• Search Research Projects
  • Search Researchers
  • How to Use
  1. Back to previous page

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

Research Project

Project/Area Number 16330010
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field International law
Research InstitutionOsaka University

Principal Investigator

NOMURA Yoshiaki  Osaka University, Osaka School of International Public Policy, Professor, 大学院国際公共政策研究科, 教授 (20144420)

Co-Investigator(Kenkyū-buntansha) MORISHITA Tetsuo  Sophia University, Graduate school of Law, Assistant professor, 法学研究科, 助教授 (80317502)
KUBOTA Takashi  Waseda University, school of law, Professor, 大学院法務研究科, 教授 (50311709)
KOZUKA Souichiro  Sophia University, Graduate school of Law, Professor, 法学研究科, 教授 (30242085)
DOGAUCHI Hiroto  University of Tokyo, Graduate schools of Law and Politics, Professor, 大学院法学政治学研究科, 教授 (40155619)
TAZAWA Motoaki  Meijyo University, Faculty of Law, Professor, 法学部, 教授 (20281751)
Project Period (FY) 2004 – 2006
Project Status Completed (Fiscal Year 2006)
Budget Amount *help
¥13,000,000 (Direct Cost: ¥13,000,000)
Fiscal Year 2006: ¥3,300,000 (Direct Cost: ¥3,300,000)
Fiscal Year 2005: ¥4,000,000 (Direct Cost: ¥4,000,000)
Fiscal Year 2004: ¥5,700,000 (Direct Cost: ¥5,700,000)
KeywordsInternational Finance / Financial Contract / Syndicated Loan / Contract Law / Trust / Mandatory Rules / Applicable Law / International Private Law / 信託法理 / 国際的貸付契約 / リボルビング・クレジット・ファシリティ / アレンジャー / エージェント / 利益相反 / 契約条項
Research Abstract

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

Report

(4 results)
  • 2006 Annual Research Report   Final Research Report Summary
  • 2005 Annual Research Report
  • 2004 Annual Research Report
  • Research Products

    (25 results)

All 2007 2006 2005 2004

All Journal Article (23 results) Book (2 results)

  • [Journal Article] わが国におけるシンジケートローン取引といわゆるメインバンク・システム□□貸し手間の法律関係を考える前提としてーー2007

    • Author(s)
      小塚 荘一郎
    • Journal Title

      上智法学論集 50巻3号

      Pages: 1-18

    • NAID

      120005884705

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] わが国におけるシンジケートローン取引といわゆるメインバンク・システム□□貸し手間の法律関係を考える前提として--2007

    • Author(s)
      小塚 荘一郎
    • Journal Title

      上智法学論集 50巻3号

      Pages: 1-18

    • NAID

      120005884705

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 国際商事仲裁の準拠法2007

    • Author(s)
      長田 真里
    • Journal Title

      JCAジャーナル 1月号

      Pages: 100-105

    • Related Report
      2006 Annual Research Report
  • [Journal Article] EU法と国際私法との相互作用の枠組(2)2007

    • Author(s)
      マーク・ファロン著, 長田真里全訳
    • Journal Title

      阪大法学 56巻5号

      Pages: 167-187

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 善管注意義務をめぐって2006

    • Author(s)
      道垣内 弘人
    • Journal Title

      法学教室 305号

      Pages: 37-44

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary 2005 Annual Research Report
  • [Journal Article] 英国消費者信用法の域外適用とEU域内市場2006

    • Author(s)
      野村 美明
    • Journal Title

      クレジット研究 第37号

      Pages: 117-134

    • NAID

      40015269598

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Annual Research Report 2006 Final Research Report Summary
  • [Journal Article] ブラッセルズ条約・規則とイングランド流解釈-制度的一貫性と個別事件における妥当性の緊張関係2006

    • Author(s)
      高橋 宏司
    • Journal Title

      同志社法学 314号

      Pages: 383-453

    • Related Report
      2006 Annual Research Report
  • [Journal Article] A Major Reform of Japanese Private International Law2006

    • Author(s)
      Koji Takahashi
    • Journal Title

      Journal of Private International Law NO. 2

      Pages: 311-338

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 船荷証券に対する除権決定の国際裁判管轄2006

    • Author(s)
      佐野 寛
    • Journal Title

      ジュリスト平成17年度重要判例解説 1313号

      Pages: 312-314

    • Related Report
      2006 Annual Research Report
  • [Journal Article] EU法と国際私法との相互作用の枠組(1)2006

    • Author(s)
      マーク・ファロン著, 長田真里全訳
    • Journal Title

      阪大法学 56巻4号

      Pages: 169-185

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 中国におけるアンチダンピング制度の運用-政策目的とその検討-2006

    • Author(s)
      黄ジンテイ
    • Journal Title

      帝塚山法学 12号

      Pages: 1-23

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 高性能コピー、電子的書類呈示の時代における信用状呈示書類の『原本性』2005

    • Author(s)
      高橋宏司
    • Journal Title

      国際商取引学会年報

      Pages: 166-176

    • Related Report
      2005 Annual Research Report
  • [Journal Article] CIF・C&F契約における多様な運送リスクの移転時期2005

    • Author(s)
      高橋宏司
    • Journal Title

      海事法研究会誌 12月号

      Pages: 2-13

    • Related Report
      2005 Annual Research Report
  • [Journal Article] 国際私法の現代化に関する要綱案について2005

    • Author(s)
      野村美明
    • Journal Title

      判例タイムズ 1186号

      Pages: 60-74

    • NAID

      40006892980

    • Related Report
      2005 Annual Research Report
  • [Journal Article] 国際シンポジウム報告 日中取引における法規制の現状と将来-企業進出に関する法制度を中心に-2005

    • Author(s)
      佐野 寛
    • Journal Title

      岡山大学法学会雑誌 55巻1号

      Pages: 119-120

    • Related Report
      2005 Annual Research Report
  • [Journal Article] 預金の帰属をめぐる諸問題2005

    • Author(s)
      森下哲朗, 岩原紳作
    • Journal Title

      金融法務事情 1746号

      Pages: 24-24

    • Related Report
      2005 Annual Research Report
  • [Journal Article] 当事者自治(1)預金契約2004

    • Author(s)
      佐野 寛
    • Journal Title

      国際私法判例百選(別冊ジュリスト) 172号

      Pages: 48-49

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary 2004 Annual Research Report
  • [Journal Article] Original Documents in Letters of Credit in the Era of High-Quality Photocopiers and Printers2004

    • Author(s)
      高橋宏司
    • Journal Title

      Banking Law Journal 121

      Pages: 613-626

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Original Documents in Letters of Credit in the Era of High-Quality Photocopiers and Printers2004

    • Author(s)
      Koji Takahashi
    • Journal Title

      Banking Law Journal 121

      Pages: 613-626

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 近時の商法改正について-有価証券のペーパーレス化と株券不発行制度-2004

    • Author(s)
      田澤 元章
    • Journal Title

      中日民商法研究 第2巻

      Pages: 493-504

    • Related Report
      2004 Annual Research Report
  • [Journal Article] 日本における電子商取引と消費者保護2004

    • Author(s)
      田澤 元章
    • Journal Title

      中日民商法研究 第2巻

      Pages: 517-533

    • Related Report
      2004 Annual Research Report
  • [Journal Article] 電子株主総会について2004

    • Author(s)
      田澤 元章
    • Journal Title

      名城法学 54巻1=2合併号

      Pages: 309-353

    • NAID

      40006540195

    • Related Report
      2004 Annual Research Report
  • [Journal Article] Original Documents in Letters of Credit in the Era of High-Quality Photocopiers and Printers2004

    • Author(s)
      Koji Takahashi(高橋宏司)
    • Journal Title

      Banking Law Journal 2004

      Pages: 613-626

    • Related Report
      2004 Annual Research Report
  • [Book] 国際取引法〔第3版〕2006

    • Author(s)
      山田 鐐一, 佐野 寛
    • Total Pages
      337
    • Publisher
      有斐閣
    • Related Report
      2006 Annual Research Report
  • [Book] 商事法務2006

    • Author(s)
      長田真里(共著), 石田眞得編著
    • Publisher
      サーベンス・オクスレー法概説
    • Related Report
      2006 Annual Research Report

URL: 

Published: 2004-04-01   Modified: 2016-04-21  

Information User Guide FAQ News Terms of Use Attribution of KAKENHI

Powered by NII kakenhi