective Date, for purposes of determining the Adjusted Collateral Principal Amount, such Collateral Obligation will be deemed to have a principal balance equal to its S&P Recovery Amount until the date on which such Collateral Obligation is assigned to the Issuer.

• For each Loan in which a Closing Date Participation Interest is granted under the Master Participation and Assignment Agreement, the date on which the assignment thereof to the Issuer pursuant to the applicable Underlying Instrument has become effective and such loan has settled into the Issuer.

More Definitions of Closing Date Participation Interest

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

Closing Date Participation Interest. An undivided 100% participation interest granted by one or more funds that are managed by the Collateral Manager to the Issuer in and to any Collateral Obligation, pursuant to which the Issuer holds a Participation Interest as of the Closing Date; provided that, for the avoidance of doubt, upon the conversion of such Closing Date Participation Interest into a full assignment of the related Loan, such Collateral Obligation shall no longer be treated as a Closing Date Participation Interest for any purpose under the Transaction Documents.

Closing Date Participation Interest. The participation interests acquired by the Issuer pursuant to the Master Transfer Agreement on the Closing Date.

Closing Date Participation Interest. Any Participation Interest in an asset conveyed to the Issuer pursuant to the Master Participation Agreement until elevated by assignment. 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 the Indenture or any other Transaction Document.

Closing Date Participation Interest has the meaning specified in the Indenture.

Closing Date Participation Interest means a participation interest in a loan that satisfies each of the following criteria: (a) such participation is included in the Collateral within ten (10) Business Days of the Closing Date, (b) such participation would constitute a Loan Asset were it acquired directly, (c) the seller of such participation is a lender on the underlying loan, (d) the aggregate participation in the loan granted by such participation seller to all participants (including the Borrower) does not exceed the principal amount or commitment with respect to which such participation seller is a lender under such loan, (e) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the selling participation seller holds in the loan or commitment that is the subject of the participation, (f) the entire purchase price for such participation is paid in full (without the benefit of financing from the participation seller, other than any capital contribution deemed made in connection therewith) at the time of the participant’s acquisition, (g) the participation provides the participant with all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation, (h) such participation is documented under the Purchase and Sale Agreement, (i) such participation is not a sub-participation interest in any loan and (j) such participation shall be elevated to a full assignment within sixty (60) calendar days (or such longer period of time as may be agreed to by the Administrative Agent in its sole discretion).

Closing Date Participation Interest. An undivided 100% participation interest granted by OFS Funding to the OFS Parent, which participation interest has been assigned by OFS Parent to the Borrower, in and to each Loan identified on the schedule attached to the Closing Date Agreements and in which a Lien is granted therein by the Borrower to the Trustee. pursuant to this Agreement.