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CHAPTER 1 INTERNATIONAL COMMERCIAL LOAN1

1 Commercial Loan and Loan Agreement3

1.1 Commercial Loan3

1.2 Loan Agreement4

2 Facility and Interest4

2.1 Facility4

2.1.1 Term Loan4

2.1.2 Revolving Loan5

2.1.3 Other Sub-Facility5

2.2 Interest and Fees6

2.2.1 How Interest Works？6

2.2.2 LIBOR and Margin7

2.2.3 From LIBOR to SHIBOR9

2.2.4 Fixed Interest Rate and Variable Interest Rate10

2.2.5 Calculation and Payment of Interest10

2.2.6 Cost and Fees11

3 Conditions Precedent and Notice of Drawdown16

3.1 What Are Conditions Precedent？16

3.2 Legal Features of Conditions Precedent20

3.3 Purposes of Conditions Precedent20

3.4 Notice of Drawdown21

4 Representations and Warranties22

4.1 What Are Representations and Warranties？22

4.2 Aspects Covered by Representations＆Warranties23

5 Special Covenants27

5.1 Negative Pledge Clause29

5.1.1 Negative Pledge Clause in Legal Sense29

5.1.2 Negative Pledge Clause in Functionality30

5.1.3 World Bank Negative Pledge Clause32

5.1.4 Do Basic Negative Pledge Clauses Create Security Interests？34

5.2 Pari Passu Clause36

5.3 Financial Covenants37

5.4 Restrictions on Disposals of Assets Clause38

5.5 Waiver of Sovereign Immunity38

5.6 Evidence Clause of Indebtedness39

6 Events of Default and Default Remedies39

6.1 Events of Default39

6.2 Typical Clauses of Events of Default41

6.3 Consequences of the Occurrence of Events of Default44

6.4 Default Remedies44

7 Miscellaneous45

7.1 Dispute Resolution Provisions45

7.1.1 Generality45

7.1.2 Arbitration46

7.1.3 Jurisdiction46

7.2 Governing Law47

CHAPTER 2 SYNDICATED LOAN49

1 Generality51

1.1 What Are Syndicated Loans？51

1.2 Reasons for Syndicated Loans52

1.2.1 Benefits of Syndicated Loan for Borrowers52

1.2.2 Benefits of Syndicated Loan for Lenders53

1.3 Legal Structure of Syndicated Loan54

1.4 The Syndication Process in Outline55

1.5 Typical Case of Syndicated Loan57

1.5.1 Shanghai Disney Resort：Overview58

1.5.2 Ownership：Main Investors of the Shanghai Disney Resort59

1.5.3 Business and Financing Schedule60

1.6 Club Loan：Special Syndicated Loan？60

2 Legal Issues in Initial Stage of Syndicated Loan61

2.1 Mandate62

2.2 Functions of Arranger62

2.2.1 Primary Functions of Arranger62

2.2.2 Multiple Arrangers in Same Syndicatied Loan63

2.3 Information Memorandum63

2.3.1 Is Information Memorandum Prospectus？64

2.3.2 Arranger’s Liability Because of Defect Information Memorandum64

2.3.3 Avoidance of Arranger’s Liability67

2.3.4 Effect of Liability Disclaimers68

2.4 Offer and Acceptance of Loan68

2.4.1 Offer of Loan to the Borrower68

2.4.2 Acceptance by Participants69

2.5 Payment of Arranger Fees by Borrower69

2.6 Does Arranger Owe Fiduciary Duties to Participants？70

2.6.1 Fiduciary Duties under Common Law：Theory and Practice70

2.6.2 View Denying Fiduciary Duties71

2.6.3 “Fiduciary” Academic View72

3 Legal Issues Based on Syndicated Loan Agreement74

3.1 Severalty74

3.1.1 Several Obligation and Commitments of Participants74

3.1.2 Defaulting Lender Issues75

3.2 Majority Rule76

3.2.1 Issues Decided by Majorities76

3.2.2 Cases Accepted Majority Rule77

3.2.3 Could Participant Claim Contrary Wishes of Majority？78

3.2.4 Criticism on Majority Rule79

3.3 Unanimous Consent80

4 Responsibilities and Roles of Agent Bank80

4.1 Agent Bank：Partner to the Borrower81

4.2 Agent Bank：Agent of Participants81

4.3 Rights and Obligations of Agent Bank82

4.4 Roles of Agent Bank83

4.4.1 Certification of Compliance with Conditions Precedent83

4.4.2 Payment Services85

4.4.3 Monitoring Loan Covenants86

4.4.4 Duty to Act on Occurrence of Default87

4.5 Limitation on Liabilities of Agent Bank89

4.5.1 Disclaimer of Liabilities89

4.5.2 Ostrich Clauses90

4.6 Fees and Expenses Paid to Agent Bank91

CHAPTER 3 LOAN PARTICIPATION AND ASSIGNMENT93

1 Generality95

1.1 What Is Loan Participation？96

1.1.1 Borrower-Lead Bank Relationship97

1.1.2 Lead Bank-Participant Relationship98

1.1.3 Borrower-Participant Relationship104

1.1.4 Loan Participation v.Syndicated Loan104

1.2 Why Choose Loan Participations？105

1.3 Retention by Lead Bank Risk of Loss107

2 Participations：Securities or Loans？107

2.1 Are Participations Securities？109

2.2 Participations Denied as Securities by Leading Cases112

2.3 Legal Features of True Participations115

3 Transfer Forms of Loan Participation115

3.1 Assignment115

3.2 Sub-Participations116

3.3 Novation118

3.4 Risk Participations119

3.5 Restrictions on Transfer of Loan Interest120

4 Classification of Loan Participations121

4.1 Transfer of Participation as Loan122

4.2 Transfer of Participation as Sale124

4.3 Transfer of Participation as Trust126

4.4 Proposal on Model Participation Agreement129

5 Mechanism for Participants Protection130

5.1 Reducing Legal Risk of the Participant from Legal Documents130

5.2 Participant’s Remedies of Claim Against the Lead135

5.2.1 Remedies Based on Lead’s Misrepresentation Fraud136

5.2.2 Remedies Based on Lead’s Liable for Intentional Fraud137

5.2.3 Remedies Based on Lead’s Liable for Breach of Fiduciary Duty138

5.2.4 Remedies Based on Fraud Claim Under Securities Law139

CHAPTER 4 PROJECT FINANCE140

1 The Elaborate Structures142

1.1 What Is Project Finance？142

1.2 Project Company145

1.2.1 Basic Forms for Ownership of Project146

1.2.2 Social Responsibility of the Project Company148

1.3 Other Participants of the Project Finance151

1.3.1 Host Government and Its Concession152

1.3.2 Sponsor153

1.3.3 Lenders154

1.3.4 Construction Contractor156

1.3.5 Operator156

1.3.6 Product Offtaker157

1.3.7 Feedstock Supplier157

1.4 Law and Practice of Project Finance in China157

1.4.1 Development of BOT Project Finance in China157

1.4.2 Regulations and Rules of the BOT Project Finance in China158

1.4.3 Laibin B Power Station BOT Project Finance160

2 Capital Structure of the Project Finance163

2.1 Various Sources for Financing163

2.2 Equity and Debt Ratios164

2.2.1 Equity164

2.2.2 Debt165

2.3 The Advantages of the Project Finance166

2.3.1 Limited Recourse Debt Financing166

2.3.2 Highly Leveraged Debt169

2.3.3 Off-Balance-Sheet Treatment169

3 Risk Identification and Allocation170

3.1 Overview of Various Risks170

3.1.1 Classification of Risks170

3.1.2 Allocation of Risks171

3.2 Political Risks172

3.2.1 What Are Political Risks？173

3.2.2 Political Risk Insurance175

3.2.3 Political Risk Insurance Providers175

3.3 Legal Risks179

3.3.1 Changes in Law180

3.3.2 Legal System Status180

3.4 Risks During Construction181

3.5 Risks During Operation182

3.5.1 Operating Risks182

3.5.2 Market Risks182

3.5.3 Currency Devaluation Risks183

4 Major Contracts of the Project Finance184

4.1 Project Finance Contract186

4.2 Project Collateral Arrangements187

4.2.1 Pledge on Project Company’s Shares188

4.2.2 Pledge on Project Company’s Receivables188

4.2.3 Floating Charge on Whole Project’s Assets189

4.2.4 Setting of Step-In Rights191

4.2.5 Assignment of Rights193

4.2.6 Other Project Collateral Arrangements193

4.3 Concession Contract194

4.4 Construction Contract＆Completion Guarantee194

4.4.1 Construction Contract194

4.4.2 Completion Guarantee196

4.5 Operating Contract196

4.6 Product Offtake Contracts197

4.7 Feedstock Supply Contracts199

4.8 Insurance Contract199

CHAPTER 5 ASSET SECURITIZATION201

1 Generality of Asset Securitization203

1.1 What Is Asset Securitization？203

1.2 Reasons for Development of Asset Securitization205

1.3 Rate Is Lower than Commercial Loan？206

1.4 Process of Asset Securitization207

2 Major Legal Subjects and Elements209

2.1 Originator209

2.2 Special Purpose Vehicle（SPV）210

2.3 True Sale210

2.3.1 Factors Affecting True Sale211

2.3.2 True Sale Determination212

2.3.3 Other Legal Requirements for Transfer of Assets214

2.4 Bankruptcy Remote215

2.4.1 Traditional Bankruptcy Attacks215

2.4.2 Bankruptcy Remote Structure216

2.5 Credit Enhancement218

2.5.1 Third-Party Credit Enhancement218

2.5.2 Internal Credit Enhancements218

2.6 Rating Asset-Backed Securities219

2.6.1 What Are Credit Rating Agencies？219

2.6.2 Evaluation of General Credit Risk221

2.6.3 Evaluation of Cash Flow and Collateral Valuation221

3 Securitized Assets：From Credit Revenues to Intellectual Property221

3.1 Case of Ford Credit Securitization222

3.1.1 How Ford Credit Earn Revenues？222

3.1.2 Ford Shape-Shifting Asset-Backed Securities223

3.2 Case of Bowie Bonds：Securitization of Intellectual Property223

3.2.1 Expansion of Assets of Securitization to Intellectual Property224

3.2.2 Bowie Bonds：the First Securitization of Music Copyrights’ Future Royalties225

3.2.3 David Pullman and “Pullman Bonds”227

4 Asset Securitization in China229

4.1 Development of Securitization in China229

4.2 Framework of China’s Securitization Laws and Regulations230

4.3 Rules About Majors Elements of Securitization in China231

4.3.1 Originator of Asset-Backed Securitization231

4.3.2 Credit Assets232

4.3.3 SPV/Trustee232

4.3.4 True Sale232

4.3.5 Credit Rating233

4.3.6 Issuance and Trading of Asset-Backed Securities233

4.4 Case Analysis of Securitization of China Construction Bank234

4.4.1 Introduction234

4.4.2 Legal Structure235

4.4.3 Key Participants235

CHAPTER 6 LETTERS OF CREDIT237

1 Generality of Letters of Credit239

1.1 What Is Letter of Credit？239

1.1.1 As Instrument of Payment243

1.1.2 As Sub-Facility of Loan245

1.1.3 As Conditional Commitment245

1.1.4 As Obligation Rather than Contract246

1.2 Parties and Their Relationship247

1.2.1 Parties Involving Letter of Credit247

1.2.2 Legal Relationship Among Parties250

1.3 Laws Applicable to Letter of Credit254

1.4 Principle of Independence of Letter of Credit256

1.4.1 Independent from Contract Between Beneficiary and Account Party257

1.4.2 Independent from Relationship Between Issuer and Account Party258

1.5 Types of Letter of Credit258

1.6 Letter of Credit Process261

2 Strict Compliance262

2.1 Principle of Strict Compliance263

2.1.1 Strict Compliance Rule263

2.1.2 Rule of Appearance265

2.1.3 Justification for the Principle of Strict Compliance266

2.1.4 Examination of the Documents267

2.2 Different Interpretation of Strict Compliance Rule268

2.2.1 Literal Compliance269

2.2.2 Substantial Compliance273

2.2.3 Opinions from the Banker，Importer and Exporter275

2.3 Refusal of Letter of Credit Payment and Case of Voest-Alpine Trading276

2.3.1 Introduction of the Case277

2.3.2 Facts of the Case277

2.3.3 The Court’s Analysis279

3 The Fraud Exception Rule280

3.1 What Are Fraud and Fraud Exception Rule？282

3.1.1 Fraud：Exception from Principle of Independence282

3.1.2 The Sztejn Case284

3.2 Conditions for Application of Fraud Exception Rule287

3.2.1 Fraud Committed by the Beneficiary287

3.2.2 Established Fraud288

3.2.3 Material Fraud289

3.2.4 Clear and Obvious Fraud289

3.3 Restriction of the Fraud Exception290

3.3.1 Fraud Made by a Third Party290

3.3.2 Does Breach of Contract Constitute a Fraud？292

3.3.3 Does Soft Clause Constitute a Fraud？293

3.4 Fraud Exception v.Breach of Warranty294

4 Uniform Customs and Practice for Documentary Credits296

4.1 UCP and ICC Banking Commission296

4.2 Background of UCP 600299

4.3 Modification on Layout299

5 Choice of Law Rule for Letters of Credit302

5.1 UCP as Governing Law302

5.2 Choice of Law Rule Under the Convention302

5.3 Choice of Law Rule Under Revised UCC Article 5303

5.4 Conflicting Between UCP and UCC305

CHAPTER 7 GUARANTEES FOR INTERNATIONAL FINANCIAL TRANSACTION307

1 Guarantee Under Common Law310

1.1 What Is Guarantee？310

1.1.1 Guarantee May Be Conditional310

1.1.2 Guarantees May Be Limited and Indirect312

1.1.3 Guarantees May Be Documentary312

1.1.4 Guarantee May Be Primary or Secondary313

1.1.5 True Guarantee313

1.1.6 Parent Company Guarantee and Downstream Guarantee314

1.2 Discharge of Guarantor315

1.2.1 Implied Release and Variation of Underlying Principle Contract315

1.2.2 Release of Collateral or Discharge of any Co-Guarantor316

1.2.3 Failure to Perfect a Security Interest317

1.2.4 Invalidity of the Principal Obligation318

1.2.5 Anti-Discharge by Indulgence Clauses318

1.3 Bond and Indemnity321

1.3.1 Guarantee v.Bond321

1.3.2 Guarantee v.Indemnity322

1.4 Suretyship and Guaranty323

1.4.1 Suretyship Agreements324

1.4.2 Primary Liability of Surety325

1.4.3 Creditor’s Duty of Disclosure to Surety327

1.4.4 Independent Legal Advice for Vulnerable Surety328

1.4.5 Surety’s Defenses and “Impairment of Suretyship” Doctrine330

1.4.6 Guaranty Agreements332

1.5 Interpretation of Guarantee and Case of Marubeni336

2 Demand Guarantees339

2.1 Introduction339

2.1.1 What is Demand Guarantee？339

2.1.2 Risk Distribution Function of Demand Guarantee342

2.1.3 Payment Guarantee in Form of Demand Guarantee343

2.1.4 Model Form of the Agreement on Demand Guarantee344

2.2 Independence Principle and Fraud Exception346

2.2.1 Independence Principle of Demand Guarantee346

2.2.2 Rationales Behind the Independence Principle347

2.2.3 Fraud Exception of the Independence Principle348

2.3 New Exceptions to the Independence Principle350

2.3.1 Unconscionability350

2.3.2 Illegality354

2.4 Parties and Governing Law of Demand Guarantees356

2.4.1 Parties Involved in the Demand Guarantee356

2.4.2 The Governing Law of Demand Guarantees356

3 Performance Bond357

3.1 Introduction357

3.1.1 What Is Performance Bond？357

3.1.2 A Simple Hypothetical359

3.2 Form of Performance Guarantee360

3.3 Interpretation of Performance Bond362

3.3.1 Performance Bond as Guarantee362

3.3.2 Performance Bond Given by Noncommercial Entities Interpreted as Conditional Bond364

3.3.3 Performance Guarantee as On-Demand Bond364

3.4 The Edward Owen Case366

3.4.1 Fact366

3.4.2 Court’s Analysis and Decision367

3.5 Performance Bond v.Letter of Credit368

4 Standby Letter of Credit369

4.1 What Is Standby Letter of Credit？369

4.2 The Main Uses of Standby Letters of Credit371

4.3 International Rules for Standbys372

4.4 Standbys v.Independent Guarantees373

CHAPTER 8 LEGAL OPINION FOR INTERNATIONAL FINANCIAL TRANSACTION376

1 Introduction of Legal Opinion378

1.1 What Is Legal Opinion379

1.1.1 Legal Opinion to the Client/Lender380

1.1.2 Third-Party Legal Opinions381

1.1.3 Opinion not as Form of Insurance383

1.2 Purpose of Opinion384

1.2.1 For Condition Precedent Requirement384

1.2.2 For Due Diligence Review385

1.2.3 For Closing of a Transaction385

1.2.4 For Comfort to the Parties385

1.2.5 For Efficiency386

1.3 Assumptions386

1.4 Facts and Law387

1.5 Due Diligence for Legal Opinion389

2 Form and Elements of Opinion391

2.1 Recitation of Opinion391

2.1.1 Description of Role of Counsel392

2.1.2 Jurisdictional Limitations392

2.1.3 Documents and Matters Examined393

2.1.4 Specific Qualifications or Exclusions393

2.2 Contents of Opinion394

2.2.1 Due Incorporation and Qualification394

2.2.2 Power and Authority394

2.2.3 No Conflict394

2.2.4 Binding Effect395

2.2.5 No Litigation395

2.2.6 Creation and Perfection of Security Interest396

2.2.7 Mortgages396

2.2.8 Governing Law396

3 Liability of the Opining Lawyer397

3.1 Contractual Liability397

3.2 Liability to Third-Party Beneficiary399

3.2.1 Intended Third-Party Beneficiary and Duty of Care399

3.2.2 Fiduciary Duty to a Third-Party Beneficiary401

3.3 Liability to Adverse Party402

3.4 Liability in Tort of Negligence403

3.4.1 Release of Privity for Negligent Misrepresentation Claim405

3.4.2 Third Party’s Justifiable Reliance408

3.5 Liability in Tort of Fraud410

3.5.1 Fraud or Omitting Material Fact from Disclosure410

3.5.2 False Information as Misrepresentations414

3.5.3 Material Misstatements of Fact414

3.6 Could Disclaimers Exempt Attorney from Professional Liabilities？417

4 Experiences Refined from Cases and Practice417

4.1 Rules of Legal Opinions417

4.2 How Legal Opinions Form and Work419

4.3 How to Reduce Professional Liability420

4.4 Sample of Legal Opinions422