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Solving Issues of Default Under Syndicated Loan Transactions: A Detailed Legal Analysis

This paper seeks to dissect the fundamental principles of syndicated loan agreements, analyse various legal problems and complications dwelling more on compliances clauses and lender’s default. Clauses are always of immense significance as far as loan transfers and agreements are concerned. They play huge parts, not only in every loan agreement, but also in other areas of international finance, for example in the issuance of various debt securities such as Eurobonds and medium term notes controlled by the rules of international finance. Although negative pledge and clauses are widely used, their applications are not without difficulties. In past years, there have been some controversies about which undertakings by the borrower are prohibited, the scope of the prohibition and what kind of remedies are available to the lender in case of a default or breach, and this will be the threshold of this essay, bordering largely on lender’s default and the mode of creating a preventive mechanism to discourage such default. Thus, questions and further controversies arise on rights and remedies available to the borrower, where a lender default, or breaches the syndicated loan agreement will also be discussed.In most cases, there is a tendency to draft agreements in such a way that the borrower is put in a fix, and bind so hard by the tenets of the agreements, all because he is the "borrower". Therefore, it can be rightly argued that the ingenuity of debtors when it comes to raising secured finance in adverse financial conditions might have affected the ways which the agreements are drafted and how clauses are inserted. Thus, a rigid and complex negative pledge clause is often the preferred alternative as to a clause which eventually turns out to be inadequate when it comes to protecting the interests of the lender, but what are the rights of a borrower when a lender defaults, in what circumstances can a lender default or breach the express term of the agreement this will be looked at later but before then it important to consider the historical overview of syndicated loan agreements globally.