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Participation loans involve multiple lenders providing funds to a single borrower, typically for large loans. One bank acts as the lead lender, responsible for originating the loan, servicing it, and managing the participation process while coordinating with other banks that share the risks and profits. The lead bank sells participation interests to these banks through a loan participation agreement. Participation can occur on a pari passu basis, meaning equal risk sharing, or on a senior subordinated basis where the senior lender is paid first, and subordinate lenders receive payment only if there are sufficient funds remaining.