Under the under-participation agreement, the parties agree that the existing lender will only make payments to the sub-participant if it has received corresponding amounts from the borrower under the loan agreement, i.e., as part of a partial capitalized stake, the existing lender determines the amount of the loan in which it wants to participate and then receives a payment from a new lender. The lender making the deposit is referred to as a „sub-participant.“ Because of the structure of the AML (i) participation agreement of the participants, no direct party to the credit agreement that governs the underlying loan, (ii) the Grantor does not transfer or transfer to the participant any rights or obligations under the credit documentation, and (iii) the participant has no interest in the ownership of the loan or credit documentation. The participant therefore has only a contractual relationship with the lender and has no direct rights to the underlying borrower. In the event of the lender`s insolvency, the participant therefore has only the right, if there is no agreement to the contrary, to demand, as an unsecured creditor, in the event of the lender`s insolvency, unpaid amounts earned under the participation contract. This structure is very different from the form of „true sale“ participation agreements used in the U.S. market. For most LMA sub-participations, each party can request an increase. Parties are required to „make reasonable commercial efforts to, as soon as possible, ensure that the sub-participant (or any other person who may sanitize as a sub-participant) becomes a lender after the credit documentation.“ The transfer of the loan to the participant is subject to the provisions of the credit documentation and applicable law. Under-participation agreements that allow for an increase generally provide that the existing partial participation agreement expires at the deadline for the increase — the date the agent designates as such according to the credit documentation. Today, global financial markets in crisis are once again focusing on counterparty credit risk, as was the case after the collapse of Lehman Brothers a decade ago. The European secondary credit market uses a standard „loan participation“ form to transfer borrowers` risk and the profitability of a loan to the secondary market.