合同法律英语研究(四): 标的与对价

---以跨境股权并购买卖协议(SSA)为例

 

一、文本举例

Sale and purchase of ××× Shares

Subjectto clause ×××, on the day for ××× Completion determined under clause ×××,the Sellers must sell free and clear of all Encumbrances, and the Buyer mustbuy, the ×××Shares for the ××× Purchase Price.

 

AssociatedRights

TheSellers must sell the ×××Shares to the Buyer together with all rights:            (a)   attachedto them as at the date of this agreement; and that  

(b)  accruebetween the date of this agreement and ××× Completion.

 

××× PurchasePrice

(a) Theconsideration for the sale of the×××Shares is the payment by the Buyer of the×××PurchasePrice.

(b)The×××Purchase Price must be paid by the Buyer to the Sellers as follows:

(1)the××× Completion Payment (less any withholding under clause ×××) on ×××Completionpayable in accordance with clause×××;

(2)the××× Adjustment Amount (if any), payable in accordance with clause ×××; and

(3)anyother adjustments to the ××× Purchase Price payable in accordance with thisagreement,

inImmediately Available Funds without counter-claim or set-off.

 

Repayment of ×××Australian External Debt and ××× Shareholder Loans

Inaddition to payment of the ××× Completion Payment under clause ×××, on ×××Completion the Buyer must, by way of unsecured loans and/or equitysubscription, provide the relevant ××× Target Entities with all funds necessaryto enable the relevant ××× Target Entities to repay at ××× Completion:

(a)  the amount of ×××as notified in the ×××Completion Notice (××× Australian External Debt Amount); and

(b)  theamount of ××× Shareholder Loans as notified in the ××× Completion Notice (×××Shareholder Loans Amount).

 

Title and risk

Titleto and risk in the ××× Shares passes to the Buyer on ××× Completion.

二、分析解读

股权买卖法律关系的客体或标的（object）是给付之债，标的物是股份（shares），买方获得是股权（title）。

（一）标的注意事项：

1.一般内容contents：首先需明确标的物以及其附随的权利（associatedrights）和权利负担（encumbrances）。其中“附随的权利”和“权利负担”是个动态概念，合同需要明确其衡量的时间维度。

2.优先股preferred share：目标公司股份有无分类区别，是否存在优先股，需要核实。

3.除外资产excluded assets。有无不纳入交易范围得除外资产，需要确认。常见的除外资产包括：知识产权、商标、商誉、与目标资产相关的税务优惠。

4.保留债务retained liabilities。买方是否需要卖方承担之前的债务，比如effectivedate之前专属于卖方的税务责任、环境责任、诉讼索赔等，该点需要根据尽职调查报告设计专门条款予以考虑。

5.买卖交割时间、条件也需要列明。

6.交付、权利与风险转移。这一点类似商品买卖合同，也需要明确。

总而言之，标的条款需要注意：买的是什么，其包含的事什么权利，有无单独排除的资产或权利。交付的时间、地点、条件、方法，权利、风险转移的节点。

（二）对价注意事项：

 1.一般内容contents：金额、币种、账户、时间、阶段方式（现金/支票，一次性/分期）、价格调整机制等等。

 2.价格调整price adjustment：基本思路是，先在effectivedate/evaluation date/account date确定base price，然后交割前，卖方根据生效日到交割日期间目标公司经营变化（主要是working capital即current assets 减去current liabilities的变化）情况向卖方提交一份Interim PriceStatement, 卖方认可后，双方进行调价。交割日后，根据交割日与InterimPrice Statement提交日之间变化，双方还可能有一次finaladjustment。

调价的方法有三种，即Dollar for dollar basis adjustment(全额调整法)+De Minis basisadjustment(超过最小额调整法)+Maximbasis adjustment（最大额调整法）。

另外，价格调整如有争议如何解决、价格调整保障机制中（如托管escrow、延迟支付hold-backs以及抵消set-off等）也是重要谈判、关注点之一。

对上市公司来说，通常的商业惯例是对一定交易期间股价均价的溢价，均价一旦确认，一般不必再调整价格。

3.锁箱机制Lock-the-box：“锁箱”锁住的是支付价格，对应的衡量时间是Lockthe box date（锁箱日）。锁箱日功能很像EffectiveDate (Evaluation Date/Accounts Date)，理论上其距离Signing Date越近越好。使用锁箱机制还有很多配合条款核谈判点，比如著名的Noleakage covenants。（“锁箱机制”读者朋友如感兴趣，本公号后续将单独撰写论文讨论。）

4.盈利支付机制Earn-out。盈利支付机制就是日常听到的“对赌机制”的一种，是买方先支付低价，交割后根据公司经营情况，增加对价。与其对应的是“追回条款”(Clawback)。

5.激励费Incentivefee。通常和earn-out机制一起用。

三、标的与对价重要概念、术语：

EBITDA

Depreciationand Amortization

Freefrom all Encumbrances

LockedBox Accounts Date

BusinessDay

Maturityof long-term financing

Accrue

AdjustmentAmount

Counter-claimor set-off.

Title

asapplicable

tranche，a portion ofsomething (especially money)

Nominee:An agent acting on behalf of a principal often employed in the buying andselling of securities. The specific identity of a nominee could be arepresentative, an agent, a trustee, or a guarantee.

Incentivefee

on-goingconcern: a commercial or industrial enterprise and the people who constitute it.

MaterialAdverse Change

Consideration

Contemplated

Prescribe/contemplate/prescribe

 

关于跨境股权并购协议“标的与对价”相关常见概念、术语，本文仅作索引提示，作者有意不留中文解释, 大家自行探索以强化记忆。如果有朋友对相关术语含义自行查询后仍不能明白其准确法律含义，请随时留言，作者会在后台第一时间回复解释。