【正文】 ? How often do you reappraise real estate collateral?你多久進行一次房地產(chǎn)抵押品的再評估？ 7. Enforcement of Collateral 抵押品的強制執(zhí)行 Enforcement of Security Interest I 擔(dān)保利益的強制執(zhí)行 ? Event of default違約情況 ? A breach by debtor of any of the terms of the security agreement債務(wù)人違反了擔(dān)保協(xié)議的任何條款 ? A grace period寬容期 ? Rights of secured party被擔(dān)保方的權(quán)利 ? Money suit金錢訴訟 ? Repossession收回占有權(quán) ? Selfhelp資助式 ? A prerepossession notice收回占有權(quán)前通知 ? Foreclosure喪失抵押品贖回權(quán) ? Strict foreclosure嚴(yán)格喪贖權(quán) ? Deed in lieu of foreclosure取消抵押品贖回權(quán)的合約 *Based on: Law in a Nutshell: Secured transactions, Richard B. Hagedorn, Thomson West, 2023, p320323 Enforcement of Security Interest II 擔(dān)保利益的強制執(zhí)行 ? Public or private sale公開或私下銷售 ? If it is applicable, private sale will be encouraged where private sales through mercial channels will result in higher realization on collateral for the benefit of all parties.*如果私下銷售適用的話，通過商業(yè)渠道進行的私下銷售可以通過抵押品更大的擴大各方的利益。 ? Legitimacy of buildings (illegal construction/usage)建筑物的合法性（非法建筑 /使用） ? What are the most major methods to evaluate real estate collateral in your country?你們國家最主要的房產(chǎn)抵押評估方法是什么？ Note: When the above legal issues are involved, the price of the property could drop substantially. 注意：當(dāng)涉及到以上法律問題時，房地產(chǎn)的價格可能會大幅降低 4. Evaluation of Collateral (Other Assets) 抵押品評估（其他資產(chǎn)） Collateral Evaluation I 抵押品評估 ? Farm Product/Inventory農(nóng)產(chǎn)品 /存貨 ? Market price basis依據(jù)市場價格 ? Interview with major buyers采訪主要買家 ? Market liquidity市場流動性 ? Market size市場規(guī)模 ? Market volatility市場波動幅度 ? Perishable products容易腐爛變質(zhì)的產(chǎn)品 ? Dealer listings, market sales reports經(jīng)銷商清單，市場銷售報告 ? Location of the storage存儲場地 Collateral Evaluation II 抵押品評估 ? Mobile Vehicle機動車 ? Secondhand car market price basis二手車市場價格 ? Interview with experts and dealers采訪專家和經(jīng)銷商 ? Maker, type, popularity, market, in case of inventory如果是存貨：制造商，種類，普及程度，市場 ? Age, depreciation schedule, unpaid taxes, prior lien, in case of equipment設(shè)備：使用年限，折舊時間，未交納的稅款，之前的留置權(quán) ? Government’s import tax policy or other policies affecting market政府的進口稅政策和其他影響市場的政策 Collateral Evaluation III 抵押品評估 ? Intangibles無形資產(chǎn) ? Negotiable instrument: validity of the instrument, obligor, credit rating, maturity, type of transaction: collateral/repurchase agreement/discount流通票據(jù)：票據(jù)的有效性，債務(wù)人，信用等級，交易類型：擔(dān)保 /回購合同，折扣 ? Document of title: bill of lading: validity of the document, location of the property, quantity, species/variety, measure/weight, value per unit, quality, condition, schedule, as well as marketability and market price.物權(quán)憑證：提單：單據(jù)的有效性，財產(chǎn)所在地，數(shù)量，種類 /品種，尺寸 /重量，單位價值，質(zhì)量，條件，時間表以及可銷售性和市場價格 ? Investment Property: issuer, credit rating, market price, market volatility, (maturity), OTC/exchange投資財產(chǎn)：發(fā)行者，信用等級，市場價格，市場頗動幅度（到期日），場外交易 /交易方式 ? Account (book debt): obligors, the extent of diversification, the length of terms, aging schedule, the past default rate應(yīng)收款：債務(wù)人，多元化程度，期限長度，帳齡時間，過去的違約情況 ? General intangible: variability of the right (document), terms and conditions, restrictions contained in the document, marketability, etc. 一般無形資產(chǎn)：所有權(quán)（單據(jù)）的可變性，條款和條件，文件中的限制條件，可銷售性，等 5. Protection of Collateral 抵押品保護 Creation of Security Interest 擔(dān)保利益的產(chǎn)生 ? Elements to create valid security interest:擔(dān)保利益產(chǎn)生的要素 ? The debtor has rights in the collateral*債務(wù)人對抵押品有所有權(quán) ? A security agreement must be authenticated by the debtor擔(dān)保合同必須由債務(wù)人 ? A security agreement must contain a description of the collateral擔(dān)保合同中必須包含對抵押品的描述 ? A security interest cannot attach unless ―value‖ is given*除非給定“價值”否則不能附加擔(dān)保利益 ? ―A value‖ in security agreement擔(dān)保合同中的“價值” ? A value is set in accordance with an amount intended to cover existing or future credit outstanding in part or in 的部分或全部貸款額 ? Other Issues其他問題 ? Intercreditor agreement貸款機構(gòu)間協(xié)議 ? Paripassu charge比例平等抵押 ? Creation of security interest alone cannot preserve creditor’s priority over lien creditors and other secured parties with an interest in the same collateral. 僅僅使用擔(dān)保利益不能保證債權(quán)人可以優(yōu)先于留置債權(quán)人和其他對抵押品有權(quán)力的債權(quán)人 *Based on: Law in a Nutshell: Secured transactions, Richard B. Hagedorn, Thomson West, 2023, p57, 92, 95 Perfection of Security Interest 擔(dān)保利益的完善 ? After perfection the secured party is protected against other creditors and transferees of the debtor and in particular, against any representative of creditors in insolvency proceedings instituted by or against the debtor.*在完善擔(dān)保利益之后，被擔(dān)保方的利益對其他債權(quán)人和債務(wù)人的轉(zhuǎn)讓方是被保護的，特別是在債務(wù)人破產(chǎn)時，對其他債權(quán)人代表而言。 ? The estimated value may be much lower than a potential market value (additional margin for valuation uncertainty).估計的價值可能遠低于潛在的市場價格（由于價格的不確定性而需要附加利差） ? It depends on bank’s loan policy, but time horizon should be limited to 10 to 12 years. 這取決于銀行的貸款政策，不過一般的時間跨度應(yīng)該在 1012年以內(nèi) Ine Capitalization II 收益還原法 Annual rent – (maintenance cost + property taxes) 年租金 （維護成本 +房產(chǎn)稅） PV= Σ ( 1 + r ) n PV: Present value現(xiàn)值 Annual rent年租金 (336 12)–(maintenance cost維護成本 300) (Price D 40) + (Price C 10) (Price A 15) + (Price B 30) Ine Capitalization Approach: Example 收益還原法：舉例 PV = Σ ( 1+ ) t ? Evaluate the land price E的價格 ? Monthly rents of the three leasing properties are三個出租場地的月租金分別為 : A: $350, B: $320, and C: $360 ? Distances between these properties areE到這三個場地的距離分別是 : AD: 30m, DB: 15m, DE: 10m, and CE 40m. ? Using the above information, estimated rent price E will be使用上述信息，估計 E的出租價格是