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金融证券化的发展,使债券交换逐渐成为金融市场主体进行债务重组的一种重要法律工具。近些年来,不少的新兴市场国家开始利用债券交换来实现债务重组的目的。在进行债券交换时,为防止少数不合作债权人阻挠交换,有些国家采取了“退出同意”的做法,要求债券持有人在接受交换要约、交出原先债券的同时,投票同意对某些债券条款进行不利的修改。这种做法虽有利于促进国家对债务的重组,但是这种事后修改具有很大的不确定性,与当事人对自己行为的法律后果的可预期和可控制的要求明显不符合,必然会引起对少数人的不公平,甚至存在法律上的障碍。因此,“退出同意”策略的运用在事实上会刺激我们去寻找更合理的方法来促进国家的债务重组,在国际债券文件中规定集体行动条款不失为一种新方法。
The development of financial securitization makes the bond exchange gradually become an important legal instrument for the debt restructuring in the financial market. In recent years, many emerging market countries have begun to use debt exchange to achieve the purpose of debt restructuring. In the process of bond exchange, in order to prevent a handful of non-cooperative creditors from obstructing the exchange, some countries have adopted the “withdrawal of consent” approach, requiring bondholders to accept the exchange of offer, the surrender of the original bond at the same time, voted to agree on certain bond terms Adverse changes. Although this approach is conducive to promoting the country’s debt restructuring, but this post-modification with great uncertainty, and the parties on their legal consequences of the behavior of the predictable and can not control the requirements obviously will inevitably lead to A few people are unfair and even have legal obstacles. Therefore, the use of the “exit consent” strategy will in fact stimulate us to find more reasonable ways to promote the national debt restructuring. It is a new method to stipulate the collective action clause in international bond documents.