What are keepwell deeds?
什么是维好协议？

Keepwell structures have been widely used as a form of credit protection in recent years, especially in financing structures involving an offshore debtor with an ultimate parent incorporated in mainland China. Such structures would often involve an instrument known as a keepwell deed, which is executed by the onshore parent in favour of the financier. 
近年来，维好结构被广泛用作信贷保护的一种形式，尤其常见于涉及最终母公司为中国境内注册企业的境外债务人的融资结构中。这种结构通常会牵涉一种由境内母公司签立并提供给融资方、被称为维好协议的文书。

Terms of the keepwell deed can vary, but they typically involve the onshore parent undertaking to maintain a certain shareholding, a positive net worth and sufficient liquidity in the offshore debtor. It is also usual for the onshore parent to agree to make available to the offshore debtor sufficient funds to enable it to perform its payment obligations. 
维好协议的条款可能有所不同，但一般包括境内母公司承诺在境外债务人中维持一定的股权以及维持境外债务人正数的净资产额和足够的流动资金。境内母公司也通常会同意向境外债务人提供足够资金，以使其能够履行其付款义务。

While these terms create an obligation on the onshore parent to provide financial support to the offshore debtor in case it is unable to pay its debts, unlike corporate guarantees, keepwell deeds do not provide for a direct debt claim against the onshore parent for any due but unpaid obligation of the offshore debtor. In fact, there is usually an express provision in the keepwell deed that states neither the instrument itself nor anything contained therein constitutes a guarantee by the onshore parent. 
虽然这些条款规定境内母公司有义务在境外债务人无力偿还债务时向其提供财务支持，但与公司担保不同的是，维好协议并无规定融资方可就境外债务人任何到期但未偿还的债务向境内母公司提出直接索赔。事实上，维好协议通常明文规定该文书本身或其中的任何内容均不构成境内母公司提供的担保。