Lead Manager. The party that organizes the potential lenders into a syndicate and arranges the details of the or any potential loan. In the context of securitization, the Lead Manager is the entity that underwrites and places the notes issued by the Issuer
This is the party which determines which potential lender (syndicate member) is going to lend which amount. When interest is paid this party applies the payments to the different lenders. Meanwhile the note is the means to trade this - it is an asset which evidences the obligation to pay someone (the holder of this particular document). Hence there is a secondary market in the Note, that is the piece of paper, which is the asset. If you sell the note, do you cease to be a syndicate member and the holder becomes one instead? No, syndicate membership is specific to the primary, creation of the instrument, in the same way as a bond issue takes place.
Whether the participation is freely negotiable, or has limited negotiability
Issues and Challenges
There are (separately) structures which allow you to buy into a syndicate. These are called "Participations".
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