par·tic·i·pa·tion n
1: the action or state of taking part in something: as
a: association with others in a relationship (as a partnership) or an enterprise usu. on a formal basis with specified rights and obligations
a loan made directly or in participation with a bank
2 a: something in which shares are taken by more than one party
b: something that results in a share (as of a distribution)

Merriam-Webster’s Dictionary of Law. . 1996.

An arrangement whereby one party transfers an interest in its rights under a contract with a third party to another party (the participant); however, there is no direct contractual relationship or privity between the participant and the third party. This is a typical arrangement in a bank loan financing.
For further information, see Practice Note: Assignments and Participations of Loans (

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

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