CERTIFICATE OF PARTICIPATION (COP) – An instrument evidencing a pro rata share in a specific pledged revenue stream, usually lease payments by the issuer that are subject to annual appropriation.  The certificate generally entitles the holder to receive a share, or participation, in the lease payments from a particular project.  The lease payments are passed through the lessor to the certificate holders.  The lessor typically assigns the lease and lease payments to a trustee, which then distributes the lease payments to the certificate holders.  Compare:  LEASE RENTAL BOND.  See:  ABATEMENT CLAUSE; NON-APPROPRIATION CLAUSE.