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8 Principal Loan Finance Documentation »

Vicky Cox, Patrick Holmes
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar
This chapter considers a number of the more significant documentary issues commonly encountered in relation to the core financing documents for a project. It provides an overview of the ways in which multiple tranches of debt provided by different lenders and lending groups are made available to a project and includes an analysis of various clauses found in the principal financing documents, with particular focus on financial covenants and the ways in which lenders seek to regulate the project company’s cashflows. The chapter also discusses a number of the key intercreditor issues that arise in the context of multi-sourced financings and looks specifically at the following agreements which commonly form part of the contractual matrix for a project financing: credit agreements, common terms agreements, accounts agreements, intercreditor agreements, ECA facility agreements, mezzanine facility agreements, and equity bridge facility agreements.