In one sentence
The contract governing a participation, defining each party's share, rights, payment mechanics, and the lead's servicing duties.
The longer version
This agreement is the participant's rulebook: ownership percentage, payment waterfall, voting and consent rights, and what the lead must do and share. Participants rely on it entirely, since they have no direct borrower relationship.
The document flow the agreement requires, diligence package at closing, reporting forever after, is the operational heart of participated lending.
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