銀行聯合貸款契約—以主辦銀行與參貸銀行之法律關係為中心

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(1)୯ҥᆵ᡼εᏢ‫ࡓݤ‬Ꮲଣ‫ࡓݤ‬Ꮲࣴ‫܌ز‬ ᅺγፕЎ Graduate Institute of Law College of Law. National Taiwan University Master Thesis. ሌՉᖄӝສීࠨऊ ȋаЬᒤሌՉᆶୖສሌՉϐ‫ࡓݤ‬ᜢ߯ࣁύЈ Syndicated LendingǺCenter on the Legal Relationship between Lead Bank and Participation Banks. ೚໋ണ Hsu, Chun-Chieh. ࡰᏤ௲௤ǺЦЎӹ റγ AdvisorǺWang, Wen-Yeu, Ph.D.. ύ๮҇୯ 101 ԃ 6 Д June, 2012.

(2) ᖴ!!ᜏ! ಖ‫ܭ‬຾Չ‫ډ‬ᖴᜏ‫ޑ‬೽ϩǴԾ΋໒‫ޑۈ‬ፕЎቪբ໒‫ۈ‬Ǵቪᖴᜏջཀ‫ښ‬๱΋ঁಖ ᗺǴж߄ჹ‫ܭ‬Ꮲғਔය‫ޑ‬΋ঁ֋ձǴ΋໨ᕴᡏᔠǴ΋໨҅Ԅ‫ޑ‬චЋӆ‫ـ‬Ƕ೭ঁၸ ำύǴԖϼӭϼӭ‫ޑ‬གᖴǴፕЎբࣁ೭ࢤਔයന‫ڀ‬ᡏ‫ޑ‬ౢ‫ނ‬Ǵᙣஒ‫ޑך‬คኧགᐟǴ ሎ‫څ‬ӧ೭ҁਜ‫ޑ‬໒‫ۈ‬Ƕ ЦЎӹ௲௤Ǵ‫ࡰޑך‬ᏤԴৣǴᏼҺԴৣշ౛‫ޑ‬ΒԃǴӧૈΚ‫୻ޑ‬Ꭶ΢ǴᖐΥ ᇆ໣ࢗ‫פ‬ၗ਑ǵၗૻ᏾ӝ༼ᕴǵमᇟૈΚᎦԋǵЎਜೀ౛ᔈҔǵϷԿ‫ࡓݤ‬ሦୱ‫ޑ‬ ‫ޕ‬᛽‫ܗ‬৖Ǵ֡ள‫ޑىߏډ‬຾‫؁‬ǹзΓᡋ೗ӦࢂǴӧ೭ࢤВη္Ǵᒿ๱ᆶԴৣߏය ‫࣬ޑ‬ೀǴωว౜Դৣ੿၈‫ࡑޑ‬Γೀ٣ᆶόीၨ‫ޑ‬брǴഖࢂ‫҉ך‬ᇻሎ૶ӧЈ‫ޑ‬Γ ғ௲ᇧǶਔதǴ‫ך‬ᕴ཮གྷ๱ӵ݀ؒԖ୦ࣴ‫܌ز‬ǴΓғว৖཮ԖՖόӕǻନΑ೭ࢤ ය໔‫܌‬ಕᑈ‫ࡓݤ‬аѦ‫ޑ‬஑཰‫ޕ‬᛽ǵ‫ࡓݤ‬஑཰ሦୱ‫ޑ‬ుΕࣴ‫ز‬ǵೀ౛٣௃‫ૈޑ‬ΚѦǴ డคᅪୢӦǴӵՖӧ஑཰ϐѦǴӭӸ΋٤ჹΓჹ٣‫ޑ‬ቨ৒ǴЬ୏Ӧᜢᚶሡाᔅշ ‫ޑ‬ΓǴ‫ܭ‬ԾρૈΚ‫܌‬ϷϐೀǴడคߥ੮‫ޑ‬๏ϒдΓϷਔ‫ڐޑ‬շǴѸஒࢂ‫҉ך‬ᜤ‫ב‬ ᚶ‫ޑ‬ΓғඵችǶ གᖴቅಏኺԴৣǴӧα၂ਔ๏ϒ‫ך‬Կ၈‫ࡌޑ‬᝼‫ࡰک‬ᏤǴό໻З‫ܭ‬ፕЎቪբ‫ޑ‬ ࢎᄬቫԛ‫ک‬ҔӷЇຏǴ‫׳‬٬‫ך‬ᒃ‫ي‬ᡏ཮‫ډ‬΋Տ‫ࡓݤ‬ᏢΓ‫ک‬ሌՉৎ‫ޑ‬ᆒྗᆶᇡ੿Ǵ ٬೭ҁፕЎቪբӆԖँઇǴགᖴாǼ གᖴ߉ቼѳԴৣǴԾλፕЎፐ୸ൔ֋‫ۈ‬Ǵ߉Դৣߡόᜏമध‫ޑ‬ჹ‫ޑךܭ‬ፕЎ ග‫ٮ‬ፏӭ‫ڀ‬ᡏࡌ᝼‫ࡰک‬௲Ǵ٬‫ך‬ӧፕЎቪբၸำύϿ‫و‬Α೚ӭ៻ၡǴࣴ‫܌ز‬ය໔Ǵ Οόϖਔ‫ޑ‬൩າѐїᘋԴৣǴགᖴԴৣᕴх৒೭ᅿँ᠍Ǵ٠኷‫ܭ‬ϩ٦Ӛᅿόӕ‫ޑ‬ Γғ࿶ᡍǴ٬‫ך‬΋ԛΞ΋ԛ‫׳‬у୲‫ۓ‬Ծρ‫ޑ‬Ҟ኱ᆶ،ЈǶ གᖴ໱ܱ୯ᏢߏǴӧࣴ‫ޑ܌ز‬നࡕය໔‫׫‬Εჴ୍ᏢಞπբǴԖ۩ၶ‫ډ‬ӵԜᓬ ౦‫ޑ‬ᏢߏǴడคߥ੮‫ޑ‬௲Ꮴ‫ޕޑ཰୺ࡓݤך‬᛽ᆶ‫ૈמ‬Ǵ҉ᇻޭ‫ۓ‬ձΓ‫ޑ‬брǴᕴ ࢂ࣮‫ঁ؂ډ‬Γ‫ޑ‬ᓬᗺǴᕵ٬ӧ‫ך‬ҍᒱ‫ޑ‬ਔংǴΨᕴࢂа҅य़‫ޑ‬ᄊࡋ‫ךک‬΋ଆᔠ૸Ǵ ࡓৣჴಞ‫ޑ‬ϖঁДΞΜΎϺǴЈύԖϼӭ‫ޑ‬གᐟǵག୏‫ک‬ག‫ۺ‬Ƕ.

(3) ৎΓࢂ‫زࣴঁ؂‬ғ΋ၡ‫ٰو‬Ǵനε‫ޑ‬ЈᡫЍࢊǴགᖴ‫ݿݿ‬༰༰ᡣ‫ך‬คࡕ៝ϐ ኁӦֹԋᏢ཰Ǵჹ‫ךܭ‬೭ঁ‫୺ڰ‬λ࠸คచҹ‫ޑ‬х৒ǴᓨᓨЍ࡭‫ך‬ଓ೴ᇿᇻ‫ޑ‬ფǴ ᡣ‫ך‬ΞֹԋΑΓғ‫ޑ‬ќ΋ঁ໘ࢤǶ ᓄᐛ 2913Ǵ೭ҁፕЎ‫ޑ‬ፍғǴ౛ᔈ᝘๏գॺǺ ᒃང‫ᙾ⯉ޑ‬Ǵֹӄค‫ݤ‬གྷႽؒԖգ཮วғϙሶኬ‫ؠޑ‬ᜤǴٗᔈ၀ࢂ΋ঁֹӄ ஝ው‫ޑ‬ᐕำփǼନΑፕЎว߄཮ǵਠዺ૸ፕǵଌӑາࢬำ΋ε୴‫ޑ‬բ཰ำ‫ׇ‬ѦǴ բࣁ 2913 ಃ΋෇Ǵബ೷ಃ΋ঁ΢ᘄኧǴ஥ଆϐࡕ΋Ѝ΋ЍӼѺ΋‫ޔ‬΋‫ޔ‬Ѻ‫ޑ‬Ȩᓄ tbojuzȩࣀ॥Ǵգ‫଻ޑ‬εόѝӧ‫ܭ‬வό໔ᘐ‫ ޑ‬2913 ߓᙓ‫ۅ‬आૡคज़ᄣ໯Ǵ‫׳‬ӧ ‫ܭ‬Υ٣ੀฅೀϐ‫ޑ‬఩‫ۓ‬Ǵ‫ک‬ȨᅟٰΑȩ‫ޑ‬஽ၯԾӧǶ ᒃང‫៾࢓ޑ‬Ǵᖴᖴգ๏‫کߞ࣬ޑך‬යࡑǵόज़ԛኧ‫ޑ‬ջ‫څ‬௱ජǵаϷ୏Γ‫ޑ‬ ғ‫ڮ‬ϩ٦Ǵᙣஒ‫ޑך‬คᅰགᖴǴϯբ΋ঁ҂ٰ‫܍ޑ‬ᒍǺԖ΋ϺǴ‫཮ך‬ᡣձΓࣁ‫ך‬ ೷΋০ᗔӀᐩǴԶόࢂ໻᎞ӛӀྣ‫ޑ‬ӦБǶ ᒃང‫ޑ‬൹൹ᆶࠧ๮ǴགᖴգॺӧፕЎα၂നࡕ໘ࢤ௃က࣬ਇ‫ޑ‬ᔅ‫ך‬ਠჹፕЎ ዺҹǴӧٗঁծཉଭ໶‫ྃޑ‬ДǴգॺ‫࣬ޑ‬շ҅ࢂഓύଌࣅǴགᖴգॺϷਔ‫ޑ‬ЍජǴ ᡣ‫ך‬ኖၸΑٗࢤനᖑध‫ޑ‬ਔයǶ ᒃང‫ޑ‬ਜॕǴᖴᖴ‫ی‬ӧᚆձϐሞ๏‫ޑך‬၈Јࡌ᝼Ǵࡕٰᒥൻ๱‫ޑی‬࿶ᡍǴӧ ፕЎ຾ࡋ΢Ԗ‫ँ܌‬ઇǴߚதགᖴǶ ᒃང‫ݒ҅ޑ‬ǴᗨฅգᕴࢂᝂᝂǴՠόளό‫܍‬ᇡգ‫ޑ‬ᝂᝂᕴࢂග‫ךٮ‬ཥ‫ޑ‬གྷ‫ݤ‬ ᆶ‫ڈ‬ᐟǴ‫؂‬΋ԛьᜢ‫ޑ‬ਔᗺǴགᖴգவόս‫ܭ‬ϩ٦գ‫ޑ‬ᢀᗺǴᡣ‫ך‬ӧፕЎቪբ΢Ǵ ᕴૈ࣮‫ډ‬ঢ়଑ၡᙯ‫׆ޑ‬ఈǶ ᒃང‫ޚޑ‬፣Ǻགᖴգ΋‫ޔ‬аٰᓨᓨ‫ޑ‬ᔅԆǴคፕε٣λ٣Ǵ҉ᇻග‫ךٮ‬ԖΚ ‫ޑ‬ЍජǴ٠Ъϩᏼ๱‫ޑॺך‬௃ᆣᆶࠉཆǶ ᒃང‫ޑ‬ስ‫کۆ‬႟Ζ႟Ǻգॺ‫ޑޑ‬ઢ৒ࢂϼ໚Ǵᖴᖴգॺ஥ٰ‫៿ޑ‬ઢᆶԠНǴ คፕࢂਜ਼ҡෝፂੁǵ޸ጪ‫ݱ‬Ճǵ‫ࣨࡓݤ‬ᝣౚᖻǵߓٚξၠԃǴӧࣴ‫܌ز‬೭ࢤଭό ଶᒙ‫ޑ‬ਓำύǴགᖴգॺ஥ٰ೭‫؂‬΋ࢤ౥ғᜤ‫ޑב‬ඳጏǶ.

(4) λߓ࠰ǵ‫کܱڙ‬ऍЎǴᖴᖴգॺ஥๏‫ך‬೭ሶऍӳ‫܌زࣴޑ‬ӣᏫǴનࢁѳғ‫ޑ‬ ѤঁΓ΋ଆࣁ΋ঁӅӕ‫ޑ‬Ҟ኱ᏟᏯǴฅࡕό‫ޕ‬ၰࣁϙሶѝाᆫӧ΋ଆ൩΋‫ۓ‬ाؒ Вؒ‫ڹ‬ǵ૱Ј‫׆‬ఈٗ΋Ϻ҉ᇻόा่‫״‬Ƕᖴᖴգॺ΋‫ޔ‬ഉՔӧ‫يך‬ᜐǴคፕࢂ଺ ൔ֋‫ޑ‬ਔংǵᏢਠ΢ፐ‫ޑ‬ਔংǵჴಞπբ‫ޑ‬ਔংǵᗋԖࡐӭаࡕǴӢࣁգॺǴ‫ך‬ ‫ޕ‬ၰԾρ٠ό‫ې‬ᐱǶ ᒃང‫◖ޑ‬ӵǴӧ‫ی‬໒Ј‫ޑ‬ਔংǴ‫ך‬ᕴࢂ‫૶ב‬ϩ٦‫ޑی‬഻৹ǹӧ‫ی‬ᜤၸ‫ޑ‬ਔংǴ ‫ך‬ᕴࢂค‫ݤ‬ϩᏼ‫ࠉޑی‬ཆǹᕴࢂᒱၸ‫ی‬ғ‫ڮ‬ύ‫ޑ‬ख़ाਔ‫څ‬ǴԶ‫ࠅی‬ᕴࢂǴค࡜ค ৷ǵคЗᅰӦбрǴᡣ‫ࡾߙی‬คእ‫ྃޑ‬ДǴഉՔ๱ᅐߏࠅؒԖ‫׆‬ఈ‫ޑ‬฻ࡑǶ‫ࢂך‬ ΋ঁ۩ၮ‫ޑ‬ΓǴම࿶ӧ‫ی‬ғ‫ڮ‬ύ՞๱೭ሶख़ा‫ޑ‬Տ࿼Ǵӳ‫׆‬ఈ࣮‫یډ‬໒ЈǴԶ‫ך‬ ៿ЈႴᆸǴࣁ‫ܡی‬ЋћӳǶ ! ! ! ೚໋ണ! ᙣᇞ! ‫ ܭ‬3123 ԃ 9 Д 35 В! Ѡчጩᙔ‫ޑ‬Ϻ‫ޜ‬.

(5) ύЎᄔा! ሌՉᖄӝສීǴ߯୯ሞߎᑼѱ൑΢Ҿ཰ख़ाᑼၗᆅၰϐ΋ǴҁЎ၂კԾሌՉ ᖄӝສී‫ޑ‬ङඳࢎᄬǴ൨‫פ‬ሌՉᖄӝສී‫ܭ‬୯ሞߎᑼᕉნࢎᄬΠϐ‫ۓ‬ՏǴൻԜࢎ ᄬࣁҁǴ‫ڀ‬ᡏ௖૸ሌՉᖄສ‫ܭ‬୯ሞߎᑼࢎᄬΠϐ‫ۓ‬ՏǴаϷ‫ځ‬ԋ঩‫ک‬ᑼၗಔӝǴ നࡕᇥܴሌՉᖄສԜᅿᑼၗኳԄ࣬ၨ‫ځܭ‬дᝢၗኳԄϐᓬલᗺǹಃΟകҗߎᑼε ᕉნᆫข‫ܭ‬ሌՉᖄӝສීҁ‫ي‬Ǵ൩‫ځ‬Ծ‫ޑي‬ғԋၸำǴ٩୏ᄊ‫ޑ‬ਔ‫ׇ‬ϟಏሌՉᖄ ສύόӕሌՉ‫فޑ‬ՅǵሌՉᖄສ‫ޑ‬ำ‫ׇ‬ǵᑼၗӼ௨ਔ໔߄ǵሌՉᖄӝສී‫ޑ‬Ьा ЎҹǵሌՉᖄӝສීୖᆶ‫ޣ‬ԏ੻ीᆉǹಃѤക߾ࣁᓉᄊϐࠨऊЎҹǴ๱౳‫ܭ‬ሌՉ ᖄສᖄӝ௤ߞӝऊϐϣ৒Ǵଞჹ‫ڀ‬ᡏచЎೕጄϐക࿯բϩ‫݋‬ǹಃϖക߾ࣁሌՉᖄ ສࠨऊϐ‫ࡓݤ‬॥ᓀǴҗሌՉᖄສ‫ޑ‬Ѥঁमऍ‫ݤ‬ჴ୍ਢ‫݋ࣴٯ‬рวǴჹ‫ܭ‬ສීሌՉ ი໔ϐ‫ࡓݤ‬ᜢ߯ǵ‫ࡓݤ‬΢ϐፎ‫୷៾؃‬ᘵаϷ‫ݤ‬ଣჹሌՉᖄສ‫ޑ‬ᄊࡋ၂բϩ‫݋‬Ƕ่ ፕ΢ǴԾ‫ݤ‬ଣҥ൑ᢀჸǴӭኧཀ‫߯ـ‬а൧ख़ѱ൑Ծࡓࣁ୷ፓǶ.

(6) Abstract Syndicated Loan is one of the major financing solutions for enterprises in the international financial market. This thesis is intended to find the structural position of Syndicated Loan in the international financial environment first via background of the Syndicated Loan. Under such finding premise the structural position of Syndicated Loan in the international financial infrastructure, together with members and combination of a Syndicated Loan, will be substantially discussed. Then as a conclusion advantages and disadvantages between Syndicated Loan and other financing solutions will be compared. In Chapter 3 we will focus on the Syndicated Loan itself to discuss its birth, the role of each bank members in a Syndicated Loan in a chronicle way, process to conclude a Syndicated Loan, timesheet (program) of the financing, major documents of a Syndicated Loan and the revenue calculation for participants of a Syndicated Loan. In Chapter 4 certain contractual documents will be presented and enclosed. According to the contents of a Syndicated Loan certain analysis will be done subject to the substantial requirements of each articles thereof. In Chapter 5 legal risks of a Syndicated Loan will be discussed. 4 Anglo-American real cases regarding Syndicated Loan will be analyzed to clarify legal relationships between the participants, ground of claims and attitude of the Courts toward the Syndicated Loans. However, based on the Courts’ point of view, major opinion is intended to respect market self-discipline as a fundamental principle for these cases..

(7) ሌՉᖄӝສීࠨऊ ņņаЬᒤሌՉᆶୖສሌՉϐ‫ࡓݤ‬ᜢ߯ࣁύЈ ȠҞᒵȡ ಃ൘ക! ᆣፕ!////////////////////////////////!2! ಃ΋࿯ ࣴ‫୏ز‬ᐒᆶҞ‫ޑ‬////////////////////////////////////////!2! ಃΒ࿯ ࣴ‫ز‬Б‫ݤ‬//////////////////////////////////////////////!3! ಃ΋໨ Ў᝘᏾౛ϩ‫݋‬////////////////////////////////////////!3! ಃΒ໨ Кၨ‫ݤ‬ϩ‫زࣴ݋‬//////////////////////////////////////!3! ಃΟ໨ ࡰ኱‫܄‬ਢ‫ٯ‬ӣ៝//////////////////////////////////////!3! ಃѤ໨ ಃΟ࿯ ಃѤ࿯. ၠ೽ߐϩ‫ݤ݋‬////////////////////////////////////////!4! ࣴ‫ࢎز‬ᄬ//////////////////////////////////////////////!4! ୷ҁӜຒჹྣ//////////////////////////////////////////!4!. ಃມക! ሌՉᖄӝສීϐ‫ۓ‬Տ!//////////////////!6! ಃ΋࿯ ಃΒ࿯. ሌՉᖄສສීϐ‫ۓ‬က////////////////////////////////////!6! ሌՉᖄສࠨऊϐ‫ݮ‬ॠ////////////////////////////////////!8!. ಃ΋໨ ѱ൑ፍғ////////////////////////////////////////////!9! ಃΒ໨ Ь៾໸୍Ӓᐒਔය///////////////////////////////////!21! ಃΟ໨ ᄫ਍ԏᖼ࡚ೲԋߏਔය///////////////////////////////!22! ಃѤ໨ λ่///////////////////////////////////////////////!24! ಃΟ࿯ ሌՉᖄສᑼၗࠠᄊ/////////////////////////////////////!25! ಃ΋໨ ୯ሞߎᑼѱ൑భϟ///////////////////////////////////!28! ಃΒ໨ ሌՉᖄສࠨऊϐԋ঩‫ف‬Յ/////////////////////////////!33! ಃΟ໨ ሌՉᖄӝສී௤ߞಔӝ///////////////////////////////!37! ಃѤ࿯ ሌՉᖄສᆶ‫ځ‬ѬᑼၗБԄϐКၨ/////////////////////////!39! ಃ΋໨ ሌՉᖄສᆶୖᆶສී/////////////////////////////////!39! ಃΒ໨ ሌՉᖄສᆶϦљ໸///////////////////////////////////!42! ಃΟ໨ ሌՉᖄສᆶ੃຤ॷສ/////////////////////////////////!45!. ಃୖക! ሌՉᖄӝສීϐғԋ!/////////////////!47! ಃ΋࿯ ಃΒ࿯ ಃΟ࿯ ಃѤ࿯. ሌՉᖄສϐำ‫ׇ‬///////////////////////////////////////!47! ᑼၗӼ௨ਔ໔߄///////////////////////////////////////!53! ሌՉᖄӝສී‫ޑ‬ЬाЎҹ///////////////////////////////!57! ሌՉᖄӝສී‫ޑ‬ᙯᡣ///////////////////////////////////!59!.

(8) ಃϖ࿯. ሌՉᖄӝສීୖᆶ‫ޣ‬ԏ੻ीᆉ///////////////////////////!61!. ಃစക! ሌՉᖄӝສීࠨऊϐϣ৒!/////////////!71! ಃ΋࿯ ሌՉᖄສࠨऊЬᡏ‫ࡓݤ‬ӦՏ/////////////////////////////!71! ಃ΋໨ ॷීΓᆶ௤ߞሌՉ///////////////////////////////////!72! ಃΒ໨ ᖄສሌՉიϐ௤ߞሌՉ໔/////////////////////////////!72! ಃΟ໨ ॷීΓᆶЬᒤሌՉ‫܈‬ᆅ౛ሌՉ/////////////////////////!75! ಃѤ໨ ЬᒤሌՉ‫܈‬ᆅ౛ሌՉᆶ‫ځ‬дୖສሌՉ///////////////////!75! ಃΒ࿯ ᖄӝ௤ߞӝऊക࿯చීှ‫݋‬/////////////////////////////!77! ಃ΋໨ ߻‫ق‬ȐXjuofttfuiȑ/////////////////////////////////!77! ಃΒ໨ ‫ۓ‬က‫ک‬ှញȐEfgjojujpo!boe!Joufsqsfubujpoȑ////////!78! ಃΟ໨ ສීᚐࡋ‫ک‬ສීҔ೼ȐEsbxepxoȑ/////////////////////!79! ಃѤ໨ ୏ኘӃ،చҹȐDpoejujpot!Qsfdfefouȑ///////////////!81! ಃϖ໨ ճ৲ȐJoufsftuȑ///////////////////////////////////!84! ಃϤ໨ ಃΎ໨ ಃΖ໨. ᗋීȐQbznfoutȑ///////////////////////////////////!85! ิ຤!)Ubyft*///////////////////////////////////////!92! ᖂܴᆶߥ᛾ȐSfqsftfoubujpot!boe!Xbssboujftȑ///////!94!. ಃΐ໨ ‫܍‬ᒍ٣໨ȐDpwfoboutȑ//////////////////////////////!96! ಃΜ໨ ၴऊ٣ҹȐFwfout!pg!Efgbvmuȑ//////////////////////!97! ಃΜ΋໨ ЬᒤሌՉǵᖄӝ௤ߞሌՉϷᆅ౛ሌՉ/////////////////!:2! ಃΜΒ໨ ᙯᡣ)Bttjhonfout*////////////////////////////////!:5! ಃΜΟ໨ ፾Ҕ‫ݾکࡓݤ‬᝼ှ،БԄ///////////////////////////!:6! ಃΜѤ໨ ‫ځ‬дऊ‫)ۓ‬Njtdfmmbofpvt*//////////////////////////!:7! ಃΜϖ໨ Ьाߕҹ)Tdifevmft*//////////////////////////////!:7! ಃΟ࿯ ᖄӝ௤ߞሌՉӝऊ/////////////////////////////////////!:8! ಃѤ࿯. λ่/////////////////////////////////////////////////!::!. ಃҴക! ሌՉᖄສࠨऊϐ‫ࡓݤ‬॥ᓀ!////////////!212! ಃ΋࿯ ჴ୍ਢ‫ˇˇ݋ࣴٯ‬ЬᒤሌՉჹ‫ځ‬дୖສሌՉ‫ૼڙޑ‬Γက୍//!212! ಃ΋໨ JGF!Gvoe!TB!w/!Hpmenbo!Tbditਢ!///////////////////!212! ಃΒ໨ VCBG!w/!FBCDਢ!///////////////////////////////////!217! ಃΟ໨ Obuxftu!w/!Usjdpoujofoubmਢ!//////////////////////!221! ಃѤ໨ Difnjdbm!cbol!w/!Tfdvsjuz!Qbdjgjd!Obujpobm!Cbol!//!224! ಃϖ໨ λ่//////////////////////////////////////////////!226! ಃΒ࿯ ສීሌՉი໔ϐ‫ࡓݤ‬ᜢ߯//////////////////////////////!229! ಃ΋໨ ӝუᇥ)qbsuofstijq*///////////////////////////////!22:! ಃΒ໨ ӝၗᇥ)kpjou!wfouvsf*/////////////////////////////!22:! ಃΟ໨ ‫ૼڙ‬ᜢ߯ᇥ)gjevdjbsz!sfmbujpotijq*////////////////!22:!.

(9) ಃѤ໨ தೕҬܰᜢ߯ᇥ)bo!bsnȷt!mfohui!sfmbujpotijq*/////!234! ಃϖ໨ λ่//////////////////////////////////////////////!235! ಃΟ࿯ ‫ࡓݤ‬΢ϐፎ‫୷៾؃‬ᘵ//////////////////////////////////!236! ಃ΋໨ ၸѨߟ៾ೢҺ//////////////////////////////////////!236! ಃΒ໨ 2:78 ԃόჴഋॊ‫ݤ‬ਢȐNjtsfqsftfoubujpo!Bdu!2:78ȑ/!238! ಃΟ໨ ၴϸ‫ૼڙ‬Γက୍////////////////////////////////////!23:! ಃѤ࿯ λ่////////////////////////////////////////////////!248!. ಃഌക! ่ፕ!//////////////////////////////!251! ୖԵЎ᝘!//////////////////////////////////!254.

(10) ಃ൘ക. ᆣፕ. ಃ΋࿯. ࣴ‫୏ز‬ᐒᆶҞ‫ޑ‬. ჹ‫ܭ‬ሌՉᖄສࠨऊϐௗ᝻ǴࢂவВҁբৎξ஘ᙦη‫ޑ‬λᇥȨ๮᜽΋௼ȩ໒‫ۈ‬Ǵ λᇥϣ৒а 1960 ԃжВҁߎᑼ‫ׯ‬ॠࣁᙔҁǴቃ௃аٞઓሌՉ‫ک‬εӕሌՉᖄӝ‫܍‬ ᎍΑٞઓ੝ਸᒳଯ᝗ीჄ‫ޑ‬ሌՉᖄສਢࣁЬືǶ߄य़΢ٞઓሌՉࢂЬᒤሌՉǴ௤ ߞ‫ޑ‬ᚐࡋᔈ၀ΨനଯǴՠჴሞ΢բࣁӅӕЬᒤሌՉ‫ޑ‬εӕሌՉ௤ߞᚐࡋԐςຬၸ ٞઓሌՉǴࡕٰॷීΓٞઓ੝ਸᒳၴऊǴ೷ԋሌՉք஦Ǵ௤ߞᚐࡋനଯ‫ޑ‬εӕሌ ՉǴΨӢԜӧߎᑼ‫ׯ‬ॠ‫ޑ‬ዊࢬύ೏ٞઓሌՉঋ‫ٳ‬Ƕ೭ࢂಃ΋ԛ‫ޕ‬ၰሌՉᖄӝສීǴ ՠΨࢂ΋ঁᡋЈ୏Ꮇ‫ޑ‬ಃ΋ԛௗ᝻Ƕ ᒧ‫ۓ‬ᚒҞుΕࣴ‫ࡕز‬Ǵ‫ۈ‬ᅌᅌว౜ሌՉᖄສਢ‫ځ‬ჴкѾ๱Ѡ᡼‫཮ޗ‬Ǵ୘཰ຼ т‫ޑ‬኱ᚒᚈD॥ኪ 1Ǵᖱ‫ࢂޑ‬DRAMቷ‫ک‬TFT-LCDȐᖓጢႝ඲ᡏ-న඲ᡉҢᏔȑ೭ ‫ٿ۬ࡹঁٿ‬ӂᚈࢃౢ཰‫ޑ‬ၴऊ॥ᓀǴԶдॺၗߎٰྍ‫ޑ‬΋ε೽ϩ൩ࢂሌՉᖄສǴ வԶǴ‫׳ך‬གྷᕕှǴՖаਔԿϞВ‫ٿ‬ӂᚈࢃ՟ςԋॄ໸΋ӂǴሌՉᖄສϝฅ೿ᗋ ࢂҾ཰ߏයᑼၗ‫ޑ‬΋ঁᒧ໨ǶԶୖᆶສී‫ޑ‬ሌՉǴΞࢂӵՖ࣮ࡑдॺ௤ߞ‫ޑ‬ཞѨǴ ࢂցԖ‫ڗ‬ӣ೽ϩ‫ܫ‬ສී‫ޑ‬ёૈǻ ᒿ๱ჹ‫زࣴܭ‬Ьᚒ‫ޑ‬ཇᖿ౛ှǴཇว౜คፕࢂȨ๮᜽΋௼ȩ‫܈‬ᚈ D ॥ኪǴ ೿Ԗ΋ঁӅ೯‫܄‬ǴҭջǴॷීΓӧ᏾ঁሌՉᖄສਢύǴ۳۳ࢂ‫ف‬Յനൂપ‫ࡓݤޑ‬ ЬᡏǴԶॷීΓᗨࣁ᏾ঁᖄສਢ௴୏‫ޑ‬ύЈǴՠࢂ཮วғୢᚒǴ۳۳ёаᘜ่΋ ঁᙁൂ‫ޑ‬চӢǺॷීΓคΚమᓭǶӢԜǴፏӵ໸ӭόཆǴε‫ډ‬όૈॹ‫ޑ‬ፕॊǴΨ ਔத‫ܭـ‬ൔകᚇᇞǶՠჹ‫ܭ‬рၗ‫ܫ‬ສ‫ޑ‬ሌՉიԶ‫ق‬Ǵ‫׳‬ख़ा‫ޑ‬Ǵ‫܈‬೚ࢂӵՖૈ೛ ΠଶཞᗺǴ‫ڗ‬ӣ೽ϩς‫ܫ‬ສၗߎǶӧόёૈӛॷීΓ૸໸‫߻ޑ‬ගΠǴӭኧ‫ޑ‬ሌՉ གྷ‫ޑډ‬БԄߡࢂ‫ډפ‬ЬᒤሌՉ‫܈‬ᆅ౛ሌՉǴฅԶ೭ኬ‫ޑ‬բ‫ࢂݤ‬ցԖਏǴສීሌՉ 1. ⦻᮷䶌˄2008˅ ˈ Ǉ䴉 D 付᳤ǈ ˈ ǉ୶ᾝઘ࠺Ǌ ˈㅜ 1101 ᵏˈ丱 14˗㜑䠇㏝ǃὺѻ⪌˄2008˅ ˈ Ǉሿ ᗳʽ㍃ഠѻ⤬ǈ ˈ ǉ୶ᾝઘ࠺Ǌ ˈㅜ 1101 ᵏˈ丱 124˗ᴐ᮷⩚ǃᕥహ䊚˄2009˅ ˈ Ǉㅁ૚૚Ⲵ⤐䀂㢢 ሽк㍃ഠѻ⤬ǈ ˈǉ୶ᾝઘ࠺Ǌ ˈㅜ 1112 ᵏˈ丱 36Ǆ 1.

(11) ೭ኬ‫ޑ‬ፎ‫؃‬ԖؒԖၰ౛ǴΨ൩ԋࣁҁЎനᜢЈ‫ޑ‬Ьືᆶख़ЈǶ. ಃΒ࿯. ࣴ‫ز‬Б‫ݤ‬. ಃ΋໨ Ў᝘᏾౛ϩ‫݋‬ ࣁයᙶమᆶҁЎ࣬ᜢ‫ޑ‬᝼ᚒǴ٠ඓඝҞ߻Ꮲࣚ࣬ᜢፕᗺϐว৖ǴӢԜҁЎϐ ࣴ‫ز‬Б‫ݤ‬Ǵ२Ӄஒ᏾౛Ҟ߻ᏢࣚଞჹሌՉᖄສ࣬ᜢ᝼ᚒ‫ک‬ङඳςԖ‫ޑ‬Ў᝘૸ፕǴ ٠ᘜય᏾౛ϐǴаճ຾΋‫؁‬ϩ‫݋‬௦᏷Ƕ. ಃΒ໨ Кၨ‫ݤ‬ϩ‫زࣴ݋‬ २ӃǴҁЎӧࣴ‫ز‬Б‫ݤ‬΢௦ҔКၨमऍࠨऊᆶ‫ך‬୯ࠨऊբჹྣǶӧࠨऊϐ௦ ᏷΢Ǵҗ‫ܭ‬୯ሞߎᑼӄౚϯ‫ޑ‬ቹៜǴሌՉᖄӝສීࠨऊ‫ڙ‬मऍࠨऊೕጄቹៜࣗుǴ ሌՉᖄສࠨऊςཇᖿ΋ठ‫ࠠۓک‬ϯǴவԶǴჹ‫࣬ܭ‬ᜢచී‫ޑ‬ှញǴคፕӧ‫ࡓݤ‬ೕ ጄǵᏢᇥ‫ـ‬ှ‫܈‬ჴ୍ղ،྽ύǴჹमऍ‫ٯݤ‬ϐЇҔ֡ߚ‫ـش‬Ƕ Զ൩ҁЎ‫܌‬ట๱ख़௖૸ϐሌՉᖄӝສීࠨऊᜢ߯Զ‫ق‬Ǵ‫ך‬୯ࠨऊჴ୍ёᒏ‫ڙ‬ मऍࠨऊှញቹៜࣗుǴԶ໼ӛаࠨऊԾ‫ࣁݯ‬ှញሌՉᖄӝສීࠨऊϐচ߾ǶӢ ԜǴҁЎаࣁǴ‫ܭ‬ଞჹҁЎࣴ‫ز‬Ьᚒ຾Չϩ‫૸݋‬ፕਔජЇमऍ‫ٯݤ‬ǴӧБ‫ݤ‬ፕ΢ ᔈค౾ᛖᜤՉϐೀǴԶ᠙‫ךܭ‬୯ԖᜢᖄӝሌՉສීࠨऊϐೕጄ߈Я‫ޜ‬қϐ௃‫ݩ‬ΠǴ मऍ‫ڋݤ‬ᔈёբࣁ‫ך‬୯ϐॷ᠘ᆶୖԵǶԖᜢୖྣमऍ‫ڋݤ‬ਔЬाࣴ‫ز‬ϐન‫׷‬ᆶЎ ᝘ǴЬाхࡴ‫࠶៾ځ‬Ꮲ‫ޣ‬ϐ஑ਜፕ๱ǵтၩ‫ܭ‬යтϐᏢೌፕЎǵჴ୍ਢ‫ٯ‬аϷЬ ᆅᐒᜢวѲ‫ޑ‬Ўҹ฻ǶᗨฅҁЎӧКၨ‫ݤ‬ϐࣴ‫ز‬΢Ьाаम୯Ϸऍ୯ࣁᙔҁǴՠ ‫ܭ‬੝‫ۓ‬Ьᚒ΢ҭԖ਒Ϸ‫ځ‬дӃ຾୯ৎӵᐞࢪǵફՋើǵ३ෝϐ‫ڋݤ‬Ϸਢ‫ٯ‬ǶԶ൩ ࣴ‫ز‬ጄൎϷЬᚒԶፕǴҁЎচ߾΢ஒጄൎज़‫ܭۓ‬ሌՉᖄӝສීࠨऊϐ‫ࡓݤ‬ᜢ߯բ ௖૸Ƕ. ಃΟ໨ ࡰ኱‫܄‬ਢ‫ٯ‬ӣ៝ ‫ࡋڋࡓݤ‬ϐࣴ‫ز‬Ǵό‫ە‬۹ౣљ‫ݤ‬ჴ୍ϐཀ‫ـ‬ǴЀ‫ځ‬ҁЎ߯аࣴ‫ز‬ჴ୍ࠨऊࣁ 2.

(12) ЬᚒǴࣁխࣴ‫ޜܭీز‬ύኴሙǴࡺҁЎӕਔஒ൩όӕ᝼ᚒᢀჸ٠‫ࡰ݋‬኱‫ޑ܄‬ჴ୍ ਢ‫ٯ‬Ϸ‫ـځ‬ှǴаඓඝ౜ჴ‫཮ޗ‬ύ‫ࡋڋࡓݤ‬ၮҔϐኬᇮǶ. ಃѤ໨ ၠ೽ߐϩ‫ݤ݋‬ ҁЎᗨаࠨऊ‫ڋݤ‬᝼ᚒࣁࣴ‫ز‬ჹຝǴՠҗ‫ܭ‬ӕਔҭੋϷሌՉᖄສࠨऊ‫࣬ޑ‬ᜢ ङඳǴӢԜό‫ە‬໻а໺಍‫ݤ‬ᏢБ‫ࣁݤ‬୤΋ϩ‫݋‬Б‫ݤ‬ǶࢂࡺǴҁЎҭஒଜໆୖԵ‫ݤ‬ ࡓᏢߐаѦϐᏢೌࣴ‫ز‬ԋ݀Ǵ‫ٯ‬ӵ଄୍౛ፕǵሌՉ௤ߞჴ୍ǵ཮ीК౗ϩ‫݋‬฻Ǵ а౛ှ੝‫ۓ‬᝼ᚒǴයૈ‫ֻ׳‬ᢀඓඝሌՉᖄສࠨऊǶ. ಃΟ࿯. ࣴ‫ࢎز‬ᄬ. ҁЎӅϩϤകǺಃ΋കᆣፕǴᇥܴፕЎࣴ‫୏ز‬ᐒǵҞ‫ޑ‬ǵጄൎ‫ک‬ज़‫;ڋ‬ಃΒ കࣁሌՉᖄӝສීϐ‫ۓ‬ՏǴ၂კԾሌՉᖄӝສී‫ޑ‬ङඳࢎᄬрวǴ‫ܭ‬మཱ୯ሞߎ ᑼᕉნࢎᄬࡕǴӆаԜࢎᄬࣁҁǴ‫ڀ‬ᡏ௖૸ሌՉᖄສ‫ܭ‬୯ሞߎᑼࢎᄬΠϐ‫ۓ‬ՏǴ аϷ‫ځ‬ԋ঩‫ک‬ᑼၗಔӝǴനࡕᇥܴሌՉᖄສԜᅿᑼၗኳԄ࣬ၨ‫ځܭ‬дᝢၗኳԄϐ ᓬલᗺǹಃΟകҗߎᑼεᕉნᆫข‫ܭ‬ሌՉᖄӝສීҁ‫ي‬Ǵ൩‫ځ‬Ծ‫ޑي‬ғԋၸำǴ ٩୏ᄊ‫ޑ‬ਔ‫ׇ‬ϟಏሌՉᖄສύόӕሌՉ‫فޑ‬ՅǵሌՉᖄສ‫ޑ‬ำ‫ׇ‬ǵᑼၗӼ௨ਔ໔ ߄ǵሌՉᖄӝສී‫ޑ‬ЬाЎҹǵሌՉᖄӝສීୖᆶ‫ޣ‬ԏ੻ीᆉǹಃѤക߾ࣁᓉᄊ ϐࠨऊЎҹǴ๱౳‫ܭ‬ሌՉᖄສᖄӝ௤ߞӝऊϐϣ৒Ǵଞჹ‫ڀ‬ᡏచЎೕጄϐക࿯բ ϩ‫݋‬ǹಃϖക߾ࣁሌՉᖄສࠨऊϐ‫ࡓݤ‬॥ᓀǴҗሌՉᖄສ‫ޑ‬Ѥঁჴ୍ਢ‫݋ࣴٯ‬р วǴჹ‫ܭ‬ສීሌՉი໔ϐ‫ࡓݤ‬ᜢ߯ǵ‫ࡓݤ‬΢ϐፎ‫୷៾؃‬ᘵϩբᇥܴǹനࡕಃϤക ӣ៝߻ॊക࿯᏾౛Ǵᕴ่ӄЎϩ‫݋‬Ǵ၂բҁЎ่ፕǶ. ಃѤ࿯. ୷ҁӜຒჹྣ. ࣁ‫؃‬Ҕᇟ಍΋٠Бߡ౛ှǴ૟ஒҁЎ٬Ҕ‫୷ޑډ‬ҁӜຒϐচЎჹྣӵΠǴа Бߡඓඝ‫ځ‬ཀǺ Conditions precedent. ୏ኘచҹ 3.

(13) Court of Appeal. ΢ນ‫ݤ‬ଣ. Fiduciary duty. ‫ૼڙ‬က୍. High court. म୯ଯ฻‫ݤ‬ଣ. House of Lords. ΢᝼ଣ. Information memorandum. ᖄສᇥܴਜ. Participation loan. ୖᆶສී. Syndicated loan. ᖄӝສී. Term sheet. ສීచҹ. Participation syndicated loan. ୖᆶԄሌიສී. Indirect syndicated loan. ໔ௗሌՉᖄສ. 4.

(14) ಃມക. ሌՉᖄӝສීϐ‫ۓ‬Տ. ಃ΋࿯. ሌՉᖄສສීϐ‫ۓ‬က. ሌՉᖄӝສීȐsyndicated loanȑϐ‫ۓ‬ကࣁǴ‫ٿ‬ৎа΢‫ޑ‬ሌՉǴ٩Ᏽӕ΋‫ޑ‬ ௤ߞࠨऊǴࡪ‫ځ‬ӚԾ‫܍‬ᒍ‫ޑ‬௤ߞᚐࡋǴॄೢග‫ٮ‬௤ߞᆶॷීΓǶ 2΋૓Զ‫ق‬Ǵε ᚐ‫ޑ‬ສී॥ᓀѸሡҗӭኧሌՉ‫܈‬ሌՉი‫܍‬ᏼǴӢԜǴສීሌՉიਥᏵӃ߻‫ڐ‬୘ु ҥ‫ൂޑ‬΋ࠨऊԶࡪྣόӕ‫ޑ‬ǵ࣬ϕᐱҥ‫ޑ‬К‫ٯ‬ග‫ٮ‬ສීǴᏵԜಔᙃଆٰ٠Ъҗ΋ ঁᆅ౛ሌՉ຾Չᆅ౛ǴջࣁሌՉიᖄӝສීǶ ሌՉᖄӝສීǴჹ‫ීॷܭ‬Γ‫ୖک‬ᆶສීϐሌՉǴӚԖӵΠϐճ੻ 3Ǻ ΋ǵჹॷීΓԶ‫ق‬ (΋) ё෧եࢳສԋҁ ॷීΓЙ໪൩ӕ΋ीฝϩձ൨‫פ‬όӕሌՉௗࢳສී٣‫ە‬Ǵ໻ሡᆶЬᒤሌ ՉௗࢳջёǶ (Β) Ԗਏᝢ‫ى‬႐ᚐၗߎ ᗉխൂ΋ՉӢ‫ݤ‬з΢ჹ‫ൂܭ‬΋࠼Њ௤ߞᕴᚐϐज़‫ܭ୷܈ڋ‬॥ᓀ‫܍‬ᏼԵ ໆԶค‫ݤ‬๏ϒ႐ᚐສීǶ (Ο) ߥ࡭‫ֹࠔܝܢ‬᏾‫܄‬ Ѐ‫ࡌܭځ‬ቷीฝᑼၗǴа‫܌‬ԖीฝϣϐβӦǵቷ‫܊‬ϷᐒᏔ೛ഢ‫ܝܢ‬ϒᖄ ສሌՉǴၨૈගଯ‫ޑࠔܝܢ‬ሽॶǴ໸៾ሌՉΨ‫׆‬ఈ҂ٰສීऩวғୢᚒ ਔǴૈа᏾ቷೀϩБԄǴჹ‫ܭ‬໸៾ӣԏၨԖճǶ. 2. ⑨ஏ⪻ˈ㚟䋨ཱྀ㌴Ⲵ⌅ᖻ࠶᷀ˈᴸᰖ⌅ᆨ䴌䂼ㅜ 146 ᵏˈ丱 47ˈ2007 ᒤ 7 ᴸǄ 䢰㹼ᦸؑሖउᾲ㾱㐘䕟င଑ᴳˈ䢰㹼ᦸؑሖउᾲ㾱ˈ䋑ൈ⌅Ӫਠ⚓䠁㶽⹄䁃䲒ˈ丱 200-201ˈ 2008 ᒤ 4 ᴸǄ 5. 3.

(15) (Ѥ) ගଯӧӕ཰໔ϐӦՏ ёᙖҗ౲ӭሌՉୖᆶ‫׫ځ‬ၗीฝਢᖄສǴᄆᡉҾ཰ߞҔࡋǴගଯ཰ࣚӦ ՏǶ (ϖ) ᘉεߎᑼѱ൑ௗ᝻य़ǵቚуཥ‫ීॷޑ‬ᐒ཮ ࿶җᖄສਢϐ൞ϟǴ٬চҁค۳ٰϐሌՉҭԖௗ᝻ᐒ཮Ǵቚу҂ٰᝩុ ۳ٰϐёૈǶ ΒǵჹສීሌՉԶ‫ق‬ (΋) ᗉխख़ፄᑼၗ ёᗉխ೷ԋӕ΋ঁीฝӛӭБҙສ‫ޑ‬௃‫ݩ‬Ƕ (Β) ࡌҥӚሌՉ໔ϐஏϪӝբᜢ߯ ᙖᖄສਢբ཰ύᚈБᖄᛠϕ୏ǴࡌҥВࡕ‫ځ‬д཰୍຾΋‫؁‬ӝբϐ୷ᘵǶ (Ο) ගଯၗߎၮҔਏ౗ аϿ೽ϩୖສߎᚐǴϝૈჹॷීΓᚳε‫׫‬ၗीฝග‫ٮ‬ᑼၗǴёਊрԖज़ ၗߎᑼၗ‫ځܭ‬д‫׫‬ၗीฝ΢Ƕ (Ѥ) ቚу࠼Њቫय़ ೸ၸୖуᖄສਢቚуཥ࠼ЊǴ੝ձჹ‫ܭ‬ೕኳλǵ‫ޕ‬Ӝࡋၨե‫ޑ‬ሌՉǴૈ ቚуᐒ཮ѺΕεࠠ࠼Њѱ൑Ƕ (ϖ) ቚуԏ੻ ନЬᒤሌՉளԏ‫ڗ‬Ӽ௨຤‫ុࡕک‬ԋࣁᆅ౛ሌՉࡕϐᆅ౛຤ѦǴୖສሌՉ ҭளԏ‫ୖڗ‬ສ຤ҔȐ၁Πಃ൘കಃϖ࿯ǵሌՉᖄӝສීୖᆶ‫ޣ‬ԏ੻ीᆉ ‫܌‬ॊȑǶჹ‫ܭ‬ЬᒤሌՉԶ‫ق‬Ǵ‫ڗݾ‬ЬᒤሌՉࣗё஥ٰ‫ځ‬д཰୍ԏ੻Ƕ 6.

(16) ૟аΠ߄಍΋༼ᕴᇥܴϐǺ ߄ 2-1 ሌՉᖄສࠨऊॷສᚈБճ੻᏾౛ 4 ॷීΓ 1. ΋ԛԖਏ‫ޑ‬ᝢ໣εᚐၗߎǶ. ᖄສሌՉ 1. ϩණ௤ߞ॥ᓀǴϩ٦௤ߞԏ੻Ǵჹ ‫ܝܢ܌‬ϐᏼߥࠔ໣ύ௓ᆅ٠٦Ԗӕ. 2. ό໪ᆶӚሌՉϩձࢳॷǴ࣪ਔ࣪ΚǶ. ΋໩Տϐᏼߥ៾੻Ƕ 3. ‫ڗ‬ளၨѳ֡Нྗࣁե‫ޑ‬ճ౗చҹǴ ෧ᇸॷීॄᏼǶ. 2. ӧ‫ۓݤ‬௤ߞᚐࡋज़‫ڋ‬ΠǴ‫܍‬բεࠠ ᖄສ཰୍Ƕ. 4. ࡌҥʏᘉ஭୯ϣѦሌՉᜢ߯Ǵቚу ᝢၗᆅၰǶ. 3. ၮҔ໣ᡏΚໆǴቚமፋղᝢዸǴᗉ խሽ਱ᝡ‫ݾ‬Ƕ. 5. ࡌҥ୯ሞ‫ޕ‬ӜࡋǴҭё‫ܭ‬Ѹाਔߥ ࡭፾ࡋ‫ޑ‬ᗦஏ‫܄‬Ƕ. 4. ቚуሌՉԏ੻Ƕ 5. ᘉ৖‫܍܌‬բѱ൑ϐ୘ᐒǶ 6. ቚ຾ӕ཰໔۳ٰᜢ߯ᆶࡌҥ‫ޕ‬Ӝࡋ ᆶ஑཰‫׎‬ຝǶ 7. ቚ຾௤ߞၗౢ‫܄୏ࢬޑ‬Ƕ. ಃΒ࿯. ሌՉᖄສࠨऊϐ‫ݮ‬ॠ. ୯ሞᖄສଆྍ‫ܭ‬1960ԃǴӢኻࢪऍϡȐEurodollarȑ5ӧ1958ԃፍғϷ୯ሞሌ 4. 㩹㖾㨟ˈ䢰㹼㚟ਸ䋨Ⅾᾝउѻ㏃⠏⁑ᔿ㠷ㆆ⮕⹄ウˉԕਠ⚓㚟䋨ᐲ๤⛪ֻˈ഻・᭯⋫བྷᆨ㏃⠏ ㇑⨶⻙༛ᆨ〻䄆᮷ˈ丱 6ˈ2006 ᒤ 7 ᴸǄ. 5. ↀ⍢㖾‫(ݳ‬Eurodollar)ᱟᆈ᭮൘㖾഻ԕཆ䢰㹼Ⲵнਇ㖾഻᭯ᓌ⌅Ԕ䲀ࡦⲴ㖾‫ݳ‬ᆈⅮᡆᱟᗎ䙉Ӌ䢰㹼ُࡠⲴ㖾‫ݳ‬ 䋨ⅮǄ⭡ᯬ䙉ぞຳཆᆈⅮǃُ䋨ᾝउ䮻࿻ᯬↀ⍢ˈഐ↔ち⛪ↀ⍢㖾‫ݳ‬Ǆᆳ㠷㖾഻ຳ‫ޗ‬⍱䙊Ⲵ㖾‫ݳ‬ᱟ਼⁓Ⲵ䋘ᒓˈ іާᴹ਼⁓Ⲵ‫ܩ‬٬Ǆᆳ‫ف‬ѻ䯃Ⲵ॰ࡕ䳫ᱟᑣउкⲴ㲅⨶н਼Ǆↀ⍢㖾‫Ⲵݳ‬ᆈ൘ˈ俆‫ݸ‬ᗵ丸ᗇᴹаㅶ㖾‫ݳ‬ᆈⅮǄ∄ ྲˈаᇦ‫ޜ‬ਨᡆަԆ௞ս൘ↀ⍢Ⲵаᇦ䢰㹼ᆈ䙢аㅶ㖾‫Ⲵݳ‬ᆈⅮˈሖ䳋кᱟᢺᆳ৏ֶ൘㖾഻䢰㹼䟼ⲴаㅶᆈⅮ䕹 ᆈࡠ䙉ᇦↀ⍢䢰㹼Ⲵ㖾഻䢰㹼Ⲵ䌜ᡦкǄ਼⁓аᇦↀ⍢䢰㹼䋨ࠪаㅶↀ⍢㖾‫ݳ‬䋨Ⅾˈ↨ṩࡠᓅҏਚ㜭ᱟᢺᆳ৏ֶ ᆈ൘㖾഻䢰㹼䟼Ⲵаㅶ㖾‫ݳ‬⍫ᵏᆈⅮ䕹㎖ሽᯩ㘼ᐢǄ৳㘳 MBA ᲪᓛⲮ、ˈ. 7.

(17) Չ໔ѱ൑Ȑinter-bank marketȑᅌᖿว৖Ǵ٬ளόӕӦ୔‫ޑ‬ሌՉ‫ߎ܈‬ᑼᐒᄬளа Ԗᐒ཮а΋ঁ࣬ӕ‫ޑ‬ճ౗୷ᘵٰୖᆶӕ΋ঁສීਢǴϷ٩Ӆӕ‫ޑ‬௤ߞచҹ ᖄӝສ ‫ܫ‬ၗߎϒॷීΓǴ୯ሞᖄӝສීѱ൑ϐय़ᇮ‫ోܭ‬ԋ‫׎‬ǶӧԜ΋ਔයǴᖄӝ௤ߞѱ ൑ख़ा‫ޑ‬ว৖ϐ΋Ǵ൩ࢂаੌ୏ ճ౗ी৲‫ڗ‬жа۳‫ۓڰޑ‬ճ౗ǹҭջॷສᚈБ٣ Ӄऊ‫ۓ‬ճ౗ፓ᏾ය໔Ǵ‫ۛ؂‬ճ౗ፓ᏾ВǴջࡪ྽ѱ൑ճ౗НྗǴख़ཥ೛‫ۓ‬ສී፾ Ҕϐճ౗ǴԶന೏දၹ௦Ҕϐճ౗ࡰ኱ջࣁ LIBORȐউඩሌՉӕ཰‫ܫܨ‬ѱ൑ “London InterBank Offered Rate” ϐᙁᆀȑ Ǵӧ೭ঁ୷ᘵΠǴᙖҗуዸȐmargin or spreadȑӭჲ ٰϸᔈॷීΓϐߞҔ॥ᓀǶ૟٩ਔ‫ׇ‬ӃࡕǴёཷϩࣁΟόӕϐ໘ࢤǴ Πаѱ൑ፍғǵЬ៾໸୍ӒᐒਔයǵаϷ┨਍ԏᖼ࡚ೲԋߏਔයϩձϟಏϐǺ. ಃ΋໨ ѱ൑ፍғ ಃ΋ී ኻࢪऍϡ ሌՉᖄӝສීࠨऊྍ‫ ܭ‬1960 ԃжǴҗ‫ܭ‬ኻࢪऍϡ‫ޑ‬䁀ғ‫ک‬ၠຫ୯ნ‫ޑ‬ሌՉ ໔Ҭܰѱ൑Ǵ๏ϒٰԾόӕӦ౛୔‫ීॷޑ‬ሌՉૈԖᐒ཮Ǵаӕኬ‫ޑ‬ၗߎచҹǵࠨ ऊచීᆶ‫܍‬բచҹᖄӝສීǶ҅ӵӕPaul Einzig‫܌‬ᇥ‫ޑ‬Ǻѱ൑ᄽ຾‫ޑ‬ᜢᗖᗺӧ‫ܭ‬Ǵ ‫س‬಍аёፓ᏾ճ౗ගܹύౢ໘ભߞҔຑሽ‫ޑ‬ว৖ǶԖձ‫ܭ‬ၸѐӧӄ೽ॷීයज़‫ڰ‬ ‫ۓ‬ճ౗Ǵёፓ᏾ճ౗ӧ٣Ӄऊ‫ޑۓ‬ਔයǴϸᔈሌՉ໔Ӹී‫ޑ‬ճ౗ᡂ୏Ƕ 6 Ԝ኱Ң๱΋ঁཥѱ൑΢നख़ा‫ޑ‬ᐒ‫ڋ‬Ǵനදၹ‫ྗ୷ޑ‬൩ࢂ LIBORȐউඩሌ Չӕ཰໔‫ॷܨ‬ճ౗ȑ ǴLIBOR ࢂ΋ঁሌՉӧߎᑼѱ൑΢ஒӸී‫ීܫ‬๏εࠠᐒᄬ‫ޑ‬ ճ౗Ƕ΋૓ᆀԜᅿߞҔສීࣁ৖යສීȐroll-over loansȑǴӢࣁջ٬ॷීයज़ߏ ၲኧԃǴѝाբࣁ୷ྗ‫ ޑ‬LIBOR ճ౗Ԗ‫܌‬ᡂ୏Ǵສී཮Ծ߻΋ঁճ౗ᙌᙯ‫ډ‬ཥ ‫ޑ‬ճ౗Ǵ‫ډޔ‬ສීයज़‫ډ‬යǴԜᅿߞҔສීᗋࢂ཮‫؂‬ϤঁД൩Ծ୏‫׳‬ཥǶ. http://wiki.mbalib.com/wiki/%E6%AC%A7%E6%B4%B2%E7%BE%8E%E5%85%83˄ᴰᖼ☿㿭ᰕ˖ 2011/12/8˅ 6 P. EINZIG, ROLL-OVER CREDITS: THE SYSTEM OF ADAPTABLE INTEREST RATES (Macmillan. 1973). cited in TONY RHODES, ET AL., SYNDICATED LENDING : PRACTICE AND DOCUMENTATION 2 (Euromoney Books 5th ed. 2009). 8.

(18) ᒿ๱ LIBOR ೏ௗ‫ڙ‬բࣁສී೏ຑሽ‫ྗ୷ޑ‬ճ౗Ǵ೚ӭॷීΓ‫ک‬ሌՉ΋ӕࡌ ҥ፾྽‫ޑ‬ѱ൑ჴ୍ǴࣁόӕߞҔቫભ‫ීॷޑ‬ΓᝢಔύߏයສීǶаੌ୏ճ౗у΢ ॷීΓߞҔ॥ᓀ‫ޑ‬ჹሽԏ੻ᝢಔ৖යສීȐroll-over loansȑࢂቶ ೏ௗય‫ޑ‬БԄǶ Ԝཀ‫ښ‬๱Ǵ‫܌‬Ԗૈග‫ٮ‬ၗߎ‫ޑ‬ሌՉǴࣣёаୖສа LIBOR բճ౗୷ྗ‫ޑ‬ສීǶ Ԑයສී൳ЯࣣаऍϡीሽǴόၸǴᒿ๱ѱ൑ߞЈ‫ޑ‬ቚуǵ‫ځ‬Ѭ೤ჾ‫ܭܰ׳‬ ‫ڗ‬ளǴѱ൑೴ᅌ໒‫ۈ‬Ϣ೚ॷීΓӧສීයज़ۘ҂ۛය߻‫ׯ‬ᡂीሽ೤ჾǴ‫ߡࢂܭ‬ౢ ғȨӭჾձສීȩ Ȑmulti-currency loanȑ Ƕ ᖄӝສීࠨऊ‫ޑ‬ԐයࠨऊЎҹǴ΋ҽҗS.G. WarburgࣁEnte Nazionale per L’Energia ElettricaȐENELȑӧ 1973 ԃᝢಔ‫ޑ‬ΜሹኻϡᖄສਢǴࠨऊਜ໻ 8 ।Ǵ ӧ౜ӧ኱ྗٰ࣮ǴᡉளᆒᙁठཱུǶҗ‫ܭ‬౜ӧѱ൑ςК྽ਔፄᚇ೚ӭǴࣁϸᔈኻϡ ສීჹ‫ܭ‬॥ᓀ‫ֹ׳ޑ‬᏾ຑሽǴ᏾ҽӝऊਜςόϼёૈϿ‫ ܭ‬75 ।Ƕࠨऊϣ৒х֖ Αӧᖄສࠨऊύຫٰຫӭϡ‫ޑ‬ᒧ໨ǴӵӭਢສීȐmulti-trancheȑ ǵӭख़Ҟ‫ޑ‬ສී Ȑmulti-purposeȑ ǵӭख़ᒧ᏷ສීȐmulti-optionȑ ǵӭჾձສීȐmulti-currency loanȑ аϷӭख़ॷීΓສීȐmulti-borrowerȑ Ƕ7. ಃΒී ҡ‫ݨ‬ऍϡ ॷීΓ‫ک‬ሌՉӅӕߦ຾ӧᖄສѱ൑ၮբ‫ک‬ᖄສӝऊ‫ޑ‬ว৖ǴሌՉ‫܍‬ௗΑӣԏ 1973 ԃҡ‫ݨ‬ሽ਱΢ᅍԏ੻‫ޑ‬πբǶҡ‫ݨ‬ሽ਱ӧอਔ໔ϣԋߏѤ७Ǵҗ‫ܭ‬΋٤ౢ ‫ݨ‬୯ৎ٠ؒԖҥջճҔ‫ځ‬ԏ੻‫ܭ‬୯ϣѱ൑Ǵ୯ሞሌՉ‫ࢂܭ‬ᡂԋΑ೭٤୯ৎεໆӸ ී‫ޑ‬ௗԏᆄǴฅࡕଭ΢೏மॐ‫ז‬ೲ‫ޑ‬൨‫פ‬ӝ፾‫ޑ‬ၗߎрαǶҡ‫ݨ‬຾α୯ৎय़ᖏѮ ᚐ‫ه‬ӷǴӢԜǴ೭٤Ь៾୯ৎߡԋࣁ୯ሞሌՉᑈཱུ൨‫ීॷޑפ‬ΓǶԜᅿൻᕉࣁǺ ӧҡ‫ݨ‬ౢр୯ৎǴౢғ߻‫܌‬҂Ԗ‫ࣦޑ‬Ꭹӧҡ‫ݨ‬஦΢Ǵ‫ࢂܭ‬ᓯᆽΑεໆ೽Տ‫ޑ‬ճዎ ӧ୯ሞሌՉǴԶ୯ሞሌՉ߾ஒᒲॷ๏ҡ‫ݨ‬຾α୯ৎаమᓭдॺ‫ޑ‬ҡ‫ݨ‬஦ǶԜᙁൂ ϐൻᕉၸำғ୏ӦှញΑ୯ሞሌՉǴӧдॺ߻‫܌‬҂ၶ‫ޑ‬௃‫׎‬ύ‫ת܌‬ᄽϐߎᑼύϟ. 7. Id. at 3. 9.

(19) ‫ف‬ՅǶ 8. ಃΒ໨ Ь៾໸୍Ӓᐒਔය ҡ‫ݨ‬ౢр୯ৎа‫ځ‬ҡ‫ݨ‬ӸໆЍ࡭ߞҔǴεໆॷීᑼၗ୯ϣ୷ᘵࡌ೛‫ک‬Ծฅၗ ྍ‫ޑ‬໒วਢǶ‫ځ‬ύǴ੝ձᑈཱུ‫ޣ‬ӵ‫ہ‬ϣྷ܎ǵᏀՋঢǵ‫ڼ‬Ϸճ٥฻୯Ǵࡕ‫ܭ‬Βԛ ҡ‫ݨ‬ӒᐒਔයǴ֡วғᝄख़໸୍ӒᐒǴӧ 1980 ԃжύයҡ‫ݨ‬ሽ਱ଥफ़ϐ߻Ǵд ॺ೿‫ي‬ഐख़ಔ୯Ѧ໸୍ϐၸำǶ ‫ ܭ‬1982 ԃǴᏀՋঢᒨ‫ۯ‬๏б‫ ځ‬900 ሹऍϡ‫ޑ‬Ѧ໸ǴᏀՋঢ‫ޑ‬ਢ‫ٯ‬ଭ΢೏‫ځ‬ Ѭ୯ৎਏ‫ݤ‬ǴЃՋǵߓਥ‫׊‬ǵඵճǵ‫ہ‬ϣྷ܎ǵࠄථ܎ϻǵ‫ڼ‬Ϸճ٥฻୯ࣣा‫؃‬ ՋБሌՉख़᏾‫ځ‬ສී໸୍ǴӧԜਔයǴচҁӚ୯ሌՉడคज़‫ڋ‬ᆶЬ៾୯ৎ‫ܕ‬ᡙϐ ሌՉᖄӝສීბฅύЗǹԶЪǴ΋ѿಃ΋ঁ୯ৎ໒‫ۈ‬຾Εख़᏾໸୍ǴԾ཮ቹៜ‫ډ‬ ჴ୍໒‫ۈ‬෧ϿᆶЬ៾୯ৎጌऊǶ‫ܭ‬ԜਔයǴӚЬ៾୯ৎᆶж౛ሌՉ‫཮ޑ‬᝼ςόӆ ࢂઝஏǴΨόӆᏼЈ཮೏ว౜ᜤаௗ‫ޑڙ‬٣௃Ǵ࣬ϸӦǴ࿶ᔮᏢৎ‫ک‬ཥᆪ૶‫ޣ‬೿ ёаௗ‫ڙ‬Ь៾୯ৎၴऊ‫ޑ‬௃‫׎‬ǴԶЪΨ໒‫ۈ‬Ⴃෳ‫ز‬ഖፔ཮ࢂΠ΋ঁᆶሌՉፋղ‫ޑ‬ Ь៾୯ৎǶԜ௃‫׎‬ς࿶ᡂளදၹǶ 9 ཮᝼ǵ૸ፕ‫ک‬ፋղሡाၲ‫ߏډ‬යख़᏾໸୍‫ޑ‬Ҟ኱ǴΨሡाሌՉǵॷීΓǵࡓ ৣ฻‫ޑ‬брǶሌՉᖄӝສීϐচ߾Ǵ߯‫܌‬ԖሌՉѸ໪೏ѳ฻ჹࡑǴջ‫ঁܭ‬ਢύǴ ࢌୖສሌՉ໻Ԗ՞ᕴ໸៾ё೏۹ౣ‫ޑ‬К‫ٯ‬໸៾ǴΨ཮ԖԖਏ‫ޑ‬ց،៾Ƕҗ‫ܭ‬ӧࢌ ٤໸୍ख़᏾ਢǴӝऊ΢ୖສሌՉёૈ΢ၲԭৎǴѳ฻ჹࡑচ߾ஒ೷ԋؒԖਏ౗Ǵ ӢԜǴࡕٰख़᏾ፋղς‫ࣁׯ‬Ȩ፟ϒѳ฻ᐒ཮চ߾ȩ Ǵ೚ӭόӕख़᏾ᒧ໨೏೛ीǴ ٬‫ঁ؂‬ሌՉ೿ёаᒧ᏷΋ঁന಄ӝ‫ځ‬ճ੻‫ޑ‬ᒧ໨Ƕ Ь៾୯ৎ‫ޑ‬ሌՉᖄສॷීᕴᚐӧ 1970 ԃжఁය‫ ک‬1980 Ԑයਔၲ‫ډ‬ଯঢ়Ǵ୯ ሞሌՉৎ΋૓ᇡࣁЬ៾୯ৎॷීΓό཮ၴऊǴ΋٤ЬाᑼၗሌՉ‫ޑ‬ၗు࿶౛ΨϦ 8. ⸣⋩㖾‫˄ݳ‬Petro-dollar˅ᱟ 70 ᒤԓѝᵏ⸣⋩‫ܩ‬Ṭᨀॷᖼࠪ⨮Ⲵаぞ䠁㶽࣋䟿ˈ‫ײ‬ᤷ 20 ц㌰ 70 ᒤԓѝᵏ⸣⋩ 䕨഻ࠪ⭡ᯬ⸣⋩‫ܩ‬Ṭབྷᑵᨀ儈ᖼ໎࣐Ⲵ⸣⋩᭦‫ˈޕ‬൘ᢓ䲔⭘ᯬⲬኅᵜ഻㏃☏઼഻‫ަޗ‬Ԇ᭟ࠪᖼⲴ⳸佈䋷䠁Ǆ 9. Supra, RHODES, et al. note 6, at 5. 10.

(20) ໒߄ၲ೭ᅿᢀᗺǶՠ 1980 ԃжֹӄࢂќ΋ঁࡺ٣Ƕ२ӃǴܿኻӒᐒวғǴҗ‫ܭ‬ ᝵ᖄѮᚐ‫ޑ‬୯ሞ໸୍Ǵ྽ਔሌՉ‫ځک‬дᑼၗᐒᄬࣁ຾΋‫؁‬ᑼၗ᝵ᖄϷ‫ځ‬ፁࢃ୯ৎ ག‫ډ‬ᆙ஭ǴЀ‫ځ‬྽᝵ᖄ‫ ܭ‬1979 ԃΕߟߓ൤ԠਔǴ೭ঁୢᚒᡂளᗲܴǹΜΒঁД ϣǴ‫ݢ‬ើΨวғΑ୷ᘵ‫ݯࡹޑ܄‬ᡂॠǴ਱ՠථլ‫ڐ‬᝼ȐPorozumienia sierpnioweȑ ᛝुǴი่πᖄΨӢϐ໽ғǶ101981 ԃ߃Ǵ‫ݢ‬ើा‫ࡕۯ؃‬ϐ߻‫ک‬ՋБ୯ሞሌՉጌ ่Ǵ‫ޔ‬ௗສී‫ک‬ᖄӝສීӅीऊ 80 ሹऍϡ‫ޑ‬໸୍మᓭයǴԋࣁЬाЬ៾୯ৎӧ 1980 ԃжख़᏾໸୍‫ޑ‬Ӄ០Ƕ. ಃΟ໨ ᄫ਍ԏᖼ࡚ೲԋߏਔය ӧ 1980 ԃжఁයǴऍ୯୯ϣᖄສѱ൑җ‫┨ܭ‬਍ԏᖼȐLeveraged Buy-Outȑ ǵ ᆅ౛໘ቫԏᖼȐManagement Buy-OutȑϷ଄୍่ᄬख़ಔȐrecapitalisationȑ‫ޑ‬଄୍ ᏹբԶ࡚ೲᑩ๞Ƕ྽ਔ଄୍ᏹբՉࣁᡂளߚதᅭ‫ئ‬Ǵаठ‫ܭ‬ऍ୯‫ޑ‬ᅱᆅൂՏႧѲ ा‫؃‬ऍ୯ሌՉѸ໪ඟ៛‫ځ‬ၗߎᚼᓀ‫ܭ‬ଯ┨਍ҬܰȐHighly Leveraged Transactionȑ ‫ۓ‬ကΠ‫ޑ‬੝ձൔ֋Ƕ଄୍┨਍ᏹբ‫ ܭۈ‬1980 ԃжԐයՠࠅ࡚ቃуೲၲ‫ډ‬ഗঢ়Ǵ 1989 ԃҗKKRȐKohlberg Kravis Roberts & Co.ȑᝢಔ‫ ޑ‬250 ሹऍϡRJR Nabisco ‫ٳ‬ᖼҬܰ൐ᆀԜਔය଄୍┨਍‫ޑ‬໣εԋϐբǺ೭໨Ҭܰ‫ޑ‬ᝢၗύх֖ 140 ሹऍϡ ‫ޑ‬ᖄສǴ‫؂‬ৎሌՉനӭሡᑼၗ 5 ሹऍϡ 11Ƕ೭ᜪҬܰ٬ளሌՉወӧӦ໼ӛ‫ܔܭ‬㶥 ຬၸ‫ߞޑ‬ҔສීǶ٣ჴ΢Ǵӧ 1989 ԃऍ୯ૐ‫ޜ‬ᆅ౛໘ቫԏᖼǴӢࣁወӧສීΓ ᄖр೭໨ᐟ຾‫ޑ‬଄୍่ᖼ‫ٳ‬ᖼਢԶಖ֋Ѩ௳ࡕǴ┨਍ҬܰջँฅύЗǶӧऍ୯а ѦǴ೭ᜪҬܰ߾ֹӄᓉᓨǴ‫ޔ‬Կ 1990 ԃжఁයωԖ‫܌‬ᙯᡂǶ 10. 1980 ᒤ 7 ᴸˈ⌒㱝ᝋᗧ㨟gਹ⪎‫ݻ‬᭯ᓌ䶒㠘㏃☏ড₏ˈ⊪ᇊ൘⑋㐙ᐕ䋷Ⲵ਼ᱲҏᨀॷ⢙‫ܩ‬Ǆ 俜кᕅ䎧Ҷ⌒㱝Ṭնᯟ‫ࡇⲴݻ‬ሗ䙐㡩ᔐⲬ⭏㖧ᐕ䙻अˈ㖧ᐕ䙻अ⋯㪇⎧የ䗵䙏ᬤኅˈ䰌䮹⑟ਓі 䙐ᡀ㏃☏⍫अ‫→ڌ‬Ǆᒮཙѻ‫ˈޗ‬200 ᓗᐕᔐ࣐‫ޕ‬㖧ᐕˈ㠣਼ᒤ 8 ᴸ 21 ᰕ‫⌒ޘ‬㱝䜭ਇ㖧ᐕᖡ丯ˈ ᗎ⋯⎧෾ᐲⲴ䙐㡩ᔐࡠ㾯䟼㾯ӎᐕᾝ॰Ⲵ᧑⽖๤䜭䲧‫ڌޕ‬乃Ǆ⭡ᯬਇࡠᔓ⌋Ⲵ㗔⵮઼ަԆ㖧ᐕൈ 億Ⲵ᭟ᤱˈԕ৺഻䳋ᙗⲴჂ億䰌⌘઼᭟ᤱˈṬնᯟ‫Ⲵݻ‬ᐕӪ‫ف‬㒬㒼㖧ᐕⴤࡠ᭯ᓌㆄ៹Ԇ‫Ⲵف‬㾱≲ ⛪→Ǆ൘ 8 ᴸ 30ǃ31 ᰕ઼ 9 ᴸ 3 ᰕԓ㺘ऎᐕⲴᐕᴳ㠷᭯ᓌ㉭лṬնᯟ‫ݻ‬঄䆠˄Porozumienia sierpniowe˅ ˈ⌒㱝᭯ᓌ↓ᔿ᧕ਇवᤜ㖧ᐕ℺࡙൘‫Ⲵޗ‬ऎᐕ㾱≲ˈ‫ޘ‬഻ᙗⲴᐕᴳൈ㎀ᐕ㚟 ˄

(21)

(22) ˅ҏ⭡↔ۜ⭏Ǆ৳㘳㏝สⲮ、ˈൈ㎀ᐕ 㚟ˈhttp://zh.wikipedia.org/wiki/%E5%9C%98%E7%B5%90%E5%B7%A5%E8%81%AF˄ᴰᖼ☿㿭ᰕ˖ 2012/1/15˅ 11 ↔傊अаᱲⲴӔ᱃৺ަᴢᣈ㼷䴌Ⲵ䙾〻ᖼ㏃ Bryan Burrough ઼ John Helyar ᫠ማᡀᴨˈ਽⛪ǋ䮰 ਓⲴ䟾㹫Ӫǌ˄Barbarians at the Gate: The Fall of RJR Nabisco˅ࠪ⡸ˈᡀ⛪Աᾝ֥䌬Ⲵ㏃ިᮉṸǄ 11.

(23) ӧ 1990 ԃж೭ঁਔයύǴԖ΋ঁߚதόӕ‫ޑ‬ሌՉჴ୍ᕉნς৳ฅੌ౜Ƕଯ ԏ੻‫┨ޑ‬਍ԏᖼȐLeveraged Buy-Outȑ‫ک‬ᆅ౛໘ቫԏᖼȐManagement Buy-Outȑ ໒‫ۈ‬Πफ़Ǵ΋٤ऍ୯ЬाሌՉ໒‫ۈ‬วғཞѨǴЬӢࢂ߻٤ԃඳ਻ጲࠁਔයၸࡋ‫ޑ‬ ό୏ౢᑼၗ೷ԋǶШࣚ࿶ᔮр౜૰ଏǴᏤठԾЬ៾໸୍ӒᐒࡕǴሌՉ२ԛр౜ε ೕኳ‫ޑ‬ສීሡ‫؃‬ǶӕਔǴॷීΓᅌᅌӢࣁ଄୍Ӓᐒೀ౛‫֚ޑ‬ᜤԶᇡమ౜‫ރ‬Ǵ٠Ъ ൨‫؃‬ख़ཥࡌҥၸѐᆶЬाሌՉ໔‫ޑ‬۳ٰᜢ߯ǶԶЃ༞ᅟ‫ۓڐ‬ᜢ‫ܭ‬ၗҁ፾‫ى‬౗ೕ‫ۓ‬ ‫ޑ‬፾ҔВයΨཇٰཇ߈Ƕ ӧ 90 ԃж߃යวғ΋٤ߚதख़ε‫ޑ‬ᡂϯǴሌՉຫٰຫख़ຎѱ൑΢ॷීΓ‫ޑ‬ ߞҔ௃‫؂ک׎‬໨Ҭܰ‫ߞޑ‬ສ่ᄬǴς౦‫ ܭ‬80 ԃжදၹ࣮Γॷᒲ‫ޑ‬ສීБԄǶऍ ୯ЬाሌՉࠍᇡࣁሡ‫ڗ‬ளᆶѱ൑॥ᓀϷᗦ֖ߞҔ॥ᓀ‫࣬׳‬ᆀ‫ޑ‬ൔၿǶၗౢቚߏό ӆࢂԋфສී‫ޑ‬кϩБԄǴԶЪሌՉज़‫ځڋ‬ສීᚐа಄ӝၗҁ፾‫ى‬౗‫ޑ‬ೕ‫ۓ‬Ƕ ጌऊ‫׆ޑ‬ఈу΢ሌՉᕴ೽ჹສීჹຝ‫ޑ‬ၗҁज़‫ڋ‬Ǵ೷ԋ 1980 ԃжఁයሽ਱ ջ໒‫ۈ‬΢ᅍǶ΋٤җЬᒤሌՉӄᚐхᎍ‫ݙڙޑ‬ҞҬܰǴࠅค‫֎ݤ‬Ї‫ځ‬ѬሌՉୖສǶ ॷීΓΨኁЈୖສሌՉ཮᝺ளᖄສਢલЮճዎԶ‫ׯ‬ᡂҥ൑ǴᙯԶᚵᆦЬᒤሌՉǴ ࣁኧόϿ‫ݙڙޑ‬Ҟᖄສਢ൩ख़ཥुሽǴӧ߃ભѱ൑ಃΒԛр୧ਔԋф୧рǶ‫܌‬а ྽୯ሞమᆉሌՉȐBISȑೕ‫ޑۓ‬Вයᅌ߈ǴुሽᗋࢂԖ๏ሌՉӝ౛‫ޑ‬ၗౢԏ੻౗Ƕ Կ 1990 ԃжύයǴሌՉၗҁ፾‫ى‬౗‫ޑ‬ा‫؃‬Ǵᒿ๱ 1993 ԃύፓ᏾ࡕǴε೽ϩ ЬाሌՉว౜дॺς࿶ၲ‫ࢂ܈ډ‬ຬၸനե኱ྗࡕԶ೏ख़ຎǶԶЪӧ 1990 ԃύཞ ѨΠफ़ǴሌՉ‫ޑ‬ၗҁНྗε൯ቚуǴόёᗉխӦǴሌՉ໒‫ۈ‬൨‫ܫפ‬೤ᐒ཮ԶЪၸ ѐ‫ٿ‬Οԃ࣬྽֎ЇΓ‫ޑ‬ᖄສुሽΨᒿ๱ᝡ‫ݾ‬Զ໒‫ۈ‬஝ှǶ 1995 ԃǴሽ਱࡚ೲΠफ़аठ‫ܭ‬೚ӭӧ 94 ԃ߻ᑼၗ‫ීॷޑ‬ΓǴ೿ӧ 95 ԃ‫ޑ‬ ਔংӛӕ΋ሌՉаъሽख़ཥᑼၗǶ95 ԃ՞ᕴҬܰໆ‫ޑ‬ԭϩϐѤΜ‫ޑ‬ख़ཥᑼၗҬ ܰΨ೷ԋᖄສुሽΠफ़‫ډک‬යВ‫ߏۯ‬Ƕ൳ঁД߻চҁᗋ୲࡭ᗋී኱ྗ‫ޑ‬ሌՉǴΨ ೏ॐाௗཥ‫ޑ‬եሽᖄສǴց߾൩ࢂᄖрສීሌՉიǶሌՉϝฅୖу‫ۓ‬ሽόኦНྗ 12.

(24) ‫ޑ‬ᖄສǴ‫ځ‬౛җࢂࣁΑૈዴߥ຾ΕॷීΓ‫֎׳‬ЇΓ‫ޑ‬୘୍ԏ຤཰୍ѱ൑ǶӢԜǴ ૈௗ‫ڙ‬եሽНྗᖄສ‫ޑ‬ሌՉǴ೯த೿‫ڀ‬ԖКၨቶ‫ߎޑݱ‬ᑼ୍ܺ୘ࠔǴёаံຠό ӕߎᑼౢࠔ໔‫ޑ‬ճዎаၲ‫ډ‬ӝ౛‫ޑ‬ԏ੻НྗǶ 12 ӧ 1990 ԃύǴऍ୯ѱ൑ᐕ࿶┨਍ԏᖼ‫࡚ޑ‬ೲԋߏǴऍ୯ሌՉ‫ک‬ӧऍ୯‫ځޑ‬ Ѭ୯ৎϩՉǴҗ‫ܭ‬ჹ҂ٰ࿶ᔮीჄ֡ԖߞЈЪᇡࣁё࡭ុว৖ЪёૼбǴӢԜǴ ࡚ట‫ڗ‬ளӧԜ࿶ᔮ‫ז‬ೲԋߏϐեճᕉნΠ‫ޑ‬ၗౢǶԿ 1995 ԃ҃ǴӚৎሌՉၗߎ ᓯໆ೿ߚதଯǴԜ௃‫׎‬ႴᆸΑЬᒤሌՉ‫܍‬բεໆᖄສǴΏӢ೭٤‫܍‬բᖄສ೿ૈԖ ਏ೏ᙯ୧ǶԜਔයќԖ΋ঁ੝ՅǴջ٬Ҕ┨਍ᑼၗ‫ߚޑ‬ሌՉ‫׫‬ၗΓǴ೿ᇡࣁສී ճ౗ёаќբ‫ڐ‬୘Ǵ٠Ъ൨‫࣬פ‬ᜢ‫ޑ‬଄୍π‫ڀ‬аჹ‫׫ל‬ၗᡂ୏ϐ॥ᓀǶԜ฻ߚሌ Չ‫׫‬ၗΓ‫ߎ୷ޑ‬ᏹբ٬ЬᒤሌՉග‫ٮ‬ബཥ‫ߟک‬ౣ‫܄‬ϐၗҁ่ᄬǶӕਔǴჹ೚ӭπ ཰୯‫ޑ‬εࠠҾ཰Զ‫ق‬Ǵ࣬ၨ‫ܭ‬วՉި౻‫܈‬໸‫چ‬ǴሌՉᖄສᡉฅࢂ‫ז׳‬ೲǵ‫ڀ׳‬Ԗ ቸ‫܄‬Ϸ‫׳‬Ԗਏ੻‫ޑ‬ᑼၗᆅၰǶаऍ୯ࣁ‫ٯ‬Ǵ2003 ཥ‫ޑ‬ᖄສਢᕴߎᚐջଯၲ 9,796,000,000,000 ऍϡ 13ǴᡉҢሌՉᖄສς࿶ԋࣁҾ཰ߎᑼόё‫܈‬લ‫ޑ‬ᑼၗᆅၰ ϐ΋Ƕ. ಃѤ໨ λ่ ԾሌՉᖄສ‫ ܭ‬1970 ԃቶ‫ݱ‬р౜ӧ୯ሞѱ൑аٰǴ୯ሞሌՉᖄສςԋࣁ୯ሞ ߎᑼ‫ޑ‬ख़ाၗߎٰྍǴ‫ ܭ‬2004 ԃςэόϿ‫ܭ‬Οϩϐ΋‫ޑ‬ӄౚ໸៾Ϸި៾วՉໆǶ ሌՉᖄສ‫ޑ‬ᑼၗБਢǴ਀๱ 1960 ԃжఁයኻࢪऍϡ᏾ӝ୯ሞѱ൑ϐᐒጔǴаϷ 1970 ԃжΒԛҡ‫ݨ‬Ӓᐒ٬ளӭኧЬ៾୯ৎԋࣁѱ൑ཥ‫ීॷޑ‬ΓǴԋ൩ሌՉᖄສ ӧ 70 ԃжԋࣁҡ‫ݨ‬ᒡр୯೸ၸ୯ሞ୘཰ሌՉᒡрၗߎϐཥᑫѱ൑‫ޑ‬Ьाπ‫ڀ‬Ƕ ฅԶǴᖄສ‫ޑ‬ᄪඳ‫ ܭ‬1980 ԃжύය܎΍ऍࢪЬ៾୯ৎௗុၴऊਔँฅଶЗǶό ၸǴѱ൑ࡐ‫ז‬ว౜ሌՉᖄສࢂᄫఎԏᖼ‫ޑ‬౛གྷπ‫ڀ‬Ǵӧ 1980 ԃжఁයሌՉᖄສ ѱ൑ջԾऍ୯‫ٳ‬ᖼ॥ዊύൺผǴ஑ৎႣෳߎᑼߚύϟϯ่ӝ๱ѱ൑΢ཇᖿวၲ‫ޑ‬. 12 13. Supra, RHODES, et al. note 6, at 6. See Thomson Financial, Syndicated Loans Selected 2003 League Table (2004). 13.

(25) ճ৲‫ک‬೤ჾҬඤᐒ‫ڋ‬Ǵ ஒ٬ሌՉᖄສ೏ి؎ǶฅԶǴሌՉᖄສϐቸ‫࣬ک܄‬ჹ‫ܭ‬ ໸‫܈چ‬୘཰ҁ౻ᑼၗߡ‫ޑە‬ሽ਱Ǵ٬‫ځ‬ϝࣁѱ൑΢࣬྽‫ڀ‬ᝡ‫ݾ‬Κϐᑼၗπ‫ڀ‬ǶԿ 90 ԃжΏԿ 21 ШइǴߚሌՉ‫ޑ‬଄୍ᐒᄬεໆቚуᑼၗሡ‫؃‬Ǵԛભѱ൑‫ុ࡭ک‬຾ Չ‫ޑ‬Ҿ཰‫ٳ‬ᖼ࡭ុ೷൩ሌՉᖄສ‫׳ޑ‬εሡ‫؃‬Ƕ 14. ಃΟ࿯. ሌՉᖄສᑼၗࠠᄊ. Ҿ཰‫ޑ‬ၗߎٰྍǴ٩‫ځ‬ၗߎፓࡋ‫ޑ‬БԄǴ΋૓Զ‫ق‬Ǵё୔ϩࣁϦљ‫ޑ‬ϣ೽ၗ ߎᆶѦ೽ၗߎ‫ٿ‬ᅿǹ‫܌‬ᒏϦљ‫ޑ‬ϣ೽ၗߎǴ߯ࡰϦљஒ҂ϩଛϐࣦᎩ‫܈‬Ϧљࣁߏ ය‫ۓڰ‬ၗౢ‫܌‬ගӈ‫שޑ‬ᙑྗഢ຤Ҕ฻Ǵߥ੮‫ܭ‬Ϧљϣ೽ǴբࣁВࡕᝢ௛ၗߎ‫ٰޑ‬ ྍǹ 15࣬ჹ‫ܭ‬Ϧљϣ೽ၗߎፓࡋϐБԄǴҾ཰Ѧ೽ၗߎ‫ޑ‬ፓࡋٰྍǴ‫܈‬җϦљว ՉԖሽ᛾‫چ‬Ǵ‫ٯ‬ӵި౻ǵϦљ໸‫܈چ‬୘཰౻Ᏽ฻฻Ǵ‫܈‬வߎᑼᐒᄬ‫ڗ‬ளᑼၗສීǴ ջᙖҗߎᑼѱ൑ග‫ٮ‬Ҿ཰ჹѦᝢ௛ၗߎ‫ޑ‬БԄǶ ൩Ϧљၗߎ‫ޑ‬Ѧ೽ᝢ௛ٰྍǴऩࢂவߎᑼᐒᄬ‫ڗ܌‬ள‫ޑ‬ສීǴ‫ࢂ܈׭‬Ҿ཰٩ วՉ୘཰ҁ౻ǵϦљ໸‫ޑچ‬БԄǴ‫܌ځ‬ፓࡋ‫ޑ‬ၗߎǴӧၗౢॄ໸߄΢‫཮ޑ‬ीೀ౛ ࢂឦ‫ܭ‬Ϧљϐॄ໸ǴջၮҔ‫܌‬ឦдΓ‫ޑ‬ၗҁǴаᅈ‫ى‬Ҿ཰ჹၗߎ‫ޑ‬ሡ‫࣬;؃‬ჹ‫ܭ‬ ԜǴϦљऩࢂ٩วՉި౻‫ޑ‬БԄǴ‫܌ځ‬ᝢ௛‫ޑ‬ၗߎǴջࣁިҁǴ཮ीೀ౛߯ឦ‫ܭ‬ ၗౢॄ໸߄΢‫཰ޑ‬Ь៾੻ᜪ໨ҞǴިܿ߯Ҿ཰ЬǴϦљჹިܿԶ‫ق‬Ǵ٠คᜪӵᖐ ໸ǴॄԖ‫ډ‬යЍбճ৲ᆶᓭᗋрၗᚐ‫ޑ‬က୍ǴՠϦљჹ໸៾ΓԶ‫ق‬Ǵ߾Ԗ٩ऊ‫ۓ‬ Ѝбճ৲ᆶ‫ډ‬යᓭᗋ໸ීҁߎ‫ޑ‬က୍Ƕ፦‫ق‬ϐǴϦљளᙖҗวՉԖሽ᛾‫ޑچ‬БԄǴ ‫ٯ‬ӵި౻‫܈‬Ϧљ໸‫چ‬Ǵஒ‫׫‬ၗΓ‫܌‬ᇡᖼިҽ‫ޑ‬дΓၗҁǴᙯϯࣁϦљԾԖϐၗҁǴ ‫܈‬ஒ‫׫‬ၗΓ‫܌‬ᔈ༅ϐ໸ීǴ‫ޔ‬ௗԋࣁϦљᖐॷ‫ޑ‬଄ྍǴᆶϦљஒࣦᎩߥ੮‫ܭ‬Ҿ཰ ϣ೽‫܈‬ගӈߏය‫ۓڰ‬ၗౢ‫שޑ‬ᙑ຤ҔӕឦǴҭࣁҾ཰ၗߎፓࡋख़ाБԄϐ΋Ƕ16 ໺಍΢ǴԾ‫ࡋفࡓݤ‬ᢀჸҾ཰ᑼၗࠠᄊǴ཮բԋӵΠ߄ 2-2 ϐКၨǺ. 14 15 16. See YENER ALTUNBAS, ET AL., SYNDICATED LOANS :|BA HYBRID OF RELATIONSHIP LENDING AND 33. ᔆབྷまˈ‫ޜ‬ਨ⌅৏䄆ˈй≁ˈ丱 276ˈ2009 ᒤ 9 ᴸǄ ᔆབྷまˈ‫ޜ‬ਨ‫⨶⌅ۥ‬ѻ⹄ウˈ↓ިˈ丱 98ˈ2003 ᒤ 7 ᴸǄ 14.

(26) ߄ 2-2 ද೯ިǵ੝ձިϷϦљ໸ϐ΋૓ৡ౦Кၨ 17 ද೯ި. ੝ձި. Ϧљ໸. നࡕ. ԛϐ. നӃ. Ԗ. คȐ೯த௃‫׎‬ȑ. ค. ᖽᎩ଄ౢ ‫؃‬ᓭ໩‫ׇ‬ ߄،៾. ੝ձިިܿ೯த ද೯ިިܿёᒧ คဠᅱ٣ᒧᖐ ဠᅱ٣ᒧ᏷៾. ᖐ‫܈‬೏ᒧᖐࣁဠ. ค ៾ǴՠԖ೏ᒧᖐࣁ. ᅱ٣ ဠᅱ٣ϐ៾ ຎ྽ԃࡋϦљࣦ ճ‫ݩރ‬Ϸިճࡹ ԖᓬӃϩଛިճ ࡪਔம‫ڋ‬ϩଛ໸ ިճϩଛ. ฼Ǵό΋‫ۓ‬ёϩଛ ៾ճ. ‫چ‬ճ৲. നե. ԛϐ. നଯ. ค. ԖȐ೯த௃‫׎‬ȑ. ค. ‫ިډ‬ճǴϩଛ໩Տ Ӎࡕ‫ܭ‬੝ձިǶ วՉϦљ ၗߎԋҁ ިճಕᑈ ϩଛ៾. วՉ໸୍‫܄‬᛾‫ޑچ‬БԄǴ‫ޣࠠڂ‬ӵ౻ᏵȐnotesȑ ǵߞҔ໸‫چ‬Ȑdebenturesȑ‫܈‬. 17. ᔆབྷまǃ䉧⒈ܰǃ㩹ԅ഻ˈԱᾝ㉼䋷⌅उ㠷‫ػ‬Ṹ࠶᷀ˈ‫ˈ➗ݳ‬丱 19ˈ2008 ᒤ 11 ᴸǄ 15.

(27) ໸‫چ‬Ȑbondsȑ ǶߞҔ໸‫چ‬஑ࡰคሡᏼߥࠔ‫ޑ‬Ϧљॄ໸ǹԶ໸‫ؒ߾چ‬Ԗᝄ਱‫ۓޑ‬ကǴ ‫܌‬аࡽёࡰᏼߥ໸୍ǴΨёࡰคᏼߥ໸୍ǴΨԖ٩໸‫૶ޑچ‬Ӝᆶց୔ϩࣁ૶Ӝ໸ ‫کچ‬ค૶Ӝ໸‫چ‬ǹԶ౻Ᏽ߾ࡰٗ٤යज़อ‫ߞܭ‬Ҕ໸‫ޑچ‬คᏼߥ໸‫چ‬Ƕ 18 ନ‫ޑࠠڂ‬໸୍‫܄‬᛾‫چ‬ѦǴԾ౜жϦљ଄୍ᆅ౛ᢀϐǴҾ཰ۘёวՉᓬӃ໸‫چ‬ Ȑseniorityȑ‫܈‬ԛભ໸‫چ‬Ȑsubordinated debtȑǴа୔ϩ໸‫ڙޑچ‬ᓭӦՏ‫ڗ‬ளόӕ ำࡋ‫ޑ‬ᑼၗǴᒿ๱ߎᑼѱ൑ుϯ‫ߎک‬ᑼπ‫ڀ‬ว৖ǴᑼၗᆅၰཇวӭϡǴ֨ቫᑼၗ Ȑmezzanine fundȑջࣁ΋๱‫ٯ‬Ǵ֨ቫᑼၗࢂԛભ໸‫ޑچ‬΋ᅿǴឦ‫ܭ‬คᏼߥ‫ߏޑ‬ ය໸୍Ǵ೭ᅿ໸୍ߕ஥Ԗ‫׫‬ၗ‫ޣ‬ჹᑼၗ‫੻៾ޑޣ‬ᇡᖼ៾Ǵ΋૓Զ‫ق‬Ǵ֨ቫճ౗ຫ եǴ៾੻ᇡᖼ៾൩ຫӭǶ֨ቫᑼၗӧ॥ᓀ‫ک‬ӣൔБय़ϟ‫ܭ‬ᓬӃ໸୍‫ިک‬ҁᑼၗϐ ໔Ǵ‫ځ‬ճ౗Нྗ΋૓ӧ 10%Կ 15%ϐ໔ǶჹϦљ‫׫ک‬ၗ‫ޣ‬Զ‫ق‬Ǵ֨ቫ‫׫‬ၗග‫ٮ‬ ‫׎‬Ԅߚதᡫࢲ‫ޑ‬ၨߏයᑼၗǴ೭ᅿᑼၗ‫ีޑ‬ញำࡋाλ‫ިܭ‬ѱǴ٠ૈਥᏵ੝ਸሡ ‫؃‬բрፓ᏾ǶԶ֨ቫᑼၗ‫ޑ‬бී٣‫ە‬ΨёаਥᏵϦљ‫ޑ‬౜ߎࢬ‫ݩރ‬ዴ‫ۓ‬Ƕӧኻऍ ୯ৎǴԖ஑ߐ‫֨ޑ‬ቫ‫׫‬ၗ୷ߎȐmezzanine fundȑ Ƕӵ݀٬ҔΑᅰёૈӭ‫ک៾ިޑ‬ ᓬӃ໸‫ٰچ‬ᑼၗǴՠᗋࢂԖࡐε‫ޑ‬ၗߎલαǴ֨ቫᑼၗջёග‫ٮ‬ճ౗КᓬӃ໸៾ ଯՠӕਔ‫܍‬ᏼၨଯ॥ᓀ‫ޑ‬໸୍ၗߎǶҗ‫֨ܭ‬ቫᑼၗததࢂᔅշҾ཰‫ׯ‬๓ၗౢ่ᄬ ‫ِک‬ೲቚуᔼ཰ᚐǴ‫܌‬аӧวՉ೭ᅿԛભ໸៾‫׎‬Ԅ‫ޑ‬ӕਔǴதத཮ග‫ٮ‬Ҿ཰΢ѱ ‫܈‬೏ԏᖼਔ‫៾ިޑ‬ᇡᖼ៾Ƕ 19 ҁ࿯аफ़ஒӃ൩୯ሞߎᑼѱ൑ᝢၗᆅၰբϟಏǴӆᆫขԿሌՉᖄສࠨऊϐԋ ঩‫ف‬ՅуаᇥܴǴനࡕᇥܴሌՉᖄສϐόӕᑼၗࠠᄊаϷ௤ߞಔӝǶ. 18. See STEPHEN A. ROSS, ET AL., CORPORATE FINANCE 411 (McGraw-Hill/Irwin 8th ed. 2008). ཮ኔ㶽䋷ˈ䔹ᯬ MBA ᲪᓛⲮ、㏢ㄉ http://wiki.mbalib.com/zh-tw/%E5%A4%B9%E5%B1%82%E8%9E%8D%E8%B5%84˄㚨⼴㾷奥㖍烉 12/18/2011˅ 16. 19.

(28) ಃ΋໨ ୯ሞߎᑼѱ൑భϟ ಃ΋ී ߎᑼѱ൑ Ϧљӛ‫׫‬ၗ‫ޣ‬วՉ‫ٿ‬ᅿ୷ҁ᛾‫ࣁچ‬໸୍᛾‫چ‬ᆶ៾੻᛾‫چ‬Ƕ໸୍᛾‫ࢂچ‬ᓭᗋϦ љॷී‫ޑ‬໸୍ࠨऊǶ៾੻᛾‫چ‬ӵද೯ި‫܈‬ᓬӃިǴ߄ҢჹϦљഭᎩ౜ߎࢬໆ‫ߚޑ‬ ࠨऊԄ઩‫៾ڗ‬Ƕި౻‫ک‬໸‫چ‬җϦљϦ໒ว୧Ǵฅࡕӧߎᑼѱ൑΢ҬܰǶ ߎᑼѱ൑җၗҁѱ൑ᆶ೤ჾѱ൑ᄬԋǶၗҁѱ൑Ȑcapital marketȑࢂࡰߏය ໸‫੻៾کچ‬᛾‫چ‬ѱ൑Ǵ‫ځ‬ύߏය໸‫ޑچ‬යज़ࣁ΋ԃа΢Ƕ೤ჾѱ൑Ȑmoney marketȑ ࢂࡰอය໸‫چ‬ѱ൑Ǵाӧ΋ԃϣᓭᗋǶ೤ჾѱ൑΋ຒ፾Ҕ‫ܭ‬΋‫س‬ӈᖄᛠ᚞ණ‫ޑ‬ѱ ൑ǴѬॺࢂ࿶ᎍ୘ѱ൑Ȑdealer marketȑ Ƕ࿶ᎍ୘‫܍‬ᏼ॥ᓀ࡭Ԗ΋‫ۓ‬Ӹ೤Ǵග‫ٮ‬೤ ჾѱ൑ౢࠔ‫ޑ‬ೱុൔሽǴ٠ᒿਔྗഢࡪൔሽҬܰǶӢԜǴӧεӭኧҬܰύ࿶ᎍ୘ ࢂ‫ૼہ‬ΓǶ೭όӕ‫ިܭ‬౻࿶इΓǴдॺӧި౻Ҭܰ‫܌‬ύк྽ж౛ΓǴࣁ៝࠼ວ፤ ި౻ǹި౻ж౛Γҁ‫ي‬ჴሞ΢όᖼວ᛾‫چ‬Ƕ೤ჾѱ൑‫ޑ‬ਡЈࢂ೤ჾሌՉǵࡹ۬᛾ ‫چ‬࿶ᎍ୘೤ჾ࿶इΓǶ೤ჾ࿶इΓᏰߏࣁॷສᚈБ൨‫פ‬อයၗߎǶ ԜѦǴߎᑼѱ൑ёаჄϩࣁ΋ભѱ൑ȐวՉѱ൑ȑ‫ک‬ԛભѱ൑Ȑࢬ೯ѱ൑ȑ Ƕ20 ΋ભѱ൑Ȑ२ԛวՉȑ‫׎‬ԋ‫܈۬ࡹܭ‬Ϧљ२ԛว୧᛾‫چ‬ਔǶ ε೽ϩϦ໒วՉ‫ޑ‬໸‫ިکچ‬౻җ‫׫‬ၗሌՉಔԋ‫ޑ‬଄ი‫܍‬ᎍԶ຾Εѱ൑Ƕ‫܍‬ᎍ ଄იவϦљᖼວཥวՉ‫ޑ‬᛾‫ډچ‬Ծρ‫ޑ‬፡ЊǴฅࡕаၨଯ‫ޑ‬ሽ਱୧рǶӧऍ୯Ǵ Ϧ໒วՉ໸‫ިکچ‬౻Ѹ໪ӧऍ୯᛾Ҭܰ‫ہ‬঩཮ຏнฦ૶Ǵຏнฦ૶ा‫؃‬Ϧљӧຏ нฦ૶ਜύϦ໒‫܌ځ‬Ԗख़εၗૻ Ƕ ԛભѱ൑‫ޑ‬ҬܰੋϷ‫܌‬Ԗ‫܈ޣ‬໸៾Γ᛾‫ޔޑچ‬ௗҬܰǴӢԜԛભѱ൑ග‫ٮ‬Α ᙯ౽Ϧљ᛾‫܌چ‬Ԗ៾‫ޑ‬೼৩ǶᏃᆅϦљ໻‫ޔ‬ௗୖᆶ΋ભѱ൑‫ޑ‬ҬܰȐᎍ୧᛾‫چ‬ᝢ ໣ၗߎਔȑ Ǵჹ‫ܭ‬εࠠϦљԶ‫ق‬Ǵԛભѱ൑ϝฅख़ाǴ౛җࢂ྽‫׫‬ၗ‫ޕޣ‬ၰдॺ. 20. Supra, RHODES, et al. note 6, at 15. 17.

(29) ёӧВࡕӝ፾ਔр୧᛾‫چ‬ਔǴдॺ཮‫׳‬ᜫཀӧ΋ભѱ൑ᖼວ᛾‫چ‬Ƕ 21 ჹሌՉᖄສԶ‫ق‬ǴԖਏ౗‫ޑ‬ԛભѱ൑ӸӧǴΨࢂሌՉᖄສૈցᝢಔ‫ޑ‬΋໨ᜢ ᗖӢનǶ౛җࢂୖສሌՉୖᆶᖄສ‫׫ޑ‬ၗࢬ୏‫܄‬ஒගଯǴᙖҗԛભѱ൑Ǵୖສሌ Չёаஒ‫ځ‬Ծ‫ي‬ᏱԖ‫៾ޑ‬ճ‫܈‬က୍р୧‫܈‬ᙯᡣ๏ಃΟΓǶԾќ΋ঁ‫ࡋف‬ᢀჸǴԛ ભѱ൑р౜р୧‫܈‬ᙯᡣሌՉᖄສϐ़ғ‫ߎ܄‬ᑼ୘ࠔǴӕਔջཀ‫ښ‬๱ᖄສࠨऊς࿶ ЬᒤሌՉ໩ճᝢಔֹԋǶ. ಃΒී ୯ሞ‫ۓ‬යສී ሌՉ೯ၸӸීᕇளၗߎԶග‫ٮ‬ສීǴ೭٤ӸීЬाࢂٰԾ೤ჾѱ൑΢‫ځޑ‬д ሌՉǵ೯ၸวՉёᙯᡣӸൂȐnegotiable certificate of depositȑаϷٰԾ࠼Њ‫ޑ‬Ӹ ීǶॷීΓ೯தሡाύය‫ߏޣ܈‬යȐхࡴ 3 ԃԿ 10 ԃȑ‫ޑ‬ສීаߡࣁၗҁ‫׫‬ၗ ‫ځک‬д‫ޑ‬٣໨ග‫ٮ‬ᑼၗЍජǶՠࢂǴሌՉ‫ޑ‬ӸීΓѝࢂ‫׆‬ఈ೯ၸอය‫ޑ‬БԄȐ‫ٯ‬ ӵ 6 ঁД‫ࢲࢂޣ܈‬යӸීȑӛሌՉග‫ٮ‬ၗߎǶӢԜǴሌՉჴሞ΢к྽‫֎ࢂޑ‬ԏอ ය‫ޑ‬ӸීԶග‫ߏٮ‬යສී‫ޑ‬൞ϟȐintermediaryȑ ǶሌՉ‫ޑ‬ӄ೽ճዎٰԾΪሌՉӛ อයӸී‫ޣ‬Ѝб‫ޑ‬ճ৲ᆶ೯ၸߏය‫ޑ‬ສීᕇள‫ޑ‬ճ৲ϐ໔‫ޑ‬ৡᚐȐspreadȑ‫ޣ܈‬ ճৡȐmarginȑǶӢԜǴӧੌ୏ճ౗‫ۓޑ‬යສීࠨऊύǴ྽ສීሌՉᕇளӸී‫ޑ‬ ճ౗วғᡂϯǴҭջ“ੌ୏”ਔǴॷීΓЍб๏ສීሌՉ‫ޑ‬ճ౗Ψᔈ྽ӧόӕਔය วғ࣬ᔈ‫ޑ‬ᡂϯǶ 22 ‫ۓ‬යສී‫ޑ‬ჴ፦ӧ‫ܭ‬ສීሌՉ‫ීॷک‬ΓᚈБӝཀዴҥ΋ঁ੝‫ុ࡭ޑۓ‬ਔ໔Ǵ ӧ೭ঁਔ໔ϣǴॷීΓԖ៾ᕇளສීၗߎǶ‫ۓ‬යສීࢂᆶ೸ЍᑼၗȐoverdraft facilityȑ࣬ჹԶ‫ޑق‬Ǵӧ೸ЍᑼၗύǴॷීΓᒿਔय़ᖏ๱ສීሌՉ‫ޑ‬ᓭᗋፎ‫؃‬Ǵ ॷීΓԖက୍Ꮓ‫ז‬ᅈ‫ى‬ສීීሌՉ‫ޑ‬ᗋීፎ‫؃‬Ƕ23ӵ‫ܭ‬΋ࠨऊύǴӸӧ΋ঁӝཀ Ϣ೚ॷීΓӧ΋ঁ੝‫ޑۓ‬ය໔ϣ࡭ԖສීၗߎǴᗨฅ೭໨ᑼၗӜက΢ᗋࢂ೏ᆀࣁ 21. Id. at 16-7. 䢰㹼ᦸؑሖउᾲ㾱㐘䕟င଑ᴳˈ䢰㹼ᦸؑሖउᾲ㾱ˈ䋑ൈ⌅Ӫਠ⚓䠁㶽⹄䁃䲒ˈ丱 170ˈ2008 ᒤ 4 ᴸǄ 23 儈⾕䲭ǃ䲣ᆷˈ഻䳋䢰㹼⌅ũũཱྀ㌴ǃ䢰ൈ㠷⌅ᖻ㺍ケˈѝ഻Ӫ≁བྷᆨˈ丱 2ˈ2003 ᒤ 12 ᴸǄ 18 22.

(30) ೸ЍᑼၗǴ೭ኬ‫ڐޑ‬᝼ऊ‫ۓ‬ᗋࢂԖਏ‫ۓޑ‬යສීǶඤѡ၉ᇥǴᗨ೏ᆀࣁ೸ЍǴ٠ όѸฅᏤठᏧሌՉ‫ޑ‬ा‫؃‬ջ໪ᗋීǴԜᅿᗋීᐒ‫ڗڋ‬،‫ܭ‬ᚈБ໔ϐࠨऊऊ‫ۓ‬Ƕ24 ‫ۓ‬යສී‫ک‬ສීࠨऊࢂа΋ᅿᙁൂ‫ޑ‬БԄᇥܴᚈБӝཀǴӧ೭໨ӝཀύສීሌՉ ᆶॷීΓऊ‫ۓ‬ӧ΋ঁ੝‫ۓ‬ය໔ϣ࡭ុ‫ޑ‬ສීၗߎග‫ٮ‬ǴԶ೭ᅿ੝‫ޑۓ‬ය໔೯தࡰ ‫ࢂޑ‬΋ᅿύයສීǴջ‫ܭ‬୘཰Ҭܰѱ൑΢ԿϿ 3 ԃа΢‫ޑ‬ສීǴ೯த‫ځ‬΢ज़ऊࣁ 10 ԃǶ‫ۓ‬යສීӧສී႟୧ѱ൑΢ቶ‫ݱ‬ӸӧǴவอය‫ঁޑ‬Γສී‫ߏډ‬ය‫ޑ‬Ր‫܊‬ ᖼວ‫ܝܢ‬ສීǶ ӧ୘཰ሦୱǴ‫ۓ‬යສී೯த௦‫ࢂޑڗ‬аΠᇥܴϐᑼၗኳԄņņϢ೚ॷීΓӧ ᑼၗ‫ޑ‬നεϢ೚ጄൎϐϣǴёаਥᏵ‫ځ‬ཀᜫග‫ڗ‬ສී‫܍‬ᒍၗߎᕴᚐύ‫܈ޑ‬ӭ‫܈‬Ͽ ‫ޑ‬೽ϩǶӧ೭ᅿ௃‫ݩ‬ΠǴॷීΓѸ໪൩ສීሌՉ‫܍‬ᒍ‫ޑ‬ສීၗߎᕴᚐЍбສී‫܍‬ ᒍ຤ҔǴՠࢂ໻൩‫ځ‬ჴሞග‫ڗ‬೽ϩ‫ޑ‬ສීၗߎග‫ٮ‬ճ৲ǶൻᕉສීȐa revolving facilityȑࢂ΋ᅿϢ೚ॷීΓˬග‫ڗ‬ņņᓭᗋņņӆග‫ۓޑ˭ڗ‬යສීБԄǴॷීΓ ໻໪൩‫؂‬ԛ‫ޑ‬ගීኧᚐЍбճ৲Ǵ೭΋ᗺᆶ໸‫چ‬ᑼၗόӕǶӧ໸‫چ‬ᑼၗύॷීΓ Ѹ໪‫؂ܭ‬΋ԛ‫ޑ‬วՉග‫ڗ‬ӄ೽‫ޑ‬วՉၗߎǴӵ݀ӧҺՖਔ‫څ‬ว౜‫ځ‬ᕇ‫ޑڗ‬ၗߎԖ ၸഭ౜ຝǴॷීΓ໻໪ஒ‫ځ‬Ꮓໆ‫׫‬ၗ‫ډ‬ၨࣁ౛གྷ‫ޑ‬ѱ൑཰୍ύǴ‫࡭ځ‬Ԗၗߎ‫ރޑ‬ ᄊஒ΋‫ډុۯޔ‬ᓭᗋයǴԜӼ௨‫ڗ‬،‫ීॷܭ‬Γӆԛᑼၗሡ‫؃‬р౜ϐਔ໔Ƕவ‫׳‬ు ቫԛٰԵቾǴ‫ۓ‬යສී߾‫׳‬Ԗፄӝӭᅿ೤ჾȐmulti-currencyȑ‫ځک‬дфૈǴόፕ ࢂ‫ۓڰ‬ճ౗‫୏ੌ܈‬ճ౗ǵ೛‫ۓ‬ᏼߥ‫܈‬҂೛ҥᏼߥǵϩයᓭᗋ‫ࢂޣ܈‬΋ԛ‫܄‬ᓭᗋǴ ֡ёа፾Ҕ‫ۓܭ‬යສීǴԜѦᗋёа௦Ҕሌიສී‫ޑ‬ኳԄǶӢԜǴ‫ۓ‬යສීᆶ໸ ‫چ‬ᑼၗ࣬К‫ڀ‬Ԗўε‫ޑ‬፾཰‫܄‬Ǵ೭Ψࢂ‫ځ‬ᓬ༈‫܌‬ӧǶӧ‫ۓ‬යສීԋҁຬၸ‫ځ‬дᑼ ၗБԄ‫ޑ‬௃‫ݩ‬ΠǴ೭ᅿ፾ᔈ‫܄‬൩ԋࣁᑼၗБԄᒧ᏷‫ޑ‬،‫܄ۓ‬ӢનǶ 25 ‫ۓ‬යສීӧॷීΓֹӄᓭᗋϐ߻‫ុۯ‬ኧԃ‫ޑ‬ਔ໔ǴӢԜສීሌՉᕴࢂ‫׆‬ఈӧ ສීӸុය໔ϣǴӧр౜ჹ‫ܭ‬നಖᓭᗋສීёૈ೷ԋཞ্‫ޑ‬௃‫ݩ‬ΠǴᕇளࢌ٤੝. 24 25. ਼ࡽ᨝䁫 23Ǆ ਼ࡽ᨝䁫 23ˈ丱 3Ǆ 19.

(31) ‫ߥޑۓ‬ៈǶ‫ٯ‬ӵǴॷීΓѸ໪࡭ុ‫܄‬Ӧග‫ٮ‬ᜢ‫ܭ‬Ծ‫ي‬ᑼၗచҹ‫ޑ‬ၗૻǵόளҺཀ ೀ౛ॷීΓ‫ޑ‬ၗౢ‫ޣ܈‬࿣ЗуΕ‫ځ‬д‫ޑ‬ҬܰǶ୷‫ܭ‬ԜǴӧ‫ۓ‬යສීࠨऊύǴΪߎ ᑼచීϐѦᗋӸӧᜢ‫ීॷܭ‬ΓӧԖज़‫ޑ‬ጄൎϣ࿶ᔼӼ௨‫ޑ‬ऊ‫ۓ‬٣໨Ȑcovenantsȑ Ǵ ‫ੋ܌‬Ϸ‫ޑ‬೭٤࿶ᔼ٣໨ჹ‫ܭ‬ສීሌՉԶ‫ق‬Կᜢख़ाǶӵ݀ॷීΓӧᓭᗋҁߎϩය Ѝбճ৲ύр౜ၴऊǵઇౢ‫ޣ܈‬ค‫ݤ‬ᒥӺࠨऊచී฻٣໨ǴສීሌՉёаӧࠨऊ යज़ۛᅈϐ߻ҥջЬ஭ສීᓭᗋǴ೭٤٣໨ஒᄬԋၴऊ٣ҹǶ. ಃΟී ୯ሞሌՉᖄສ εᚐ‫ޑ‬ສීࢂஒສී॥ᓀҗӭኧ‫ޑ‬ሌՉ‫ࢂޣ܈‬җສීሌՉი‫܍‬ᏼǴ೭٤ሌՉ ਥᏵӃ߻‫ڐ‬୘ुҥ‫ൂޑ‬΋ࠨऊԶࡪྣόӕ‫ޑ‬ǵ࣬ϕᐱҥ‫ޑ‬К‫ٯ‬ග‫ٮ‬ສීǴᏵԜಔ ᙃଆٰ٠Ъҗ΋ঁж౛Չ຾Չᆅ౛ǴԜջሌՉიᖄӝສීǶሌიສීኧᚐ೯தࢂ வ 3 щ࿤ऍϡ‫ ډ‬2 ሹऍϡǴՠࢂΨӸӧ‫׳‬ଯ‫ޑ‬ສීߎᚐǶ ୯ሞሌՉᖄສǴ٩߻ಃມകಃΒ࿯ሌՉᖄສࠨऊϐ‫ݮ‬ॠ‫܌‬ॊǴӧ 19 Шइ‫ک‬ 20 Шइ‫ޑ‬ԐයǴम୯‫ک‬ኻࢪεഌ‫ޑ‬ሌՉ໼ӛΪ೯ၸൂ΋ሌՉສී೭ᅿБԄӛπ ཰࠼Њග‫ٮ‬ၗߎǶӧम୯ǴҾ཰೯தਥᏵ‫܌‬ሡӛሌՉा‫ࢲ؃‬යສීǴ٠ග‫ٮ‬Ҿ཰ ‫܌‬Ԗ଄ౢ΢ϐ‫ޑ୏ੌ܈ۓڰ‬ᏼߥǶᗨฅສීࢂᔈ઩ջб‫ޑ‬Ȑon demandȑ ǴՠԾჴ ୍‫ೌמ‬΢‫ࡋفޑ‬ǴନߚሌՉഐΕ΋ᅿ๊ఈ‫ޑ‬ნӦǴց߾ό཮Ь஭ສී‫ޑ‬ᓭᗋǴԶ Ъջ٬ा‫؃‬ᓭᗋǴ೯தΨࢂӧр౜όճ‫׎‬༈ࡕ‫ޑ‬΋ঁ੝‫ۓ‬ਔයω௦‫ڗ‬ǴԜᅿኳԄ ۘё಄ӝम୯Ҿ཰ᑼၗϐሡ‫؃‬Ƕՠࢂӧऍ୯Ǵ߾ࢂќѦኳԄǶऍ୯а΋ঁሌՉಔ ԋ‫ޑ‬໣იਥᏵ΋ঁදၹ፾Ҕ‫ࠨޑ‬ऊග‫ٮ‬ສීǴ‫܍‬ᒍӧ΋ঁ‫ޑۓڰ‬යज़ϣග‫ٮ‬ສීǴ ନߚр౜ၴऊ٣ҹǴց߾ສීόளಖЗǴሌՉග‫ޑٮ‬ສීࢂ΋ᅿคᏼߥ‫ޑ‬ສීǴ చҹࢂॷීΓόளӛ‫ځ‬д‫ޑ‬ສීሌՉග‫ٮ‬ᏼߥǴ೭ჴሞ΢ࢂ΋ᅿ੃ཱུᏼߥ‫׎‬ԄǶ ሌՉᖄສ੝ձೣᄇѳ฻ЬကǴமፓӧ໸៾Γ໔‫ޑ‬ѳ฻Ƕࠨऊύ۳۳ӸӧҬΰ ၴऊచීȐcross-default clauseȑ ǴҬΰၴऊࢂӢࣁॷීΓӧќѦ‫ޑ‬΋໨ສීύؒ ԖࡪྣࠨऊᗋීǴԶᄬԋӧҁ໨ສීύ‫ޑ‬ၴऊ٣ҹǴӧҬΰၴऊచීΠؒԖҺՖ 20.

(32) ΋ঁ໸៾Γૈ୼ᓬӃΪ‫ځ‬д‫ޑ‬໸៾ΓǶሌՉᖄສύ೯தᗋӸӧ੃ཱུ‫܍‬ᒍ٣໨‫܈‬ᆀ ϸय़ᏼߥచීȐnegative pledge clauseȑ Ǵ၀చීΨࢂೣᄇϦѳচ߾Ǵा‫܌؃‬Ԗ‫ޑ‬ ໸៾Γ೿Ѹ໪΋ࡓࣁߚᏼߥ໸‫ޑ‬໸៾ΓǴаჴ౜ӧॷීΓઇౢਔ໸៾Γѳϩ‫ځ‬଄ ౢ‫ޑ‬Ҟ‫ޑ‬ǶሌՉᖄສීࠨऊќӸӧК‫ٯ‬ӅҔచීȐpro rata sharing clauseȑǴਥᏵ ၀చීǴສීሌიӕཀ൩‫ঁځ‬ΓவॷීΓೀ‫܌‬ᕇள‫ޑ‬ຬၸ‫ځ‬дሌՉ‫ޑ‬ᚐѦᗋීѸ ໪ӧ‫܌‬Ԗ‫ޑ‬ສීሌიୖᆶሌՉύ໔ѳϩǴ೭ঁచීჴሞ΢‫׳‬ӭԵቾ‫ࢂޑ‬ສීၴऊ วғ‫ޑ‬௃‫ݩ‬ǴԶόࢂԵቾॷීΓᒥൻࠨऊೕ‫҅ۓ‬தቬՉက୍೭ᅿ௃‫ݩ‬Ƕ೭٤చී ‫ޑ‬ᇥܴǴ೿ஒӧҁЎаΠಃ൘കಃΒ࿯㚟ਸᦸؑਸ㌴ㄐㇰọⅮ䀓᷀ύ೴΋ᇥܴǵ ϩ‫݋‬ӚచීϐӸӧфૈᆶբҔǶ. ಃѤී ኻࢪऍϡѱ൑ ኻࢪऍϡȐeuro currencyȑόࢂ΋ᅿҗሌՉวՉ‫ޑ‬੝‫ۓ‬೤ჾǴߚаરჾ‫ޣ܈‬ ฯჾࣁӸӧБԄǶඤ‫ق‬ϐǴኻࢪऍϡҁ‫ࢂي‬΋ᅿߎᑼ஑ҔೌᇟǴࢂࡰӧ೤ჾวՉ ୯ϐѦ‫ޑ‬ሌՉϩЍᐒᄬύᔈᓭᗋ‫ޑ‬ສීǴջӧҁ୯ύ࡭Ԗ‫ߚޑ‬ҁ୯೤ჾǴሌՉ‫ک‬ εϦљத୷‫ܭ‬եճ౗‫ޣ܈‬խิ฻চ߾ஒኻࢪऍϡၮҔ‫ܭ‬୯ሞຩܰ‫׫ޣ܈‬ၗǶӢԜǴ ኻࢪऍϡჴሞ΢ࢂ΋ᅿӧऍ୯ϐѦ‫ޑ‬ሌՉύӸᓯ‫ޑ‬ऍϡǴ‫ٯ‬ӵӧཥу‫ޑڵ‬ሌՉύ ᓯӸ‫ޑ‬ऍϡǶ೭ঁཷ‫ڀۺ‬Ԗࡐε‫ޑ‬፾ᔈ‫܄‬Ǵ‫܌‬Ԗ‫ޑ‬ၗߎ೿ࢂሌՉ೤ჾȐbank moneyȑǴΨ൩ࢂሌՉёаЍб‫ޑ‬೤ჾǴ೭΋ᗺᆶൂપ‫ޑ‬રჾ‫ޣ܈‬ฯჾόӕǶ 26 ኻࢪऍϡѱ൑ӧ 60 ԃж೴ᅌԋዕǴሌՉ೴ᅌ೏Ϣ೚аኻࢪऍϡ‫ޑ‬БԄග‫ٮ‬ ύයສීǴ྽ਔ೭ኬ‫ޑ‬ສීሡ‫؃‬Μϩமਗ਼ǴЪ‫ܭ‬Ӛπ୘ሦୱࣣԖԜሡ‫؃‬Ƕ‫ࢂܭ‬Ǵ ճ౗‫ޑ‬ୢᚒ൩೏ගрǴੌ୏ճ౗ສීୖԵΑࢌ٤ᜪ՟উඩሌՉӕ཰‫ܫܨ‬ճ౗ ȐLIBOR, London Interbank Offered Rateȑ೭ኬ‫ޑ‬ճ౗բ୷ྗǶLIBOR‫؂‬Ϻ೿ӧ ᡂ୏Ǵՠ኱ྗΟঁДLIBORȐstandard three-month LIBORȑӧΟঁДϣࢂ‫ޑۓڰ‬Ƕ ӢԜǴΟঁДLIBORӧѱ൑Κໆፓ࿯Πჴሞ΢‫؂‬Ϻ೿ӧᡂϯǴՠࢂӵ݀ሌՉӧࢌ. 26. See PHILIP R. WOOD, INTERNATIONAL LOANS, BONDS, AND SECURITIES REGULATION 6 1995). 21. (Sweet & Maxwell..

(33) Вග‫ٮ‬΋໨ΟঁДLIBOR‫ޑ‬ສීǴӧග‫ٮ‬ສී྽В‫ޑ‬LIBORࣁ 6%Ǵ߾ሌՉӧΟ ঁДϣջ໻ளа‫ ޑۓڰ‬6% ճ౗ԏ‫ڗ‬ճ৲ǴԶ೭ᆶΟঁДύLIBOR‫؂‬В‫ޑ‬ᡂϯค ᜢǶ 27 ሌՉ೯ၸவሌՉӕ཰ѱ൑ύᕇளॷීԶග‫ۓٮ‬යສීǴሌՉ೭ᅿॷී‫ޑ‬ճ౗ ࢂ٩LIBOR،‫ۓ‬ǴࢂࡺǴ΋໨ϖԃය‫ۓ‬යສී‫ޑ‬ԋҁΨࢂӵԜीᆉǴ२යΟঁД ‫ޑ‬LIBOR፾Ҕ‫ܭ‬ສී‫ޑ‬ᓐΟঁДǴ‫ޑࡕځ‬ΟঁДLIBOR፾Ҕ‫ܭ‬ಃ 2 ঁΟঁДǴ٩ Ԝᜪ௢ǶສීሌՉӧ‫ۓ‬යສීࠨऊύჹ‫ܭ‬եճ౗‫߄ޑ‬ၲ೯தࢂΟঁДLIBORӆу ΢΋ঁԭϩኧǴ೭ঁԭϩኧவ౛ፕ΢ջж߄ສීሌՉ‫ޑ‬ճዎǴᆀϐࣁ“ճৡ” Ȑmarginȑ‫“܈‬ৡሽ”Ȑspreadȑ Ǵჴ୍΢‫ڀ‬ᡏ‫ޑ‬ኧᏵጄൎ೯தࢂϟ‫ ܭ‬0.25%Կ 5%Ǵ 0.25%Ψёаᆀࣁ 25 ঁ୷ྗᗺȐbasic points‫܈‬ᙁቪࣁbpȑ ǶਥᏵ೭ঁೕ߾Ǵ྽ॷ ීΓӧࢌঁ੝‫ۓ‬Вයග‫ڗ‬ສීၗߎǴ‫ځ‬ஒ፾Ҕ၀੝‫ۓ‬Вය‫ޑ‬ΟঁДLIBORǴӆу ΢΋ঁճৡǴӵԜ໩‫ۯ‬፾ҔǶඤ‫ق‬ϐǴѝाሌՉӕ཰ѱ൑ӸӧǴሌՉԾ‫ي‬ஒό‫܍‬ ᏼճ౗॥ᓀǴӢࣁᏃᆅLIBOR཮΢Πੌ୏Ǵՠ೭೭ᅿճ౗ᡂϯ‫ޑ‬॥ᓀࡐᡉฅஒ໺ ሀ๏ॷීΓǴ೭ཀ‫ښ‬๱ສීሌՉ೯ၸճৡ‫ޑ‬Ӹӧᕴૈᕇள‫ځ‬ճዎǶ 28. ಃΒ໨ ሌՉᖄສࠨऊϐԋ঩‫ف‬Յ ԖᜢሌՉᖄສࠨऊҁ‫ي‬Ǵ‫ځ‬ᜢ߯ᇥܴӵΠკ 2-1 ‫܌‬ҢǴΠஒᇥܴϐǶ კ 2-1 ሌՉიԋ঩Տ໘௨ӈ 29. 27. See Caroline Bradley, Issues in Syndicated Loan Agreements with International Aspects I, INT’L FIN. 1, 1 (2010). 28 29. ਼ࡽ᨝䁫 23ˈ丱 5-6Ǆ ਼ࡽ᨝䁫 4ˈ丱 6Ǆ 22.

(34) ٩΢კ‫܌‬ҢࢎᄬǴሌՉᖄສ‫ޑ‬ಔԋԋ঩ǴཷёϩԋǺӼ௨Չ(Arranger)ॄೢ ᆶॷීΓࢳፋສී٣‫ە‬ǵ൩ॷීΓीฝϣ৒ϒаೕჄᑼၗࢎᄬǵᇙբᖄສᇥܴਜǵ ᝢಔᖄສሌՉიǵӼ௨ᛝऊ฻฻πբǹᔈᗎୖᆶᖄສϐሌՉǴ٩‫ୖځ‬ສߎᚐ‫ޑ‬ε λǴёૈϩձ๏ϒLead ManagerǵManagerǵParticipant฻όӕᓐሒǴεࠠᖄສਢ ࣗԿಒϩCo-ArrangerǵCo-Lead ManagerǵCo-Manager฻ό΋Զ‫ى‬Ȑӵკ 2-1 ‫܌‬ Ңȑ Ƕ೯தLead ManagerǵManager฻ᄬԋ࿶౛იȐManager Groupȑ ǴӧᖄສሌՉ იύ‫ڀ‬Ԗख़εว‫៾ق‬Ƕ30Ԗ٤ᖄສਢ௦‫ڗ‬җϿኧሌՉхᎍȐUnderwriteȑ‫ޑ‬БԄǴ ջҗ೭٤хᎍሌՉȐUnderwriterȑӛॷීΓ‫܍‬ᒍӧᖄສਢ҂ૈᝢ‫܌ى‬ሡၗߎਔǴ ό‫ى‬೽ϩҗ‫ୖځ‬ສǶԿ‫ܭ‬ᖄສӝऊᛝुࡕǴೀ౛ᗋҁб৲ǵӚ໨೯‫ޕ‬฻ՉࡹЋុǴ ߾җж౛ՉȐAgentȑॄೢǴ೽ϩᖄສਢࣗԿϩࣁᏼߥࠔ೛‫ۓ‬Ϸߥᆅж౛Չ ȐSecurity AgentȑǵЎҹߥᆅж౛ՉȐDocumentation Agentȑǵ஦୍ೀ౛ж౛Չ. 30. 䃻⌘᜿ Arranger ৳䋨䠁乽інаᇊᴰབྷˈቁᮨᛵᖒ⭊㠣ਟ㜭ᆼ‫ޘ‬н৳䋨Ǆ 23.

(35) ȐBook runner Agentȑ฻ǶԜѦǴࡓৣ‫ف‬Յӧ୯ሞᖄສύࢂѸ໪‫ޑ‬ǴΨࢂཱུࣁख़ ा‫ޑ‬Ǵҗ‫ܭ‬୯ሞᖄສੋϷόћল঎‫ࡓݤ‬ୢᚒǴӢԜሡҗόӕ୯ৎϐࡓৣϩձр‫ڀ‬ ‫ࡓݤ‬ཀ‫ـ‬ਜǴՠᖄສӝऊ‫ޑ‬ଆ૛ǴϝҗӼ௨Չ(Arranger)‫ૼہ‬Ԗ࿶ᡍ஑཰‫ৣࡓޑ‬ ᒤ౛Ƕ ୯ሞሌՉᖄສύǴሌՉҗ‫ܭ‬уΕສී‫ޑ‬ਔ໔Ӄࡕ‫ک‬ճ੻ᜢᖄόӕǴԶӧສී ύ‫ת‬ᄽόӕ‫فޑ‬ՅǶ‫ڀ‬ᡏԶ‫ق‬ǴёаཷϩԋЬᒤሌՉ/࿶౛ՉǴᆅ౛ሌՉ‫ୖک‬ສ ሌՉΟᅿόӕᙍૈ‫ޑ‬ሌՉ‫ف‬ՅǴϩձᇥܴӵΠǺ 31 ΋ǵЬᒤሌՉȐlead bankȑ/࿶౛Չ ୯ሞሌՉᖄສύǴЬᒤሌՉ/࿶౛Չࢂௗ‫ීॷڙ‬Γ‫ہޑ‬ҺǴᗎፎє໣ሌՉӅ ӕಔࡌሌՉიаග‫ٮ‬ສී‫ޑ‬ሌՉǶ‫ڀ‬ᡏԶ‫ق‬ǴЬᒤሌՉ/࿶౛Չ‫ޑ‬ᙍૈЬाхࡴǺ (΋) ᆶॷීΓӝբྗഢᜢ‫ීॷܭ‬Γ‫ک‬ສී‫ޑ‬ᖄສᇥܴਜǴаߡӛወӧ‫ୖޑ‬ᆶ ሌՉᗎऊୖສǹ (Β) ӛӚሌՉቻ‫؃‬ສීճ౗ǹ (Ο) ፋղǵଆ૛ᖄӝ௤ߞࠨऊǶ ॷීΓᖄᛠ‫ޑ‬ሌՉёૈௗ‫ڙ‬Һк྽ЬᒤሌՉ/࿶౛Չ‫فޑ‬ՅǴԜཀ‫ښ‬๱၀ሌ Չஒाಔ΋ঁሌՉიٰග‫ٮ‬ສීၗߎǴЬᒤሌՉ/࿶౛Չ೯தԾ‫ي‬Ψග‫ٮ‬ສීၗ ߎǴԶЪ۳۳эၨεК‫ٯ‬ǴаԜБԄ᛾ܴჹॷීΓ‫ޑ‬၈ཀǴЬᒤሌՉ/࿶౛Չ‫܍‬ ᏼၨε‫ޑ‬Һ୍Ǵ໪ຑ՗ዴ‫ۓ‬ஒٰສීࠨऊ‫࣬ޑ‬ᜢచීǵᓭᗋයज़‫ک‬ሽ਱Ƕӵ݀ສ ී‫ۓޑ‬ሽჹ‫ܭ‬നಖග‫ٮ‬ສී‫ޑ‬ሌՉԶ‫ق‬ϼଯǴஒ཮ᏤठॷීΓჹ‫ܭ‬ЬᒤሌՉ/࿶ ౛Չຑሽ‫ޑ‬फ़եǴΨ཮ཞ্ॷීΓᆶЬᒤሌՉ/࿶౛Չஒٰ‫ޑ‬ᜢ߯Ƕՠऩ‫ۓ‬ሽϼ եǴ߾ສීሌიԖёૈᜤаಔࡌǶЬᒤሌՉ/࿶౛ՉӧԜ௃‫׎‬ΠǴ΋૓཮൨‫؃‬ӧ ȨനεոΚȩ‫୷ޑ‬ᘵ΢Ӽ௨ສීሌი‫ޑ‬ಔࡌǴ΋ѿԜำ‫ׇ‬ύЗ‫ۯޣ܈‬ᇤǴЬᒤሌ. 31. ਼ࡽ᨝䁫 23ˈ丱 92-93Ǆ 24.

(36) Չ/࿶౛ՉόҔ‫܍‬ᏼೢҺǶЬᒤሌՉ/࿶౛ՉΨԖёૈ‫܍‬ᒍග‫ٮ‬ӄᚐສීǴջӕཀ ऩ‫ځ‬ค‫ځډפݤ‬д‫ୖޑ‬ᆶሌՉǴЬᒤሌՉ/࿶౛ՉԾρஒග‫ٮ‬ӄ೽‫ޑ‬ສීߎᚐǶ Βǵᆅ౛ሌՉȐagent bankȑ ᆅ౛ሌՉЬा‫ܭ‬ӧሌՉᖄສࠨऊुऊࡕǴࣁБߡສීᆅ౛ԶҗສීሌՉҺ‫ڮ‬ ࣁж౛ΓǴж౛ሌՉᆅ౛ສී٣୍Ǵк྽ሌՉ‫ීॷک‬Γϐ໔‫ޑ‬ၗߎ‫ߞک‬৲໺ሀ෤ ၰǶ ΟǵୖᆶሌՉȐparticipation banksȑ ୖᆶሌՉࢂࡰ‫܍‬ᏼ‫ٮ‬ສීၗߎက୍‫ޑ‬ሌՉǴҭջǴສීሌՉი‫ୖޑ‬ᆶሌՉ‫܈‬ ᆀࣁԋ঩ሌՉȐmember banksȑǶୖᆶሌՉࢂനಖ‫ޑ‬ສීၗߎග‫ޣٮ‬Ǵՠҗ‫ୖܭ‬ ᆶሌՉёૈٰԾόӕ୯ৎǴ೚ӭ٣୍ሡᙖҗᆅ౛ሌՉֹԋǴค‫ݤ‬җ‫܌‬ԖሌՉӧສ ීύ൩‫؂‬ҹ٣୍೿ᒃ‫ي‬ೀ౛Ƕ ሌՉᖄӝສීࠨऊჹ‫ܭ‬ᆅ౛ሌՉ‫ک‬ᏼߥሌՉ‫ޑ‬Һ‫ڮ‬ǵᜏᙍ‫ک‬ှҺ೿Ԗ၁ಒ‫ޑ‬ ೕ‫ۓ‬ǶӧӭБჹ΋Б‫ࡓݤޑ‬ᜢ߯ύǴӚሌიԋ঩ჹ‫ܭ‬ສීӼӄ‫ޑ‬ຑ՗ࡰ኱όӕǴ ჹ‫ܭ‬όӕ٣ҹ‫ુ࠶ޑ‬ำࡋ‫ޑ‬౛ှό΋Ǵा‫ීॷ؃‬ΓᒥӺჹόӕሌՉიԋ঩ӧόӕ ਔ໔൩όӕ٣‫ە‬ගр‫ޑ‬όӕा‫؃‬Ǵӧ౜ჴύલЮёᏹբ‫܄‬ǶӢԜǴሌՉიԖѸा Һ‫ڮ‬΋Կ‫ٿ‬ৎሌՉǴٰж౛‫܌‬ԖሌՉიԋ঩ᆶॷීΓӧສී໨Ҟ‫ޑ‬Вத୺Չၸำ ύ຾Չྎ೯Ǵ٠ӧሌიϣ೽໒৖‫ڐ‬ፓ‫ک‬ಔᙃπբǶᆅ౛ሌՉջ߯җሌՉიࡰ‫ۓ‬Ǵ ӧᆶສኗී࣬ᜢӚБय़ᆶॷීΓȨൂጕᖄᛠȩ‫فޑ‬ՅǹԶᏼߥሌՉ߾Ьाॄೢສ ීᏼߥБय़‫୺ޑ‬Չ‫ྎک‬೯Һ୍Ƕᆅ౛ሌՉ‫ޑ‬ᙍೢЬाхࡴԏ‫ڗ‬ǵ᏾౛ॷීΓගҬ ‫ޑ‬Ӛ໨ၗ਑ǵᔞ‫ک‬ၗૻǴௗ‫کڙ‬ᙯวॷීΓᜢϒගී‫ځ܈‬д٣‫ޑە‬Ӛᅿ೯‫ޕ‬ǵ໣ ύӚୖສሌՉ‫ޑ‬᏿Ǵ‫ܫ‬ສၗߎ٠ᙯбॷීΓǵௗ‫ීॷڙ‬Ε‫ޑ‬ᗋී٠ࡪК‫ٯ‬ᙯбӚ ୖສሌՉǵߥ੮‫૶ک‬ᒵᆶສී࣬ᜢ‫ޑ‬Ӛ໨஦ᛛ‫܈‬Вᇞǵಔᙃሌი཮᝼ჹख़ε٣໨ բр߄،ǵӛॷීΓ໺ၲሌი཮᝼‫ޑ‬،᝼‫ک‬ཀ‫ـ‬฻Ƕᏼߥж౛Չ‫ޑ‬ᙍೢᆶᆅ౛ሌ Չ‫ޑ‬ϣ৒ᜪ՟Ǵѝࢂ‫׳‬ӭӦ໣ύӧᆶສීᏼߥԖᜢ‫ޑ‬Бय़Ƕ 25.

(37) ಃΟ໨ ሌՉᖄӝສී௤ߞಔӝ ᖄӝສී‫ޑ‬੝‫ࣁ܄‬௤ߞߎᚐᚳεǴၗߎҔ೼ӭ߯ଞჹ੝‫׫ۓ‬ၗीฝ൨‫؃‬ᑼၗǴ ӵ஑ਢᑼၗȐProject Financeȑ ǹҭԖଞჹϦљϐᔼၮၗ ߎሡ‫؃‬Զ൨‫؃‬ᑼၗǴӵᔼ ၮຼᙯᑼၗȐOperation Purpose Financingȑ Ǵສීයज़ຎ‫׫‬ၗीฝϷၗ ߎҔ೼Զ όӕǴோӭኧࣁύߏය௤ߞǴ௤ߞπ‫ڀ‬ᆶ௤ߞచҹຎ‫׫‬ၗीฝϐ୍ሡ‫؃‬ϷीჄ॥ ᓀԶև౜ӭኬϯ‫ޑ‬೛ीǴத‫ޑـ‬ᖄສᑼၗࠠᄊϩॊӵΠ 32Ǻ ΋ǵ‫ۓ‬යສීȐTerm Loan Facilityȑ ߯໺಍‫ࠠීॷޑ‬ᄊǴࡰ΋‫ۓ‬ය໔Ǵ΋‫ߎ ۓ‬ᚐ‫ॷޑ‬ສǶॷීΓӧ୏ЍԖਏයज़ ϣǴё΋ԛ‫܈‬ϩԛ୏ኘǹᗋීਔǴΨёӧ‫ډ‬ය߻΋ԛ‫܈‬ϩයᓭᗋǴோ όள൩ ςᓭᗋ೽ϩा‫؃‬ӆՉ୏ኘǶ Βǵёᙯᡣ‫ۓޑ‬යສීȐTransferable Loan Facilityȑ ೸ၸສීࠨऊ‫ޑ‬೛ीǴ፟ϒӚୖສՉӄ೽‫܈‬೽ҽ໸៾ᙯᡣ៾‫ۓޑ‬යສීǶ ΟǵൻᕉߞҔᚐࡋȐRevolving Credit Facilityȑ ᆶ‫ۓ‬යສීӧࢌ٤Бय़ሥࣁᜪ՟ǴோॷීΓӧਡສᚐࡋϣள൩ᓭᗋ೽ϩा‫؃‬ ൻᕉ୏ኘǶ Ѥǵ‫܍‬իᑼၗȐAcceptance Credit Facilityȑ ӃҗᖄສՉჹॷීΓ‫܌‬໒౻Ᏽ‫܍‬ᒍ‫ډ‬ය٩౻य़ߎᚐիбϐߥ᛾ǴӆҗॷීΓ ࡭Ԝ‫܍‬ի౻Ᏽаຠ౜БԄӧԛભѱ൑፤рǴа‫ڗ‬ள‫܌‬ሡၗߎ‫ޑ‬໔ௗᑼၗࠠ ᄊǶ ϖǵഢҔᑼၗȐStandby Facilityȑ. 32. 䢰㹼ᦸؑሖउᾲ㾱㐘䕟င଑ᴳˈ䢰㹼ᦸؑሖउᾲ㾱ˈ䋑ൈ⌅Ӫਠ⚓䠁㶽⹄䁃䲒ˈ丱 112-115ˈ 2008 ᒤ 4 ᴸǄ 26.

(38) ഢҔᑼၗᚐࡋϐ୏ኘǴ೯த೛ीࣁа‫׫‬኱ȐBiddingȑБԄၲԋǴࡺΞᆀࣁ ᝡ኱ᑼၗȐTender Panel FacilityȑࡰॷීΓคፕ߯ᙖҗ౻Ᏽा‫܍؃‬իǴ‫୏܈‬ Ѝ౜ߎа‫ڗ‬ளอය‫܌‬ሡၗߎਔǴ೸ၸж౛Չा‫׫؃‬኱Չᝡ኱Ǵ٠Ծ‫ځ‬ύᒧ᏷ ၨեճ౗‫ࣁޣ‬ள኱ՉǶԶୖᆶᝡ኱‫׫ޑ‬኱Չள኱ࡕ߾൩‫ځ‬ள኱ߎᚐᒤ౛౻Ᏽ วՉǵ‫܍‬ի‫܈‬ኘීϐᒏǶԜᖐёаၨե‫ޑ‬ၗߎԋҁ‫ڗ‬ளอයၗߎǴॷීΓӭ ໻аሌՉ‫܌‬ග‫ٮ‬ϐഢҔᑼၗᚐࡋࣁനࡕϐၗߎٰྍǴԶ่ӝሌՉ୘཰ҁ౻ ȐCommercial Paper, CPȑ‫܈‬ύය໸‫چ‬ȐMedium Term Note, MTNȑ฻‫ޔ‬ௗߎ ᑼᆅၰǴ‫ڗ‬ளեԋҁϐอǵύයၗ ߎǶ೯தഢҔᑼၗ٠ό཮ቚ຾ॷීΓᏵа วՉϐ໸ǵ౻‫چ‬ϐ໸ߞȐCredit EnhancementȑǶ ϤǵᏼߥߞҔ‫ރ‬ᚐࡋȐStand-by Letter of Credit , SBLCȑ җ‫ ܭ‬SBLC ‫ڀ‬Ԗόёᄖᎍϐ੝‫܄‬ǴࡺᆶഢҔᚐࡋϐനεόӕೀࣁǴSBLC ё Ҕаࣁቚ຾ॷීΓߞҔȐCredit Enhancement ȑϐπ‫ڀ‬ǴॷීΓ೯தၮҔ໒ Ҕ໒วᏼߥߞҔ‫ٰރ‬མଛ‫د‬༅วՉȐPrivate Placement ȑ ǵ୘཰ҁ౻วՉǵ ᄫఎᑼၗȐLeverage LoanȑǵѦᎍສී‫ځ܈‬дಔӝ़ғ‫ߎ܄‬ᑼ໸‫چ‬ϐวՉٰ ᒤ౛Ƕ Ύǵ֨ቫᑼၗȐMezzanine Finance Facilityȑ ֨ቫᑼၗനख़ा੝‫؃ځࣁ܄‬ᓭ໩Տԛ‫ځܭ‬д໸៾ΓǴᓬ‫ܭ‬ද೯ިިܿǴࡺᆀ ࣁ֨ቫᑼၗǶ೯தǴԜᑼၗБԄߕԖჹॷීΓި౻ϐᇡި៾ǴЪӭ೏ၮҔ‫ܭ‬ ᑼၗ‫ٳ‬ᖼȐLBOȑ‫܈‬ᆅ౛‫ٳ‬ᖼȐMBOȑᑼၗ΢Ƕ (΋) ‫܌‬ᒏ LBOȐLeverage buy-outȑ Ǵ߯ࡰᑼၗ‫ٳ‬ᖼ‫܈‬ᄫఎԏᖼၮҔଯ଄୍ᄫ ఎϐБԄᖐ໸‫ٳ‬ᖼҾ཰Ƕҗ‫ܭ‬ԾԖၗ ߎК‫ࣗٯ‬λǴӢԜ‫ٳ‬ᖼ॥ᓀϷԋҁ ֡ၨ΋૓ᑼၗଯр೚ӭǶᝢၗБԄӭ೸ၸሌ Չສී‫܈‬วՉϦљ໸ϐБԄ ᒤ౛Ƕ೏‫ٳ‬ᖼϐჹຝ೯த‫ڀ‬ԖаΠ੝‫܄‬Ǻ Ȑ1ȑᛙ‫ۓ‬ԋߏ‫ޑ‬ౢ཰ǹ Ȑ2ȑѱ ൑՞Ԗ౗ሥଯǴᔼၮϷᕇճ‫ݩރ‬ᛙ‫ۓ‬ԋߏǹ Ȑ3ȑ࿶ᔼი໗‫ڀ‬஑཰‫ ޕ‬᛽Ъ 27.

(39) ᆅ౛ૈΚ٫ǹ Ȑ4ȑࢬ୏‫܄‬٫Ъॄ໸К‫ୃٯ‬եǴճ৲ॄᏼόख़ǶаLBO ‫ٳ‬ ᖼϦљϐҞ‫ޑ‬Ǻ Ȑ1ȑҁ‫ي‬ջࣁ၀ౢ཰‫ޑ‬ᝡ‫ޣݾ‬Ǵჹ၀ౢ཰ዕ஼ǹ Ȑ2ȑ‫ٳ‬ ᖼࡕёౢғᆕਏȐSynergyȑቚ຾ᝡ‫ ݾ‬ΚϷᕇճૈΚǹ Ȑ3ȑิ୍΢ ճ੻ǹ Ȑ4ȑ‫ڗ‬ள଄൤Ƕ (Β) ‫܌‬ᒏ MBOȐManagement buy-outȑ Ǵ߯ࡰᆅ ౛໘ቫԏᖼǴջҗচᆅ౛໘ ቫрय़‫ٳ‬ᖼϦљǶ೯தǴεҾ཰Ӣ࿶ᔼ฼ ౣ‫ׯ‬ᡂǴటр୧‫ځ‬ᕇճଅ᝘ࡋ ၨৡ‫ޣ܈‬ᆶཥ࿶ᔼ฼ౣό಄ϐ೽ߐ‫܈‬ᄡΠϦљਔǴ‫ځ‬চᆅ ౛໘ቫёૈӢ ჹ‫ܭ‬٣཰ᡏϐ࿶ᔼు‫ߞڀ‬ЈԶрय़‫ٳ‬ᖼϦљǶ (Ο) ‫܌‬ᒏ MBIȐManagement buy-inȑ Ǵ߾ࡰᆅ ౛‫ٳ‬ᖼ߯җѦٰᆅ౛ი໗рय़ ‫ٳ‬ᖼǶ೯தǴӧҾ཰࿶ᔼ ό๓Ǵय़ᖏ࿶ᔼӒᐒਔǴёૈҗѦٰᆅ౛ი໗Ǵ аූॶ‫ڙ܍‬ᖼΕ၀Ϧљ٠ௗЋ࿶ᔼǶ ΖǵӭჾձᑼၗȐMulti-currencies Facilityȑ Ԝᜪᑼၗ੝‫ࣁ܄‬ǴॷීΓள୏ኘ΋ᅿа΢ϐჾձǴ‫܈‬፟ϒॷීΓȐ‫ୖ܈‬ສՉȑ ‫ܭ‬ᑼၗය໔ᙯඤᑼၗჾձϐ៾ճǶᙯඤ኱‫ޑ‬೤ჾ೯தࣁ‫ځ‬дЬा೤ჾ‫ීॷ܈‬ Γ‫܌‬ӧӦ೤ჾǶҗ‫ܭ‬Ԗё୏ኘӭᅿჾձϐ੝‫܄‬Ǵࡺӧ‫ීܫ‬Ўҹύ໪ࡰ‫ۓ‬аࢌ ჾձࣁ୷ᘵ೤ჾǴаճᚐࡋ௓ᆅǶ. ಃѤ࿯. ሌՉᖄສᆶ‫ځ‬ѬᑼၗБԄϐКၨ. ಃ΋໨ ሌՉᖄສᆶୖᆶສී. 28.

(40) კ 3-1 ሌՉᖄສᆶୖᆶສීϐКၨ. ୖᆶԄሌიສී(participation syndicated loan)Ǵ‫܈‬ᆀࣁ໔ௗሌՉᖄສ(indirect syndicated loan)ǶᆶሌՉᖄӝສීόӕϐೀӧ‫ܭ‬Ǵӧ೭ᅿሌიສීБԄΠǴЬᒤ ሌՉࢂோ΋ᆶॷීΓวғࠨऊᜢ߯‫ޑ‬ሌՉǶୖᆶԄሌიສීǴόӸӧፄኧ‫ޑ‬ສී ӝཀǴԶࢂҗЬᒤሌՉ२ӃᆶॷීΓुҥ΋ঁᚈᜐ‫ޑ‬ສීӝӕǴฅࡕӼ௨‫ځ‬д‫ޑ‬ ሌՉୖᆶສීǴ೭٤ୖᆶሌՉ೯தჹ‫ීॷܭ‬Γ‫࣬ޕ܌‬ჹࣗϿǶӧЬᒤሌՉ‫ୖک‬ᆶ ሌՉϐ໔ुҥ‫ୖޑ‬ᆶӝӕύዴᇡǺ ΋ǵЬᒤሌՉ๏ϒୖᆶሌՉ΋‫ۓ‬ԭϩК‫ޑ‬ສීҽᚐǶ ΒǵୖᆶሌՉ೸ၸࠨऊ‫܍‬ᒍග‫ٮ‬੝‫ۓ‬ԭϩК‫ॷޑ‬ສၗߎ๏ЬᒤሌՉǶ ΟǵЬᒤሌՉ‫܈‬೸ၸࠨऊǴ‫܍‬ᒍਥᏵ੝‫ۓ‬К‫ٯ‬ӛୖᆶሌՉᓭбԾॷීΓೀ‫܌‬ளǶ ӢԜǴୖᆶሌՉჴሞ΢٠ؒԖ‫ޔ‬ௗສී๏ॷීΓǴԶࢂ‫ޔ‬ௗӦஒၗߎສී๏ ЬᒤሌՉǶӵ݀ॷීΓၴऊǴٗሶၴऊ॥ᓀᔈҗ‫ୖޑ܌‬ᆶሌՉӅӕϩᏼǶ 33 ୖᆶສී‫ޑ‬ӸӧǴᇥܴΑ୯ሞສී཰୍ύǴό໻х֖җൂ΋ሌՉග‫ٮ‬ສී‫ک‬. 33. 儈⾕䲭ǃ䲣ᆷˈ਼ࡽ᨝䁫 23ˈ丱 86Ǆ 29.

(41) ፄኧሌՉಔԋሌՉიӅӕග‫ٮ‬ສීǴ೭ᜪˬሌՉņņॷීΓ焐‫ޔޑ‬ௗǵᙁൂኳԄǴ ჴ୍΢ǴҭӸӧˬሌՉņņሌՉņņॷීΓ焐೭ᜪ‫ޑ‬ፄᚇສීኳԄǴջສීբࣁ΋ ᅿ໸៾ၗౢǴӧሌՉ໔Ⴝද೯୘ࠔ΋ኬ຾Չᎍ୧ᙯᡣǴջ୯ሞສීሦୱ‫܌‬ᆀϐສ ීҬܰǶᝄ਱ٰᇥǴӧສීҬܰόӕБԄύǴѝԖສී‫ޑ‬ᡣᆶ‫׳ک‬ཥឦ‫ޑ҅੿ܭ‬ ҬܰǴສීၗߎᙯୖສ‫ک‬ສී॥ᓀᙯୖᆶ٠ߚສීҬܰǴԶࢂӧˬሌՉņņॷී Γ焐೭ኬൂપΒϡᜢ߯ѦǴ೸ၸፄᚇ‫ޑ‬БԄࡌᄬх֖ୖສሌՉуΕສීᜢ߯Ƕ 34 ሡ੝ձᇥܴ‫ࣁޣ‬Ǵբࣁ΋ᅿສීҬܰǴ‫ޣ܈‬ᆀࣁ໔ௗБԄ‫ޑ‬ሌიສීǴಞᄍ ΢ΨஒສීҬܰ‫ޑ‬፤БᆀࣁЬᒤሌՉǴஒວБሌՉᆀࣁୖᆶሌՉǶќѦǴҬܰ‫܌‬ ੋϷ‫ޑ‬ສීҁ‫ي‬ёૈ൩ࢂ΋໨‫ޔ‬ௗБԄ‫ޑ‬ሌიສීǴ‫܌‬Ҭܰ‫ޑ‬൩ࢂচ‫ۈ‬ሌიສී ୖᆶሌՉ‫ޑ‬੝‫ۓ‬ҽᚐǴӢԜǴሡा҅ዴ౛ှ‫ڀޑੋࡰ܌ۺཷঁ؂‬ᡏ‫ف‬ՅǶ ሌՉᖄӝສීόӕ‫ୖܭ‬ᆶສීϐೀӧ‫ܭ‬Ǵ‫ځ‬ສБҗ‫܈ঁٿ‬ӭঁሌՉӅӕಔԋǴ ೭٤ሌՉύࡽхࡴᇡᖼΑສීҽᚐǵவԶ‫܍‬ᏼΑສීက୍‫ୖޑ‬ສሌՉǴΨхࡴӧ ሌი‫ޑ‬ಔࡌ‫ک‬ၮբၸำύวච‫ڐ‬ፓ‫ک‬ಔᙃբҔ‫ޑ‬ЬᒤሌՉǵᆅ౛ሌՉ‫ک‬ᏼߥሌՉ ฻ǶӧᆶॷීΓ‫ޑ‬ϕ୏ύǴሌՉᖄສ‫ޑ‬ԋ঩໔ሡᏃໆ‫؁‬ፓ΋ठǴᅰΚᆢៈሌՉი ᏾ᡏ‫ޑ‬ճ੻ǹฅԶӧሌՉიϣ೽ǴӚԋ঩ϐ໔Ψሡा຾ՉೢҺ‫ޑ‬ϩπǴ߄،‫ࡋڋ‬ ‫کۓڋޑ‬ᒥӺǴаᗉխӧສී஑ਢ୺Չၸำύр౜ख़εϩ‫ݔ‬ǴЇଆ،฼ၸำ‫ޑ‬ሼ ࡭όΠǴԶ઼ᇤჹສීӼӄ‫ߥޑ‬ም௛ࡼ‫ޑ‬ਏ౗Ƕ ӧሌՉᖄສύǴᆅ౛ሌՉᆶᏼߥሌՉ೯தΨࢂୖສሌՉǴ೭ૈ୼ߥ᛾‫ځ‬ӧቬ ՉሌՉიࡰ‫ޑۓ‬ೢҺ‫ک‬Չ٬ሌՉი፟ϒ‫៾ޑ‬ճਔǴҁ‫ܭ‬ȨສීӼӄߥምനεϯȩ ‫ޑ‬চ߾ǶՠӕਔǴҗ‫ܭ‬ສී໨Ҟ୺Չၸำίৡ࿤ձǴ‫ځ‬ύวғ‫ࡐޑ‬ӭ٣໨٠ߚ໻ ሡाᆶॷීΓᙁൂྎ೯ջёǴᗋሡाሌՉი୷‫ྎܭ‬೯่݀բрੋϷສීӼӄ‫ޑ‬ჴ ፦‫܄‬،฼Ƕᆅ౛ሌՉ‫ک‬ᏼߥሌՉ۳۳ό‫׆‬ఈ೭΋،฼‫ޑ‬Һ୍җԾρֹԋǴӢࣁ‫ځ‬ ҺՖ౧۹೿ёૈᏤठᒱᇤǴό໻ӒϷԾρӧՉ཰ϣ‫ޑ‬ӦՏǴࣗԶ‫ܕ‬ठୖສሌՉԋ. 34. 儈⾕䲭ǃ䲣ᆷˈ਼ࡽ᨝䁫 23ˈ丱 155Ǆ 30.