世界银行《PPP合同条款指南》（Guidance on PPP Contractual Provisions 2017，下称“合同指南”），是世界银行对PPP合同的官方指引，2017年版指南对特定国家不同层级的PPP交易和不同法律制度下的PPP交易经验的表述方面进行了改进，并针对债券融资PPP合同和企业融资PPP合同增加专门章节。

　　PPP这群人、PPP知乎和上海段和段律师事务所余文恭律师团队以拍摄系列视频的创新形式，联合推出世行合同解读视频，分章节对合同指南进行重点解读，将其与国内PPP合同条款进行对比，并落脚于对国内PPP项目的借鉴以及对我国一带一路PPP项目的借鉴意义。

　　北京明树数据科技有限公司作为业内领先的PPP大数据服务提供商和综合研究平台，牵头多家律所和咨询公司参与了该合同指南的翻译，致力推进PPP国际先进经验在中国的学习和传播。

　　视频解读
　　高清视频原址请在腾讯视频搜索：世界银行《PPP合同条款指南》解读系列之再融资

　　再融资是对现有的债务进行替换或变更。世行的PPP合同指南特别说明再融资的问题主要出于以下几个原因：一是，条件不断的在调整在改变——PPP是个长期合同，随着时间推移，市场在变，项目条件也在变；二是，有些情况，长期融资不可行，再融资成为必然。在实践过程中需要特别注意的是再融资收益分配的问题。世行认为原则上再融资的收益是要分享的，除了以下三种情况：一是救援性再融资——不利情况、改善情况、避免终止；二是微长期再融资——长期融不可能或是不理想的情况；三是债券式融资前的过桥贷款情况。另外需要注意的是政府方如何面对再融资以及政府同意权问题。世行建议主要分为两个部分：一是，有些再融资是在原合约计划内的情况，政府不需要或是放松同意权；二是，政府行使同意权时需注意再融资会不会产生不利影响，利大于弊还是可能导致终止付费增加。世行PPP指南的再融资草案范本中还给出了再融资的收益的计算、分配和支付方法。
　　（注：本指南中，缔约政府部门指政府部门/实施机构；私营合作伙伴通常指社会资本。）

　　世界银行《2017版PPP合同条款指南》摘要之——“再融资”

　　1.

　　1. Refinancing means changing or replacing the existing terms on which debt obligations have been incurred. Borrowers may refinance existing debt obligations for a number of reasons and in a variety of ways.

　　再融资是指变更或替换已经产生债务的现有条款。借款人可以因各种原因、通过各种方式对现有的债务进行（在原有融资基础上）的再次融资。

　　2.

　　2. The result of a refinancing may be that the Private Partner's debt costs are reduced, resulting in greater revenue and in turn a higher equity return - this is typically called "refinancing gain". The PPP market has increasingly acknowledged that it would not be fair for the Private Partner to enjoy the entire benefit of refinancing gain where it is not entirely responsible for the availability of the improved financing terms.

　　再融资的结果可能是减少私营合作伙伴的债务成本，增加收入并进而获得更高的股权回报，这些效果一般称为“再融资收益”。PPP市场越来越多地认为，若再融资并非完全由私营伙伴实现，让其独自享受全部的再融资收益会有失公平。

　　3.

　　3. Not all refinancing lead to gains that should be shared, however, and refinancing provisions also typically clarify the circumstances which are exempt.

　　然而，并不是所有再融资带来的收益都应该分配，不分配的情形也一般会通过再融资条款进行明确说明。

　　4.

　　4. Rescue Refinancing - In adverse circumstances a refinancing may be sought to rescue the PPP Project from default. The Private Partner may be in a distressed situation requiring an increase and/or a rescheduling of their debt repayment obligations. Generally, it will be in the Contracting Authority's and the Private Partner's interests for this form of refinancing to be implemented so that service provision under the PPP Contract can continue and default termination consequences avoided.

　　救济性再融资—在不利情形下，可以通过再融资来使PPP项目免于违约。私营合作伙伴可能会处于被要求增加和/或重新安排其债务偿还义务的苦恼境地。一般地，采取这种再融资的形式符合缔约政府部门和私营合作伙伴各自的利益，这样（服务提供者）就可以继续根据PPP合同提供服务，也避免了因违约而终止合同后果的产生。

　　5.

　　5. Mini perm refinancing - In markets where it is not possible (or desirable) to obtain long term financing, the Private Partner may put in place what is sometimes known as a "mini perm" financing. The loan will have a short tenor (e.g. five or seven years), and there is an incentive on the Private Partner and its Shareholders to refinance because the loan terms may provide that the Lenders will sweep all available cash (after reserve account funding) if no refinancing has occurred by the relevant maturity date (and the Lenders may require gradually increasing cost sweeps (e.g. 25%, 50%, 75%) in the years prior to maturity), or (in the case of a "hard" mini perm) that there will be an event of default.

　　小型永久性再融资—在不可能（或者不愿意）获得长期融资的市场，私营合作伙伴可以代之以有时称为“小型永久性”的融资。这种贷款期限较短（如5年或7年），这样的话私营合作伙伴及其股东就会有动力去再融资，因为贷款条款可能会规定如果在相关的到期日之前还没有获得再融资（并且贷款方还可能要求在到期前的几年内逐步提高成本比例，比如25%,50%, 75%等）或者（如果是在“硬”小型永久性再融资的情形下）将来发生违约事件，则贷款方将（在提留账户准备金之后）撤回所有可用的现金。

　　6.

　　6.Bridge to bond financing - Where it is envisaged that initial bank debt financing will be replaced by bond finance, normally after completion of the construction or development phase, this is known as 'bridge to bond' financing.

　　债券式融资前的过桥贷款——一般在完成建设或开发阶段之后，计划将用债券式融资替代初始的银行贷款融资，这种方式称为“债券式融资前的过桥贷款”性质的融资。

　　7.

　　7. Realizing Value Refinancing - In other circumstances, the effect of changed market conditions and PPP Project developments may be positive and the Private Partner may seek to obtain more favorable financing terms to realize more equity return for its Shareholders.

　　实现价值性再融资——在其它情况下，市场条件的变化和PPP项目的进展可能带来利好影响，而私营合作伙伴则可以寻求更加有利的融资条款（的再融资），从而为其股东实现更大的股权回报。

　　8.

　　8. Establishing a definition which captures all types of potential refinancing can be difficult and the Contracting Authority should aim for a definition which minimizes the potential for circumvention through sophisticated structuring. The recommended approach is to be as generic as possible by reference to the senior finance documents, with a catch-all provision.

　　很难用一个定义囊括所有类型的再融资，缔约政府部门的目标应该是通过复杂的结构使定义能够将潜在的绕行风险最小化。建议的方式是通过引用上一级的融资文件，在这些文件中设置总括性条款（使定义）尽可能宽泛化。

　　9.

　　9. The Contracting Authority's right to consent is important as it is what will bring the Private Partner to the negotiating table. However, its right to consent should be exercised reasonably. The Contracting Authority should bear in mind that a refinancing resulting in gain is likely to benefit it financially and even a rescue refinancing will help save the PPP Project. Nevertheless, the Contracting Authority should only consent if it is confident that the refinancing will not have a negative impact on the PPP Project or on its own liabilities without providing it with sufficient commensurate benefit.

　　缔约政府部门的同意权很重要，因为这是将私营合作伙伴带到谈判桌上的前提。但是，缔约政府部门的同意权应当合理地行使。缔约政府部门应当记住带来收益的再融资对其财务有利，而即使是援救性再融资也可以为PPP项目提供资金。然而，缔约政府部门只有在确定再融资不会对PPP项目带来负面影响；或者在没有带来充分相应利益的情况下不对其既有的责任带来负面影响时，才能够表示同意。

　　10.

　　10. A full understanding and sight of existing and proposed financing structures and documentation is needed for the Contracting Authority to be in a position to calculate any refinancing gain and enforce its rights effectively.  Expert legal and financial advice should be obtained (to match the advice the Private Partner is likely to be receiving) to ensure the Contracting Authority is not at any disadvantage in analyzing the effect of any refinancing proposal. External expenses incurred by the Contracting Authority when considering a refinancing proposal should be borne by the Private Partner and if the refinancing is implemented they should be deducted from the total refinancing gain amount prior to sharing.

　　缔约政府部门为了可以计算任何再融资收益并有效地行使其权利，需要对当前的或拟定的融资结构和文件有充分的理解和考虑。缔约政府部门应该寻求专家法律建议和财务建议（以匹配私营合作伙伴可能获取的建议）以保证其在分析任何再融资方案影响时不会处于任何不利地位。缔约政府部门在考虑一项再融资方案时产生的外部费用应该由私营合作伙伴承担，并且如果实施再融资，该等费用应当在分配再融资收益前予以扣除。

　　11.

　　11. Share of refinancing gain 再融资收益的分配

　　The Contracting Authority should consider what an appropriate sharing mechanisms. Equal sharing is one option, or staged sharing depending on the amount of the gain and/or how it arises.

　　缔约政府部门应考虑何种分配机制是合适的。一种选择是等额分享，或者根据收益金额以及/或者收益产生的方式进行分段分配。

　　12.

　　12. The Contracting Authority should typically have the right to choose the method of payment of its share of the refinancing gain and this will depend on the nature of the refinancing and discussions at the time. Options include the Contracting Authority being paid (a) in a lump sum upon the refinancing to the extent the Private Partner receives such amounts at the time of the refinancing, (b) in a lump sum or periodically at the time of receipt of the relevant payments, or the receipt of the projected benefit (in the case of the "user pays" model), (c) via a reduced availability payment (in the case of the "government pays" model) or (d) by a combination of the above.

　　缔约政府部门一般有权选择其获得再融资收益分配的支付方式，而这将取决于再融资的性质和当时的讨论结果。相关选择包括缔约政府部门可以（a）一次性收取再融资收益，其数额与私营合作伙伴在再融资时收到的金额一致，（b）一次性收取或者分期收取相应的收益，或者收取预期收益（在“使用者付费”的模式下），（c）通过减少后的可用性支付（在“政府支付”的模式下）获得利益分配或者（d）通过结合以上支付方式获得支付。

　　上海锦天成律师事务所刘飞团队在PPP知乎发布专栏连载世界银行《2017版PPP合同条款指南》学习笔记，与我们此次推出的内容形成良好的呼应和对照，特在本文下提供笔记链接，以供读者更好的了解和学习。

　　今 日 观 点

　　PPP满分论。绿荫不减来时路，不忘初心得始终。很多人对PPP高谈阔论，上升到了国家治理机制、政府职能转变改革的高度。这些都对，但这是诗和远方，当前好多苟且问题还没解决好。根本原因是我们忘记PPP的来时路、忘记了PPP的初心。PPP的初心是什么？无非三条：及时融资到位开工建设、建设好、运行好。及时融资到位开工建设这是“1”，建设好“0”、运行好“0”。没有融资这个“1”，PPP的物有所值那是空中楼阁，融资到位、建得好PPP可得10分，到位、建的好、运行好得100分。这样PPP的绿荫不减，善始善终，全生命周期物有超值。

　　——上海弘鲲商务咨询公司董事长 叶继涛

　　来源：P3带路群