Table of Contents
目錄
Dedication
獻辭
Acknowledgement
致謝
Preface
序
Introduction
前言
Chapter 1Overview
章概述
Chapter 2Early Stages
第二章初期階段
Chapter 3Credit Agreement
第三章信貸協議
Chapter 4Syndicated Loan
第四章銀團貸款
Chapter 5Contractual Security
第五章合同擔保
Chapter 6Interest Rate Derivatives：A Method to Protect Interest Rate
第六章利率衍生工具：一種保護利率的方法
AppendixSample Syndicated Credit Agreement（Scott Bank Credit
Agreement）
附件銀團貸款協議示範文本（斯科特信貸協議）
Terminology
術語表

Dedication

獻辭

This book is based on a course that I teach in the Boston University Law Schools Graduate Program in Banking and Financial Law.Ying Yin，once my student and now my friend and colleague，had the idea to expand my lecture materials into a book.Ying and I believe that as China increasingly asserts itself in international trade and investments，Chinese banks will have many opportunities to provide US dollar funding to the US operations of Chinese companies and the US companies in which Chinese investors are investing.This book is intended （1）to familiarize Chinese lawyers，bankers and business men and women with the legal and regulatory framework within which US commercial lending is conducted；and （2）to present and explain the key provisions typically found in US commercial loan agreements.

這本書是根據我在波士頓大學法學院"銀行業與金融法"研究生項目中教授的一門課程所著。尹穎，作為我曾經的學生以及現在的朋友和同事，提議將我的課程講義擴展成為一本書。尹穎和我相信，隨著中國越來越多地參與到國際貿易和投資中來，中國的銀行將有很多機會為中國公司在美國的運營以及中國投資者所投資的美國公司融資。這本書旨在：（1）使中國的律師、銀行家和企業家們熟悉與開展美國商業借貸相關的法律和監管體繫；（2）展現和詮釋美國商業貸款協議中常見的關鍵條款。

I dedicate this book to my wife of thirty six years，Dr.Margaret Ann Farrell Daingerfield.She is the love of my life and the perfect companion for this very imperfect man.

謹以本書獻給已陪伴我36年的太太--瑪格麗特·安·法雷爾·丹傑菲爾德博士。她是我的終生摯愛，也是我這個並不十分完美男人的完美伴侶。

Richard Daingerfield

理查德·丹傑菲爾德

Acknowledgement

致謝

I would like to thank Qi Zhou, who is dedicated in translating legal and financial documents during the past ten years, for her input in the Chinese translation.

我要感謝周琦在中文譯文上的貢獻。在過去的十年中，她一直致力於法律和金融文件的翻譯。

Thanks also to Chenhang Bai, Yiming Zhang, Sudeshna Trivedi, Jenna Fegreus, Terri L. Geiger, Lorraine E. Kaplan, and Nina S. Hrebenko, Yue Cheng, Manqing Yang, Shuo Wang for their invaluable help during the progress of this book.

感謝白晨航、張一鳴、蘇蒂西娜·特拉維蒂、詹娜·費格雷烏斯、特裡·L.蓋革、羅琳·E.卡普蘭和尼娜·S.何雷本庫、程嶽、楊曼青、王碩在這本書成書期間給予的寶貴幫助。

I dedicate this book to my father, my mother, my mother in law, my husband and my child for their love, encouragement and support.

我把這本書獻給為我付出了愛、鼓勵和支持的我的父親、我的母親、我的婆婆、我的丈夫和我的孩子。

Ying Yin尹穎

Preface

序

This book is important for a number of reasons，not the least of which is that it is the first of its kind as the collaboration between a graduate and a professor of the Graduate Banking and Financial Law LL.M.Program at Boston University.The faculty and students of the Graduate Banking Program are practicing lawyers who often lack the time to focus on research or the publication of legal books or treatises.That is why the effort of Ms.Ying Yin，in collaboration with Professor Richard Daingerfield，is such an important event in the 30year history of the Banking Program.It is an extension of what happens in the classroom，a series of conversations between a senior lawyer who has spent many years practicing in a particular financial services area and one of a group of more junior lawyers who will be involved in advancing this area of law to new forms of transactions and across a broader global reach.It is a collaboration in which the questions and diverse backgrounds of the junior lawyers are as important as the knowledge and experience of the senior lawyer.This work is important as an indication that the collaboration among lawyers participating in the Graduate Banking Program need not be limited in time to the time before graduation.It can continue to flourish for as long as graduates and faculty continue to converse and collaborate.

這本書之所以重要有許多原因，但絕不僅僅是因為這本書開創了波士頓大學法學院銀行業與金融法碩士項目中碩士研究生與教授合作的先例。銀行業與金融法碩士項目的老師和學生都是執業律師，他們通常都沒有時間來關注研究或者出版法律書籍或論文。這也是為什麼尹穎女士與理查德·丹傑菲爾德教授的合作成為銀行業與金融法研究生項目30多年歷史中一件極為重要的事件的原因。這是就課堂上所學知識，一位多年從事某一特定金融服務領域的資深律師與一群即將致力於推動該法律領域采用新的交易形式以及橫跨更為廣闊的全球範圍且相對初級的律師中的一員之間的一繫列對話的延伸。在這種合作中，這些初級律師們所提出的問題以及他們的不同背景與資深律師的學識和經驗同樣重要。這本書是個重要的標志，表明參加銀行業與金融法碩士項目的律師之間的合作在時間上不必局限於畢業之前。隻要畢業生和學校繼續對話和合作，一樣可以繼續開花結果。

In addition，this book，as a description of the practical side of U.S. commercial lending law and loan documentation，is important substantively.It is a practical publication，useful to lawyers and business people to understand the area.Mr.Daingerfield and Ms.Yin have produced a work that is consistent with the Graduate Banking Programs emphasis on useful legal tools rather than more abstract theory.In addressing a financial services area that seems likely only to increase in importance for both China and the United States，Mr.Daingerfield and Ms.Yin offer a structure that will not only inform their intended audience but provide an impetus for additional efforts to enhance a practical approach to teaching financial services law.

此外，這本書作為美國的銀行商業信貸法律和文件在實踐領域的描述，實質上是很重要的。這是一本實用性的出版物，對律師和商務人士理解這一領域很有幫助。理查德·丹傑菲爾德先生和尹穎女士編著的這本書秉承銀行業與金融法碩士項目著重於有用的法律工具而非抽像理論的理念。在闡述金融服務這個對中國和美國來說都隻可能越來越重要的領域時，理查德·丹傑菲爾德先生和尹穎女士提供了一種構想，這種構想將不僅面向他們的目標讀者，而且還提供一種動力來付出額外努力以改進在金融服務法教學中的實踐方法。

Finally，this is a work with importance that exceeds the number of its pages because it represents a unique and important linking of U.S. academic learning in LL.M.programs to the real world practice of law.It allows the benefit an individual student receives inextended conversations with experienced faculty to be shared with a range of colleagues.As one of the authors and an experienced Chinese lawyer，Ms.Yin has the knowledge，legal skills and language proficiency to interpret these conversations so as to allow this technical commercial lending information to be more readily understood by lawyers，lenders and business people in China.Quite apart from the substance，this is a very promising approach to expanding legal financial services knowledge between two leading nations in this area.Mr.Daingerfield and Ms.Yin through their dedication，talent and effort have produced a unique and useful book that brings honor to them and to the Graduate Banking Program at Boston University.

後，這本書的重要性已經超越了其頁數，因為它代表著一種獨特而又重要的聯繫，將美國法學碩士項目中的學術知識與真實世界中的法律實踐相連接。這本書也使單個學生在與資深律師的深入交談中的收獲可以與眾多同行一起分享。作為本書的作者之一以及一名經驗豐富的中國律師，尹穎女士具有詮釋這些對話的知識、法律技能以及語言能力，以使這些商業借貸的技術領域信息更易於被中國的律師、貸款人和商務人士理解。拋開這個事實不提，這本書也開闢了在這一領域中兩個重要國家之間傳播法律金融服務知識的一種新途徑。理查德·丹傑菲爾德先生和尹穎女士通過他們的專注、纔智和努力撰寫了這一本獨特又實用的書籍，為他們帶來了榮譽，也為波士頓大學的銀行業與金融法研究生項目帶來了榮譽。

James Scott

Director

Graduate Program in Banking and Financial Law

Boston University School of Law

詹姆斯·斯科特

主任

銀行業與金融法碩士項目

波士頓大學法學院

Introduction

前言

1Process and Languages

1成書過程與語種

The Commercial Lending Law and Documentation in the United States starting from a practice perspective，will help the readers understand how financing may be made through the domestic banks of the U.S.The books manuscript in English was jointly compiled and wrote by Mr.Richard Daingerfield，the consultant on the American laws to Guantao Law Firm，an American attorney and banker who is teaching in the Graduate Program in Banking and Financial Law of Boston University School of Law，and his student，Ying Yin，a Partner in Guantao Law Firm.To make the reading easier and more convenient for most domestic readers，Ying Yin，attorneyat law and her working partner Ms.Qi Zhou translated the manuscript into Chinese（Mandarin）.This book to be published will be presented in English and in Chinese translation，with English interspersed with Chinese phrase for alternating paragraphs.

《美國商業信貸法律實務操作指南》從實務角度出發，幫助讀者了解如何向美國境內的銀行融資。這本書的英文原稿繫由觀韜中茂律師事務所美國法律顧問、執教於美國波士頓大學法學院銀行業與金融法（the Graduate Program in Banking and Financial Law）的美國律師與銀行家理查德·丹傑菲爾德（Richard Daingerfield）先生與其學生、觀韜中茂律師事務所合伙人尹穎律師共同編著；為便於廣大國內讀者閱讀，尹穎律師與搭檔周琦女士將該英文原稿翻譯為中文。本書此次發行的版本，為中英文雙語版本，並且采用英文與中文穿插的方式，即在每一段英文原稿的下方放置該段落的中文譯文。

2Characteristics of This Book

2書籍特點

Besides demonstrating a complete process of a loans life cycle（including the external process，i.e.，the transaction process between the borrower and the lender，and the internal process，i.e.，the lender＇s internal approval process for the potential loan），case analyses and discussions in a horizontal way，the book is strongly highlighted for its article by article analysis of the commercial lending documents.Among them，a particularly prominent feature is the article by article analysis of a U.S.syndicated loan agreement that was made in the 1980s and has been used for decades and amended from time to time.The analysis covers the 87 articles in the whole 98 articles under the agreement，and to make the readers understand the connections of the concepts set forth in Article 1 Definitions and their applicable articles，explicit analysis of such concepts is made in the applicable articles based on the context.In terms of analytical method，such article by article analysis is seldom in the professional publications in China；in terms of the analytic process and content，the analysis of the U.S.banks' lending documentations，especially the U.S.syndicated loan agreement，shows the panoramic feature but also the detailed features of the U.S.bank loans.Mr.Richard Daingerfield and Ying Yin attorney at law wish that such demonstration will be helpful to the readers including the top management of Chinese funded enterprises that may have business relationships with Americas banks or the banks' branches in the U.S.，the domestic bankers and bankers located in the U.S.of Chinese funded banks，and the Chinese lawyers who are dedicating in in the investment and financing transactions between China and the U.S.parties.

除了橫向展示一個貸款周期的完整流程（包括外部流程，即借款人與貸款人之間的交易流程，以及內部流程，即貸款人對潛在貸款的內部審核流程）、案例分析討論等特點外，本書的特點是對商業貸款文件的逐條分析。其中尤為突出的，是對一份制定於20世紀80年代，並經多年沿用與不時修訂的美國銀團貸款協議所做的逐條分析。本書的分析覆蓋了整部協議98個條款中的87個條款，對該協議定義條款所定義的概念，也在其所主要適用的條款中，根據上下文為讀者做了細致的分析。從分析方法而言，這種逐條分析方法，在國內專業性出版物上較為少見；就分析的過程和內容而言，對美國銀行貸款文件尤其是美國銀團貸款文件的分析，展現出美國的銀行貸款的全景特點與細節特色。理查德·丹傑菲爾德先生與尹穎律師期待，這種展現能夠對在實務工作中有可能與美國的銀行或者在美的銀行分支機構發生業務關繫的中資企業的高層管理者、中資銀行在國內及美國境內的銀行家，以及中美投融資交易中的中方律師等讀者有所助益。

3Outline of This Book

3基本內容

This book consists of six chapters，covering the main aspects of the U.S.banks' commercial lending：

這本書共有六章，覆蓋了美國銀行商業信貸的主要方面：

Chapter One：Overview.This chapter introduces the primary loan facilities，the basic types of lenders，the complete cycle of a commercial loan（referred to as"the life cycle of a commercial loan"in this book）and the main characteristics in various segments，states the sources of law in the U.S.（including enacted law and caselaw）and elaborates the fundamental documentations in this cycle.

章：概述。介紹了主要的貸款工具、貸款人的基本類型、商業貸款的完整周期（本書稱為商業貸款的生命周期）及其各個環節的主要特點，闡述了本書主要援引的美國法律淵源（包括制定法與判例法），並詳述了商業貸款的主要文件。

Chapter Two：Early Stage.This chapter is divided into three sections.Section One is about how a borrower finds and preliminarily chooses lender（s）in the early stage of a commercial loan（mainly refers to the credit shopping and negotiation in preclosing phase）and the importance of the negotiation in faith between a borrower and a lender.Section Two describes the earlystage documents，namely，letters of intent，term sheets，commitment letters and confidentiality agreement，and makes"blanket"analysis from the headline to the signature of a sample letter of intent and a sample mutual confidentiality agreement（in other words，article by article analysis）.Section Three introduces the internal approval process of banks for potential loan transactions.

第二章：初期階段。本章分為三節。節介紹了在商業貸款初期階段（主要是指交割前的接觸階段和過渡階段）借款人如何尋找並初步確定貸款人，以及借貸雙方誠信磋商的重要性。第二節則是對初期階段的文件，即意向書、條款清單、承諾函和保密協議做了介紹，並對一份意向書範本和一份保密協議範本進行了從標題到落款的"地毯式"分析（換言之，逐部分逐條分析）。第三節則介紹了銀行就潛在貸款交易的內部審批流程。

Chapter Three：Credit Agreement.As mentioned above，the credit agreement employed in this chapter is a sample syndicated loan agreement thats quite typical in commercial lending sector of the U.S.This agreement comprehensively covers the basic and main considerations of a syndicated loan with a completed structure，applies typical loan facilities（such as term loan，revolving loan，letters of credit as a sublimit of revolving loan），fluctuating rate and LIBOR，and establishes a well organized mechanism of yield maintenance and protection.Analysis to articles and definitions of this agreement does not merely focus on concerns of each article in perspective of lenders，such as the determination，selection and conversion of interest rate，and the burden of taxes，but also covers the origins or progress of significant systems related to the concerns，such as the marketization of interest rates in the U.S.，and to the adjustment of LIBORs governing body caused by the LIBOR scandal，as well as the summary and analysis to the internal mechanisms of a credit agreement，such as the analysis of yield maintenance mechanism and the three phase breach system.

第三章：信貸協議。有如前述，本章使用的信貸協議是美國國內商業信貸領域相當有代表性的一份銀團貸款協議模板。該協議結構完整，全面覆蓋了銀團貸款中基本和主要的考量點，應用了典型貸款工具（比如定期貸款、循環貸款以及作為循環貸款次級限額的信用證）、浮動利率與LIBOR，並設置了周密的貸款人收益維持和保障機制。對這份協議條款和定義的分析，則不僅是站在貸款人立場分析每個條款的考量點，如利率的確定、利率的選擇與轉變、稅費的承擔等，也對相關重要制度的源起或者變化做了分析，如對美國利率市場化過程的介紹、對LIBOR丑聞導致的LIBOR管理機構調整的介紹等，還有對信貸協議內在機制的歸納和分析，如對收益維持機制的分析、對違約體繫三階段的介紹等。

Chapter Four：Syndicated Loan.The most essential characteristics of a syndicated loan compared with a bilateral loan comprise this chapter.It intuitively and explicitly states the important mechanisms of syndicated loans and introduces the development of syndicated loans in the U.S.loan market growth.

第四章：銀團貸款。本章將銀團貸款相較於雙邊貸款而言為本質的特點提煉出來，獨立成章，直觀、鮮明地闡述了銀團貸款的重要機制，並對銀團貸款在美國的發展進程做了介紹。

Chapter Five：Contractual Security.As a mechanism for the secondary sources of repayment of commercial loans，contractual securities have their own icons.This chapter mainly introduces the collateral and guaranties of personal property，while the mortgage over real property and hypothecation are also involved.

第五章：合同擔保。作為設立和確保商業信貸第二還款來源的機制，美國的合同擔保制度自有其特色。本章主要對動產抵押和保證做了介紹，對不動產按揭、抵押契約等制度也有涉及。

Chapter Six：Interest Rate Derivatives：A Method to Protect Interest Rate.An interest rate protection contract is one of the measures taken by lenders or imposed on a borrower for purpose of mitigating the risks to the lenders loan proceeds due to the interest rate fluctuations.Interest rate swap is a most commonly used measure and the specific introduction on it is made in this chapter.

第六章：利率衍生工具：一種保護利率的方法。利率保護合同是貸款人為降低其貸款收益受利率波動因素影響的風險，而采取或者施加於借款人的保障措施之一。利率掉期為其中為經常使用的措施。本章對此做了有針對性的介紹。