全球法律實務(wù)指南：銀行與融資2024

2024Definitivegloballawguidesofferingcomparativeanalysisfromtop-rankedlawyersContributedby:King&WoodMallesonsContents2.Authorisationp.83.StructuringandDocumentationp.8CHINALawaNdPraCTiCEKing&WoodMallesonshasanaward-winningandindependentlyrecognisedbankingandfi-nancelegalteam,whichisactiveinfindiinnovativefinancesolutionsforthemarket’smostcomplexandsophisticatedtransactions.Theteamofalmost30partners110associatesisattheforefrevolvingmarket,handlingtransactionsacrossGreaterChingclientswiththelatestindustryinsightsandknow-how.Itofferscomprehensivelegalservic-esacrossthefullspectrumoffinancialproducts,includingaircraft/vesselandotherassetfinanc-ing/leasing,projectfinancing,M&Afinancing,tradefinance,realestatefinancing,pre-IPOandprivatisationfinancing,syndicatedloans,debtcapitalmarkets,asset-backedsecuritisa-tionandstructuredfinance,non-performingas-eandpurchase,fcourt),derivatives,fintech,bankcardclearingandthird-partypayment.Authorsspecialisesinbanking,domesticandinternationallending,projectfinancing,M&Afinancing,assfinancingandleasing,establishmentandriskmitigationoffinancialservicestodomesticandoverseaslessors,financiersandairlinesofaircraft,shipsandequipment.Maestablishmentofvariousfinancialinstitutionsincludingcommercialbanks,financialleasingcompanies,andautofinancingcompanies.Withextensiveexperiencewithfinancialinstitutions,MaFenginstitutionsinformulatingandimplementingtargetedriskmitigationsolutionstoexistingandpotentialchallenges,andimprovingtheirinternalgovernance.commercialbanks,investmentbanks,investmentfundsandindustrialbusinessesinawidevarietyoffinatransactions,withaparticularfocusonprojectfinancing,acquisitionfinance,tradefinanceandassetfinance.YinghaohasactedforclientsintransactionsacrossmainlandChina,HongKong,SoutheastAsia,AEuropeandLatinAmerica,wheremanufacturing,agriculture,hospitalityandinformationtechnologysectors.Hisextensiveexperienceandinnovativeexpertisehavehimwideacclaimfromhisclients.CHINALawaNdPraCTiCEJianXian(Keith)Huangloansandcreditfacilities,syndicatedloans,realregulationandcompliance,cross-borderRMBsettlementandfinancialinstitutions.Heprovideslegaladvicetointernationalanddomesticbanksacrossarangeoftransactions,includingsyndicatedloans,projectfinance,M&Afinancing,andthesettingupoffinancialinstitutions.Healsoadvisesborrowersandothercorporateclientsonnavigatingvariousfinancialservicesofferedbybanksandotherinstitutions,coveringareassuchasborrowing,structuredproducts,andtradefinance.finance,focusingongeneralbankingbusiness,projectfinancing,M&Afinancinstructuredfinancing,realestatefinancing,disposalandrestructuringofnon-performingassets,tradefinancing,domesticandinternationalsyndicatedloans,assetfinancing,financialleasing,foreignexchfinancialderivativesrepresenteddomesticandinternationalbanks,syndicates,state-ownedenterprises,jointventures,projectcompaniesandotherclientsinanumberofprojectfinancingsand“BeltandRoad”projects,involvingindustriesincludingwindpower,thermalpower,photovoltaics,mining,andmanufacturing.King&WoodMallesonsNo.1DongsanhuanZhoChaoyangDistrict,BeiWeb:/zh/cnCHINALawaNdPraCTiCE1.LoanMarketOverview1.1TheRegulatoryEnvironmentandEconomicBackgroundulatoryAdministration(NAdministrativeMeasurryAdministration),theAdministrativeMeasuresNationalFinancialRegulatoryAdministration),RegulatoryAdministration),effectivewiththepreviousmeasures,theupdaRuleshavethefollowingcharacteristics:?expandingtheuseandscopeoffixedassetloansandworkingcapitalloans,optimisingtherequirementsforcalculatingworkingcapi-talloans,andmeetingtheactualneedsoftcreditmarket;?adjustingandoptimisingthestandardsforentrustedpaymentamounts,moderatelyextendingtheentrustedpaymentdeadlines,andenhancingtheflexibilityofentrustedpay-ments;?inresponsetothedemandforonlinecreditprocessing,specifyingproceduressuchasvideointerviewsandnon-siteinvestigationstoadapttonewfinancingscenarios;?clarifyingloantermrequirementstocommercialbanksineffectivelymanagingtheriskofloantermmismatchesandfurtheroptimisingloanstructures;?strengtheningcreditriskcontrolandencour-agingcommercialbankstoimprovethestandardisationofcreditmanagement;and?incorporatingtheregulationrulesrelatedtoprojectfinancingasaseparatechapteroftheupdatedAdministrativeMeasureexpected.Althoughexistingfinancialmeasuresappearfavourableonthesurface,theydispro-portionatelybenefittop-tierrealestatefirms.Consequently,thebroaderfinancingenviron-mentfortherealestatesectorremainsenterprisesareonthebrinkofdelisting,exabatingaviciouscyclecausedbyalackofmar-thebackdropofongoingindustryrisksandwithmarketconfidencenotyetfullyrestored,thefinancing,whichremaintobeaddressed.interestratetostimulatethedomesticecon-awayfromoffshorefinancinginff1.2ImpactofGlobalConflictsInloantransactions,specificsituatasinvolvementinsanctiopossibilityofindividualscontrollingpartiesonAdditionalduediligenceisoftenconductedtoensurethatpotentialrisksassociatedwithrelevanttransactionsarefullyidentifiedandtiontosanction-relatedrepresentationsandwarrantiesclauseswithinloandocuments.In2024,theinternationalgeopoliscaperemainsintricate,withCHINALawaNdPraCTiCEhoodofaglobaleconomicslowdown.Theunresolved,andescalatingtensionsbetweenPalestineandIsraelrisksintheMiddleEastandbeyond.Addition-ally,theoutcomeoftheUSelectionwillsignifi-potentiallyimpactingthestabilityofinternafinancialmarketsandincreasingtheanduncertaintyoftheextionsinexchangeratescaninfluencethewithforeigncurrency-denominateddebt.Duringperiodsofheightenedgeopoliticalten-riskorcollateralisedassets.1.3TheHigh-YieldMarketdebtissueshaveyettobecomeavitalalterna-tivefinancingsourcewithinthedomesticPRC1.4AlternativeCreditProvidersThealternativecreditindustryoffersalotopportunitiesbutisalsosubjecttomorestrin-tinueforarelativelylongtimofpoliciestoencouragethedevelopmentofablepoliciessuchasloweringthecoverageratiorequirementwilleffectivelyimprovecon-sumerfinancecompanies’profitabilityandriskmitigationcapabilities,andallowingconsumerfinancecompaniestocarryoutthetransferofcreditincomerightsatthebankingcreditassettransferregistrationcentrewillhelpthemtofur-therexpandfinancingchannelsanvolume.Asimilartrendhasbeenobentkindsofalternativecreditinduincreaseinfinancingdemandsofcompaonthesupplychainstimulatesnotonlybanksgrantingregularloans,butalsofactoringcom-contextofthecountry’semphasisoninternalcirculation,thedevelopmentofthealternativecreditindustrycaneffectivelystimulatedomes-ticdemand.Thefavourableregulatorypolihavegreatlyhelpedtotheindustry.Severalcreditfundsandotherkindsofalterna-directforeigndebttobegrantedtocompanies1.5BankingandFinanceTechniquesmorecomprehensiveformsoftermsheetsorcommitmentletterstoavoiddisputesorargu-mentsduringthedocumentationstagunderstandingofthetionofthelevelofconsentrequiredforspecificrsimilarcarve-outclauses.CHINALawaNdPraCTiCEassignmentofrightsorsubordinationofinter-companyloans),thereisnowmoreflexibilrelevantpartiestonegotiatethecreditsupport1.6ESG/Sustainability-LinkedLendingThePRCauthorityissteppingupeffortstopro-industrieshavebeen?increasesupportforthegreen,low-carbonandcirculareconomy;mentprocessesandcomprehensiveriskprocessmanagement.Meanwhile,theregulatorybodteringproductinnovationbyadvocatingtheexpansionofgreenloaninitiatives.Aareactivelyseizingtheopportunitiespresentedbythedevelopmentofgreenfibecomeanewgrowthpointforthem.Lookingevidentthatgreenloansareexperiencingrapidgrowth,becomingacommontrend.Inaddi-tiontothehighgrowthofgproductsandservices.Simultaneouarecomprehensivelyadvancingthedevelop-mentofgreenfinanceintermsoforganisatistructure,policyframeworks,andgainingmomentumacrossvariousindustri-alsectors,withsuccessfulexamplesinautominingandprocessing,aswellasthepulpandpapersectors.2.Authorisation2.1ProvidingFinancingtoaCompanyAnyentity(includingbanksmayprovideloanstoanotPRC.However,carryingoutaPRCisrestrictedtofinancirquasi-financialinstitutionswithlendinglicencesgrantedbytherelevantfinancioftenrequiresspecificcase-basedanalysistodeterminewhethersomeoneisrunningtheriskofconductinga“l(fā)endingbusiness”withouttheappropriatelicence.3.StructuringandDocumentation3.1RestrictionsonForeignLendersProvidingLoans?aPRCcompanythatintenfromaforeignlendermusthquotaforborrowingloansfromforeignlend-ers(theso-calledforeigndebtquota);andanyforeignlendershallbesubjecttoregistra-tionwiththeStateAdministrationofForeignCHINALawaNdPraCTiCEtionwiththeNDRC.videdbyPRCbankstooffshoreentities,whichloanpurposes,eligibleborrowingentities,datareportingrequirements,etc.3.2RestrictionsonForeignLendersReceivingSecurityTherearenospecificrestrictionsonthereceiingofsecurityorguaranteestoforeignlenders.aPRCcompanytoforeignlenderswhichistosecuretheliabilitiesofadebtorincorporatedor3.3RestrictionsandControlsonForeignCurrencyExchangeedintotwocategories,namelycurrentaccountactivitiesandcapitalaccountactivities.Foreignexchangetransactionsrelatingtocapi-talaccountactivities(eg,borrowingfrom,andgrantingofsecurityorguaranteesto,foreignstrictlycontrolledthanthoserelatingtocurrentaccountactivitiesandshallgenerallybesubjecttoapprovalbyorregistration/filingwithSAFE.3.4RestrictionsontheBorrower’sUseofProceedsingbutnotlimitedtoinvestmentinfixedassets,workingcapitalpurposesandacquisitions.Thatsaid,theproceedsfromloansordebtsecuritiesborrowedorissuedbyaPRCcompanyoutsideposesfallingwithinthebusinessscopeofsuchPRCcompanyregisteredwiththeStateAdmin-istrationforMarketRe3.5AgentandTrustConceptslaw,pursuanttowhichtheagentmayactforsettlerentrustshis/her/itspropertyrightstothetrusteeandallowsthetrusteeto,accordingtobythesecurityagentfora3.6LoanTransferMechanismsAloantransferisessentiallythetransferofcon-tractualrightsunderPRCl?Aloantransferwillbecomeeffectivebetweenthetransferorandthetransfereefromthedateoftheexecutionandcompletionoftheloantransferbetweenthesetwoparties.theassociatedsecurityorguaranteesshallbeautomaticallytransferredtogetherwiththeCHINALawaNdPraCTiCE?Theloantransferwillbecomeagainsttherelevantborrower/securitypro-vider/guarantorasfromthedateonwhichsuchborrower/securityprovider/guarantorisnotifiedofsuchloantransfer.regulatoryrequirementsandforeignexchangeloansmadetoaPRCcompanylenderwithouttheapprovalofSAFE)itisimportanttonotetherecentchangesinthe“AdministrativeMeasuresforSyndicatedLoanBusiness(DraftforComment)”promulgatedbyloansaretransferred,includingallowingpartialtransfersofaloanbybanks,apractiwaspreviouslynotpermitted.3.7DebtBuybackjecttotheregulatoryrequirementsandforeignexchangecontrolonloantransfers.Contractualbackispartialonly.3.8PublicAcquisitionFinanceInthecaseoftheacquisitionofacompanylist-edinthePRC,thefinancialconsultantofthebuyerisrequiredbyregthebuyerhasthecapabilitytoperformitsobli-gationsundertheacquisitiontransaction,but“certainfunds”withrespecttotheloanfacilityusedtofinancethepublicacquisitionfinancetransactions.Thereisalsonouniformstand-ardregardingthe“certainfunds”provisionsintheacquisitionfinancetransactionsinthePRC.The“certainfunds”provisionscouldbeagreedInpractice,loandocumentswilloftenincludecertainfundsprovisionswhicharecomparabletothosefoundinthedocumentationofaninter-nationalacquisitionfinancetransaction.3.9RecentLegalandCommercialDevelopmentsFollowingthepromulgationoftheupdatedmentandEconomicBackground),PRCbanksmustensurethatthetermsandconditionsoftheirfacilityagreementsarealignedwtionstandpoint,particularattentionshouldbepaidtoupdatingtheterms,including,butnotlimitedto,definitions,loanpurpose,representa-tionsandwarranties,unrepaymentprovisions,andconsignedpaymentratebenchmarksthroughamendmentandsup-plementalagreementinglyshiftedtowardsusingalternativerisk-freertransactions.tionorquasi-financialinstitutionwithalendingcenceshallnotexceedfourtimritingtheamountofinterestthatcanbechargedbyfinancialinstitutionsorquasi-financialinstitu-tionswithalendinglicence.CHINALawaNdPraCTiCE3.11DisclosureRequirementsgoverningfinancialcontractsandtheirdisclo-sure,includingbutnotlimitedto:SecuritiesLawandtradingofsecuritiesintpublicly-tradedcompanies.ThesecompaniesarerequiredtodisclosefinancialinfoStockExchangesCompanieslistedonChinesestockexchanges,mustadheretospecificdisclosurerequiincluderegularfinancialreporting,announcInterbankandOTCMarketsaretraded.Dependingonthetypeoffcontractandmarket,theremaybespecificauthorities.BankingandInsuranceFinancialcontractsancesectorsaresubjecttoregulationsfromthedisclosureoffinancialinformation,termsandconditionsoffinancialproducts,andrisk-relatedinformation.OnlineFinanceonlinefinanceandfintechplatformsaresubjecttospecificregulationsaimedatensuringtransparency,consumerprotection,andpreventingfinancialrisks.ForeignInvestmentregulationsanddisclosurerequirementsthatapplytotheirinvestments.Anti-MoneyLaundering(AML)RegulationsalsosubjecttoAMLregulations,whichmaycioustransactionsandcustomerduediligence.infinancialdisclosures.CompaniesmarequiredtodisclosemoreinformationrelattotheirESGperformance,whichreevolvingregulatoryfocusonsustainablebusi-nesspractices.4.1WithholdingTaxrespectofpaymentsofprincipal,interestor10%),valueaddedtax(currehargesareappfnon-PRCresidentlenders,subjecttoadjust-mentbyapplicabletreaty.SuchtaxeswouldCHINALawaNdPraCTiCEbewithheldbythePRCcompanyactingastheobligatorywithholderonthepaymentstothe4.2OtherTaxes,Duties,ChargesorTaxConsiderationsandthePRCresidentleannualbasisforitsprofits.ConcernandfeepaymentsmadebyaPRwayofwithholding.Nostampdutyortaxationofasimilarnatusecuritydocumentsorguarantees.Stampdutyattherateof0.005%oftheloanamount(totheextentthatsuchlenderisafinancialinstitution).4.3ForeignLendersorNon-moneyCentreBankLendersAssetoutin4.1WithholdingTax,interestandfeespaidtoforeignlenderswillbesubjecttoes,bywayofwithholdure,ataxindemnityclausewillbeincorporatedintotheloandocumentation.5.GuarantiesandSecurity5.1AssetsandFormsofSecurityOverviewThefollowingassetsandformsofswidelyadoptedbylendersintheloanma?mortgageoverimmovableassets,includ-ingrealpropertyandconstructionland-use?mortgageovermovableassets,includmachinery,equipment,goodsandrawmate-rials,vehicles,aircraftandships;?pledgeoverrightsandbenefits,includisharesandequityinterest,deposits,bankaccounts,receivables,etc.PerfectionRequirementsMortgageoverimmovableassetsAsecurityinterestwillbecreatedonceiisteredwiththecompetentpublicregistcreateduponthecompletionofregistrationwithMortgageovermovableassetsanybonafidethirdpartythecompetentauthorities.PledgeovermovableassetsandfinancialinstrumentsAsecurityinterestwillbecreatedfromthedateofdeliveryofsuchmovableassets,andthetitlechecks,bonds,certificatesofdeposits,ware-CHINALawaNdPraCTiCEcertificate,apledgewillbecreatedcompletionofregistrationwiththecompetentauthorities.Pledgeoverrightsandinterestintangibleassetssuchasintellandreceivables,thesecurityinterestwicreateduponregistrationwiththecompetentauthorities.UnifiedRegistrationofSecurityCreatedOverMovablePropertyandRightsaccesstheMovablePropertyFinancingUfiedRegistrationandPublicationSystemofthetypesofsecurity:?mortgageofproductionequipment,rawmaterialsorsemi-finishedproducts;?pledgeofdepositcertificates,warehousereceiptsorbillsoflad?factoring;?otherregistrablesecuritycreatedonmov-ablepropertyandrights,butexcludingthemortgageofvehicle,shiporaircraftandthepledgeofbond,fundshares,equityinterestandpropertyrightsoftheintellectualprop-TimingAlthoughthereisnospecifictimereforallsuchregistrations,itisadvlenderstorequiretheobligorstocompletetheformalitiesassoonasreasonablparty.StampDutySecuritydocumentsarenotsubjecttostampRegistrationFeesrsum,althoughsuchregistrationfeessubstantial.5.2FloatingChargesand/orSimilarSecurityInterestsatedoverthemortgagor’scurrentandfutumanufacturingmachineryandequipment,rawmaterials,semi-finishedproductsandproducts.Beforecrystallisation,thefloatingmortgagewillnotrestrictthemortgagor’srighttodisposeofthemortgagedassets.Crystallisationwilloccurunderthefollowingcircumstances:?non-paymentbythedebtor;?themortgagorisdeclaredinsolventordis-torealisethemortgagimpactontherealisationofthesecuredindebtedness.ExceptiontoPriorityinRankingWhereanassetfallingwithinchaseratareasonablepricethroughthemort-gagor’snormalbusinessactivities,thesecurityinterestcreatedonagainsttherightofthepurchaser.Forthoseassetsofthemortgagorthatarepur-rCHINALawaNdPraCTiCEthecreationandregistrationofthefloatingmortgage,whereanymortgageorsimilarsecu-rityiscreatedoverthoswithintendaysafterthedeliveryofthatasset,thefollowinginterestswillrankpriortothefloat-ingmortgage:?themortgagecreatedinfavouroftandtherightofthesellerinthetitleretention?themortgagecreatedinfavourofthecreditorfinancingtheconsideration;and?therightofthelessorw5.3Downstream,UpstreamandCross-StreamGuarantiesDownstream,upstreamandcross-streamguar-providedthattheguarantorhassarycorporateactionstoauthorisetheexecu-tionoftheguarantee.Asfortheprovisionofupstreamguaranteestoguaranteetheliabilitiesofashareholderorulti-matecontroller,theshareholders’resolutionsofcontrolledbytheprincipaldebtor/ultimatecon-oftherelevantshareholders’resolutions.SpecialRequirementforListedCompanydisclosed),theprovisionofsecurityannouncement,thelistedcompanyoritsmate-rialsubsidiariesmayclaimagainstthecreditorsonthevalidityofsuchsecurityandguaranteesSpecialRequirementforState-OwnedEnterprisesWhereastate-ownedenterprbesubjecttoarequirementthattheportionofliabilitiessecuredorgobeyondtheproportionofitsshareholdinginthatsubsidiary.Moreover,understances,approvalfromorfilingwiththeState-ownedAssetsSupervisionandAdministrationberequired,pursuanttoregulationsoCircularonStrengtheningtheAdministrationofofguaranteesandsecurityofcentralenterpris-?Animplicitguarantee(co-borrowingcontract,deficiencysupplementcommitment,comfort?Centralenterprisesarestrictlyprohibitedfromprovidingguaranteesandsecurityinanyformtosecuretheobligationsofenterprisesthat: relationshipwithsuchcentralenterprise;ruptcyproceedings;thanthreeconsecutiveyears;and?CentralenterprisesshouldstrictlycontroltheextentofguaranteeandsecurityprovisionCHINALawaNdPraCTiCEsothatsuchprovisiondoesnotexceed40%oftheconsolidatednetassetsofthegroup.Furthermore,foranyindividualcpriseoranyofitssubsidiaries,theguarandsecurityprovisionlimitiscappedat50%ofthenetassetsofsuchenterprise.ThetotalprovisionofsecurityandguaranteesforthefinancingofanenterpriseincludedintheannualdebtriskcontrolscopeofSASACshallnotincreasecomparedwiththepre?Centralenterprisesshouldstrictlycontroltheprovisionofguarantees/securitythatexceedstheproportionofsharesheld.Inprinciple,acentralenterprisecanonlyprovideaanteeorsecuritytoitssubsidiariesandenterprisesinwhichitholdssharesstrictlaccordancewiththeproportionofsharesitessarytoexceedtheproportion,thisshallbereportedtotheboardofdirectorsofthegroupforapproval.Also,fortheguaranteed/securedamountexceedingtheproportionofshares,countersecuritywithsufficientminorityshareholderorathirdpartythroughamortgage,pledgeorothermean5.4RestrictionsontheTarget29December2023andtheamendedComintroducedtheconceptof“financialassistance”forthefirsttime.AccordingtotheamendedCompanyLawofthePRC,ajoint-stockcom-unlisted,maynotprovidegifteesorotherfinancialassisfortheacquisitionofsharesinitsel?thefinancialassistanceisfortheimplementa-tionofemployeestockownershipplans;or?thefinancialassistanceisforthebenefitofthatjoint-stockcompany(股份有限公司inChinese)andapprovedbytheshareholders’meetingortheboardofdirectors(inaccord-ancewiththatjoint-stockcompany’sarticlesofassociationorasauthorisedbytheshare-holders,andwiththeaffirmativevotesofnotlessthantwo-thirdsofalldirectors),providedthatthetotalaccumulativeamountofthefinancialassistancedoesnotexceed10%ofthetotalissuedsharecapitalofthatjoint-stockcompany.clarification,suchashowtodetermine“forthebenefitofthecompany”andwhethertherestrictiononfinancialassistanceappliestotherefinancingofanacquiinterpretationsareexpectedtoclarifythesedetails.Fortheavoidanceofdoubt,theprovi-fiedintotwotypes,“l(fā)imitedliabilitycompanies”(有限責(zé)任公司inChinese)and“joint-stockcompa-limitedto,thenumberofshareholders,methodsofestablishmentandthecorporategovernancestructures.5.5OtherRestrictionsofcross-bordersecurityorguarantees–pleasesee6.4AForeignLender’sAbilitytoEnforceItsRights.5.6ReleaseofTypicalFormsofSecurity?thedischargeofsecuredliabiliCHINALawaNdPraCTiCE?therealisationofthesecuri?thesecuredcreditorwaivingitsinterestoverthecollateral;or?theoccurrenceofothercircumstancesunderwhichthesecuritywillbedischargedaspre-securedcreditorwillissueaconfirmationlettthesecurityinterest,basedonwhichthesecu-authoritytoprocessthederegistration.5.7RulesGoverningthePriorityofCompetingSecurityInterestsCompetingSecurityInterestsRulesforcompetingmortgages/pledgesWheretherearemultiplemortgages/pledgescreatedoveracollateral,theprioritywillbedeterminedasfollows:?bytheregistrationoristeredwhilesomerregisteredinterestsshallrankinproceedsobtainedthroughauctionorsaleofcollateralshallbeappliedtowardspaymentprorataofallsecuredindebtedneRulesforcompetingmortgagesandpledgesWherebothamortgageandpoveracollateral,theprioritywillbedeterminedbyorderofregistrationofthemortgadeliveryofthatassettothepledgee.Rulesforcompetingmortgages,pledgesandlienrankaheadofthemortgageandpledge.Subordinationbereachedbyagreementbetweetors.Initssimplestform,theseniorcreditors(typicallythelenders),thejuniorcreditors(typi-callytheshareholdersoftheborrower)andtherower(ifrequiredbythecreditors)rintoaninter-creditoragreementorasubordina-that,unlessotherwisepermittedbytheamentorwiththepriorwrittenconsentoftheseniorcreditor,alltheindebtednessowedtothejuniorcreditorsandtherightofthejuniorcreditorsinrespectofthatindebtednessshallbesubordinatedtotheindebtednessowedtoseniorcreditorsandrcreditorinrespectthereof.Subjecttothemandatorystatutoryprincipleoftherightofrevocationconferredtotheinsolven-cyadministratorundertheincontractualsubordinationshallremaineffectiveininsolvencyproceedings.Asbetweentheio