"Collective Settlement and Applicable Law of Credit in International Finance Contracts"

在国际金融合同中集体结算信贷时，银团贷款（包括贷款分割）和公共债券合同（债券发行）都可能出现问题。在银团贷款中，债权人/贷款人可分为两类：承销商和代理人，以及一般贷款人，即一般金融机构。根据英国判例法，承销银行作为牵头银行，对银团贷款信贷的受让人负有受托责任。之所以在债券方面不能确认这些义务，是因为存在信息披露规定和证券法等法律的规定。其次，关于代理银行，当代理银行与借款人有交易关系时，就会发生利益冲突。免责条款的有效性成为一个问题。虽然日本《公司法》第710条（《商法典》第311-2条）规定了受托公司的责任， ...更多信息 对于债券持有人，需要比较代理人对其他贷款人的责任。关于集体解决信贷问题，对多数表决的限制成为一个问题。如果多数债权人善意行使职权，即使因合同变更而使少数债权人的利益受损，多数债权人行使职权也不会被视为不当。与不分割的贷款相比，分割贷款与借款人的关系变得复杂。特别是在借款人信息保密方面，向基金和承办企业披露信息成为违反说明义务的问题。这种关系还没有得到充分的研究。在日本，没有适用于银团贷款合同的合同范本。还需要进一步开展工作，在银团贷款标准化的基础上制定“示范合同”。考虑到与货币市场的关系，公司债券监管现状的可接受性也值得质疑。少

In the collective settlement of credit in international finance contracts, problems can arise in both syndicate loans (including loan partitions) and public bond contracts (bond issuance). In syndicate loans, creditors/lenders can be split into two categories: arranger and agents, and general lenders i.e. general financial institutions.According to UK case law, arranger banks are recognized to owe fiduciary duties as the leading bank to the assignees of syndicate loan credit. The reason why these duties cannot be recognized in regards to bonds is due to the existence of legal regulations such as information disclosure provisions and the Securities Law. Next, in regards to agent banks, a conflict of interest occurs when agent banks share a transactional relationship with the borrower. The validity of the exemption clause becomes an issue. Although Article 710 of the Corporate Law of Japan (Article 311-2 of the Commercial Code) stipulates the responsibilities of the commissioned companie … More s for bondholders, a comparison is needed in regards to the responsibilities towards other lenders of the agent.In regards to the collective settlement of credit, the limitation on majority vote becomes an issue. If the majority of creditors exercise their authority in good faith, then even if it results in a loss of profit to the minority due to a change in contract, this exercise of authority by the majority will not be considered inappropriate.Compared to a non-partitioned loan, when a loan is partitioned the relationship with the borrower becomes complex. Especially in regards to the confidentiality of the borrower's information, the disclosure of information to funds and undertaking enterprises becomes an issue in relation to the breach of the duty of explanation. This relationship has yet to be adequately examined.In Japan, there is no model contract that suits a syndicate loan contract. Further work is needed to develop a "Model Contract" based on the standardization of syndicate loans. Taking the relationship with the currency market into consideration, the acceptability of the present state of corporate bond regulations also needs to be questioned. Less