先来看一下clear market在贷款协议语境下的英文释义：

（Source: Law Insider）

Clear Market. Provision. Between the date hereof and the later of termination of any trading restrictions or the Closing Time with respect to the Securities, the Company will not, without the prior written consent of the Representatives, directly or indirectly, issue, sell, offer or contract to sell, grant any option for the sale of, or otherwise transfer or dispose of, in any public offering or 144A offering any debt securities of the Company.

（自本协议签署之日至证券相关交易限制终止或交割时中较晚者为止，未经代表事先书面同意，公司不得直接或间接通过公开发行发行、出售、要约或达成合约出售、通过授予期权出售或以其他方式转让或处理公司的任何债务证券或私募发行公司任何债务证券。）

Clear Market. To ensure an orderly and effective syndication of the Debt Facility, the Obligor agrees that neither it nor any of its affiliates will syndicate or issue, attempt to syndicate, have discussions with any potential investors relative to a potential syndication of, or announce or authorize the announcement of the syndication of, any debt facility, without the prior written consent of WestLB, provided that WestLB will use its best efforts to complete the syndication as soon as possible after the initial bank syndication meeting.

（未经WestLB事先书面同意，债务人承诺其或其关联公司均不会就任何债务融资组成、发行或试图组成任何银团、就潜在的银团组成与潜在投资者进行交谈、或宣布或授权宣布组成银团）

由上可知，出现clear market的目的主要是为了确保借款公司没有债务在市场上出售或待出售，不会通过其他方式进行融资。因此，就这个意义而言，这里的clear market可以译为清洁市场。

（补充知识点：安排行就贷款条件进行谈判的同时，借款人会指定账簿管理人（bookrunner）开始召集银行筹组银团贷款。有些情况下，安排行和账簿管理人是同一贷款人。账簿管理人希望完全控制银团贷款流程，并确保除了有限的例外情况，借款人当时没有其他债务在市场上出售（即债务出售给“清洁市场”（Clear Market））。

除了直译之外，也可将clear market意译为“不在市场筹资”，如：

During the period from the date of this Term Sheet and [the date of the Facilities Agreement/close of syndication], the Borrower shall not and shall ensure that no other member of the Group shall raise or attempt to raise finance in the international or domestic loan or capital markets [without the prior written consent of the Mandated Lead Arranger[s]].

自本条款摘要日期起至[贷款协议签署日期/组成银团过程结束之日]止的期间内，借款人不得且应确保集团任何其他成员公司不得[在未经委任牵头安排行的事先书面同意前，]在国际或境内贷款或资本市场筹资或试图筹资。

转载自：译问   作者：旗渡多语信息中心（出海信息服务）