融资文件常见条款之肯定性条款和否定性条款的区别「融资条款中的撤资条款」

肯定性条款（Affirmative Covenants肯定性承诺）和否定性条款（Negative Covenants否定性承诺）是融资文件中融资双方提前约定的一些特别条款，用以应对私募股权融资的风险性和不确定性。一般而言，肯定性条款是指被投资企业管理层或发行人在投资期内应该从事哪些行为的约定，而否定性条款则是指被投资企业管理层或发行人在投资期内不应该从事哪些行为的约定。以下为可转换债券认购协议等融资文件中出现的有关肯定性条款和否定性条款的双语示例：

示例一（简要版）：

AFFIRMATIVE AND NEGATIVE COVENANTS. Until all of the Senior Indebtedness has been Finally Paid, without the prior written consent of Senior Lenders: (a) no Loan Party shall discharge the Subordinated Indebtedness other than in accordance with its terms and the terms hereof; (b) Subordinated Creditor shall not demand or accept from any Loan Party or other Person any consideration which would result in a discharge of the Subordinated Indebtedness other than in accordance with its terms and the terms hereof; (c) Subordinated Creditor shall not hereafter give any subordination in respect of the Subordinated Indebtedness; (d) no Loan Party shall hereafter issue any instrument, security or other writing evidencing any part of the Subordinated Indebtedness, and Subordinated Creditor shall not receive any such writing, except upon the condition that such instrument, security or other writing shall bear the legend referred to herein and a complete copy thereof shall be furnished to Senior Agent; and (e) neither any Loan Party nor Subordinated Creditor shall take any action contrary to Senior Agent’s and Senior Lenders’ priority position over Subordinated Creditor that is created by this Agreement. In addition to the foregoing, Subordinated Creditor acknowledges and agrees that: (i) the Senior Creditors have relied on the terms and provisions of this Agreement in executing and delivering the Senior Documents and in making the extensions of credit contemplated thereby and shall continue to rely on such terms and provisions in making extensions of credit from time to time pursuant to the Senior Documents, and (ii) Subordinated Creditor shall not contest or challenge (or support any other Person in contesting or challenging) (A) the validity, perfection, priority or enforceability of the Senior Indebtedness, the Senior Documents or any Liens of the Senior Agent and the Senior Lenders in the Collateral securing the Senior Indebtedness or (B) the validity or enforceability of the subordination provisions contained in this Agreement.

肯定性和否定性承诺。在所有优先债务最终得到全额偿还之前，未经优先债权人事先书面同意：（a）贷款方不得清偿从属债务，但依照从属债务相关条款及本协议条款清偿的除外；（b）从属债权人不得要求贷款方或其他人士支付或接受贷款方或其他人士支付的、可能会导致除依照从属债务相关条款及本协议条款之外清偿从属债务的情形的对价；（c）从属债权人此后不得就从属债务进行任何从属归属；（d）贷款方此后不得签发任何用以证明从属债务的文书、担保或其他书面文件，同时从属债权人不得接收任何该等书面文件，除非该等文书、担保或书面文件中载有本协议所述说明且已将其完整副本提交优先代理人；且（e）贷款方或从属债权人均不得采取任何违反本协议创设的优先代理人及优先借款人对从属债权人的优先地位的行为。除前述外，从属债权人承认并同意：（i）优先债权人在签署和交付优先文件及根据优先文件不时进行预期的信贷延期时已依赖本协议的条款和规定，且（ii）从属债权人不得质疑（或支持任何人质疑）（A）优先债务、优先文件或优先代理人和优先借款人在担保优先债务的抵押品中的有效性、完善性、优先性或可执行性或（B）本协议中包含的从属规定的有效性或可执行性。

示例二（详细版）：

ARTICLE 6. COVENANTS

第6条 承诺

6.1Affirmative Covenants

6.1.肯定性承诺

6.1.1Security: In order to secure the Issuer's obligations arising out of the Convertible Bonds, (i) the Issuer shall cause AAA Limited, a company incorporated in the British V订gin Islands whose registered office is situated at P.O. Box 300, Road Town, Tortola, British Virgin Islands ("AA") to grant in favor of and for the benefit of the Bond Purchaser a charge over all the issued shares of the Issuer as, from time to time, held by AAA Limited; (ii) the Issuer shall cause AA to grant in favor of and for the benefit of the Bond Purchaser a charge over all the issued shares of BB as, from time to time, held by the Issuer; (iii) the Issuer shall cause CCC Limited, a company incorporated in the British Virgin Islands whose registered office is situated at P.O. Box 300, Road Town, Tortola, British Virgin Islands ("' Gold Horse ") to grant in favor of and for the benefit of the Bond Purchaser a charge over all the issued shares of Zhang San，an individual whose last known and usual address is at 35 Amber Gardens #05-10, Singapore, 439966 ("Zhang San"); and (iv) the Issuer shall cause DDD Limited, a company incorporated in the British Virgin Islands whose registered office is situated at P.O. Box 300, Road Town, Tortola, British Virgin Islands ("Rich Honour") to grant in favor of and for the benefit of the Bond Purchaser a charge over all the issued shares of Huang Jin，an individual whose last known and usual address is at Xiamen, Peoples Republic of China ("Huang Dan").

6.1.1担保：为担保发行人因可转换债券而产生的义务，（i）发行人应促使AAA有限公司（一家在英属维尔京群岛注册成立的公司，其注册办事处位于P.O. Box 300, Road Town, Tortola, British Virgin Islands，简称“AA”）以债券买方为受益人，质押AAA有限公司对发行人不时持有的所有已发行股份；（ii）发行人应促使AA以债券买方为受益人，质押发行人对BB不时持有的所有已发行股份；（iii）发行人应促使CCC有限公司（一家在英属维尔京群岛注册成立的公司，其注册办事处位于P.O. Box 300, Road Town, Tortola, British Virgin Islands，简称“金马”）以债券买方为受益人，质押张三（其最新常住地址位于35 Amber Gardens #05-10, Singapore, 439966，简称“张三”）的所有已发行股份；及（iv）发行人应促使DDD有限公司（一家在英属维尔京群岛注册成立的公司，其注册办事处位于P.O. Box 300, Road Town, Tortola, British Virgin Islands，简称“尚富”）以债券买方为受益人，质押黄健（其最新常住地址位于中国厦门，简称“黄丹”）的所有已发行股份。

6.1.2Appointment of Directors: The Bond Purchaser shall have the right to nominate one (1) director to the board of directors of the Issuer (" Bondholder Director''). Upon receipt of such nomination, the Issuer shall, as soon as possible, cause such Bondholder Director as nominated hereunder by the Bond Purchaser to be appointed as the member of the board of directors of the Issuer.

6.1.2董事的任命：债券买方有权向发行人董事会提名一（1）名董事（“债券持有人董事”）。在收到前述提名后，发行人应尽快促使债券持有人根据本协议提名的债券持有人董事被任命为发行人的董事会成员。

6.1.3Books of Account: the Issuer shall (i) keep books, records and other documentation of account of the Issuer and cause BB to keep books, records and other documentation of account of BB; (ii) at any time allow each Bondholder Director access to the books, records and other documentation of account of tl1e Issuer and BB as well as to the employees of the Issuer and BB for interview at all reasonable times during normal business hours. provided, that if any Bondholder Director so requests from time to time, the Issuer shall cause BB to prepare and present to the Bondholder Director the periodic reports (at least once a quarter) regarding the business, investment as well as the financial status and the results of operation of BB; (iii) cause BB to provide to each Bondholder Director the clean and unqualified audit opinions on the financial statements of BB for the fiscal years ending December 31, 2016, 2015 & 2014 audited by major PRC accounting firm; and (iv) at any time after the occurrence of an Event of Default, so far as permitted by applicable law, allow each Bondholder and anyone appointed by such Bondholder, access to the books, records and other documentation of account of the Issuer and BB at all reasonable times during normal business hours;

6.1.3账簿：发行人应（i）保存发行人的账簿、记录和其他账目文件，并促使BB保存BB的账簿、记录和其他账目文件；（ii）允许每位债券持有人董事在正常营业时间内的所有合理时间查阅发行人和BB的账簿、记录和其他账目文件，以及与发行人和BB的员工进行面谈。但若任何债券持有人董事不时提出要求，发行人应促使BB编制并向债券持有人董事提交有关BB业务、投资以及财务状况和经营业绩的定期报告（至少每季度一次）；（iii）促使BB向每位债券持有人董事提供由中国知名会计师事务所对BB截至2016年、2015年和2014年12月31日止财年的财务报表进行审计并出具的标准无保留意见审计报告；及（iv）在违约事件发生后的任何时间，在适用法律允许的范围内，允许每位债券持有人及其指定的任何人在正常营业时间内的所有合理时间查阅发行人和BB的账簿、记录和其他账目文件。

6.2Negative Covenants

6.2.否定性承诺

6.2.1No transfer of shares: Without prior written consent of the Bondholders, the Issuer shall cause Zhang San and Huang Dan and each company of the Group not to transfer, sell, or assign to any third party the shares in each company of the Group while the Bond Purchaser hold the Convertible Bonds.

6.2.1无股份转让：未经债券持有人事先书面同意，发行人应促使张三和黄丹及各集团公司在债券买方持有可转换债券期间，不得向任何第三方转让、出售或出让各集团公司的股份。

6.2.2Exclusivity and non-competition

6.2.2排他性和竞业禁止

(i)Any new projects considered by, or coming to the attention of the management of any company of the Group shall first be offered to the Group, and the Group will not take up such projects or inject capital into any company owned by any of the shareholders or any favorable party on terms more favorable than those presented to the Group, if the Group decides to reject such projects.

(i)任何集团公司管理层考虑的或引起任何集团公司管理层注意的任何新项目应首先提供给集团，如果集团决定拒绝此类项目，集团将不会以比向集团提供的条款更优惠的条件承接此类项目或向任何股东或任何有利方拥有的任何公司注资。

(ii)The Issuer shall cause each shareholder and director or management of any company of the Group not to engage or invest in any other business that directly or indirectly competes with the business scope of the Group during the employment with the Group and for four years thereafter.

(ii)发行人应促使任何集团公司的股东和董事或管理层在受雇于集团期间及之后四年内，不得从事或投资与集团业务范围直接或间接竞争的任何其他业务。

6.2.3No dividend: The Issuer shall cause BB not to declare nor make any payouts, including, cash dividends, while the Convertible Bonds are outstanding without the prior written consent of the Bond Purchaser; Provided, that the Issuer may, with the prior written consent of the Bond Purchaser, cause BB to declare and make payouts in order to facilitate the repayments which may arise under the Convertible Bonds.

6.2.3无股息：发行人应促使BB在可转换债券发行在外期间，未经债券买方事先书面同意，不得宣布或支付任何款项，包括现金股息；但是，发行人可未经债券买方事先书面同意，促使BB宣布或支付任何款项，以促进可转换债券项下可能产生的偿付。

来源：译问

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