Pari Passu Participation definition

Pari Passu Participation. A fully funded pari passu participation interest in a Participated Loan, which pari passu participation is acquired by the Issuer.
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Pari Passu Participation. Any Mortgage Asset acquired by the Issuer on the Upsize Date that is a fully funded pari passu participation interest in a whole loan secured by commercial real estate.
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Pari Passu Participation. A fully funded pari passu participation interest in a Mortgage Loan.
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Examples of Pari Passu Participation in a sentence

  • Notwithstanding the foregoing, any Servicing Advance, Servicing Expense or indemnification amount that the Servicer or the Special Servicer determines in its reasonable judgment to only relate to the Pari Passu Participation and not to any related Companion Participation, shall not be allocated to such Companion Participation.

  • For the avoidance of doubt, the Seller is not transferring any obligation to fund any Future Funding Amounts under the Pari Passu Participated Mortgage Loans, all of which will remain the obligation of the party specified under the related Pari Passu Participation Agreement.

  • With respect to the Mortgage Assets that are subject to a Pari Passu Participation Agreement, the parties hereto intend that the provisions of this Section 12 serve as an assignment and assumption agreement between the Seller, as the assignor, and the Issuer, as the assignee.

  • With respect to any Senior Participation acquired by the Issuer, any related participation interest (whether a Senior Pari Passu Participation, Senior AB Pari Passu Participation or a Junior Participation) in the related Underlying Whole Loan, which related participation interest is not acquired by the Issuer.

  • A Senior AB Participation, a Senior AB Pari Passu Participation or a Senior Pari Passu Participation.

  • If the Purchased Asset is a Starwood Pari Passu Participation Interest, the Starwood Pari Passu Participation Agreement in form and substance acceptable to Purchaser in its reasonable discretion, duly completed and executed by each of the parties thereto, shall be in effect and have been delivered to Purchaser.

  • With respect to (i) any Senior Participation acquired by the Issuer, any related participation interest (whether a Senior Pari Passu Participation or a Junior Participation) in the related Underlying Whole Loan, or (ii) the 5 Times Square Junior Participation, the related participation interests (whether senior, pari passu or subordinate in right and priority), in either case, which related participation interest is not acquired by the Issuer.

  • In addition, the Issuer acknowledges that each of such Mortgage Assets (including any Pari Passu Participated Mortgage Loans) will be serviced by, and agrees to be bound by, the terms of the applicable Servicing Agreement (as defined in the related or Pari Passu Participation Agreement) .

  • A Senior AB Participation, a Senior AB Pari Passu Participation or a Senior Pari PassuParticipation.

  • This Agreement shall become effective with respect to each Whole Loan and each Pari Passu Participation upon the Closing Date and with respect to each Companion Participation that is acquired by the Issuer, upon the related Servicing Transfer Date.


More Definitions of Pari Passu Participation

Pari Passu Participation. A fully funded pari passu participation interest in a Mortgage Loan or a Combined Loan. “Participated Loan”: Any Mortgage Loan or Combined Loan in which a Pari Passu Participation represents an interest. “Participation”: As defined in the Indenture. “Participation A-2 Holder”: As defined in the related Participation Agreement. “Participation Agent”: With respect to any Participated Loan that is a Non-CLO Custody Collateral Interest, the party designated as such under the related Participation Agreement. “Participation Agent Fee”: With respect to each Participated Loan that is a Non- CLO Custody Collateral Interest, the sum of $250 per month. “Participation Agreement”: With respect to each Participated Loan, the participation agreement that governs the rights and obligations of the holders of the related Pari Passu Participation, the related Future Funding Companion Participation and, if applicable, the Related Funded Companion Participation. “Participation Holder Register”: Shall have the meaning ascribed it in Section 3.25(b) hereof. “Patewood Repurchase Event”: As defined in the Indenture. 00000000.
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Pari Passu Participation. Any Whole Loan Pari Passu Participation.
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Pari Passu Participation means any fully funded pari passu participation interest in a Participated Whole Loan, that is included in the Underlying Mortgage Pool (and, accordingly, the Intermediate Trust) and is beneficially owned by the Issuer, as identified on the Mortgage Loan Schedule. The Mortgage Loans identified on Schedule A as (i) The View at Lake Highlands and (ii) Kearny & Clay and are (or, in the case of any such Mortgage Loans that are Delayed Close Mortgage Loans, are expected to be) Pari Passu Participations.
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Pari Passu Participation. A fully-funded or partially-funded pari passu participation interest in a Participated Loan. “Participated Loan”: Any Mortgage Loan or Combined Loan in which a Pari Passu Participation represents an interest. “Participation”: Any Pari Passu Participation and/or the related Companion Participation, as applicable and as the context may require. “Participation Agent”: With respect to each Participated Loan that is a Non-CLO Custody Collateral Interest, the party designated as such under the related Participation Agreement. “Participation Agreement”: With respect to each Participated Loan, the participation agreement that governs the rights and obligations of the holders of the related Pari Passu Participation and the related Companion Participation. “Participation Custodial Agreement”: With respect to each Participated Loan that is Non-CLO Custody Collateral Interest, that certain Custodial Agreement entered into in accordance with the related Participation Agreement and pursuant to which the Participation Custodian holds the loan file with respect to such Participated Loan. “Participation Custodian”: With respect to each Participated Loan that is Non- CLO Custody Collateral Interest, the document custodian or similar party under the related Participation Custodial Agreement. “Patewood Mezzanine Loan”: As defined in Section 4(f). “Repurchase Price”: The sum of the following (in each case, without duplication) as of the date of such repurchase: (i) the then-Stated Principal Balance of such Collateral Interest, plus (ii) accrued and unpaid interest on such Collateral Interest, plus (iii) any unreimbursed advances made under the Indenture or the Servicing Agreement, plus (iv) accrued and unpaid interest on advances made under the Indenture or the Servicing Agreement on the Collateral Interest, plus (v) any reasonable costs and expenses (including, but not limited to, the cost of any enforcement action incurred by the Issuer or the Trustee in connection with any such repurchase). “Retained Interest”: Any origination fees paid on the Collateral Interests and any interest in respect of any Collateral Interest that accrued prior to the Closing Date and has not been paid to Seller. 00000000.
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Related to Pari Passu Participation

  • Participation Interest means the purchase by a Lender of a participation interest in Letters of Credit as provided in Section 2.2 and in Swingline Loans as provided in Section 2.3.

  • Pari Passu Companion Loan A Companion Loan that, pursuant to the related Loan Documents and/or the related Co-Lender Agreement, is pari passu in right of payment to the related Split Mortgage Loan. The only Pari Passu Companion Loans related to the Trust as of the Closing Date are evidenced by the Notes identified in the Loan Combination Table under the column heading “Pari Passu Companion Loan(s),” each of which Notes evidences a separate Pari Passu Companion Loan.

  • L/C Participation shall have the meaning provided in Section 3.3(a).

  • Participation Interests shall have the meaning specified in subsection 2.09(a)(ii).

  • Direct Loan Participation means a Loan in respect of which, pursuant to a participation agreement, the Issuer is capable of creating, or procuring the creation of, a contractual right in favour of a notional protection seller that provides such notional seller with recourse to the participation seller for a specified share in any payments due under the relevant Loan which are received by such participation seller, any such agreement to be entered into between (i) such notional seller and (ii) either (A) the Issuer (to the extent the Issuer was then a lender or a member of the relevant lending syndicate), or (B) a Qualifying Participation Seller (if any) (to the extent such Qualifying Participation Seller is then a lender or a member of the relevant lending syndicate);

  • Pari Passu Debt means any Indebtedness of the Company or any Guarantor that ranks pari passu in right of payment with the Notes or such Guarantee, as applicable.

  • Pari Passu Securities means any class or series of capital stock of the Company hereafter created specifically ranking, by its terms, on parity with the Designated Preferred Stock as to distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary.

  • Participation Percentage means the rounded percentage of the total actual Project costs that will be contributed by the OPWC, not to exceed the maximum dollar contribution of the OPWC identified in this Project Agreement, and the rounded percentage of the total actual Project costs that will be contributed by the Recipient. Both percentages are identified in Appendix B. If the total actual Project costs exceed the estimated Project costs identified in Appendix B, the Local Subdivision Participation Percentage will increase to reflect the cost overrun, while the OPWC percentage contribution will decrease recognizing that there is a maximum dollar contribution from the OPWC which is identified in this Project Agreement.

  • Pro Rata and Pari Passu Basis means with respect to the Notes and the Note Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount between such Notes or such Note Holders, as the case may be, without any priority of any such Note or any such Note Holder over another such Note or Note Holder, as the case may be, and in any event such that each Note or Note Holder, as the case may be, is allocated its respective Percentage Interest of such particular payment, collection, cost, expense, liability or other amount.

  • Participation Percentages means the percentage of the total actual project costs that will be contributed by the OPWC, not to exceed the maximum dollar contribution of the OPWC identified in this Project Agreement, and the percentage of the total actual project costs that will be contributed by the Recipient. Both of the percentages are identified in Appendix D. In the event that the total actual project costs exceed the estimated project costs identified in Appendix D, the Local Subdivision Participation Percentage will increase to reflect the cost overrun, while the OPWC percentage contribution will decrease recognizing that there is a maximum dollar contribution from the OPWC which is identified in this Project Agreement.

  • Pari Passu Obligations means Unsecured Debt (exclusive of the Notes, this Agreement and any Subsidiary Guarantee) of the Company or any Subsidiary Guarantor owing to a Person that is not the Company or an Affiliate thereof.

  • Participation Maximum shall have the meaning ascribed to such term in Section 4.12(a).

  • Pari Passu Indebtedness means: (a) with respect to the Issuer, the Notes and any Indebtedness which ranks pari passu in right of payment to the Notes; and (b) with respect to any Guarantor, its Guarantee and any Indebtedness which ranks pari passu in right of payment to such Guarantor’s Guarantee.

  • Participation Rate means the rate of interest payable on the Loan to Participant by Administrative Agent-Servicer.

  • Serviced Pari Passu Companion Loan Holder A holder of a Serviced Pari Passu Companion Loan.

  • Swingline Participation Amount as defined in Section 2.7(c).

  • Participation Amount as defined in Section 3.4(b).

  • Serviced Pari Passu Companion Loan A Pari Passu Companion Loan that is part of a Serviced Loan Combination. With respect to each Servicing Shift Mortgage Loan and the related Servicing Shift Loan Combination, each related Pari Passu Companion Loan will cease to be a Serviced Pari Passu Companion Loan on and after the related Servicing Shift Date.

  • Pari Passu Lien Obligations means any Financial Indebtedness that has equal or substantially equal Security Interest priority to the Facilities on the Security (taking into account any intercreditor arrangements).

  • Unfunded Advances/Participations means (a) with respect to the Administrative Agent, the aggregate amount, if any (i) made available to the Borrowers on the assumption that each Lender has made its portion of the applicable Borrowing available to the Administrative Agent as contemplated by Section 2.02(d) of the Credit Agreement and (ii) with respect to which a corresponding amount shall not in fact have been returned to the Administrative Agent by the Borrowers or made available to the Administrative Agent by any such Lender, (b) with respect to any Swingline Lender, the aggregate amount, if any, of participations in respect of any outstanding Swingline Loan that shall not have been funded by the Revolving Credit Lenders in accordance with Section 2.22(e) of the Credit Agreement and (c) with respect to any Issuing Bank, the aggregate amount, if any, of participations in respect of any outstanding L/C Disbursement that shall not have been funded by the Revolving Credit Lenders in accordance with Sections 2.23(d) and 2.02(f) of the Credit Agreement.

  • Other Pari Passu Lien Obligations means any Indebtedness or other Obligations (including Hedging Obligations) having Pari Passu Lien Priority relative to the Notes with respect to the Collateral; provided that an authorized representative of the holders of such Indebtedness shall have executed a joinder to the ABL-Notes Intercreditor Agreement and a joinder to the Pari Passu Intercreditor Agreement or the Pari Passu Intercreditor Agreement.

  • Unit Participation means the ratio of the surface acreage of a specific tract in the unit area to the total surface acreage of the unit area as that total surface acreage is specified in paragraph one of the Plan for Unit Operations of this order.

  • Subordinate Percentage As of any Distribution Date and, with respect to any Mortgage Pool comprised of two or more Loan Groups, any Loan Group, 100% minus the related Senior Percentage as of such Distribution Date.

  • Revolving Percentage as to any Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment then constitutes of the Total Revolving Commitments (or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Revolving Loans then outstanding constitutes of the aggregate principal amount of the Revolving Loans then outstanding).

  • Lender Participation Notice has the meaning specified in Section 2.05(d)(iii).

  • Participation Facility means any facility in which the applicable party (or a Subsidiary of it) participates in the management (including all property held as trustee or in any other fiduciary capacity) and, where required by the context, includes the owner or operator of such property, but only with respect to such property.