Section R331-12-2 - Definitions(1) "Participation" means the purchase or sale by a lender of a loan or part of a loan under circumstances in which the acquiring institution(a) has no formal or direct role in establishing the terms and conditions binding the borrower, or(b) is not a signatory of the loan agreement binding the borrower.(2) "Participation agreement" means an agreement between the lead financial institution and the participant financial institution spelling out in detail the terms, conditions, and understandings between the parties to a loan participation.(3) "Recourse" means an oral or written agreement whereby a selling institution of a loan or participation in a loan agrees to repurchase in whole or in part upon request of the purchaser or the seller.Utah Admin. Code R331-12-2