信贷融资合同英文档格式.docx
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信贷融资合同英文档格式.docx
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Finance–DraftingConsiderations
Chapter
Finance
Language
ThisdocumentwasoriginallydraftedinChinese.
Disclaimer
Whilereasonablecareistakentoensuretheaccuracyandcompletenessofthepublication,TheChapterEditormakesanyrepresentationsorwarranties,expressorimplied,thatthepublicationisfreefromerrorsoromissions.ThisdocumentisbasedupontheEditor’sexperienceonly,andshouldbeusedforgeneralreferencepurposesonly.Specificanddetailedprofessionaladviceshouldalwaysbeobtainedinrelationtoanyproposedlegalagreement.Thisdocumentshouldnotberelieduponasasubstituteforlegalorotherprofessionaladvice.
DocumentNumber
CC01
ReleaseNumberandDate
Release3December2008
creditaNDfinance–draftingconsiderations
1.introduction
Thischapterisconcernedwithavarietyofaspectsofborrowingandlendingandincludesarangeofdocumentationfrombasiclendercommitmentstosecurityandguarantees.WiththeexceptionofDocument4“LoanAgreement–ShortForm”(whichdoesnotcontainstandardrepresentationsandwarrantiesandperformancecovenants)andDocument7“ComfortLetter”,thedocumentsarepreparedfromtheperspectiveofprotectionandpreservationoftherightsofthelenderandnotoftheborrower.
ThedocumentationmaybemodifiedforuseinconnectionwithdirectforeigncurrencyloansorforeignexchangeloansinthePRC.WherePRClawappliestothetransaction,specificregardshouldbehadtothevariouslegislationinChinarelatingtoborrowingandlending.
2.Relevantlegislationandregulations
InenteringintoanycontractsinthePRC,thepartiesshould,ofcourse,haveregardtotermsoftheContractLawofthePeople’sRepublicofChina.OfparticularsignificanceinthePRCContractLawisArticle12,whichpermitsthecontentofacontracttobedetermined,forthemostpart,bythepartiestoit.AlsosignificantisArticle126,whichprovidesthatpartiestoa“foreign-relatedcontract”maychoosethoselawsapplicabletothesettlementofcontactdisputesarisingfromthecontractunlessotherwisestipulatedbylaw.Importantly,however,Article123affirmstheprinciplethatwhereotherPRClawsstipulateotherwiseoncontracts,theprovisionsofthoselawsshallprevail.
Accordingly,itisimportanttoconsiderallPRClegislationpossiblyimpactingontheinstrumentinquestiontoensurethatformand,whereapplicable,registrationrequirements,ofthelawhavebeencompliedwith.
Inthefollowingdocumentdescriptions,thefollowinglegislationisdiscussedandemphasised:
∙TheContractLawofthePeople’sRepublicofChina(adoptedattheSecondSessionoftheNinthNationalPeople’sCongresson15March1999)–the“ContractLaw”;
∙TheCommercialBankingLawofthePeople’sRepublicofChina,1995(adoptedattheThirteenthSessionoftheStandingCommitteeoftheEightNationalPeople’sCongresson10May1995;
promulgatedbyOrderNo.47on10May1995)–the“BankingLaw”;
and
∙ThePRCSecurityLaw(adoptedattheFourteenthSessionoftheStandingCommitteeoftheEighthNationalPeople’sCongressandpromulgatedon30June1995;
effectiveasof1October1995)–the“SecurityLaw”.
Ofthislegislation,thePRCSecurityLawinparticularhaspavedthewayforavarietyofdifferentformsoflendinginstrumentsbywhichfinancialinstitutionscansecuremoniesowingtothemandmanagetheattendantrisksinconnectionwithloansgrantedbythem.
Youshouldalsobeawareofthe“ForeignDebtAdministrationTentativeProcedures”whichcameintoeffecton1March2003.Theseprovideageneralcodewithrespecttoforeignborrowingincludingbybothsovereignandnon-sovereignentities.Theproceduresincludeguidelinesconcerninghowgenerallyforeignfundingistobeusedincluding,atArticle23,astatementthatforeigndebtfundsaretobeusedmainlyforeconomicdevelopmentandstructureadjustmentsofthebalanceofforeigndebts.Alsoimportantly,Article40providesthatwhereadomesticinstitutionthatborrowsforeignfundsorhasprovidedexternalsecurityforitfailstoobtaintherequiredapprovals,anyexternallendingcontractorsecuritycontractexecutedisdeemednottohaveanylegalbindingeffect.
Finally,acautionarynote.ThetypesoffinancingfacilitiesavailableandlawandregulationrelatingtothemareconstantlyexpandingandbeingrevisedinthePRC.Accordingly,practitionersshouldbeawareofandconcernthemselveswithanychangesinsuchlawsastheyoccur.
3.documentintroductions
Themodelcontractsinthechapteraredescribedbelow.Includedforthemoresubstantialcontractsisadiscussionofthefactpattern,assumptionsandkeyprovisionsofthecontracts.
3.1CommitmentLetter–AdditionalFacility(CC02)
Thisprecedentcommitmentletterandaccompanyingtermsheetcontemplatesprovisionofanadditionalloanfacility,specificallyanon-revolvingcreditfacility,pursuanttoanexistingloancontract.
Theprecedentcanbemodifiedforuseforanumberofcurrenciesandforanumberofpurposes.Includedinthetermsheetisprovisionforbankers’acceptancesanddocumentarycreditswhicharediscussedingreaterdetailunderthedocumentdescriptionforItem5“LoanAgreement–LongForm”.
3.2CommitmentLetter–LongForm(CC03)
Thisprecedentcontemplatesfundingforanacquisitionfinancingandoffersarangeoffacilities,specificallyanunspecifiedcurrencyloanfacilityandU.S.Dollartermloanfacility,combinedwithanacquisitionofanequityinterestintheborrower,asmayoccurwithmanysubstantialprojectloans.Thecommitmentletteralsocontemplatesanumberofco-arrangers.
Thecovenantscontainedinthiscommitmentaresophisticatedandunlikelytosuiteverycircumstance,eveninthecontextofa“standard”projectloan.Inaddition,certainrestrictionsrelatedtothegrantingofsuchloansbyforeignpartiesmayapply.ThesearemorefullyspelledoutinthedocumentdescriptionsforItem4“LoanAgreement–ShortForm”andItem5“LoanAgreement–LongForm”below.
3.3LoanAgreement&
PromissoryNote–ShortForm(CC04)
Thissimpleformofloanagreementisrepresentativeofthoseoften-usedinlendingtransactionsinChina.ItcontemplatesabasicformoftermloandenominatedinU.S.Dollars.Theagreementmaybesignificantlydeficientfromalender’spointofviewasitlacksrepresentationsandwarrantiesandperformancecovenantsotherthandefaultfromnon-payment.
UnderPRClaw,thepartiesmusthaveregardfortheBankingLaw,whichintroducessomeformrequirementsintolendingtransactions.Specifically,underArticle37oftheBankingLaw,commercialbanksinmakingloansarerequiredtoenterintowrittenlendingcontracts.Suchcontractsmuststipulatethetype,purpose,amountandinterestrateoftheloan,anyrepaymentterms,themethodofrepayment,liabilityforbreachofcontractandothermattersdeemednecessarybytheparties.Outsideoftheambitoftheseformalrequirements,thepartiesareallowedagreatdealofleewayintheircontracts.Asregardsinterest,however,theyshouldhaveregardtoArticle38oftheBankingLawwhichstipulatesthatbanksmaydetermineloaninterestrateswithinupperandlowerlimitsspecifiedbythePeople’sBankofChina(the“PBOC”).TheProvisionalRegulationsonInterestRateControlpromulgatedon11December1990bythePBOCgivethebankawidescopeindeterminingsuchratesfromtimetotime,includingpenaltyinterestrates.
InadditiontotheformrequirementsprovidedintheBankingLaw,foreignexchangeloansaresubjecttocertainadditionalforeigndebtregistrationrequirementswhichare,forthemostpart,containedinthe“TentativeProvisionsoftheStateAdministrationofForeignExchange’s(SAFE)MonitoringofForeignDebtsStatistics”(the“DebtRegistrationRegulations”)andtheForeignExchangeControlRegulations.
UndertheDebtRegistrationRegulationsandtheirImplementationRules,banksareprohibitedfromopeningaforeignexchangeaccountordebtservicingaccountforaborrowerunlessthatborrowerhasobtainedaForeignDebtRegistrationCertificate.Intheabsenceofsuchcertificate,nopaymentsofprincipalorinterestcanberemittedabroad.
SAFEhasissuedanopinionontheimplementationofitsguidelinesandcircularsrelatingtoregistration(OpiniononTheImplementationofthe“FurtherStrengtheningtheMonitoringofForeignDebtsStatisticsCircular”).ThisopinionprovidesspecificrulesrelatingtotherequirementsforChineselanguageversionsofloancontractsandalsoprovidesthataloanagreementsubjecttoforeigndebtregistrationmustcontainthefollowingprovision:
“Afterthesigningofthe[loan]agreement,theborrowershallundertakeforeigndebtregistrationproceduresattheSAFEinaccordancewiththerequirementsunderArticle24ofChapter3ofthePRCForeignExchangeControlRegulationspromulgatedon29January1996.TheregistrationdocumentissuedbySAFEshallbeoneoftheessentiallegaldocumentsfortheloanagreement.”
3.4LoanAgreement–LongForm(CC05)
Inconsideringthisprecedent,inadditiontothespecificsrelatingtothesubjectlendingtransaction,youshouldconsidertheformandregistrationrequirementsregardingforeignexchangeloansdiscussedinthedocumentdescriptionforItem4“LoanAgreement–ShortForm”.NotallofthefacilitiescontemplatedheremaybeavailableinapurelyPRC-basedloan.
ThisagreementisdraftedfromaLender’sperspective.TheBorrowerhasthreedifferentmethodsforobtainingcreditunderthesefacilities:
(i)loanadvances,(ii)bankers’acceptances,and(iii)documentarycredits.TheBorroweragreestogivetheLendersecurityove
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