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

对于日本的贷款人和借款人来说，这种在美国很受欢迎的带有精心编写的书面契约的担保融资是一种新的方式。契诺在中小型企业担保交易中的作用是：(1)为贷款人提供杠杆，以便与行为不端的借款人谈判；(2)通过增加再融资，使贷款人的退出战略多样化；(3)以借款人的现金流和基于借款的抵押品延长借款人的信贷。必须澄清《日本民法典》下的加速规则，以接受和加强这种有契约的担保融资方案的使用。

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.