실시협약(PPP Contract) 중도해지시 대주의 이익보호방안－해지시지급금(Termination Payment) 산정기준 비교 및 이에 대한 대주의 직접적 권리확보방법을 중심으로－ = Protecting Lender’s Interests in cases of Early Termination of a PPP Contract －centering around calculation methods of termination payment and methods for securing lender’s direct rights thereon－

다국어 초록 (Multilingual Abstract)

As private sector investments are prerequisite for all public-private partnership (PPP) projects, it is essential to secure the bankability of a PPP project for project financing.
Accordingly, a PPP contract (concession agreement) shall be negotiated and entered into as a bankable contract. This article is written to compare and analyze protection measures for lender’s interests in cases of early termination of a PPP contract, centering around termination payment. The key to protecting lender’s interests in cases of early termination of a PPP contract is ensuring debt service, and it is mainly achievable by stipulating the appropriate amount of termination payment in the PPP contract and securing lender’s direct rights thereon.
Since debt recovery ratio analysis on each termination payment scenario is, along with sensitivity analysis of the project finance (PF) financial model, an important part of a lender’s credit review, stipulating the appropriate amount of termination payment in a PPP contract has meaning not only to lenders, but to sponsors as well. This secures the bankability of a whole project, more than simply facilitating sponsors to recover their own equity investment. As such, this article introduces a legal basis and various approaches to calculation methods of termination payment so as to provide readers with a reference point when they conduct credit review for a PPP project or PPP contract negotiation. In addition, it compares and analyzes in detail various calculation methods of termination payment respectively provided under Guidance on PPP Contractual Provisions (World Bank), Framework Plan of PPP Projects (Ministry of Finance of Korea), and Standardisation of PF2 Contracts (HM Treasury of UK), depending on the cause of early termination.
This article also addresses how lenders secure direct legal rights on termination payment which is due to the project company from the host government in accordance with the PPP contract. The lenders are not parties to the PPP contract; therefore, they need special legal methods to secure their direct rights with regards to the termination payment. This article introduces the most widely used methods therefor, security assignment and pledge, from a perspective of each governing law including, inter alia, English law and Korean law. One must also consider correlations between unique characteristics of security over the project company’s rights/claims under the PPP contract and legal principles regarding security assignment and pledge under each governing law.
Further, this article introduces the surrogation right of the mortgagee over concession rights under the Korean PPP law as another method to secure lender’s direct legal rights on termination payment. Plus, it briefly introduces the Turkish government’s debt assumption programme as another method to ensure debt service in cases of early termination of a PPP contract.

국문 초록 (Abstract)

모든 PPP사업은 정부재정이 아닌 민간자본의 조달을 전제로 하는바, 프로젝트 금융(project finance)의 금융지원타당성(bankability) 확보가 필수적이다. 따라서 실시협약은 금융조달 가능한 (bankable) 형태로 체결되어야 한다. 본고에서는 특히 해지시지급금(termination payment)을 중심으로 실시협약 중도해지시 대주의 이익보호방안을 살펴본다. 실시협약 중도해지시 대주(lender)의 이익보호의 핵심은 대출원리금 상환 보장에 있고, 이는 주로 적정 수준의 해지시지급금 및 이에 대한 대주의 직접적인 권리 확보를 통해 가능하다.
해지시지급금 시나리오별 대출원리금 회수 비율 분석은 재무모델 민감도 분석과 함께 대주의 여신심사의 중요 부분을 차지하는바, 적정 수준의 해지시지급금 확보는 사업주(sponsor)에게도 단순히 자신의 투자금 회수 여부 이상의 프로젝트 전체의 금융지원타당성(Bankability) 확보의 의미가 있다. 따라서 본고에서는 다양한 해외 PPP사업의 여신심사 또는 실시협약 협상에 참고할 수 있도록 해지시지급금의 법적 근거와 산정기준의 유형을 소개하고, 실시협약 중도해지사유 별로 World Bank 권장실시협약조항(Guidance on PPP Contractual Provisions), 한국 민간투자사업기본계획, 영국 재무부 실시협약 표준(Standardisation of PF2 Contracts)상의 구체적 해지시지급금 산정기준을 비교분석한다.
또한 프로젝트 회사(project company)가 사업소재국 정부(host government)에 대해 갖는이러한 해지시지급금청구권에 대해 대주가 어떻게 직접적인 법적 권리를 확보할 수 있는지살펴본다. 가장 널리 활용되는 수단인 채권양도담보(security assignment)와 채권질권(pledge) 을 영국법, 한국법 등의 주요 준거법 별로 간략히 소개하고, 해지시지급금청구권 등 PPP사업 사업약정(project documents)상 권리에 대한 담보에 대해 요구되는 특징과의 관계를 살펴보기로 한다.
나아가 그 밖의 대주의 직접적 권리확보방법으로서 한국의 민간투자사업법상의 관리운영권에 대한 저당권자의 물상대위권을 살펴보고, 해지시지급금 외의 대출원리금 상환 보장방안으로서 터키의 채무인수제도(debt assumption programme) 등을 간략히 살펴본다.

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