U radu se predstavljaju i analiziraju rješenja UNCITRAL-ova Modela zakona o prekograničnoj insolvenciji osobito u odnosu na sljedeća temeljna pitanja u međunarodnom insolvencijskom pravu: ...pretpostavke za priznanje stranih insolvencijskih postupaka; postupak priznanja stranog insolvencijskog postupka; mogućnost otvaranja tzv. neglavnih, posebnih insolvencijskih postupaka; suradnja sudova i insolvencijskih upravitelja različitih država; koordinacija istovremenih insolvencijskih postupaka protiv istog dužnika; mjerodavno pravo za pravne posljedice priznanja stranog insolvencijskog postupka.
The aim of this chapter is to provide a general overview of certain key clauses commonly found in a shipping loan agreement. These are known as “commercial” terms and they purport to maintain ...throughout the loan period the business activities of the obligors under the loan agreement within a pre-agreed framework. This is frequently opposed by the obligors, who are seeking the least possible restrictions in running their business. This makes such provisions the subject of the toughest negotiation between the parties and therefore the most difficult to draft. The critical concern for the draftsperson, usually acting for the lender, is how to “tighten up” such clauses from a lender’s perspective and, at the same time, ensure that they are well-adapted to reflect the secured nature of the transaction and the shipping background. This becomes even more challenging if, during the negotiations, certain borrower’s comments are accepted by the lender. In that case, the draftsperson is required to amend such clauses, ensuring that the borrower’s point is met, without unreasonably prejudicing the lender’s position. Together with the financial terms of the relevant loan (e.g. the loan amount, the margin, the repayment profile, the interest periods, the last availability date), such clauses constitute the “heart” of most financing documents. We shall call such clauses “operative clauses” (a list and analysis of which can be found below).
Debt Financing in Shipping Paleokrassas, George
The International Handbook of Shipping Finance,
2016, 20161112
Book Chapter
When a lender advances money to a shipowner, he or she needs to ensure that it is adequately protected and secured against the insolvency of the borrower, its failure to perform its obligations on a ...timely basis and the loss, or attachment by other creditors, of the ship. The owner, whose fundamental objective is to increase the return on his or her investment, is, by contrast, seeking to limit the lender’s interference with its business and to maintain the greatest flexibility in the conduct of its business and the operation of its ship.
The loan agreement contains representations which are required to be made on the date of the agreement. It also often contains representations which are required to be made on other dates (typically, ...on each drawing and on the first day of each Interest Period). The purpose of the representations is:
in the case of representations required to be made on the date of the agreement, to trigger disclosure of information; andin all cases, to give the lenders the contractual right not to advance additional monies (i.e. to act as a drawstop) and/or to accelerate the loan if the specified statements are untrue on the date they are made.
There may also be liability in misrepresentation (as opposed to liability in contract) for the borrower if the statement is untrue.
This chapter is an introduction to and overview of ship financing and its proper documentation. Ship owners will have a constant need to raise money to support their activities. Their financial needs ...will have to be predominantly covered by taking recourse to the financial markets. The most common form of finance is to borrow money from a bank. The chapter is intended to give an analysis of the loan agreement, which encloses the terms and conditions under which the ship finance is being advanced. The structure of the loan agreement is orientated on the term sheet agreed between the parties. After a short introduction to the term sheet as legal basis for the loan agreement, the article deals with the structure of the loan agreement and the typical clauses of a loan agreement such as Definitions, Purpose of the Loan, Conditions precedent, Interest, Fees, Representations and Warranties, Covenants, Securities, Events of Default, Changes to the Lenders, as well as Law and Jurisdiction.
Changes to Parties Wright, Sue
The Handbook of International Loan Documentation
Book Chapter
Clause 24 deals with loan transfers. Before looking at the wording of the clause itself, this introduction looks at the methods of transfer available and at issues which arise in relation to ...transfers of secured loans.
Après le succès en demi-teinte de la déclaration d’insaisissabilité comme moyen de protection du patrimoine personnel des entrepreneurs, le législateur français a institué le statut de l’entrepreneur ...individuel à responsabilité limitée (EIRL), bousculant la théorie de l’unité du patrimoine. Le nouveau dispositif permet à une personne physique de créer autant de patrimoines affectés qu’elle exerce d’activités professionnelles indépendantes. La loi institue une étanchéité patrimoniale se manifestant par le fait que chaque créancier de l’EIRL exerce son droit de gage général sur le patrimoine auquel il est rattaché. Le statut de l’EIRL suscite plusieurs interrogations relativement aux garanties que celui-ci est susceptibles d’offrir à ses créanciers personnels ou professionnels. Comme tout débiteur, l’EIRL peut être garanti par des personnes physiques ou morales tierces. Il apparaît toutefois en pratique que celles-ci hésiteront à s’engager. La scission patrimoniale empêche les garants solvens d’exercer leurs actions récursoires sur la totalité des biens de l’EIRL, réduisant ainsi les chances de leur remboursement. Par ailleurs, la pluralité des patrimoines offre à l’EIRL la possibilité de se garantir lui-même. Cependant, la technique qui consiste à garantir la dette d’un patrimoine avec un autre peut se révéler dangereuse pour l’EIRL. Il est donc incertain que l’EIRL en fasse usage. S’il n’offre pas de garanties suffisantes et/ou efficaces, l’EIRL n’obtiendra pas facilement un financement externe. Or, s’il n’a pas le financement dont il a besoin, l’EIRL ne profitera pas de son statut
After the partial success of the unseizability statement as a means of protecting the personal assets of entrepreneurs, the French legislator has adopted the status of the individual entrepreneur with limited liability (Hereinafter EIRL), disrupting the theory of the asset unit. The new status allows any individual to create as many dedicated assets as he pursues professional activities. The law institutes a patrimonial tightness that is manifested by the fact that each EIRL’s creditor is entitled to exercise his right of lien on the assets to which he’s attached. The EIRL status raises concerns about guarantees offered to their personal and professional creditors. Like an ordinary debtor, the EIRL can have guarantees provided by natural or legal third person. However, in practices, these persons are reluctant to commit themselves. The asset division prevents solvens guarantors to claim recourse attached to the all assets of the EIRL, so reducing the possibility of their reimbursement. Furthermore, plurality of assets allows the EIRL to guarantee itself. However, the technique of guaranteeing the debt of one asset with another can be damaging to the EIRL. Therefore, it’s uncertain that he uses it. If he doesn’t provide sufficient and/or efficient guarantees, he will not easily obtain external financing. If he cannot obtain the financing he needs, the EIRL will not benefit from his status
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