• Home
  • News
  • 保留权利书,保留权利条款 Reservation of rights letters and “no waiver” clauses

28 Apr 2020

保留权利书,保留权利条款 Reservation of rights letters and “no waiver” clauses

Linkedin

一场金融危机正在逼近,或者说已经到来。融资方正面临着日益增多的还款违约以及暂停还款和豁免利息等请求。

A financial crisis looms, or has already arrived. Increasingly, financiers face payment defaults and requests for moratoriums on payment, interest waivers, and similar.

仔细起草的融资合同估计会允许融资方宣称违约事件发生,不管是因为直接的还款违约,或(较不直接)重大不利变更,还是债务人在担保资产价值下跌后不能提供进一步的附带担保。触发违约事件提供的救济一般包括加速还款、终止合约、执行担保以及在融资租赁下要求(或强制)还船的权利。

Tightly drafted financing documentation will probably allow the calling of an Event of Default, whether for straightforward payment defaults, (less straightforward) material adverse changes, or inability to provide further collateral following drops in the valuation of secured assets. In turn, an Event of Default generally allows remedies including acceleration, termination, and enforcement over securities and, in lease financings, repossession of ships.

融资方可能选择暂时不采取这些救济措施并考虑债务重组。这可能是出于各种因素,反应了融资方同某个特定债务人的商业关系或是融资方更宽泛的考量,比如当时在融资方账面上坏账的比重,又或是交叉违约会给债务人集团公司带来的更广泛的影响。

A financier may choose to temporarily refrain from exercising such remedies, and discuss restructuring the debt. This could be for any number of reasons, reflecting the commercial relationship with a particular debtor or broader considerations such as the existing proportion of bad debt on a financier’s books at the time or even wider ramifications as to cross-default implications on the debtor’s group of companies.

同时,确保融资方的权利得到保护也是重要的。

It is important to ensure the financier’s rights are preserved in the meantime.

Download the PDF.

Linkedin

KEY CONTACT

Huay Yee Kwan

Huay Yee Kwan
Partner

T:  +65 6622 9678 M:  Email Huay Yee | Vcard Office:  Singapore

Evangeline Quek

Evangeline Quek
Office managing partner Shanghai

T:  +86 21 5385 2299 M:  +86 136 3217 8216 Email Evangeline | Vcard Office:  Hong Kong, Shanghai

Kaili Ang

Kaili Ang
Senior associate

T:  +65 6661 6854 M:  +65 8322 5526 Email Kaili | Vcard Office:  Singapore

Justin Gan

Justin Gan
Senior associate

T:  +65 6622 9640 M:  +65 9169 6569 Email Justin | Vcard Office:  Singapore

  • Related Services
  • Related Locations