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º¯È£»çÀÇ ¾÷¹«¸¦ ¹ý¿ø¿¡¼ ¼Ò¼ÛÀ» ¼öÇàÇÏ´Â ¼Û¹«(litigation)¿Í ±âŸÀÇ ¾÷¹«ÀÎ ¹ý¹«·Î ³ª´«´Ù°í ÇÒ ¶§, ¼Û¹« ¾÷¹«¿¡¼´Â ¿µ¾î¸¦ »ç¿ëÇÏ´Â °æ¿ì°¡ ÀûÀº ¹Ý¸é, °è¾à¼ÀÇ ÀÛ¼º µîÀÇ ¾÷¹«°¡ ÁÖ¸¦ ÀÌ·ç´Â ¹ý¹«ÀÇ °æ¿ì´Â º¯È£»ç°¡ ¹ý·ü ¿µ¾î¿¡ ³ëÃâµÇ´Â °æ¿ì°¡ »ó´ëÀûÀ¸·Î ºó¹øÇÏ´Ù°í ÇÒ ¼ö ÀÖ½À´Ï´Ù. ƯÈ÷ M&A³ª ¿Ü±¹ÀÎ ÅõÀÚÀÚ¿¡°Ô Áõ±ÇÀ» ¹ßÇàÇÏ´Â ÇØ¿Ü Áõ±Ç¹ßÇàÀÇ ¾÷¹«°¡ ±×·¯ÇÕ´Ï´Ù. ±â¾÷ »çÀÌÀÇ Àμö ÇÕº´ °Å·¡ÀÎ M&A´Â ȸ»ç¹ýÀÇ ºÐ·ù¿¡ µû¸¦ ¶§ ±â¾÷Áö¹è±¸Á¶ ¿µ¿ª¿¡, ÇØ¿Ü Áõ±Ç¹ßÇàÀÇ ¾÷¹«´Â ±â¾÷±ÝÀ¶ ¿µ¿ª¿¡ ÇØ´çÇÕ´Ï´Ù. µû¶ó¼ ÀÌ·¯ÇÑ ¾÷¹«¸¦ ¼öÇàÇÏ´Â º¯È£»ç·Î¼´Â ¡°ÀÚº»½ÃÀå°ú ±ÝÀ¶ÅõÀÚ¾÷¡±À» ¼÷ÁöÇÒ ÇÊ¿ä°¡ ÀÖ½À´Ï´Ù. ÀÌ Ã¥Àº ÀÌ·¯ÇÑ ³»¿ëÀ» ÁÖ·Î ´ã°í ÀÖ½À´Ï´Ù.
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Chapter 1 ±ÛÀ» ½ÃÀÛÇϸé¼
Chapter 2 M&A
5 ÀÇ°á±Ç´ë¸®Çà»çÀÇ ±ÇÀ¯(Proxy Solicitation) 23
6 Çѱ¹ M&AÀÇ Çö½Ç 24
III. ´Ü°è 26
Chapter 3 NDAs, LOIs, MOUs & Term Sheets
1 º»°ÝÀû °è¾à ÀÌÀüÀÇ ¾àÁ¤ 29
2 ºñ¹ÐÀ¯Áö¾àÁ¤(NDA) 29
1. ÀÏ¹Ý 29
2. °³³ä 30
3. °ü¸® ±ÔÁ¤(Operative Provisions) 35
3 ÀμöÀÇÇâ¼(LOIs), ¾çÇØ°¢¼(MOUs)¿Í Term Sheets 44
1. ÀϹݷР44
2. ÀüÇüÀû Á¶Ç× 44
3. ±¸¼ÓÀû/ºñ±¸¼ÓÀû ¾àÁ¤ÀÇ ±¸ºÐ 45
Chapter 4 ½Ç»ç(Due-diligence)
1 Çʿ伺 ±×¸®°í Á߿伺 49
2 »ó´çÇÑ ÁÖÀÇÀÇ Ç׺¯(Due-diligence Defense) 50
3 ½Ç»çÀÇ ¹æ¹ý°ú °úÁ¤ 52
1. ½Ç»ç ¹üÀ§ÀÇ Ã¥Á¤ 52
2. ChecklistsÀÇ ÀÛ¼º°ú ÀÌ¿ë 53
3. ÃÊ·Ï, Â÷Æ®, Summaries 55
4. ½Ç»ç º¸°í¼(Due-diligence Report) 55
5. °³½Ã ¸ñ·Ï(Disclosure Schedules) 56
4 ±¸Ã¼Àû ³»¿ë 57
1. ȸ»çÀϹÝ(Corporate General Matters) 57
2. ÁÖ½ÄÀ̳ª °æ¿µ±Ç Àμö Á¦ÇÑ¿¡ °üÇÑ »çÇ×(Prior Approvals and Consents) 58
3. ȸ»çÀÇ Àç»ê¿¡ °üÇÑ »çÇ×(Corporate Assets & Liabilities) 59
4. ¿ì¹ß乫(Contingent Liabilities) 61
5. 乫(Debt) 61
6. ¼¼±Ý(Tax) 62
7. ¿µ¾÷ ¹× °è¾à¿¡ °üÇÑ »çÇ×(Vendor and Contract Matters) 62
8. ±Ù·Î °ü°è(Employment Relationship) 62
9. ȯ°æ ¹× ¾ÈÀü(Environment and Safety) 65
10. ºÐÀï(Legal Disputes) 65
11. º¸Çè(Insurance Matters) 66
5 Áø¼ú ¹× º¸Àå(Representations and Warranties) 66
Chapter 5 M&A °è¾à¼
I. Á߿伺 69
II. ±¸¼º 71
1 Whereas Clause 71
2 Á¤ÀÇ(Definitions) 71
3 ¸ñÀû¹°°ú ´ë±Ý(Purchase and Sale) 73
4 Áø¼ú ¹× º¸Àå(Representations and Warranties) 74
5 ¾àÁ¤(Covenants) 74
1. ¿µ¾÷¾çµµÀÇ °æ¿ì 74
2. Áֽľ絵-°æ¿µ±ÇÀÇ ÀÌÀü ÀýÂ÷ 83
6 °ü¸® ±ÔÁ¤(Operative Provisions) 85
7 Á¾°á Á¶°Ç(Closing Condition) 86
8 ¸éÃ¥(Indemnification) 89
9 ±Ç¸® ±¸Á¦(Remedies) 101
Chapter 6 Áø¼ú ¹× º¸Àå Á¶Ç×
I. ÀÇ¹Ì¿Í ±â´É 105
II. Áø¼ú ¹× º¸Àå Á¶Ç׿¡ ´ëÇÑ Çù»ó 107
III. ±¸Ã¼Àû Á¶Ç× 109
1 Á¸¼Ó±â°£ 109
2 ¸ÅµµÀο¡ °üÇÑ »çÇ× 110
1. °è¾àü°á´É·Â 110
2. ÁֽĿ¡ °üÇÑ »çÇ× 110
3. Á¤ºÎÀÇ ÀÎÇã°¡, ¹ý·ü, Á¤°ü, °è¾à µîÀÇ À§¹Ý ¿©ºÎ 112
3 ´ë»óȸ»ç¿¡ °üÇÑ »çÇ× 112
1. ȸ»çÀÇ Á¶Á÷ 112
2. ȸ»çÀÇ ÀÚº»±¸Á¶ 113
3. ÀÚȸ»ç 114
4. À繫Á¦Ç¥ ¹× À繫Á¦Ç¥ ÀÛ¼ºÀÏ ÀÌÈÄ È¸»ç »óȲÀÇ º¯°æ 116
5. ÀÚ»ê 122
6. °è¾à 123
7. ¹ý·ü Áؼö ¹× Á¤ºÎ ÀÎÇã°¡ 125
8. ȯ°æ 129
9. ³ë»ç 129
10. ºÐÀï 131
11. Ư¼ö°ü°èÀÎ ¶Ç´Â Ưº°°ü°èÀΰúÀÇ °Å·¡ 132
12. ¼¼±Ý 133
13. ½Ç»ç¿Í Áø¼ú ¹× º¸Àå 134
3 ¾ç¼öÀÎÀÇ Áø¼ú º¸Àå 135
Chapter 7 ½ÅµðÄÉÀÌƼµå ·Ð(Syndicated Loan)
I. ±â¾÷ÀÇ ÀÚ±Ý Á¶´Þ(Raising Funds) 139
II. ½ÅµðÄÉÀÌƼµå ·Ð(Syndicated Loan) ÀÏ¹Ý 141
1 Ư¡ 141
2 ÀýÂ÷ 142
3 ¼·ùÀÇ ÀÛ¼º(Documentation) 143
1. Offer Letter 143
2. Information Memorandum(ÅõÀÚ ¾È³»¼) 144
3. Loan Agreement(´ëÃâ °è¾à¼) 144
III. °è¾àÀÇ ÁÖ¿ä Á¶Ç× 145
1 ±âº»ÀûÀÎ »çÇ× 145
1. ´ëÁÖ ÀºÇà Àǹ«ÀÇ ¼º°Ý 145
2. ÁÖ°£»ç ÀºÇà°ú ´Ù¸¥ Âü¿© ÀºÇàÀÇ °ü°è 146
3. ÀÌÀÚÀ² 147
4. ¼ö¼ö·á 148
5. ºñ¿ë 150
6. Tax Gross-up Á¶Ç× 152
7. Market Disaster Á¶Ç× 153
8. Áõ°¡ºñ¿ë ºÎ´ã Á¶Ç× 154
2 ´ëÃâÀÇ ¼±ÇàÁ¶°Ç 157
3 Áø¼ú ¹× º¸Àå 161
1. Àû¹ýÇÑ ¼³¸³, °è¾àÀÇ ½ÂÀÎ, °è¾àÀÇ À¯È¿¼º 161
2. ´ëÃâ ä±ÇÀÇ ¼øÀ§ 162
3. ´ëÁÖ ÇàÀ§ÀÇ Æ¯Â¡À» È®ÀÎ 163
4. ÁذŹý 163
5. ¹ý±Ô µîÀÇ À§¹ÝÀÌ ¾øÀ½ 165
6. 乫 ºÒÀÌÇàÀÌ ¾øÀ½ 165
7. ¹ý·üÀû ºÐÀïÀÌ ¾øÀ½ 166
8. Áø¼ú ¹× º¸ÀåÀÇ È¿·Â 167
4 Â÷ÁÖÀÇ ¾àÁ¤ 167
1. À繫 °ü·Ã Á¤º¸ Á¦°ø 167
2. 乫ÀÇ µ¿¼øÀ§ 168
3. ´ãº¸Á¦°ø±ÝÁö¾àÁ¤ 168
4. ÀÚ»êÀÇ Ã³ºÐ µî Áß¿äÇÑ Ã³ºÐÀÇ Á¦ÇÑ 172
5. ¹ý±ÔÀÇ Áؼö 173
6. 乫ºÒÀÌÇà 174
Chapter 8 Á÷Á¢ ±ÝÀ¶
I. Áõ±ÇÀÇ ¹ßÇà 185
1 Á÷Á¢ ±ÝÀ¶(Direct Financing) 185
2 °ø½ÃÁÖÀÇ(Disclosure System) 186
3 10b-5 opinion 187
II. ÇØ¿Ü Áõ±ÇÀÇ ¹ßÇà 189
1 ºÐ·ù 189
2 ¹ßÇà ´ç»çÀÚ 190
3 °ü·Ã ¹®¼ 190
1. ÅõÀÚ¼³¸í¼(Offering Circular, Prospectus), ¿¹ºñÅõÀÚ¼³¸í¼(Preliminary Offering Circular, Red Herring) 193
2. Àμö°è¾à¼(Subscription Agreement) 193
3. »çä(Note) 195
4. ½ÅŹ°è¾à(Trust Deed) 202
5. À繫´ë¸®Àΰè¾à¼(Fiscal Agency Agreement) 202
6. ´ë¸®ÀºÇà°è¾à¼(Agent Bank Agreement) 202
7. ±âŸ 202
4 ¾÷¹« ÀýÂ÷ 203
Chapter 9 ¹ý·ü ÀÇ°ß¼(Legal Opinon Letters)
I. ¹ý·ü ÀÇ°ß¼ ÀÏ¹Ý 207
II. ÀÇ°ß¼ÀÇ ±¸Á¶ 208
1 ÀÏ¹Ý 208
2 µµÀԺΠ208
3 °ËÅäÇÑ »çÇ× 209
4 °¡Á¤(Assumptions) 211
5 ÀÇ°ß 216
6 ÀüÁ¦ Á¶°Ç(Qualifications) 221
1. ÀνÄ(Knowledge) 222
2. °ËÅä(Investigation and Review) 222
3. °èÀï¹°(Subject Matter) 223
4. ¹ý·ü °üÇÒ(Legal Jurisdiction) 223
5. ÁýÇà°¡´É¼º(Enforceability) 224
6. ½Ã°£»óÀÇ Á¦¾à(Timeframe) 225
7 Á¦ÇÑ(Limitations) 225
Chapter 10 E-mail & Telephone Communication
I. E-mail Communication 228
1 À¯¿ë¼º°ú ¾î·Á¿ò 228
2 ÁÖÀÇÇÒ »çÇ× 228
1. Á¦¸ñ¾²±â 228
2. ȣĪ 229
3. ³»¿ë 229
3 ÀϹÝÀû ¼ÒÅë 229
4 ¼·ù ¼ÛºÎ½ÃÀÇ ¹®¾ð(Transmittal) 232
5 Çù»ó(Negociation ) 234
6 ³íÀï(Disputes) 235
7 °í°´°úÀÇ ¼ÒÅë(Client Communications) 237
II. Telephone Communication 240
1 À¯ÀÇÁ¡ 240
2 ±¸Ã¼Àû Ç¥Çö 240
*ÀÚÁÖ »ç¿ëµÇ´Â ¶óƾ¾î, ºÒ¾î ¹è°æÀÇ Ç¥Çö 244
*Glossary 245
Âü°í¹®Çå ¤ý260
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