PPP知乎，您的PPP大百科！
　　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

　　贷方介入权是指不是合同主体的第三方——贷款机构，通过介入合同来纠正社会资本违约，防止合同提前终止。社会资本出问题会导致两种情况：对政府违约；对银行违约，贷方介入权的行使可以避免合同提前被终止。实践中通常通过签订直接介入协议的形式行使贷方接入权。拟定直接协议需考虑权利、模板、范围三个形式要素。另外需要考虑介入时机、持续时间、假设负债、整顿权、其他保护等内容要素。直接协议主要条款包括：通知条款、承诺条款、代理人介入条款、收付款转让、重新签约条款。直接介入协议的约定对我国PPP合同的签订也有很大的借鉴意义。

　　（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——“贷款方的介入权”

　　1.

　　1. In a contractual context, "step in" means the ability of a third party who is not party to the relevant contract to step into the shoes of a defaulting party under the contract. This is usually for a limited timeframe and the aim is to give the party stepping in the opportunity to rectify the default and prevent termination of the contract.

　　在合同环境下，“介入”是指相关合同当事人以外的第三方介入以替代合同项下违约方地位的能力。介入权通常具有时效限制，其目的是给予介入方纠正合同当事人违约并防止合同被终止的机会。

　　2.

　　2. Step in rights are typically enshrined in an agreement between the Lenders and the Contracting Authority, often called a “Direct Agreement” or, in some jurisdictions, a “Consent Agreement.” The Direct Agreement will entitle the Lenders to be alerted to a potential termination and to take steps to prevent it by rectifying the problem. From the Contracting Authority’s perspective, its interest in completing the infrastructure and ensuring adequate service provision and the Lenders’ interests in achieving the same outcome are aligned.

　　介入权一般在贷款方与缔约政府部门签署的协议（通常称为“直接协议”，或在某些法域称为“同意协议”）中进行规定。直接协议规定贷款方有权在合同可能终止时收到通知，并采取措施纠正问题以防止合同终止（情形）的发生。从缔约政府部门的角度来看，在完成基础设施建设、确保充足服务供应方面的利益其与贷款方的利益是一致的。

　　3.

　　3. Key consideration for the contracting authority:

　　(1)Authority to execute Direct Agreement

　　In certain jurisdictions, there may be mandatory laws preventing the granting or enforcement of Lender step-in rights. Well-drafted PPP laws typically authorize entry by a Contracting Authority into both PPP Contracts and the Direct Agreements that usually accompany them.

　　(2)Form of Direct Agreement

　　Some jurisdictions have developed standard template provisions which must be used by Contracting Authorities and Lenders (e.g. the Dutch Model, the South Africa PPP Guidelines and the UK PF2 Guidance). The Direct Agreement is usually executed on the same date as the PPP Contract. In some instances, it may be signed at a later date on financial close. Where this is the case, the Direct Agreement will have been virtually finalized at the time the PPP Contract was signed and such agreed form will be attached as an exhibit to the PPP Contract.

　　(3)Scope of Direct Agreement/governing law

　　Given that the operation of the Direct Agreement can affect the Private Partner's rights and obligations under the PPP Contract as well as the Contracting Authority's, it is recommended that the Private Partner should also be party to the Direct Agreement to acknowledge and consent to its terms. It is also advisable for the governing law of the Direct Agreement and the PPP Contract to be consistent.

　　(4)Main issues

　　Timing and duration of step-in - When the Contracting Authority serves a termination notice on the Private Partner it typically agrees to serve the same on the Lenders who then have a certain period to decide whether or not to step in. Lenders will also request this right when they have called a default under their financing agreements and accelerated their debt (in this circumstance the Private Partner will have to be replaced if the PPP Contract is to continue).

　　Assumption of liabilities - The Contracting Authority should consider the extent to which it will require the Lenders to assume any liabilities which the Private Partner has already incurred or will incur in return for their step-in right.

　　Rectification rights - It is in the Contracting Authority's interests for breaches to be rectified but it also needs to protect itself against failures to remedy and new breaches by ensuring it still has a right to terminate in respect of these new failures that arise during the step-in period.

　　Other protections - The Contracting Authority may want to try to include certain provisions which restrict the Lenders' exercise of certain rights under the financing documents (e.g. in relation to set off) and to regulate priority of security enforcement between the Contracting Authority and the Lenders.

　　缔约政府部门的主要考虑因素:

　　(1)签署直接协议的权限

　　某些法域的强制性规定可能禁止贷款方介入权的授予或执行。规定完善的PPP法律通常授权缔约政府部门在签署PPP合同的同时签署相应的直接协议。

　　(2)直接协议的格式

　　一些法域已制定出缔约政府部门与贷款方必须使用的标准模板条文（例如荷兰模式、南非PPP指引和英国PF2指南）。直接协议通常与PPP 合同同一日签署。在某些情况下，直接协议也可于稍后在财务结算时签署。在此情况下，直接协议实际上在PPP合同签署时已经敲定，且有关格式协议将作为PPP合同的附件。

　　(3)直接协议的范围/适用法律

　　鉴于使用直接协议可能影响私营合作伙伴以及缔约政府部门在PPP合同项下的权利义务，建议私营合作伙伴亦应以直接协议当事人身份对直接协议条款表示确认及同意。另外，也建议直接协议与PPP合同在选定适用法律时最好保持一致。

　　(4)主要问题

　　介入的时机和持续时间——当缔约政府部门向私营合作伙伴送达终止通知时，通常应同时向贷款方送达，贷款方可在一定期限内决定是否介入。贷款方亦可在其认为已发生融资协议项下违约行为且该行为已经使得债务加速到期时要求行使此项权利（在此情况下，如要继续履行PPP合同，则私营合作伙伴必须被取代）。

　　债务承担——缔约政府部门应考虑贷款方为获得介入权而应在什么范围内承担私营合作伙伴已产生或将可能产生的任何合同义务。

　　纠正权——它使违约得到纠正，这符合缔约政府部门的利益，但缔约政府部门同时有在未能补救及发生新违约时采取必要措施保护自己的权利， 以确保在介入期内，倘若发生新违约(情形)时，缔约政府部门依然享有终止权。

　　其他保护——缔约政府部门可能希望尝试加入某些限制贷款方行使融资文件项下特定权利（例如抵销权）的条款，并就缔约政府部门与贷款方之间执行担保的优先级作出规定。

　　4.

　　4. A Direct Agreement should typically include the following main provisions (or their equivalent under the laws of the relevant jurisdiction):

　　mutual obligations on the parties to notify each other, respectively;

　　a standstill period, pursuant to which the Contracting Authority will undertake to notify the Lenders of its intention to terminate the PPP Contract, and will commit not to terminate the PPP Contract for a given period of time (nor to terminate any related agreements);

　　appointment of the Lenders' nominee to "step in" and become jointly liable with the Private Partner to perform the PPP Contract and cure any breaches which gave rise to the Contracting Authority's right to terminate (and to "step out");

　　consent to the assignment of the PPP Contract and related receivables to the Lenders, as well as consent to assignments to insurers and guarantors upon payment of claims; and

　　Lenders' right to novate the Private Partner's rights and obligations under the PPP Contract to a substitute private partner of their choice (subject to the consent of the Contracting Authority and/or to any reasonable and objective criteria) and the Contracting Authority's obligation to enter into a new direct agreement with the Lenders to the new Private Partner on substantially equivalent terms.

　　直接协议通常应包括以下主要条款（或符合相关法域法律的等同表述）：

　　双方负有分别就以下事件相互通知对方的共同义务

　　等待期，据此缔约政府部门承诺将其终止PPP合同的意向通知贷款方，并承诺不在给定期限内终止PPP合同（亦不终止任何有关协议）；

　　指定贷款方代表“介入”并与私营合作伙伴承担连带责任，共同履行PPP合同并纠正导致缔约政府部门行使终止权终止合同的任何违约行为（并“撤出”）；

　　同意将PPP合同相关权利义务分配给贷款方及将有关应收款转让给贷款方，并同意在保险人及担保人代偿债务的前提下转让给保险人及担保人；及

　　贷款方有权将私营合作伙伴在PPP合同项下的权利义务转由贷款方选择（须经缔约政府部门同意及/或符合任何合理的客观标准）的替任私营合作伙伴概括承担，且缔约政府部门有义务按实质同等条款与贷款方针对新的私营合作伙伴签署新的直接协议。

　　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。