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《對(duì)德國不良貸款的投資【外文翻譯】》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫。
1、外文翻譯原文InvestinginGermannon-performingloansMaterialSource:InternationalFinancialLawReviewAuthor:B?rst，JürgenInAsiaandtheUS，investorshaveexperienceinbuyingportfoliosofnon-performingloans(NPLs)frombanksandotherfinancialinstitutions.InGermany，though，largeloanpositionsarera
2、relytradedinthemarket.Ontheotherhand，anumberofGermanbanksdohaveNPLsontheirbooks.IfaGermanbanksellsitsNPLstoathirdpartyitcanreduceitsriskassetsandstrengthenitsequityposition，whichisalsobeneficialforregulatorypurposes.Certaininternationalprivateequityinvestorsarespeciali
3、stsininvestingindistresseddebt.OnlyafewlargeNPLportfoliosinGermanyhavebeensoldtothird-partyinvestorssofar，butthepracticeisgrowing.Recently，anNPLportfolioofaGermanbankwaseventransferredtoaforeignprivateequityinvestorinthecourseofinsolvencyproceedings.Structuringaninvest
4、mentUnderGermanlaw，anacquisitionofaloanportfoliocanbestructuredeitherbytransferringalloftheloanagreementsorbyassigningthereceivablesundertheloanagreements.Transferringloanagreementsgenerallyrequirestheborrowers'consent，whereasassignmentoftheloanreceivablesisusuallyposs
5、iblewithoutit.Transferringloanagreementsandassigningloanreceivablesresultsinatruesaleoftheloans，thatis，theclaimswillbeeliminatedasassetsfromtheseller'sbalancesheet.Ifloanreceivablesareacquired，theborrowermayalsoraiseanyobjectionsagainstaclaimiftheyarebasedonfactsthatex
6、istedbeforethereceivablewastransferred.Oncetheborrowerknowsabouttheassignment，itmaysetoffitsdebtwithclaimsagainsttheseller，unlesstheborrower'scounterclaimbecamedueonlyaftertheassignment.Paymentsandotherlegaltransactionseffectedbytheborroweraftertheassignmentofthereceiv
7、ablesarebindingfortheinvestorunlesstheborrowerpreviouslyknewoftheassignment.Theinvestorshouldnotifytheborroweroftheassignmentintimeoragreewiththesellerthatitwilldoso.Banksyndicateagreementsmaycontainspecialconsentrequirements.Ifthesellerisadirectcontractpartytotheborro
8、wer，apotentialconsentrequirementforothersyndicatebanksrestrictsthesellerinrelationtothebanksbutdoesnotaffectthelegalv
