交割条件是跨境并购股权买卖协议(Salesand Purchase Agreement, SPA)的核心条款,是买卖双方协议谈判的焦点之一。本文结合实战经验,以真实协议为例,从交割条件的分类定义、常见交割条件、交易终止日和过渡期、交割条件不能实现的后果、交割条件“实现”义务的“努力程度”和交割条件条款特别注意事项六个方面,介绍了SPA协议起草、审查 、谈判的要点事项,并对交割条件条款牵涉的法律英语术语做了总结。
一、真实文本
ARTICLE 6
CONDITIONS OF CLOSING
6.1 Conditions of Closing.
Purchaser on theone hand, and Sellers on the other hand, shall use commercially reasonableefforts, subject to Section 5.7, to procure the satisfaction of the conditionsset out in Sections 6.2 and 6.4, respectively.
6.2 Conditions for the Benefit ofPurchaser.
The purchase andsale of the Purchased Shares is subject to the following conditions to befulfilled or performed prior to Closing, which conditions are for the exclusivebenefit of Purchaser and may be waived, in whole or in part, by Purchaser inits sole discretion:
(a)Truth of Representations and Warranties and Performance of Covenants. Eachof: 略
(b)Deliveries. At or prior to Closing, Agent shall deliver or causeto be delivered to Purchaser the following in form and substance satisfactory toPurchaser, acting reasonably: 略
(c)No Legal Action. No enforceable order enjoining,restricting or prohibiting any of the transactions contemplated by thisAgreement shall have been rendered by any Governmental Entity.
(d)Regulatory Approval. Competition Act Approval, ICA Approvaland HSR Clearance shall have each been obtained.
(e)Termination of Certain Agreements. The LJ ServicesAgreement shall have been terminated effective on or prior to the Closing Dateand there shall be no liabilities or obligations to be performed or satisfiedunder the LJ Services Agreement by any LJVH Group Member as of Closing.
(f)No Material Adverse Effect. Between the date of this Agreement andthe Effective Time, there shall not have occurred a Material Adverse Effect.
6.4 Conditions for the Benefit of Sellers.
Thepurchase and sale of the Purchased Shares is subject to the followingconditions to be fulfilled or performed prior to Closing, which conditions arefor the exclusive benefit of Sellers and may be waived, in whole or in part, byAgent, in its sole discretion:
(a) Truthof Representations and Warranties and Performance of Covenants. Each of:略
(b) Deliveries.Ator prior to Closing, Purchaser shall deliver or cause to be delivered toSellers the following in form and substance satisfactory to Sellers, actingreasonably:略
(c) No Legal Action. Noenforceable order enjoining, restricting or prohibiting any of the transactionscontemplated by this Agreement shall have been rendered by any GovernmentalEntity.
(d) Regulatory Approval. ICAApproval and HSR Clearance shall have each been obtained, and the waitingperiod under Section 123 of the Competition Act has expired, been terminated orwaived in accordance with the Competition Act.
注:以上SPA协议文本来自于真实并购,由于篇幅所限,此处仅列举部分关键内容,如果需要协议全文,请留言与作者William联系获取。
二、实务要点
以下是作者William结合实践经验,对海外并购SPA起草、审查、谈判实务要点的简要分析、总结。
1.交割条件分类、定义、性质。
交割条件(closingconditions),根据其设置目的,分类为先决条件(conditions precedent ,CP)和后决条件(conditionssubsequent, CS)。
先决条件CP,是股权买卖协议生效后,买卖双方履行交割义务(卖方转移股权、买方支付价款)的前置条件。值得注意的是,此先决条件是合同履约条件不是合同生效条件,不同于我国《合同法》45条“附条件合同”中的“附生效条件”。
后决条件CS,是股权买卖协议生效并交割后,买卖双方解除合同义务的前置条件。此后决条件是合同解除条件,等同于我国《合同法》45条“附条件合同”中的“附解除条件”。
海外并购SPA协议中,使用CP较多,因为风险太大使用CS很少。作者William亲身处理过某重大并购案,其SPA交割条件采用CS,但该SPA对CS设置不购细致、明确,CS不能实现情况下的风险、责任后果以及救济方式条款缺失,导致买卖双方产生长达十年的对抗纠葛并互相损失惨重,教训惨痛。
交割条款通常会约定“交割条件”的:内容、实现责任、通知、放弃、不能实现的后果等作约定。
2.常见交割条件
交割条件通常参考尽调结果、根据实际需要设置,项目之间差异很大。SPA通常根据双方责任,分卖方(负责实现)交割条件、买方(负责实现)交割条件。
从行为事务主体角度分类,常见的交割条件有:
①政府审批:如投资审批(如中国发改委NDRC境外投资审批),国家安全审批(如美国CFIUS审查),反垄断审批(如经营者集中反垄断审查),行业监管机构审批(如电监会审批)。
②第三方同意:如目标公司债权人关于“控制权变更”同意,目标公司其他股东关于卖方转让股权同意(优先购买权放弃)。
③买方:融资到位
④卖方:陈述、保证与承诺(representationsand warranties and covenants)真实并遵守;
⑤目标公司:财产(重整完成、抵押解除、财产不减值)+人员(关键雇员留任)+事务(重大事项解决、无MAC、信用等级不降)。
⑥中介:卖方律师出具法律意见书(上市公司并购多见)+卖方财务顾问出具“公允意见”(bring-down fairness opinion)。
当然,以上是实践中常见的交割条件,实际中项目千差万别,交割条件也各不一样。以作者William本人亲身经历的某特大型境外上市公司收购SPA为例,其特色先决条件有:东道国国家银行关于外资控股的批准、目标公司供电供气协议签署、政府安慰函、目标公司借款协议更新、并购交易无政府法院的阻碍禁令、卖方提供电子版资料室资料并存方于中间方、股东大会内部审批、外管局/商务部审批、购买责任保险等等。本文开头部分“真实文本”所列的并购条件都是常见的类别,但协议约定细节十分细致,读者如有兴趣,可以研阅详细的完整版本。
3.交易终止日和过渡期。
交割条件不能实现,交割就不能启动。为了早日促成交易,避免交割无限拖延,SPA“发明了”“交易终止日”这一期限制度。
“交易终止日制度”的核心是:在“交易终止日”之前交割条件不能满足,非责任方有权终止协议或协议自动终止(也可延期)。
“交易终止日”的英文称呼不一,笔者William个人常用Long Stop Date, 另外Cut Off Date,Sunset Date,Drop Dead Date,Outside Date 写法也很常见。
SPA从协议签署到“交易终止日”的时间被称为“过渡期”(Interim Period),其长度根据实际需要协商确定,一般3-9个月。
4.交割条件不能实现的后果。
在“交易终止日”前,交割条件实现,买卖双方顺利交割,这是理想局面。值得一提的是,为了保证一定的灵活性,买卖双方通常会约定书面一致同意交割条件可以放弃。
在“交易终止日”前,交割条件未能或不可能实现(is not satisfied or become incapable of satisfaction),非责任方可以全部或部分终止(terminate)协议并要求责任方承担违约金(liquidated damages),这里的违约金就是常听到的分手费(Breakup Fee或Termination Fee)和反向分手费(Reverse Breakup Fee或Termination Fee)(本文后面将做专题讲解)。
5.交割条件“实现”义务的“努力程度”。
SPA一旦约定“促成”交割条件实现属于某一方义务,如果界定该责任方义务程度成为棘手的老课题。
该“努力程度”通常被界定为“合理努力”(reasonableeffort/endeavor)与“最大努力”(best effort/endeavor)。由于文字语言的不精确性,“合理”“最大”难以量化并常有争议,William的建议是尽量通过列举、量化的描述替代以减少不确定性。一些律师尝试用commerciallyreasonable effort, all/every reasonable effort, reasonable best effort, allbest effort等多种变种形式,其功效如何尚有争议。
6.交割条件条款特别注意事项。
①交割条件选取原则。一是充分利用尽调成果,着眼合同目的针对重大关切设置交割条件;二是交割条件不受一方完全控制最好,否则对交割条件实现有控制力的这一方不正当地阻止条件成就或不正当地促成条件成就,对方难以约束。
②交割条件不能实现的风险、责任分配原则。促成交割条件实现的责任如何分配?这是买卖双方谈判的焦点。笔者建议,应当根据双方控制力原则并综合考虑其他因素分配。
③交割条件的描述原则。交割条件“实现程度”和实现“努力程度”往往都不好量化,因此要注意尽量用客观语言。比如,“实现程度”如果使用satisfactory to one party来描述,其主观性太大,不符合法律语言准确定要求,容易引发争议,增加合同的不确定性。
三、重要概念、术语一览
Condition precedent,
Condition subsequent,
Satisfaction or waiver of conditions,
Approval by a competent governmentauthority,
Promptly, Expeditiously,
For the avoidance of doubt,
Unless and until,
Subject to,
As applicable, as the case may be,
Binding,
A letter of comfort,
Locked Box Account,
Data Room,
Release of security interest,
CD-ROM/Pen Drive,
Material Adverse Event,
Procure,
Redacted Filing,
Any and all,
Pursuant to, in accordance with,
Conditions remain outstanding (not yetpaid, done or solved, etc.)
Be of no force or effect,
(Agreement)Lapse and ceases to haveeffect,
Accrued rights and obligations,
Deferred Long Stop Date,
Long Stop Date, Cut Off Date,Sunset Date,Drop Dead Date,Outside Date.
以上如有不足,欢迎大家指正, 谢谢!
William, 2018.05.26