可转换债券认购协议中的先决条件和后决条件条款

可转换债券认购协议中的先决条件和后决条件条款

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先决条件和后决条件条款是可转换债券认购协议中的重要条款,对债券转换前后发行人需要满足的条件进行了规定,一般包括协议中相关陈述和保证的真实正确、发行收益用于约定之目的等条件,以下为部分协议中的先决条件和后决条件条款双语示例:


示例一:


Article 7. Conditions Precedent and Conditions Subsequent

第7条先决条件和后决条件


7.1The Bond Purchaser's obligations to purchase the Convertible Bonds under this Agreement shall be subject to all of the following conditions precedent

7.1.债券买方履行根据本协议购买可转换债券的义务应以发行人满足以下所有先决条件为前提:


(i)all representations and warranties of the Issuer provided in Article 5 are true and correct in all material respects on the execution date of the Agreement and the Closing Date;

(i)在本协议签署日和交割日,发行人在第5条中提供的所有陈述和保证在所有重大方面均真实、正确;


(ii)legal opinions, issued by reputable People's Republic of China, Hong Kong legal counsels, as the case may be, as to the legality, validity and enforceability of the Convertible Bonds and the security interest contemplated in this Agreement and other agreements to be separately entered into have been submitted by Issuer, in form and substance satisfactory to the Bond Purchaser; and

(ii)发行人已提交由中国、香港(视情况而定)的知名法律顾问以债券买方满意的格式和内容,就可转换债券的合法性、有效性和可执行性以及本协议和另行签订的其他协议所述的担保权益出具的法律意见书;及


(ill) all of the conditions precedent documents specified in Schedule I have been submitted by the Issuer, in form and substance satisfactory to the Bondholders.

(iii)发行人已以债券持有人满意的格式和内容提交附表1所述的所有先决条件文件。


7.2The Bond Purchaser's obligations to purchase the Convertible Bonds under this Agreement shall be subject to all of the following conditions subsequent:

7.2.债券买方履行根据本协议购买可转换债券的义务应以发行人满足以下所有后决条件为前提:


(i)all of the proceeds received by the Issuer from the Bond Purchaser will have been used only for such purpose as described in Section 3.1.16 above;

(i)发行人从债券买方处获得的所有收益将仅用于上文第3.1.16条所述的目的;


(ii)the security interests as described in Section 6.1.2 have been duly created for the benefit of the Bondholders by execution of the security document;

(ii)第6.1.2条所述的担保权益已通过签署担保文件,为债券持有人的利益正式设立;


(iii)clean and unqualified audit opinion on the financial statements of the Issuer and AA for fiscal years ending December 31, 2007, 2008 & 2009 audited by one of the "International Big Four Accounting Firm" (such as PWC, Deloitte, KPMG, or E&Y) and based on international accounting standards have been submitted by the Issuer in form and substance satisfactory to the Bond Purchaser; provided, that such financial statements of AA for fiscal year ending December 31, 2009 shall record the net income in an amount of at least RMB one hundred (100) million.

(iii)发行人已以债券持有人满意的格式和内容提交由“国际四大会计师事务所”(如普华永道、德勤、毕马威或安永)之一就发行人和AA截至2007年、2008年和2009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,该等财务报表根据国际会计准则编制;但是,AA截至2009年12月31日止财年的财务报表应记录至少壹(1)亿元人民币的净收入。


(iv)all of the conditions subsequent documents specified in Schedule Il will have been submitted by the Issuer, in form and substance satisfactory to the Bondholders.

(iv)发行人已以债券持有人满意的格式和内容提交附表2所述的所有后决条件文件。


7.3If any of the conditions set forth in Articles 7.1 and 7.2 are not fulfilled or waived. the obligations of the Bond Purchaser shall be exempted and the obligations of the Issuer shall become immediately due and payable, unless there is a separate agreement among the parties.

7.3.如果第7.1条和第7.2条规定的任何条件未得到满足或放弃,债券买方的义务应被免除,发行人的义务应立即到期应付,除非双方另有约定。



示例二:

The obligation of the Investors under this Agreement shall be conditional upon the fulfilment of all of the following Conditions:

投资者在本协议项下的义务应以以下所有条件得到满足为前提:


3.1.1 on or prior to the execution of this Agreement:

本协议签署之日或之前:


(a)the Company shall have procured the convening of extraordinary general meetings (“EGMs”) of the Company or shareholders’ resolutions in writing pursuant to the Constitution passing the shareholders’ resolutions referred to in clause 3.1.1(b); and

公司应根据章程安排召开临时股东大会或达成股东书面决议,通过第3.1.1(b)条中提及的股东决议;及


(b)the Existing Shareholder shall have passed board and shareholders’ resolutions and attended the EGMs and voted thereat in favour of the following resolutions (or the said resolutions be passed in the form of shareholders’ resolutions in writing pursuant to the Constitution):

现有股东应通过董事决议和股东决议,参加临时股东大会并表决支持以下决议(或根据章程以书面股东决议的形式通过上述决议):


(A)(in the case of the board and shareholders’ resolution of the Existing Shareholder) approving and executing the Share Charge, maintaining a Register of Mortgages and Charges and entering details of the Share Charge (when executed) into such Register, and such Register to be filed with the BVI Registrar of Corporations and updated at all times;

(如为现有股东的董事决议和股东决议)批准和执行股份质押、制作质押登记册并在登记册中记载股份质押详情(签署时),登记册应在BVI公司注册处备案并随时更新;


(B)approving all the transactions contemplated under the Group Reorganization and related matters;

批准集团重组和相关事项项下拟进行的所有交易及相关事项;


(C)approving the execution of this Agreement; and

批准本协议的签署;及


(D)approving and authorising all the transactions contemplated under this Agreement, including the issue and allotment of the Subscription Shares, the grant of the Put Option, the manner of purchase by the Company of the Option Shares upon the Investors’ exercise of the Put Option and the purchase of the Option Shares on the exercise of the Put Option by the Investors.

批准和授权本协议项下拟进行的所有交易,包括认购股份的发行和配发、卖出期权的授予、投资者行使卖出期权后公司购买期权股份的方式以及投资者行使卖出期权后购买期权股份。

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