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Journal of Foreign Legislation and Comparative Law
Reference:

Gravin D. I. Syndicated Loans under English Law

Abstract: This article deals with legal nature of syndicated loans governed by English law, it sets out their main characteristics such as granting the loans on similar terms and independence of the loans made, making payments through the facility agent. The article pays particular attention to equality of the syndicate members as one of the most important principle of syndicated lending. Herein it is analysed the role of various agents of such lending, including the arranging bank, facility agent, agent of the export credit agencies, security agent. Besides, it deals with the issues relating to mandatory creditors, their role in taking the most important decisions on the borrower, it analyses a principle of “syndicate democracy”. The article also considers different type of syndicated lending, their advantages and disadvantages. Finally, the article relates to the structure of so called “parallel debt” mostly used in the jurisdiction of continental law. It also compares the syndicated loans governed by English law and such loans subject to Russian law.


Keywords:

syndicated loans, English law, loan agreement, bank-arranger, security agent, parallel debt, inter-creditors agreement, participants of a syndicate, majority lenders, democracy of the syndicate.


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