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Participations
Participations contract clause examples

Participations. Any Lender may at any time, without the consent of, or notice to, the Borrowers or the Administrative Agent, the Sustainability Structuring Agent or each L/C Issuer, sell participations to any Person (other than a natural person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person, a Defaulting Lender, any Borrower or any of the Borrowers’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations) owing to it); provided that # such Lender’s obligations under this Agreement shall remain unchanged, # such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, # the Borrowers, the Administrative Agent, the Sustainability Structuring Agent, the Lenders and the L/C Issuers shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement, and # such participations shall not be less than $10,000,000 (other than participations to such Lender’s Affiliates which may be for any amount). For the avoidance of doubt, each Lender shall be responsible for the indemnity under [Section 10.04(c)] without regard to the existence of any participation.

CONFORMED CREDIT AGREEMENT
Source: SEC EDGAR database • Date: January 25, 2024 • SIC: 6798 • CIK: 6798

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