Examples of Participation Loan in a sentence
The Lender shall not acquire any preferential security, surety or insurance to protect its participation interest in a Participation Loan.
The Lender shall notify the MT SSBCI 2.0 LPP of any loan or advance by the Lender or of which the Lender has knowledge to the Borrower subsequent to a Participation Loan, and if, in the MT SSBCI 2.0 LPP’s opinion, circumstances require, and the Borrower’s consent, if required, is first obtained, enter into a written agreement with the MT SSBCI 2.0 LPP providing for the application of collateral or proceeds realized therefrom to the respective loans in a manner satisfactory to the parties hereto.
In the event of a default on any Participation Loan, the MT SSBCI 2.0 LPP shall share ratably on the basis of its Participation percentage in such Participation Loan in any expenditures necessary to maintain and preserve the position of the Lender with regard to such Participation Loan, including, without limitation, expenditures for taxes, insurance premiums, prevention of waste, repairs, maintenance and attorney’s fees, to the extent not recoverable from Borrower.
All repayments, security or guarantee of any nature, including without limitation rights of set-off and counterclaim which Lender or CDFI/RLF jointly or severally may at any time recover from any source whatsoever or have the right to recover on any Participation Loan, shall repay and secure the interest of the Lender and the CDFI/RLF in the same proportion as such interest bears respectively to the unpaid balance of the Participation Loan.
The Lender will promptly notify the MT SSBCI 2.0 LPP of the occurrence of any material default under any Participation Loan of which it has knowledge or has received notice.