ASSIGNMENT AND SUB-PARTICIPATION AGREEMENTS - A BASIC OVERVIEW
AbstractAssignments or subparticipation agreements with respect to loans are today standard transactions between banks. The author therefore thought it would be useful to analyse various legal aspects of these types of transactions, including some of the terms and conditions usually included in them. The first part of the article examines assignment and subparticipation agreements in light of the purposes being pursued by the parties and of the recourse available to an assignee or a sub-participant against the borrower. The second part of the article is devoted to a detailed analysis of the terms and conditions which are usually found in any assignment or sub-participation agreements. Finally, the article concludes with a short discussion of the legal nature of sub-participation agreements based on some recent decisions in the United States.
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