Common use of Participating Interest Clause in Contracts

Participating Interest. The Capital Provider shall have the unrestricted right at any time and from time to time, and without the consent of or notice of the Property Owner, to grant to one or more Capital Providers or other financial institutions (each, a “Participant”) participating interests in the Capital Provider’s rights and obligations hereunder. In the event of any such grant by the Capital Provider of a participating interest to a Participant, the Capital Provider shall remain responsible for the performance of its obligations hereunder and Property Owner and Program Administrator on behalf of Local Government will continue to deal solely and directly with the Capital Provider in connection with their respective rights and obligations hereunder unless otherwise directed by Capital Provider.

Participating Interest. The Capital Provider shall have the unrestricted right at any time and from time to time, and without the consent of or notice of the Property Owner, to grant to one or more Capital Providers or other financial institutions (each, a “Participant”) participating interests in the Capital Provider’s rights and obligations hereunder. In the event of any such grant by the Capital Provider of a participating interest to a Participant, the Capital Provider shall remain responsible for the performance of its obligations hereunder and Property Owner and Program Administrator on behalf of Local Government will continue to deal solely and directly with the Capital Provider in connection with their respective rights and obligations hereunder unless otherwise directed by Capital Provider.

Participating Interest. The Capital Provider shall have the unrestricted right at any time and from time to time, and without the consent of or notice of the to Property Owner, to grant to one or more Capital Providers or other financial institutions (each, a “Participant”) participating interests in the Capital Provider’s rights and obligations hereunder. In the event of any such grant by the Capital Provider of a participating interest to a Participant, the Capital Provider shall remain responsible for the performance of its obligations hereunder and Property Owner and Program Administrator on behalf of Local Government will continue to deal solely and directly with the Capital Provider in connection with their respective rights and obligations hereunder unless otherwise directed by Capital Provider.