AGREEMENT AMONG AMERICAN.docx
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AGREEMENT AMONG AMERICAN.docx
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AGREEMENTAMONGAMERICAN
AGREEMENTAMONGAMERICAN,BRITISH,FRENCH,GERMAN,
JAPANESEANDRUSSIANBANKINGGROUPS,INREGARDTO
REORGANIZATIONLOAN
AnAgreementmadethe18thdayofJune1912BetweentheHONGKONG&SHANGHAIBANKINGCORPORATIONhavingitsofficeat31LombardStreetinthecityofLondon(hereinaftercalled“theHongKongBank”)ofthefirstpart,THEDEUTSCH-ASIATISCHEBANKhavingitsofficeat31UnterdenLinden,Berlin(hereinaftercalled“theGermanBank”)ofthesecondpart,THEBANQUEDEL’INDO-CHINEhavingitsofficeat15bisRueLafitte,Paris(hereinaftercalled“theFrenchBank”)ofthethirdpart,MESSRS.J.P.MORGAN&CO.,MESSRSKUHN,LOEB&Co.,THEFIRSTNATIONALBANKandtheNATIONALCITYBANKallofNewYork(hereinaftercalled“theAmericanGroup”)actingastotheUnitedKingdombyMessrs.Morgan,Grenfell&Co.of22OldBroadStreetinthecityofLondon,astoGermanybyMessrs.M.M.Warburg&Co.ofHamburgandastoFrancebyMessrs.Morgan,Harjes&Co.ofParisandMessrs.M.M.Warburg&Co.(allhereinaftercollectivelycalled“theAmericanAgents”)ofthefourthpart,THE:
RUSSO-ASIATICBANKhavingitsofficeat62NevskyProspect,St.PetersburginRussia(hereinaftercalled“theRussianBank”)ofthefifthpart,andTHEYOKOHAMASPECIEBANKLIMITEDhavingitsofficeatYokohamaJapan(hereinaftercalled“theJapaneseBank”)ofthesixthpart.
WHEREASnegotiationshaveforsometimepastbeencarriedonbetweenthefirstfourpartiesheretoandtheChineseGovernmentwithaviewtotheissuebysuchfirstfourpartiesofaChineseGovernmentReorganizationLoanfor£60,000,000orthereaboutsANDWHEREASthefirstfourpartiesheretohavealreadymadetooronaccountoftheChineseGovernmentcertainpreliminaryadvancesANDWHEREASithasbeenagreedthattheRussianBankandtheJapaneseBankshallparticipateonanequalfootingwiththefirstfourpartiesheretointheReorganizationLoanwhichshallbedeemedtoincludethesaidpreliminaryadvanceswhichhavealreadybeenmadebythefirstfourpartiesheretoandinfurtherpreliminaryadvanceswhichshallbemadebythepartieshereto
NOWITISHEREBYAGREEDbyandbetweenthepartiesheretoasfollows:
1.—InthematterofthisagreementtheGermanBankisactingonbehalfoftheGermansyndicateforChinesebusinessconsistingofthepartieswhosenamesaresetforthinthefirstschedulehereto,andtheFrenchBankisactingonbehalfoftheFrenchsyndicateforChinesebusinessconsistingofthepartieswhosenamesaresetforthinthesecondschedulehereto,andtheAmericanAgentsareactingonbehalfoftheAmericanGroup.TheRussianBankisactingonbehalfoftheRussiansyndicateforChinesebusinessconsistingofthepartieswhosenamesaresetforthinthethirdschedulehereto.TheFrenchBank,theGermanBank,theAmericanGroupandtheRussianBankreservetothemselvesrespectivelytherightofincreasingorreducingineachspecialcasethenumberofpartiesinterestedintheFrenchandGermansyndicates,theAmericanGroupandtheRussiansyndicaterespectivelyandasimilarrightisreservedtotheHongKongBankandtotheJapaneseBankrespectively,butsothatanypartydroppingoutshallremainboundbytherestrictiveprovisionshereofandanypartycominginshallbecomesubjecttotherestrictiveprovisionshereofandsothathereafternoneofthepartiesheretoshall(withouttheconsentoftheothers)beentitledtoadmittoitsgroupanewmemberwhoisnotofitsnationalityanddomiciledinitsmarket.
2.—ThisagreementrelatestotheReorganizationLoanandtothefuturebusinesshereinafterinthisclausementionedandismadeontheprincipleofcompleteequalityineveryrespectbetweenthepartiesheretoandeachofthepartiesheretoshalltakeanequalshareinalloperationsandjointlysignallcontractsandshallbearinequalsharesallchargesinconnectionwithanybusiness(exceptstampdutiesandanychargesofandinconnectionwiththerealizationbyeachofthepartiesheretointheirrespectivemarketsofitsshareintheoperations)andeachofthepartiesheretoshallconcludeallcontractswithequalrightsandobligationsasbetweenthemselvesandeachpartyshallhavethesamerights,privileges,prerogativesadvantages,responsibilitiesandobligationsofeverysortandkind.ThesaidpreliminaryadvancesshallaccordinglybebornebyeachofthepartiesheretoinequalsharesandanysumswhichmayhavealreadybeenpaidbythefirstfourpartiesheretoinrespectofpreliminaryadvancesorotherwiseinconnectionwiththesaidReorganizationLoanshallassoonasmaybeaftertheexecutionhereofbeadjustedontheabovementionedbasisofequality.UntiltheReorganizationLoanshallhavebeenissuedoruntilamajorityofthepartiesheretoshallhavedecidednottoproceedfurtherwiththeissuethereoforuntilaperiodoffiveyearsfromthedatehereofshallhaveelapsed,whichevereventshallfirsthappen,eachofthepartiesheretowilloffertootherpartiesheretoanequalparticipationwithitselfinanyloanoradvancebusinessintowhichitmayafterthedateofthisagreemententerwiththeChineseGovernment,withanyoftheprovincesformingpartofChina,withChineseGovernmentdepartmentsorwithcompanieshavingChineseGovernmentorProvincialGovernmentguaranties,itbeingunderstoodthatthereareexceptedfromthisprovision(l)currentbankingbusinessaswellassmallfinancialoperationscomingwithinthescopeofthesameand
(2)loansoradvancestocompanieshavingChineseGovernmentorProvincialGovernmentguaranties,providedthatsuchloansoradvancesdonotinvolveanissueduringthecurrencyofthisagreementtothepublicofbondsorothersecurities.Shouldoneormoreofthepartiesheretodeclineaparticipationinanysuchfutureloanoradvancebusinessasaforesaid,orintheReorganizationLoanoranypartthereof,thepartyorpartiesacceptingaparticipationthereinshallbefreetoundertakethesamebutshallissueonitsortheirmarketsonly.Whereoneormoreofthepartieswhohaveacceptedaparticipationinanysuchfutureloanoradvancebusinessnotifiestheotherpartieswhohavealsoacceptedaparticipation,ofitsintentionnottoissueitsortheirparticipation,thepartyorpartiestowhomsuchnoticeshallbeaddressedwillissuetheparticipationofthepartyorpartiesgivingsuchnoticeuponthesametermsandconditions mutatismutandis asarehereinaftercontainedwithregardtotheResiduaryParticipationintheReorganizationLoan.
3.—AllcontractsshallsofaraspossiblebemadesoasnottoimposejointliabilityonthepartiesheretobuteachofthepartiesheretoshallseverallyliquidateitsownengagementsorliabilitiestowardstheChineseGovernment.Thepartiesheretowillsofaraspossiblecometoanunderstandingwithregardtotherealizationoftheoperations,butsothatsuchrealizationinwhatevermannerthismaytakeplaceshallbefortheseparatebenefitofeachofthepartiesheretoasregardstheirrespectiveparticipationthereinandsothateachofthepartiesheretoshallbeentitledtorealizeitsparticipationintheoperationsonlyinitsownmarket,itbeingunderstood.thattheissuesintherespective.marketsaretobemadeatsubstantialparity.Forthepurposesofthisagreement,theBelgianmarketshallbeconsideredaspartofthemarketoftheRussianBank,subjectonlytothisrestriction;viz:
thattheRussianBankshallnotissueinBelgiummorethanone-thirdofitsparticipationandonlybyoneormoreofthepresentmembersofitsgroup.Notwithstandingtheprovisionsofthisclause,eachpartyreservestoitselftherighttoshareitsoperations(otherthantheissuingoperations)withthepresentmembersofitsowngroupirrespectiveoftheirnationality.
4.—AnyoneormoreofthepartiesheretowhoshallhaveaccepteditsortheirparticipationintheReorganizationLoanoranypartofsuchloanshallbeentitled,bynoticeinwriting,tocallupontheotherorothersofthepartiesheretowhoproposetoissuetheirownrespectiveparticipationstoissuefortheaccountofthepartyorpartiesgivingsuchnoticeornoticeseitherallorone-halfoftheamountwhichmayconstitutetheparticipationintheReorganizationLoanorinsuchpartthereofasthepartiesheretomayfromtimetotimeagreetoissueofthepartyorpartiesgivingsuchnoticeornoticesandthepartyorpartiessocalleduponshallissuethesaidamountoramounts(hereinaftercalled“theResiduaryParticipation”)specifiedinsuchnoticeornoticesuponandsubjecttothetermsandconditionsfollowing,viz:
(1)SuchnoticeornoticesmustbereceivedbytheotherorothersofthepartiesheretobeforeexecutionofthefinalagreementwiththeChineseGovernmentfortheissueoftheloan(orincaseofanissueofapartonlyoftheloan)ofsomuchthereofasthepartiesheretomayfromtimetotimeagreetoissue.
(2)ThepartyorpartiestowhomsuchnoticeornoticesshallhavebeengivenshallbeentitledtodecideamongthemselvesandwithoutreferencetothepartyorpartiesgivingsuchnoticeornoticesastowhichoneormoreofthemshallissuetheResiduaryParticipation,butindefaultofanysuchdecisiontheyshallissuethesameequallybetweenthem.
(3)InissuingtheResiduaryParticipationnodistinctionshallbemadebetweentheResiduaryParticipationandtheamountoramountsissuedonitsortheirownaccountbythebankorbanksissuingtheResiduaryParticipation,whichshallinallrespectsbesubjecttotheconditionsoftherespectiveSyndicateswhichmaybeformedforthepurposeofeffectingthei
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