Although Article 710 of the Corporate Law of Japan (Article 311-2 of the Commercial Code) stipulates the responsibilities of the commissioned companies 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. The validity of the exemption clause becomes an issue. Next, in regards to agent banks, a conflict of interest occurs when agent banks share a transactional relationship with the borrower. 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. 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.
In syndicate loans, creditors/lenders can be split into two categories: arranger and agents, and general lenders i.e. 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).
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