Syndicated Loan Agreement Proz

– the question of the enforcement of the rights of a group of lenders in the loan agreement is not settled. In international practice, a lender has the possibility to realize its specific rights vis-à-vis a borrower only by taking into account the opinion of the majority of lenders. For example, the implementation of the right to require the execution of advance loan commitments or to take the decision to apply the pledge in the context of the insured loan. The unilateral realization of these rights as well as the unilateral refusal to perform obligations or the termination of the loan agreement are inadmissible. Other problems are solved by a qualified majority of all lenders. Such a decision is mandatory for all lenders. Nevertheless, the effective Civil Code of the Russian Federation does not provide for meetings of lenders and coordinated decisions; In our country, there has not been consistent documentation of syndicated loan agreements for a long time. Such a situation considerably complicates the use of this credit form, in particular for the purpose of financing innovation. One of the problems was the fact that the structuring of the agreement was done according to the rules of a specific bank. However, in the absence of a fully operational regulatory framework governing syndicated credit relationships, discussions on the legal nature of the syndicated credit agreement take place within the doctrine. Since 1 January 2013, the date on which Instruction of the Bank of Russia of 3 December 2012 No 139-I on supervisory quotas entered into force (hereinafter – Instruction No 139), (Instruction of the Bank of Russia, 2012), the syndicated credit institution has undergone a substantial change: a new definition of syndicated credit is defined and the provisions on syndicated credit types are excluded. – club loans and loans with the free change of creditors under the contract, fixed-term loans; In 2017, at the St. Petersburg International Economic Forum, President Vladimir Putin stressed the importance of the syndicated credit mechanism and the adoption of a law to tighten the rules for the creation of trade unions.

The same opinion is shared by the authors of the article. The Government of the Russian Federation has prepared a draft law that amends the regulation of syndicated credit transactions. The elimination of legal uncertainties should increase the availability of these loans while reducing risks for banks. The project introduces a number of new concepts, of which the “credit intermediary” will perform all the calculations for the provision and repayment of the loan, and the “guarantee manager” will manage the loan guarantees. The document describes the procedure for implementing the safeguards, the newspaper said. Payments from the bankruptcy estate should be made to the administrator, who will then distribute the funds received in accordance with the contractual relations of the creditors. At present, the Russian Federation does not have a single standard for syndicated loans. Such loans under Russian law are granted on the basis of individual contracts or Under English law whenever the consortium includes Western banks. Such a structure confirms the point of view of referring the syndicated credit agreement to the mixed contract, the elements of which are as follows: the loan agreement, the agency agreement and the agreement between the banks, which defines the procedure and the amount of the borrower`s financing (Article 309(1) of the Civil Code).

This conclusion is supported by judicial practice (The Arbitration Court decision, 2016). Large syndicated loans are particularly characteristic of enterprises in industries. . . .