○ 前回、米国のNegotiable Instrument (流通証券)の定義として、Uniform Commercial Code Article 3 Negotiable Instrument 104条を引用しました。その(3)の後半に、「but the promise or order may contain (i) an undertaking or power to give, maintain, or protect collateral to secure payment, (ii) an authorization or power to the holder to confess judgment or realize on or dispose of collateral, or (iii) a waiver of the benefit of any law intended for the advantage or protection of an obligor.」という記載があります。つまり、Promissory Noteの保有者の支払いを受ける立場を強化するCollateralを付してもよいとしています。という事で、Secured Promissory Noteがあることを言いました。今回は、これを受けてSecured Promissory Noteと新株予約権証書の流通証券について書いてみましょう。
○Secured Promissory Note:日本では約束手形に担保はつけませんね。担保というと日本では土地等の不動産を思い浮かべますが、米国ではそうではないですね。不動産がPromissory Noteの担保になるわけないですよね。では、Secured Promissory NoteのSecurityとは、なんでしょうか？Securityとして多いのは、Accounts Receivableですね。米国の企業はCash Flowを重視しますし、Promissory Noteは短期ですので、回転が速くCash Inする資産なので売掛金が、手形の担保になるんですね。
Promissory NoteにSecurity Interestの記載をします。GrantとTerminationについてです。
Grant & Termination. To secure the Obligations when due hereunder, the Company hereby grants to the Holder, together with each other holder of a Note, a security interest in all Accounts Receivable of the Company, wherever located, whether now existing or hereafter acquired or arising. Upon the payment in full of the Principal Amount and all accrued interest under all of the Notes, the security interest granted under this Section 2.2 shall automatically terminate and Holder shall promptly execute and deliver to the Company such documents and instruments reasonably requested by the Company as shall be necessary to evidence termination of all security interests given by the Company hereunder.
○WARRANT TO PURCHASE XXX.000 SHARES OF COMMON STOCK
例えば、Warrant発行会社がIPOして上場したあとを目途に、発行から5年度に、Warrantを行使すれば新株を取得できる権利を付した新株予約権の流通証券ですね。
この証券の冒頭には、以下のような文言が記載されます。
FOR VALUE RECEIVED, xxxx or his transferees or assigns (the Holder"), is entitled to purchase, subject to the provisions hereof, from XXXX, INC., a Delaware corporation (the "Issuer"), xxxx Thousand x,000) fully paid, validly issued and non-assessable shares of common stock, par value $.0001 per share (the "Common Stock"), of the Issuer (the "Shares"), at a price equal to Fifteen and Three-Fourths Cents ($0.1575) per share. The right to purchase the Shares under this Warrant is exercisable, in whole or in part, at any time prior to 5:00 p.m., Eastern time, on December 10, 2020. The Shares deliverable upon exercise of this Warrant are hereinafter sometimes referred to as the "Warrant Shares" and the exercise price per Share in effect at any time is hereinafter sometimes referred to as the "Exercise Price." This Warrant and all warrants issued upon transfer, division or in substitution thereof are hereinafter sometimes referred to as the "Warrants."
このWarrantの主要条項としては以下等ですね。
1. EXERCISE OF WARRANT. This Warrant may be exercised by presentation and surrender to the Issuer at its principal office, or at the office of its principal stock transfer agent, with the Purchase Form annexed hereto duly executed and accompanied by payment of the Exercise Price for the Warrant Shares.
2. RESERVATION OF SHARES.→発行会社が、授権資本内新株を発行できるように、発行枠を留保しておく条項です。
3. TRANSFER OF WARRANT.→Warrantに表示の条件に従い、全部・一部のWarrantを譲渡できる規定です。
4. その他の一般条項：LOSS OR DESTRUCTION OF WARRANT.、RIGHTS OF THE HOLDER.、SURVIVAL、AMENDMENTS AND WAIVERS、GOVERNING LAW （州法と連邦法の両方が適用）、ENTIRE AGREEMENT ⇒これらの条項を見ると、普通の契約の一般条項ですね。
○Secured Promissory Note:日本では約束手形に担保はつけませんね。担保というと日本では土地等の不動産を思い浮かべますが、米国ではそうではないですね。不動産がPromissory Noteの担保になるわけないですよね。では、Secured Promissory NoteのSecurityとは、なんでしょうか？Securityとして多いのは、Accounts Receivableですね。米国の企業はCash Flowを重視しますし、Promissory Noteは短期ですので、回転が速くCash Inする資産なので売掛金が、手形の担保になるんですね。
Promissory NoteにSecurity Interestの記載をします。GrantとTerminationについてです。
Grant & Termination. To secure the Obligations when due hereunder, the Company hereby grants to the Holder, together with each other holder of a Note, a security interest in all Accounts Receivable of the Company, wherever located, whether now existing or hereafter acquired or arising. Upon the payment in full of the Principal Amount and all accrued interest under all of the Notes, the security interest granted under this Section 2.2 shall automatically terminate and Holder shall promptly execute and deliver to the Company such documents and instruments reasonably requested by the Company as shall be necessary to evidence termination of all security interests given by the Company hereunder.
○WARRANT TO PURCHASE XXX.000 SHARES OF COMMON STOCK
例えば、Warrant発行会社がIPOして上場したあとを目途に、発行から5年度に、Warrantを行使すれば新株を取得できる権利を付した新株予約権の流通証券ですね。
この証券の冒頭には、以下のような文言が記載されます。
FOR VALUE RECEIVED, xxxx or his transferees or assigns (the Holder"), is entitled to purchase, subject to the provisions hereof, from XXXX, INC., a Delaware corporation (the "Issuer"), xxxx Thousand x,000) fully paid, validly issued and non-assessable shares of common stock, par value $.0001 per share (the "Common Stock"), of the Issuer (the "Shares"), at a price equal to Fifteen and Three-Fourths Cents ($0.1575) per share. The right to purchase the Shares under this Warrant is exercisable, in whole or in part, at any time prior to 5:00 p.m., Eastern time, on December 10, 2020. The Shares deliverable upon exercise of this Warrant are hereinafter sometimes referred to as the "Warrant Shares" and the exercise price per Share in effect at any time is hereinafter sometimes referred to as the "Exercise Price." This Warrant and all warrants issued upon transfer, division or in substitution thereof are hereinafter sometimes referred to as the "Warrants."
このWarrantの主要条項としては以下等ですね。
1. EXERCISE OF WARRANT. This Warrant may be exercised by presentation and surrender to the Issuer at its principal office, or at the office of its principal stock transfer agent, with the Purchase Form annexed hereto duly executed and accompanied by payment of the Exercise Price for the Warrant Shares.
2. RESERVATION OF SHARES.→発行会社が、授権資本内新株を発行できるように、発行枠を留保しておく条項です。
3. TRANSFER OF WARRANT.→Warrantに表示の条件に従い、全部・一部のWarrantを譲渡できる規定です。
4. その他の一般条項：LOSS OR DESTRUCTION OF WARRANT.、RIGHTS OF THE HOLDER.、SURVIVAL、AMENDMENTS AND WAIVERS、GOVERNING LAW （州法と連邦法の両方が適用）、ENTIRE AGREEMENT ⇒これらの条項を見ると、普通の契約の一般条項ですね。
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