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

日本民法典中关于契约在中小型企业担保交易中的作用的悬而未决的问题

• 批准号: 22730095
• 负责人: AOKI Noriyuki
• 金额: $ 2.66万
• 依托单位: Waseda University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Young Scientists (B)
• 财政年份: 2010
• 资助国家: 日本
• 起止时间: 2010 至 2011
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-22730095/
• 关键词: コベナンツ; ABL; アメリカ法; 期限の利益; 誠実原則; 中小企業金融; 事業包括担保; キャッシュフロー

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.

在美国很流行的带有详细书面契约的担保融资，对日本的贷款人和借款人来说都是新事物。契约在中小企业担保交易中的作用是：（1）给予贷款人与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战略多样化;（3）根据借款人的现金流和借款抵押品延长借款人的信贷。必须明确日本民法典中的加速规则，才能接受和加强这种带有契约的担保融资计划的使用。