The agreement should specify that (1) the participant has access to all the information necessary to decide on the purchase of an interest; 2. The participant independently verified all relevant documents that he had requested and that were held by the responsible bank; 3. the lead bank does not give assurances as to the viability or validity or applicability of the guarantees; and (4) the participant acknowledges that it did not rely on the jurisdiction bench to examine or assess the risks, but that the participant made its decision exclusively on the basis of its own independent assessment of the loan and the value and collateral status to secure the loan. The parties wish to enter into this agreement, in which each party can sell and each party can buy part of a qualifying loan from the other party. Loans sold can be loans concluded in the portfolio of a party or loans that will be taken out in the future. The seller, buyer and service of a given loan or loan shall be indicated in the instrument of participation set out in the Annex in the form of an Addendum « A ». The certificate of participation also defines all the economic conditions of the participation rate and identifies the loan, the guarantee (if any) and the identity of the borrower. The obligations and rights of the parties concerned are described in more detail in the attached general terms and conditions in the form of Addendum « B ». Indeed, the courts may duly render a summary judgment for breach of a participation agreement against a participating bank that does not comply with the standards of gross negligence applicable to the participation agreement.

While summary judgment proceedings are generally applied with caution in negligent actions, summary judgment is appropriate when the lead bank reports a lack of evidence based on the participant`s claims for infringement under a typical standard of gross negligence found in participation agreements. See Sperry Associates Federal Credit Union v. Space Coast, 877 F. Supp. 2d 1227 (M.D. Fla. 2012). In sperry, a participant brought an action against the Lead Bank for breach of the credit participation agreement, fraud, misrepresentation and demand fraud. Both parties requested a summary judgment. The clear terms of the participation agreement limited the lead bank`s liability to acts constituting « gross intent or negligence ».