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    Title: 國際聯合貸款交易之實務操作及風險管理: 以隱名參貸為研究核心
    Industry Practice and Risk Management for International Syndicated Loan Transactions: Focusing on Sub-Participation Arrangement
    Authors: 楊恩柔
    Yang, En-Jou
    Contributors: 張冠群
    Chang, Kuan-Chun
    楊恩柔
    Yang, En-Jou
    Keywords: 國際聯合貸款交易
    國際聯貸案
    協調安排行
    次級貸款市場
    隱名參貸
    契約移轉
    債權轉讓
    international syndicated loan transaction
    coordinating arranger
    secondary loan market
    sub-participation
    novation
    transfer
    assignment
    Loan Market Association
    Asia Pacific Loan Market Association
    Date: 2020
    Issue Date: 2020-09-02 11:51:04 (UTC+8)
    Abstract: 國際聯貸案乃國際間企業頻繁使用之融資方式之一,而聯合交易已於世界各地運行數十年之久,係一發展成熟之交易模式,而我國之金融機構亦長期以不同之角色參與國際聯貸交易。然而,實務上不乏出現借款人違約之情事,可能是借款人最終無資力償還貸款之單純民事違約事件;亦可能為借款人惡意詐貸之刑事案件,然而,無論何種違約態樣均導致籌組聯貸案之行政方或提供貸款之融資方於參與國際聯貸案時,於各時期面臨各種不同態樣之風險。

    國際聯貸實務面臨的法律問題涵蓋層面甚廣,諸如聯貸契約之約定事項是否明確、是否限制或禁止相關交易、貸款人是否能依賴他行進行盡職調查、貸款人進入次級貸款市場之時間點、進行方式、交易對象有無限制、貸款人是否負擔揭露義務等。實則,若聯貸案順利簽約、撥款並還款,則過程中任何交易安排均不會成為交易各方之著眼點;反之,一旦發生借款人違約之情事,則交易過程中或嗣後任何有關甚或無關之安排及細節均可能成為當事人著重之焦點。就次級貸款市場而言,因隱名參貸相較其他交易模式而言更為便利、有效率且具匿名性,故實務上許多貸款人傾向選擇隱名參貸做為資金及風險管理之方式,然而,隱名參貸乃屬單獨且獨立之契約關係,故一般而言相關細節不為聯貸契約所約定,以致借款人違約後,相關交易安排較容易被放大檢視或曲解而產生爭議。

    就此,本文將以國際聯貸案之實務運作為基礎,由國際金融市場慣例及交易文件出發,介紹當事人間之法律關係、相關交易文件之重要條款,進而討論次級貸款市場中隱名參貸之適法性、實務操作、進行模式及法律關係等議題,並分析交易各方當事人於國際聯貸案中之權利義務及可能面臨之風險及困境,以供處理聯貸相關事務之參考。
    The international syndicated loan transaction is one of the financing methods which is commonly used by enterprises globally. This kind of syndicated arrangement has been adopted around the world for decades and is already a mature and well-developed transaction model. Financial institutions in Taiwan also have been participating in the international loan market via different roles for a long period of time.

    In practice, as long as there’s a loan transaction, there will always be the possibility of borrower’s default. It can be either a purely civil matter that the borrower has financial difficulties which makes it fail to repay the loan; or it can involve criminal liabilities that the borrower maliciously defrauds the syndicated lenders. However, in either way, it leads to the same consequence that both the administrative party, who arranges the loan; and the finance party, who commits a loan amount, will be exposed to various risks when becoming one of the parties of a syndicated loan transaction.

    In an international syndicated loan arrangement, it covers a wide variety of legal issues, such as whether there’s any ambiguities in the clauses of the facility agreement, whether the agreement is clear and comprehensive enough to serve as a binding document among parties, whether there is any transactions or arrangements that is restricted or prohibited by the facility agreement, whether a lender can rely on others to carry out its due diligence, what is the legitimate timing for entering into secondary loan market, how to proceed a secondary loan market arrangement, is there any restrictions on the identity of the counterparty for said deal, whether a lender has a disclosure obligation to share the information of said arrangement…etc. In fact, if there’s no default, then any of the aforementioned will never become an issue. On the contrary, once there’s an event of default, the parties will focus on all the details of any relevant or even irrelevant events, arrangements, facts that happened during the course of the deal or even post of the deal. For example, in the secondary loan market, many lenders tend to engage to sub-participation to manage its funds and risks because it is more convenient, efficient and most importantly, is an anonymous arrangement. Given sub-participation is a separate and independent deal, the details of how to proceed the arrangement usually will not be stipulated in the facility agreement and therefore, any arrangements of sub-participation can easily be twisted, misinterpreted and be examined through a magnifying glass after borrower’s default.

    Accordingly, this article will introduce the contractual relationship among parties, important terms / clauses in transaction documents, and further elaborate the legality, feasibility, practice and relevant legal issues of secondary loan market transactions. The focus will be on sub-participation arrangement based on industry practice and relevant transaction documents of a syndicated loan transaction. This article will also touch on parties’ rights and obligations and analyze the risks and difficulties one may face when involving in the international loan market.
    Reference: 一、中文部分
    (一)法規及函令
    1.公司法
    2.證券交易法
    3.臺灣地區與大陸地區金融業務往來及投資許可管理辦法
    4.中華民國銀行公會會員授信準則
    5.發行人募集與發行有價證券處理準則
    6.公司募集發行有價證券公開說明書應行記載事項準則
    7.中國大陸國家外匯管理局《外債登記管理辦法》

    (二)碩博士論文
    1.盧孟涵,〈聯貸契約之違約條款及豁免機制〉,碩士論文,國立政治大學法學院碩士在職專班,2013年9月。


    二、英文部分
    (一)書籍
    1.Michael Bellucci and Jerome McCluskey (Second Edition, 2017). The LSTA’s Complete Credit Agreement Guide.
    2.Roy Goode, (Third Edition, November 2, 2004). Commercial Law.

    (二)政府及國際公會公開資料
    1.Asia Pacific Loan Market Association (APLMA), 2015 Thomson Reuters League Tables and Wrap up, (December 31, 2015).
    2.Asia Pacific Loan Market Association (APLMA), Debtwire: 2019 APAC (ex-Japan) Loans League Table Report (2019).
    3.Asia Pacific Loan Market Association (APLMA), APLMA Mandate Letter (Best Efforts), (28 August 2018).
    4.Asia Pacific Loan Market Association (APLMA), Single Borrower, Single Guarantor, [Hong Kong Dollars]/[Single Currency] Term Facility Agreement (Hong Kong Law), (27 December 2018 version).
    5.Hong Kong Monetary Authority (HKMA), Supervisory Policy Manual CR-S-2 Syndicated Lending, (V.1 – 29.06.01).
    6.Loan Market Association (LMA), Guide to Syndicated Loans & Leveraged Finance Transactions, (2013 October).
    7.Loan Market Association (LMA), Guide to the Secondary Loan Market Transactions.
    8.Loan Market Association (LMA), LMA Funded Participation Agreement, (29 October 2018 version).
    9.Loan Market Association (LMA), SECONDARY DEBT TRADING DOCUMENTATION (PAR AND DISTRESSED) USERS GUIDE, (January 30, 2019).

    (三)期刊文章
    1.Dr. Eva Reudelhuber, LMA, Introduction to Syndicated Lending, (2016)
    2.Thomson Reuters, Practical Law – Sub-participation, (Resource ID: 1-107-7333), (2017).
    3.Thomson Reuters, LPC - 2011 Asia Pacific loan volume / league tables, (December 31, 2011).

    (四)網路資源
    1.Asia Pacific Loan Market Association (APLMA), List of Members,
    https://www.aplma.com/en/membership/associate-member (last visited on April 12, 2020).
    2.Lexis Practical Guidance (Lexis®PSL), Banking & Finance / Lending: Syndication and transfer of loans / Transferring a loan by sub-participation
    https://www.lexisnexis.com/uk/lexispsl/bankingandfinance/document/391290/55KX-XBB1-F185-S107-00000-00/Transferring_a_loan_by_sub_participation (last visited on May 23, 2020).
    Description: 碩士
    國立政治大學
    風險管理與保險學系
    103358017
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103358017
    Data Type: thesis
    DOI: 10.6814/NCCU202001549
    Appears in Collections:[風險管理與保險學系 ] 學位論文

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