An open question in the Japanese Civil Code, concerning the role of covenants in secured transactions for small or mid-sized business

附有详尽书面契约的担保融资在美国很流行，但对日本的贷款机构和借款人来说，这是一种新做法。契约在中小企业担保交易中的作用是：(1)为贷款人提供与有不当行为的借款人谈判的杠杆，(2)通过增加再融资使贷款人的退出策略多样化，(3)在借款人的现金流和借款担保的基础上延长借款人的信用。必须明确日本民法典中的加速规则，以接受和加强这种带有契约的担保融资计划的使用。

The secured financing with elaborate written covenants, which is popular in the US, are new for Japanese lenders and borrowers. The roles of covenants in secured transactions for small or mid-sized business are(1) to give the lender a leverage to negotiate with borrower who is in misconduct,(2) to diversify the lender's exit strategy by adding the refinancing and(3) to extend the borrower's credit on both the borrower's cash flow and borrowing based collateral. The rule of acceleration under Japanese Civil Code must be clarified to accept and enhance the usage of such secured financing scheme with covenants.