When a Loan is co-funded by several Lenders. This is more typical in the Development Finance and Commercial Mortgage sectors, where loans can be much larger. There will normally be a Lead Lender, that will be in charge of documentation and underwriting and they will invite other banks to fund alongside them. Ordinarily the loan will be executed as one charge on a Pari Passus basis with each lenders interest noted, rather than through Sub-Participation.