Key points

• Although indenture trustees play a critical role in the administration of public debt, particularly after a default, indentures leave trustees exposed to the risk of conflicting judgments from courts in different countries.
• The trustees’ experience in the Lehman Brothers flip clause litigation and the Argentina pari passu litigation show that the risk of conflicting international judgments is very real and the potential exposure is enormous.
• Among the lessons learned from these proceedings is that trustees cannot rely upon courts, particularly outside the USA, to insulate them from the effects of conflicting judgments.
• Trustees may reduce the risk of conflicting international judgments substantially by insisting upon revisions to standard indenture provisions governing jurisdiction and standing as well as reinforcing limitations on liability and exculpatory provisions. Revisions suggested here are a starting place for salutary modifications.
• Enhancing trustees’ protections will require concerted effort to overcome issuer resistance to others’ changes.

中文翻译：

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契约受托人的跨境风险：礼让的限制和调整信托契约标准规定的必要性

关键点

• 尽管契约受托人在公共债务管理中发挥着关键作用，特别是在违约之后，契约使受托人面临不同国家法院判决相互冲突的风险。
• 受托人在雷曼兄弟翻转条款诉讼和阿根廷同等权益诉讼中的经验表明，国际判决相互冲突的风险非常现实，潜在风险巨大。
• 从这些诉讼中吸取的教训之一是，受托人不能依赖法院，特别是美国以外的法院，将他们与相互矛盾的判决的影响隔离开来。
• 受托人可以通过坚持修订有关管辖权和地位的标准契约条款以及加强对责任和免责条款的限制，大大降低国际判断冲突的风险。这里建议的修改是有益修改的起点。
• 加强对受托人的保护需要齐心协力，以克服发行人对他人变更的抵制。