Participation Loan. A Loan to an Obligor, originated by the Originator and serviced by the Servicer in the ordinary course of its business, in which a participation interest has been granted to another Person in accordance with the Credit and Collection Policy and (i) such transaction has been fully consummated, pursuant to a participation agreement, (ii) such Loan (other than in the case of a Noteless Loan) is represented by a separate promissory note, and (iii) the Originator has the right to receive and collect payments directly in its own name, and to enforce its rights directly against the Obligor thereof including the right to proceed against collateral; provided that any such Loan shall exclude any Retained Interest.
Participation Loan means a Loan to an Obligor, originated by the Originator and serviced by the Servicer in the ordinary course of its business, in which a participation interest has been granted to another Person in accordance with the Credit and Collection Policy and such transaction has been fully consummated, pursuant to a standard participation agreement.
Participation Loan means any advance by an Originator to an Obligor under a syndicated loan facility (a) that has closed (without regard to any contemporaneous or subsequent syndication of such advance) prior to such advance becoming a part of the Loan Pool and (b) pursuant to which such Originator acts as administrative agent of the related lender group.
Examples of Participation Loan in a sentence
Any Instrumentholder holding Participation Loan Instruments issued under an Additional PLI Series becomes entitled to declare all of its Participation Loan Instruments immediately due and payable prior to its specified maturity as a result of an event of default (however described).
All losses, including but not limited to those resulting from the foregoing matters, shall be borne by the parties in proportion of their respective proportionate shares of the Participation Loan.
No Advancing Party shall have any obligation to make any claim against, or assert any lien upon or right of setoff against, any property held by such party as security for a Non-Participation Loan which does not constitute Collateral security for the Participation Loan.
All indebtedness owing from Borrowers to an Advancing Party under a Non-Participation Loan shall at all times be wholly subordinate and junior in right to payment in full of the Participation Loan and all Senior Debt (as defined in the Loan Agreement).
Any payment by Borrowers to an Advancing Party under any Non-Participation Loans (whether voluntary, involuntary, through the exercise of an right of setoff or otherwise) shall be applied first in reduction of amounts outstanding under the Participation Loan.
More Definitions of Participation Loan
Participation Loan means a loan where one or more eligible organiza- tions participates pursuant to a writ- ten agreement with the originating lender.
Participation Loan. A Loan to an Obligor, originated by the applicable Originator and serviced by the Servicer in the ordinary course of its business, in which a participation interest has been granted to another Person in accordance with the Credit and Collection Policy and (i) such transaction has been fully consummated, pursuant to a participation agreement in a form previously delivered by the applicable Originator to the Administrative Agent in connection with this transaction or in such other form as shall be adopted by the applicable Originator and approved in writing by the Administrative Agent at least five days prior to such Loan becoming part of the Collateral hereunder, (ii) such Loan (other than in the case of a Noteless Loan) is represented by a separate promissory note, and (iii) the applicable Originator has the right to receive and collect payments directly in its own name, and to enforce its rights directly against the Obligor thereof including the right to proceed against collateral; provided, however, any such Loan shall exclude any Retained Interest.
Participation Loan means the Shared Committed Amount under the Line of Credit (including any amounts outstanding on the date hereof and any Shared Committed Advances (as defined below) made hereafter), together with any Future Advances (as defined in Section 3) in which each of Lender and Participant from time to time acquire and hold an interest pursuant to Section 3, and the "Loan Documents" shall mean all documents, agreements and instruments executed in connection with the Participation Loan, including, without limitation, the Line of Credit Loan Documents. The parties acknowledge and agree that the original committed principal lending limit under the Line of Credit in which Participant purchased a 50% participation interest, and in which Participant continues to hold a 50% participation interest, is $17,500,000.00 (the "Shared Committed Amount"). The interest of Participant under this Agreement shall include but not be limited to (a) participation in (i) the currently outstanding amounts up to the Shared Committed Amount under the Line of Credit, including the right to receive payments of principal and interest payable under the Line of Credit Note, and (ii) participation in any advances made under the Line of Credit up to the Shared Committed Amount thereunder ("Shared Committed Advances"), and (b) the right to (i) receive a pro rata portion of the commitment fee paid and payable by Borrowers with respect to the Shared Committed Amount, (ii) purchase, at its option, interests in Future Advances pursuant to Section 3, (iii) receive the proceeds received upon the disposition of the Collateral, and (iv) the benefits and burdens arising from the Loan Documents as each of the Loan Documents are amended by Lender (either individually or collectively) subsequent to the date hereof in accordance with the terms of this Agreement, all for the pro rata account and risk of Participant to the extent of its Participation Percentage in the Participation Loan. Participant's right to receive its Participation Percentage in the interest, however, shall be limited to interest which accrues and is paid on or after the date Participant pays Lender for its Participation in the Participation Loan. This Agreement constitutes a nonrecourse sale of a Participation equal to the Participation Percentage and shall not be construed as a loan by Participant to Lender or as a sale of securities by Lender to Participant or as creating any other relationship.
Participation Loan means a loan in which one or more eli- gible organizations, participate pursuant to a written agreement with the originating lender.
Participation Loan means a loan made by UECC to a PFI pursuant to a Participation Agreement for purposes of supporting an Approved PFI Loan, using the Refinance Option, and includes a Participation Loan triggered by the exercise of a Standby Liquidity Option; and “Participations Loans” means, collectively, all such Participation Loans.
Participation Loan means a fixed-rate mortgage loan that enables a lender to benefit from income growth of the mortgaged property if the property income rises above a certain threshold.