borrowers and lenders. They are typically described as solely technical and owe no fiduciary. They hold no duty to advise and are not liable for negligence. Trustee Security will usually be held by a trustee, as is common within Bond issuances on behalf of the lenders. This makes taking security easier, since there is a single chargee which is unlikely to change through the duration of the loan (through the secondary market). In jurisdictions where the trust is not recognised, it is often addressed by parallel debt provisions stating that the amount outstanding is deemed to be owing to the security trustee but will be reduced by any amounts actually received by the syndicate members. Duty to enforce security under an event of default, or instruction by lenders valuation and described as solely technical. They are fiduciary for lenders but not necessarily all lenders. Trustee duties cannot be fully excluded, core of that is fiduciary. Some discretion and good faith is sufficient. Statutory regulation is not desired, as doing so will likely limit the number willing trustees. Sub-participation There are normally no express restrictions on sub-participations. Banks usually exclude the requirement for consent if there has been an event of default to enable the bank to sell a defaulted loan without consent from the borrower. Similarly the requirement for consent is often excluded if the assignment is to an affiliate of an existing lender. Bank which has been a loan and not been repaid holds an asset comprising the debt of the borrower. Lead bank to engage in such asset sales relate inter alia to over exposure, regulatory capital requirements, liquidity, and arbitrage. Assignments may be permitted to assignees who satisfy stipulated criteria or who are included on a list of permitted assignees (a so-called ‘white list’) or are not on a list of prohibited assignees (a ‘black list’). The borrower's liabilities are not to be increased as a result of an assignment or change of lending office: under the tax grossing-up or increased cost clauses. Syndicated credits generally contain a provision whereby a bank may novate its rights and obligations to another bank. The object of the novation is to ensure a transfer of obligations of the bank to lend; without this transfer releasing the original bank, the original bank may have a continuing credit exposure to the transferee bank if the transferee bank fails to make a new