投融资协议中的8个代表性核心术语——领售权 (Drag-Along Right)

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五月，随着新冠疫情在国内逐渐偃旗息鼓，人们的生产生活也随之缓慢恢复，虽然在2020年第一季度，中国私募股权市场持续萎缩，但对比非典疫情时的情况，不难判断出，伴随上半年延迟的交易逐渐恢复，越来越多的企业会因现金流压力产生融资需求，市场将迎来反弹。因此，下半年私募股权投融资需求势必会逐步增加。

有鉴于此，本月，“法律圈的翻译匠”特别推出投融资协议代表性核心术语解读与翻译系列文章，总共分为8篇文章，每篇文章解读一个投融资协议中的代表性术语，并列举相关条款翻译示例。

8个代表性核心术语

8 Representative Core Term

8篇文章的内容分别：

领售权 (Drag-Along Right)、跟售权 (Tag-Along Right)、优先购买权(First Refusal Right)、优先清偿权(Liquidation Preference Right)、可转换债券(Convertible Bonds)、对赌(Valuation Adjustment Mechanism (VAM))、反稀释(Anti-Dilution)和回购权 (Redemption Option)。

将会于本月陆续登出，以期为未来有私募股权投融资需求或投融资计划的读者们提供一份参考和借鉴。

本系列文章，主要是以翻译为切入点，从大量的日常翻译实践中筛选出具有代表性的核心术语及其相关条款，论述相关的背景知识和翻译技能，对私募股权协议不熟悉，或者对私募股权常见术语不甚了解的读者，阅读过本系列文章后，可对私募股权协议的重点术语及相关条款形成一个初步的全面了解，节省查找翻阅资料的时间和精力，便于后续学习。本期，我们先来看第一个核心术语——领售权。

领售权

Drag-Along Right

也称“强制随售权”、“拖售权”、“拖带权”等，顾名思义，该权利就是能够拖着别人（即便其可能并不情愿）出售股份的权利。一般是指如果公司在一个约定的期限内未能实现上市，那么私募股权投资者有权强制性要求公司的创始人股东和管理层股东与自己一起向第三方转让股份。拖售权条款是投融资领域的重要条款之一，可以说是风险投资领域的标配条款。其英文释义如下：

“A drag-along right is a provision that enables a majority shareholder to force a minority shareholder to join in the sale of a company. The majority owner doing the dragging must give the minority shareholder the same price, terms, and conditions as any other seller. Drag-along rights are designed to protect the majority shareholder.”

拖售权的法律本质是部分投资人享有的一项附生效条件、要求其他投资人按照特定条件出售其股权的权利，其基本要素至少包括权利主体、义务主体、生效期限及条件、权利内容、权利限制、权利消灭条件、行使程序等。下面请看一个典型的拖售权条款示例。

翻译示例

1.1 If the holders of fifty-one percent or more of the Shares in issue for the time being(“Selling Shareholders”) wish to transfer all of their Shares(“Sellers' Shares”) to a bona fide purchaser on arm' s length terms(“Proposed Buyer”), the Selling Shareholders may require the other Shareholders(“Called Shareholders”) to sell and transfer all their shares(“Called Shares”) to the Proposed Buyer(or as the Proposed Buyer directs) on the same terms and conditions as for the Selling Shareholders in accordance with the provisions of this Clause(“Drag Along Option”).

如持有当前已发行股票的百分之五十一或以上的股东（“卖方股东”）希望将其全部股份（“卖方股份”）在公平条款下让与善意买方（“拟议买方”），卖方股东可根据本条款项下规定（“拖售权”），要求剩余股东（“被召股东”）按照提供给卖方股东的条款与条件向拟议买方（或按照拟议买方指示）出售并让与其所持的所有股份（“被召股份”）。

1.2 The Selling Shareholders may exercise the Drag Along Option after the lapse of 2 years from signing of this Agreement, by giving written notice to that effect to the Called Shareholders(“Drag Along Notice”) at any time before the transfer of the Sellers' Shares to the Proposed Buyer. The Drag Along Notice shall specify:

签订合同起两年后的任何时间，卖方股东可行使拖售权。在向拟议买方让与卖方股份前，卖方股东需向被召股东发出相关书面通知（“强制出售通知”）。强制出售通知应明确指出：

1.2.1 that the Called Shareholders are required to transfer all their Called Shares pursuant to this clause 1;

被召股东需根据本第1条规定让与其全部被召股份；

1.2.2 the person to whom the Called Shares are to be transferred;

被召股份受让人；

1.2.3 the consideration payable for the Called Shares which shall, for each Called Share, be an amount at least equal to the consideration per share offered by the Proposed Buyer for the Sellers' Shares and shall be on the same terms and conditions; and

被召股份的应付对价，且被召股份的每股股价不得少于拟议买方向卖方股份支付的每股股份对价并应在同等条款和条件下交易。

1.2.4 the proposed date of the transfer.

让与拟议日期。

Mini

malist red，with Passion

1.3 Once issued, a Drag Along Notice shall be irrevocable. However, a Drag Along Notice shall lapse if, for any reason, the Selling Shareholders have not sold the Sellers' Shares to the Proposed Buyer within 90 business days of serving the Drag Along Notice. The Selling Shareholders may serve further Drag Along Notices following the lapse of any particular Drag Along Notice.

强制出售通知一旦发出不可撤销。但是，如因任何原因在强制出售通知发出的90个营业日内，卖方股东未向拟议买方出售卖方股份，则强制出售通知可终止。在任何具体强制出售通知终止后，卖方股东可另行发出强制出售通知。

1.4 In the event the Selling Shareholders wish to transfer their Sellers' Shares to a Proposed Buyer in accordance with section 1.1 above, the Selling Shareholders shall procure that the other Parties are given the opportunity to sell Shares at the same price and on the same condition as the Selling Shareholders.

如卖方股东希望根据上述1.1条向拟议买方让与卖方股份，卖方股东应促使其他协议方获得出售股份的机会，且出售条件与价格与卖方股东相同。

以上就是拖售权条款的具体示例，翻译基本上采用了顺译法，语句结构无难度，但是需要注意常见术语的翻译。如“bona fide ”，“ arm' s length terms”“option ”等。

本系列的所有翻译示例，均出自真实的合同协议，提供的参考译文，也都是出自旗渡一线译员的真实译文，过去10年，旗渡在专注地做法律翻译；下一个10年，旗渡要专业地做法律翻译。

注：此文中的部分中文解释内容来自于网络。