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FEDERAL LAW OF THE RUSSIAN FEDERATION

of December 31, 2017 No. 486-FZ

About syndicated loan (loan) and modification of separate legal acts of the Russian Federation

Accepted by the State Duma on December 20, 2017

Approved by the Federation Council on December 26, 2017

Article 1. The relations regulated by this Federal Law

1. This Federal Law governs the relations arising in connection with provision to the borrower of loan or credit by several lessors (creditors) acting jointly and also the relations between the specified lessors (creditors) (further - creditors).

2. In the part which is not settled by this Federal Law to the relations specified regarding 1 this Article are subject to application of provision of the Civil code of the Russian Federation and other Federal Laws.

Article 2. General provisions about the agreement of syndicated loan (loan)

1. Under the agreement of syndicated loan (loan) several creditors (further - syndicate of creditors) shall provide or provide in coordination with each other in property of the borrower money in the amount of and the terms provided by the agreement for each creditor, and the borrower shall return to creditors the money received from them, pay interest for using money, and also other payments if the obligation of their payment is provided by the agreement.

2. The legal entity or the individual entrepreneur can be the borrower under the agreement of syndicated loan (loan).

3. Can be creditors under the agreement of syndicated loan (loan) (members of syndicate of creditors):

1) credit institutions, "Development Bank and Foreign Economic Activity (Vnesheconombank)" state corporation;

2) foreign banks, international financial institutions, and also foreign legal entities who according to the personal law have the right to sign credit agreements;

3) non-state pension funds, managing companies of investment fund, mutual investment fund and non-state pension fund, specialized depositaries of investment fund, mutual investment fund and non-state pension fund;

4) other Russian legal entities in the cases provided by the Federal Law.

4. If the agreement of syndicated loan (loan) establishes in addition to the obligations of the parties specified regarding 1 this Article also other obligations of the borrower in relation to one or several creditors, the obligations of one of creditors in relation to other creditors connected with the agreement of syndicated loan (loan) or other obligations of agreement parties of syndicated loan (loan) (on management of pledge, on the organization of loan granting (loan) and others), to such agreement in the part which is not settled by this Federal Law are subject to application of provision of Item 3 of Article 421 of the Civil code of the Russian Federation. The agreement of syndicated loan (loan) shall provide condition about procedure for adoption by creditors of decisions and execution of obligations by them concerning the borrower and other persons in connection with provision to the borrower of syndicated loan (loan), its servicing and return (the intercreditor agreement), at the same time such condition does not create obligations for the borrower.

5. The agreement of syndicated loan (loan) can be signed after the borrower signed the agreement of the credit (loan) with one or several future members of syndicate of creditors. In that case the agreement of syndicated loan (loan) changes earlier accrued obligations of specified persons if the list of participants of earlier accrued obligations and structure of agreement parties of syndicated loan (loan) completely match, at the same time the agreement of syndicated loan (loan) can provide the termination or change of the agreement of management of pledge, agreements on procedure for satisfaction of requirements of creditors to the borrower or other agreement connected with obligations of the borrower.

6. The agreement of syndicated loan (loan) signed between the borrower and members of syndicate of creditors (initial members of syndicate of creditors) can provide possibility of accession to it of persons (new members of syndicate of creditors) specified in part 3 of this Article concerning which the agreement of syndicated loan (loan) is effective from the moment of joining of new members of syndicate of creditors to the agreement in the procedure provided by it. If other is not provided by the agreement of syndicated loan (loan), in case of accession to the agreement of new members of syndicate of creditors of the obligation of initial members of syndicate of creditors and the borrower do not change.

7. The agreement of syndicated loan (loan) shall be signed in writing. Non-compliance with form of the agreement of syndicated loan (loan) attracts its negligibility.

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