| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2011: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2010: ¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
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| Research Abstract |
The secured financing with elaborate written covenants, which is popular in the US, are new for Japanese lenders and borrowers. The roles of covenants in secured transactions for small or mid-sized business are(1) to give the lender a leverage to negotiate with borrower who is in misconduct,(2) to diversify the lender's exit strategy by adding the refinancing and(3) to extend the borrower's credit on both the borrower's cash flow and borrowing based collateral. The rule of acceleration under Japanese Civil Code must be clarified to accept and enhance the usage of such secured financing scheme with covenants.
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