The parties are usually composed of the borrower, the guarantor (if any), the investor (the lenders) and one or more banks that act as arrangers and sometimes act as primary lenders. The borrower will normally use a paying agent as an agent with respect to the borrower`s payment and information obligations. The paying agent is not a party to the bond loan agreement, but enters into a separate agreement with the borrower. 1 Most bond loans have a term of between five and ten years. One of the reasons for this is that debt loans with a term of more than ten years are subject to a legal right of appeal.2 It is precisely on the international market that the concept of debt instrument is often used synonymously with SSD, credit itself.3. The arranger (z.B. a bank) acts only as an intermediary between the investor and the borrower. In light of the growth of the market and the demand for a standard format, a credit market association has developed recommended models for bond loan agreements (the « LMA Debt Documents ») to provide a reasonable and balanced position for the interests of both lenders and borrowers. Bond loans are loans under German law that are structured in such a way as to create certain similarities with bonds. The documentation is based on an underlying credit agreement.
For each lender, a separate debt instrument is usually issued indicating that lender`s credit claim. As a rule, such a borrower certificate contains all the credit conditions. In addition, the loan agreement is accompanied by some form of transfer certificate and there is an agreed transfer mechanism, usually at very high amounts (e.g.B.