1. The commitment or investment in a loan.
2. [US] A financing arrangement that involves the true sale of an undivided interest in a loan to the participants by its originator and lender of record (grantor).
3. [UK] A nonrecourse back-to-back financing arrangement between the lender of record (grantor) and the participants, where the participants have only a contractual right against the grantor for the funding ("deposit").