Participation A-1 Holder definition
Examples of Participation A-1 Holder in a sentence
The Participation A-1 Holder represents and warrants that the execution, delivery and performance of this Agreement is within its corporate powers, has been duly authorized by all necessary corporate action, and does not contravene the Participation A-1 Holder’s charter or any law or contractual restriction binding upon the Participation A-1 Holder, and that this Agreement is the legal, valid and binding obligation of the Participation A-1 Holder enforceable against it in accordance with its terms.
Each of the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1 Holder or the Participation IO A-2 Holder, agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in excess of its distributable share thereof, it will promptly remit such excess to the Agent.
Neither Participation A-1 Holder nor any other Holder intends for the Participation Interests contemplated under this Agreement to be, or for any purpose, be characterized as, loans by Participation A-2 Holder to Participation A-1 Holder.
In addition to the foregoing, a Defaulting Future Funding Lender shall have no rights whatsoever under Section 18, whether in respect of consultation with Participation A-1 Holder or to approve or consent to a Unanimous Decision or otherwise.
Any such transferee must assume in writing the obligations of the Participation A-1 Holder or Participation A-2 Holder, as the case may be (the “Transferring Holder”) hereunder and agree to be bound by the terms and provisions hereof.
Participation A-1 Holder shall retain the Property Manager to complete the construction of and operate the REO Property, and sell the Condominium Units, on behalf of the Participation A-1 Holder and the Participation A-2 Holder pursuant to a property management agreement acceptable to the Participation A-1 Holder and the Participation A-2 Holder (the “Management Agreement”), and shall supervise the Property Manager in a manner consistent with prudent institutional investment practices.
On the date hereof, on the terms and conditions set forth herein, Rodin shall issue Participation A-1 to the Initial Participation A-1 Holder.
This Agreement shall not be deemed to represent (a) a pledge of any interest in the Mezzanine Loan by Participation A-1 Holder to the Participation A-2 Holder or (b) a loan from the Participation A-2 Holder to the Participation A-1 Holder.
The originals of all of the Mortgage Loan Documents will be held by the Participation A-1 Holder on behalf of all of the Holders.
Participation A-1 Holder shall permit the Holders and their respective representatives, at each Holder’s sole cost and expense, access at all reasonable times upon reasonable advance notice, to inspect the Loan Documents and such related records.