sub-participation

sub-participation
Where a lender contracts with the sub-participant to grant rights over, or an interest in, the lender's interest in a loan. It involves the creation of new rights and obligations, rather than the transfer of existing rights, but the rights and obligations are owed by and to the lender, not the borrower as the sub-participant does not become a party to the loan agreement. There are two types:
• A funded participation where participating banks lend a proportion of the loan to the principal bank. Interest and capital repayments are made by the principal bank only when it receives them from the borrower.
• A risk participation is where participating banks guarantee a proportion of the loan for a fee.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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