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20 - 22 November 2024, Live in Central London

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Risk & its Management
 * The distinguishing features of project finance
 * The objective of managing risk
 * The six ways in which risk can be managed
 * The project finance structure overview, relationship of the parties



Governing Law & Enforcement of Rights
 * Conflicts of law
 * Two requisites of project finance contracts
   * reversal of plaintiff/defendant positions
   * avoidance of litigation to enforce rights
 * Alternative Dispute Resolution Procedure



Pre-Completion – Construction Contracts
 * FIDIC and other standards
 * Liquidated damages
 * Performance bonds and retentions
 * EPC and functional specification
 * Fixed price, lump sum, control of variations
 * Completion guarantees
 * Two-phase financing
 * Force majeure



Concession & Offtake Agreements
 * The origins of PPP and BOT
 * The pricing basis
 * The treatment of performance shortfalls
 * Termination, step-in rights
 * Direct agreements
 * Compensation
 * Volume risk – take-and-pay; take-or-pay; marketing agreements
 * Exclusion clauses



Case Study
Case Study - Addressing the Risks, Protecting the IRR

Negotiating the protection for the financiers, defending the IRR of the Sponsors



Financing Agreements
 * The loan syndication process
 * The term sheet
 * Particular features of project financings
   * the cashflow waterfall
   * the role of the project cashflow model
   * LLCR and ADSCR
   * cash sweeps
   * distribution lockups
 * The layout of the loan agreement
 * Key issues for Lenders:
   * material adverse change
   * drawdown stops
   * waivers and rectification
   * market disruption, increased costs
   * negligence – of Agent bank or consultants
   * disclaimers
   * legal opinions
   * non-exclusive jurisdiction
   * loan liquidity, sell-down, novation, assignments
   * enforcement implications
   * environmental liability
 * Key issues for Sponsors
   * conditions precedent to distributions to Sponsors
   * the potential to ‘hide’ recourse, how and why
   * the trigger for recourse
   * the quantum of recourse
   * 3-dimensional leverage, incl. maturity, grace, sculpting
   * majority lenders, snooze ‘n’ lose
   * removing individual financier participants, ‘yank the bank’, super
     majorities
 * Other key issues:
   * reps and warranties, repeating reps
   * sponsor lock-ins, change of control
   * sponsor insolvency
   * appropriations, partial payments
   * illegality and severance
   * the effects of Basel 3 and Solvency 2
 * Lender rights upon default
 * Reschedulings, restructurings



Case Study
Case Study - Dealing with Defaults

Illustrating the limited options when the facility is fully drawn, the assets
are immovable, and the loan is in default



Security
 * A classification of security
   * mortgages
   * fixed and floating charge
   * liens and pledges
   * hypothecation
   * assignments
 * The limitations of security in project financings
 * Avoiding security:
   * use of the unincorporated joint venture
   * use of the bankruptcy remote vehicle
 * The role of a security trustee
 * Guarantees:
   * the common law treatment
   * variations, additionality, on-trust, continuing security, termination,
     ruling off, joint and several, conclusive evidence, indemnity, liability
     post-insolvency



Case Study
Case Study - Designing the Security Structure

Negotiations for the optimisation of the security structure from the divergent
perspectives of Lenders and Sponsors



Other Legal Issues
 * Insurances – CAR, ALOP, Marine, DSU, public liability
 * Political risk insurances – FX convertibility, insurrection, expropriation
 * Monoline insurance, credit enhancement structures
 * Security trust vs. security agency
 * Intercreditor agreements






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Please submit your details and a member of our team will contact you soon.
Country *United KingdomUnited StatesAfghanistanAlbaniaAlgeriaAmerican
SamoaAndorraAngolaAnguillaAntarcticaAntigua And
BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBermudaBhutanBoliviaBosnia
And HerzegovinaBotswanaBouvet IslandBrazilBritish Indian Ocean TerritoryBrunei
DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCayman
IslandsCentral African RepublicChadChileChinaChristmas IslandCocos (Keeling)
IslandsColombiaComorosCongoCook IslandsCosta RicaCroatiaCubaCyprusCzech
RepublicDenmarkDjiboutiDominicaDominican RepublicEast TimorEcuadorEgyptEl
SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFalkland IslandsFaroe
IslandsFijiFinlandFranceFrench GuianaFrench PolynesiaFrench Southern
TerritoriesGabonGambiaGeorgiaGermanyGhanaGibraltarGreeceGreenlandGrenadaGuadeloupeGuamGuatemalaGuineaGuinea-BissauGuyanaHaitiHeard
And McDonald IslandsHondurasHong Kong,
S.A.R.HungaryIcelandIndiaIndonesiaIranIraqIrelandIsraelItalyIvory
CoastJamaicaJapanJordanKazakhstanKenyaKiribatiKuwaitKyrgyzstanLaoLatviaLebanonLesothoLiberiaLibyan
Arab JamahiriyaLiechtensteinLithuaniaLuxembourgMacau,
S.A.R.MacedoniaMadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall
IslandsMartiniqueMauritaniaMauritiusMayotteMetropolitan
FranceMexicoMicronesiaMoldovaMonacoMongoliaMontenegroMontserratMoroccoMozambiqueMyanmarNamibiaNauruNepalNetherlandsNetherlands
AntillesNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiueNorfolk IslandNorth
KoreaNorthern Mariana IslandsNorwayOmanPakistanPalauPalestinian
TerritoryPanamaPapua New
GuineaParaguayPeruPhilippinesPitcairnPolandPortugalPuerto
RicoQatarReunionRomaniaRussian FederationRwandaSaint Kitts And NevisSaint
LuciaSaint Vincent And The GrenadinesSamoaSan MarinoSao Tome And PrincipeSaudi
ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSlovakiaSloveniaSolomon
IslandsSomaliaSouth AfricaSouth GeorgiaSouth KoreaSpainSri LankaSt. HelenaSt.
Pierre And MiquelonSudanSurinameSvalbard And Jan Mayen
IslandsSwazilandSwedenSwitzerlandSyrian Arab RepublicTaiwan,
ChinaTajikistanTanzaniaThailandTogoTokelauTongaTrinidad And
TobagoTunisiaTurkeyTurkmenistanTurks And Caicos IslandsTuvaluUgandaUkraineUnited
Arab EmiratesUnited States Minor Outlying IslandsUruguayUzbekistanVanuatuVatican
CityVenezuelaVietnamVirgin Islands (British)Virgin Islands (U.S.)Wallis And
Futuna IslandsWestern SaharaYemenYugoslaviaZambiaZimbabwe

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