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12 Ancillary Finance Documentation

Rob Thompson, Patrick Holmes

From: International Project Finance (3rd Edition)

Edited By: John Dewar

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 02 June 2023

Guarantees and security — Capital markets

This chapter examines some of the myriad types of financial support given to a project by its sponsors and the way that support is provided. It also considers the types of assets over which security is taken to ensure that the senior lenders’ claims against the project are indeed senior to the claims of the sponsors; the contractual documentation between the senior lenders and the counterparties to the principal commercial contracts in relation to the project which (should things go wrong) allow the senior lenders to ‘step into’ the project company’s contractual shoes and thereby take control of the project in order to protect their commercial interests; and the way in which formal legal opinions are used in relation to a project financing as a means of confirming the extent to which the contractual arrangements for the project operate as the different parties and groups of parties intend.

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