Leseprobe
Outline
A. Introduction: relevance of loans in project finance
B. The law and its embedded asymmetry
I. Legal situation of loan agreements: § 489
II. Compelling Law: § 489 sect. 4
III. The problem of a right of termination: Asymmetry
1. Optionality
2. Effects caused by compelling law
3. Effects specific in the context of project finance
4. Conclusion
C. Legal-methodological scrutiny of § 489 BGB
I. Teleological reduction
1. Does the telos of § 489 fit with project finance?
2. Legal loophole
II. Constitutionality
D. Contractual means to mitigate the borrower’s option to terminate
I. Declining interest rate
II. Combination of fixed and performance-based payment
III. Renegotiation clause
IV. Prepayment penalty clause
V. Obligations towards a third party
VI. Fixed-for-floating rate swaps
E. Conclusion
- Arbeit zitieren
- Paul Corleis (Autor:in), 2016, How To Avoid Prepayments, München, GRIN Verlag, https://www.grin.com/document/339405
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