Purchased Participation definition

Purchased Participation means an Allied Participation required to be purchased by the Seller or Allied REIT, or a BMI Participation required to be purchased by BMI REIT, pursuant to Section 3.03.

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Purchased Participation means each Participation made, issued, conveyed, sold, contributed or otherwise transferred to the Borrower by the Seller pursuant to the Master Purchase Agreement; provided, that upon any Release thereof or purchase by the Seller or any other Person, such Participation shall cease to be a Purchased Participation. “Qualified Hedge Counterparty” means any Hedge Counterparty that is (i) a Lender, an Affiliate of a Lender or (ii) any other entity, which on the date of entering into any Hedge Agreement is (A) an interest rate swap dealer with a short term rating of at least A-2 from S&P and P-2 from ▇▇▇▇▇’▇ and a long term rating of at least A- from S&P and A3 from ▇▇▇▇▇’▇; provided that, if no interest rate swap dealers meet such ratings as of a particular date, the parties shall agree to reasonable alternative ratings thresholds, and (B) solely with respect to any interest rate swap, has agreed to an ISDA/CSA which includes provisions approved in writing by the Administrative Agent, in its reasonable discretion, including but not limited to (x) no termination event in the event of a failure of Borrower (or, if applicable, GreenSky or the Seller on Borrower’s behalf) to post required margin under the credit support annex and (y) requirements to notify the Administrative Agent in the event of a failure of Borrower (or, if

Examples of Purchased Participation in a sentence

Neither the execution and delivery of this Agreement or any other Transaction Document to which the Borrower is party, nor the consummation of the transactions contemplated hereby or thereby, nor compliance with the terms and conditions hereof or thereof, will result in the creation or imposition of any Lien on any Purchased Participation or other Purchased Assets except for Permitted Liens.
Unless otherwise expressly agreed by Agent, Borrower covenants that it will take all action necessary to maintain the effectiveness of such filings so long as Borrower has any commitment to extend credit under such Portfolio Loans or Purchased Participations or any sum remains owing under such Portfolio Loan or Purchased Participation.
If at any time the Borrower shall take a security interest in any property of an Obligor or any other person to secure payment and performance of a Purchased Participation, the Borrower shall promptly assign such security interest to the Administrative Agent, for the benefit of the Secured Parties.
Upon any sale or other transfer or disposition of any Collateral that is expressly permitted pursuant to this Agreement or any other Transaction Document and upon any Purchased Participation becoming subject to a Release pursuant to the express terms hereof, the Security Interest in such Purchased Participation and the related Purchased Assets shall be automatically released.
The Borrower shall direct the Seller to cause the Servicer to liquidate any such securities, investments or other property of any type (other than cash or cash equivalents) received as proceeds of or otherwise in connection with any Purchased Participation or other Collateral as quickly as reasonably possible and deposit the net cash proceeds therefrom into the Collection Account.
For the avoidance of doubt, any Eligible Security that is issued with respect to the Eligible Loans underlying a Purchased Participation Certificate shall, on the related Conversion Date, replace the Purchased Participation Certificate and automatically become subject to the Transaction to which the Purchased Participation Certificate was subject.
Borrower will not, and will not permit any of its Subsidiaries to, form or acquire any Subsidiary without the prior written consent of the Required Lenders, other than the acquisition of a Subsidiary that was Pledged Collateral pursuant to a foreclosure of a Portfolio Loan or Purchased Participation and the formation of any Subsidiary to take ownership of a Portfolio Company’s Real Property upon foreclosure.
For the avoidance of doubt, nothing in this Section 11.6 shall grant Trustee, Agent, or any Lender any right of access to review of any legal files, credit analysis, or other documents and information specific only to a particular Portfolio Loan or Purchased Participation except with respect to the Loan Portfolio.
The Transferor may from time to time, at its sole discretion, voluntarily designate Additional Accounts (other than those that contain Purchased Participation Receivables, Participation Interests or Asset Based Receivables unless the Modified Rating Agency Condition has been satisfied) to be included as Accounts and transfer to the Trust the Receivables (and the Collateral Security) of such Additional Accounts.
Servicer will not institute legal proceedings for collection against a Portfolio Company in respect of a Portfolio Loan, or consent to such action in respect of a Purchased Participation unless Servicer has determined, in its commercially reasonable judgment, that to do so is reasonably expected to enhance the likelihood of maximizing the amount recoverable in respect of such Portfolio Loan or Purchased Participation.

More Definitions of Purchased Participation

Purchased Participation means an obligation of a Person arising from an asset-based loan, advance, or other extension of credit to such Person (i) in which Borrower holds a participation or (ii) with respect to which Borrower is a co-lender but not an agent.

Purchased Participation means an undivided participation interest in a Note Receivable, purchased by any Borrower from a Person pursuant to a Participation Agreement, to be approved by Secured Party in its sole discretion.