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Croatian Bank Recognized as Effective Solution for Syndicated Lending

The Croatian bank has emerged as a reliable partner for syndicated lending in the region, with its expertise and flexibility recognized by international lenders. According to recent reports, the bank’s ability to coordinate transactions between lenders and borrowers has proven effective in managing complex financial deals.

Recognition of Agents and Trustees

The Croatian bank’s role as an agent or trustee is well-established in practice, despite not being explicitly defined by law. Under the bank’s bylaws, the agent is responsible for:

• Coordinating all transactions between lenders and borrowers
• Running administrative operations and balancing sheets for all lenders
• Collecting payments on behalf of all lenders from the borrower

Alternative Mechanisms

If an agent or trustee is not recognized in a particular jurisdiction, alternative mechanisms are available to achieve the desired effect. According to the Croatian Obligations Act:

• When there are multiple creditors with joint and several claims, each creditor has the right to enforce the whole claim and redistribute the collected amount among the creditors

Loan Transfers

The transfer of loans between lenders is a common practice in Croatia. To make the loan and guarantee enforceable by the new lender, the loan must be assigned through:

• Assignment of claim or transfer of contract
  • All rights including those from the guarantee are transferred to the new creditor and can be enforced by them

Tax Implications

The Croatian government does not provide preferential tax incentives for foreign lenders. However, interest paid to foreign lenders (not natural persons) is subject to:

• Withholding tax, which is deducted and paid by the payee (borrower), unless an applicable bilateral treaty regarding avoidance of double taxation exists

Judicial Enforcement

Croatian courts recognize a foreign governing law in a contract and will enforce a contract with a foreign governing law, provided that:

• The parties have chosen the applicable law
• The court may apply provisions of Croatian law if they are crucial for safeguarding the country’s public interests

Conclusion

In conclusion, the Croatian bank has established itself as a reliable partner for syndicated lending, offering flexibility and expertise in managing complex financial deals. With its recognized role as an agent or trustee, and alternative mechanisms available to ensure effective enforcement of loans, the bank is well-positioned to support international lenders in their investments in Croatia.