Profit and Participation Agreement definition

Profit and Participation Agreement an agreement, secured by a deed of trust, mortgage or other Lien against a property or asset, with respect to which the purchaser of such property or asset agrees to pay the seller of such property or asset a profit, price, premium participation or other similar amount in respect of such property or asset.
Sample 1Sample 2Sample 3
Profit and Participation Agreement means an agreement with respect to which the purchaser of any Property agrees to pay the seller of such Property a profit participation, price participation, or premium participation in such Property.
Sample 1Sample 2Sample 3
Profit and Participation Agreement means an agreement, secured by a deed of trust, mortgage or other Lien against a property or asset, with respect to which the purchaser of such property or asset agrees to pay the seller of such property or asset a profit, price, premium participation or other similar amount in respect of such property or asset. Each such Profit and Participation Agreement shall provide, at a minimum, that: (1) the amount to be paid to such seller upon sale of a lot and home is fully subordinated to the extent of the amount required to be paid to the Administrative Agent for release of such lot and home; (2) neither the Administrative Agent nor the Lenders shall have any obligation to pay any amount owed to such seller, including, without limitation, in the event the Administrative Agent has foreclosed or accepted a deed in lieu with respect to any such property; (3) the Administrative Agent and its successors and assigns can rely on and enforce the terms of such agreement as a third-party beneficiary; and (4) the subordination terms shall be binding on such seller’s successors and assigns, and such seller may not assign such agreement unless the assignee acknowledges the subordination in writing for the benefit of Administrative Agent.
Sample 1Sample 2

More Definitions of Profit and Participation Agreement

Profit and Participation Agreement an agreement, secured by a deed of trust, mortgage or other Lien against a property or asset, with respect to which the purchaser of such property or asset agrees to pay the seller of such property or asset a profit, price, premium participation or other similar amount in respect of such property or asset. “Prohibited Transaction”: any transaction that is subject to the prohibitions of Section 406 of ERISA or that is a prohibited transaction within the meaning of Section 4975(c) of the Code. “PTE”: a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
Sample 1

Related to Profit and Participation Agreement

  • Participation Agreement means a written agreement entered into between a Participant and the Employer pursuant to the provisions of Section 4.1

  • Extension Agreement shall have the meaning provided in Section 2.15(c).

  • Confidentiality Agreements has the meaning set forth in Section 5.2(b).

  • Confidentiality Agreement has the meaning set forth in Section 6.3.

  • Implementation Agreement means the Implementation Agreement dated ……… by and between the GOB, PGCB and the Company in connection with the Project, and also includes any amendment of it made from time to time;

  • Cooperation Agreement means that certain Mortgage Loan Cooperation Agreement, dated as of the Closing Date, among Borrower, Lender and Sponsor, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.

  • Contribution Agreement has the meaning set forth in the Recitals.

  • Development Agreement has the meaning set forth in the Recitals.