Читать книгу Alternative Investments 2.0 - Группа авторов - Страница 51

Being the lender of record (e.g., through co-investments or managed accounts) further strengthens the position of investors. The lender of record owns the loan, has a direct relationship with the borrower, and reserves the right to enforce, settle, compromise, amend the loan, or sell a participation. Participants, on the other hand, have no direct rights under the loan agreement; they can neither enforce the loan nor proceed against the collateral. In most instances, the borrower does not even know the participant exists.[11] The ability to control and drive negotiations with underperforming companies determines the final recovery.