New Hampshire Participating or Participation Loan Agreement in Connection with Secured Loan Agreement

State:
Multi-State
Control #:
US-00045DR
Format:
Word; 
Rich Text
Instant download

Description

Participation loans are loans made by multiple lenders to a single borrower. Several banks, for example, might chip in to fund one extremely large loan, with one of the banks taking the role of the "lead bank." This lending institution then recruits other banks to participate and share the risks and profits. The lead bank typically originates the loan, takes responsibility for the loan servicing of the participation loan, organizes and manages the participation, and deals directly with the borrower.

Participations in the loan are sold by the lead bank to other banks. A separate contract called a loan participation agreement is structured and agreed among the banks. Loan participations can either be made with equal risk sharing for all loan participants, or on a senior/subordinated basis, where the senior lender is paid first and the subordinate loan participation paid only if there is sufficient funds left over to make the payments.

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FAQ

In a secured loan, the lender has a legal claim against a borrower's assets. If the borrower defaults, the lender can convert the assets to cash to be repaid. The assets in a secured loan are referred to as collateral. Different types of loans are typically secured by different types of assets.

The principal purpose of a participation loan is to reduce the lender's risk of default, while the borrower benefits as a result of increased purchasing power.

Typically, promissory notes are securities. They must be registered with the SEC, a state securities regulator, or be exempt from registration.

A security agreement is a document that provides a lender a security interest in a specified asset or property that is pledged as collateral. Security agreements often contain covenants that outline provisions for the advancement of funds, a repayment schedule, or insurance requirements.

Generally, participation agreements involve one or more participants who purchase an interest in the underlying loan, but a single lender, the lead lender, retains control over the loan and manages the relationship with the borrower.

Loan participations or syndications that are deemed to be securities must be sold through a registered broker-dealer. enterprise, with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.

3 1 Not all loan participation agreements qualify as securities under the judicially devised tests for notes and investment contracts, but under certain circum- stances, loan participation agreements are securities.

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New Hampshire Participating or Participation Loan Agreement in Connection with Secured Loan Agreement