Lenders Mortgage Payment Forex
Www Lendersmortgagepayments Tag Monsters And Critics Lenders Mortgage Payment Principles of Project Finance（PDF，可编辑） - 金融投资学 - 经济学家
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83.1 Commercial Banks 22
03.1.1 Areas of Activity 22
53.1.2 Banks in the Market 24
Chapter 4
Project Development and Management 33
94.1 Sponsors and Other Investors 33
54.2 Project Development 36
54.3 The Role of Advisers 37
94.4 Joint-Venture Issues 38
94.5 The Project Company 39
$4.5.1 Structure 39
$4.5.2 Shareholder Agreement 40
54.5.3 Management and Operations 41
54.6 Public Procurement 42
84.6.1 Prequalification 43
$4.6.2 Request for Proposals 43
$4.6.3 Bid Negotiation to Contract Signing 46
54.6.4 Competitive Bidding for Other Project Contracts 47
Chapter 5
Working with Lenders 49
65.1 Commercial Banks 49
$5.1.1 Advisers and Lead Managers 50
55.1.2 Letters of Intent 53
55.1.3 Lenders and the Public-Procurement Process 54
55.1.4 Bank Roles 54
$5.1.5 Financial Model 55
$5.1.6 Term Sheet, Underwriting, and Documentation 55
$5.1.7 Information Memorandum and Syndication 57
55.1.8 Agency Operation 58
65.2 Bond Issues 59
55.2.1 The Investment Bank and the Ratings Agencies 60
85.2.2 Rule 144A 61
55.2.3 Wrapped Bonds 62
55.2.4 Bond Paying Agents and Trustees 62
Chapter 6
Project Contracts: (1) The Project Agreement 69
16.1 Offtake Contract 70
$6.1.1 Types of Offtake Contract 70
$6.1.2 PPA Structure 72
$6.1.3 Completion of the Plant 73
$6.1.4 Operation of the Plant 74
$6.1.5 Tariff 74
$6.1.6 Tariff Indexation 77
$6.1.7 Penalties 77
$6.2 Concession Agreement 79
$6.2.1 Service Contracts 81
86.2.2 Toll Contracts 83
16.3 Term of Project Agreement 86
$6.4 Control of Project Design and Construction, Contracts,
and Financing 87
16.5 Compensation for Additional Costs 88
06.5.1 Breach by the Offtaker or Contracting Authority 88
96.5.2 Change in Specifications 88
06.5.3 Changes in Law 89
06.5.4 Latent Defects 89
16.6 Force Majeure 89
16.7 Step-in by the Offtaker or Contracting Authority 91
16.8 Termination of the Project Ag-r eement 91
56.8.1 Early Termination: Default by the Project Company 92
86.8.2 Early Termination: Default by the Offtaker
or contracting Authority - 96
06.8.3 Early Termination: Force Majeure 98
$6.8.4 Optional Termination 98
86.8.5 Tax Implications of a Termination Sum Payment 99
Chapter 7
Project Contracts: (2) Ancillary Contracts 105
$7.1 EPC Contract 105
$7.1.1 Scope of Contract 107
$7.1.2 Commencement of the Works 108
$7.1.3 Owner's Risks 108
$7.1.4 Contract Price, Payments, and Variations 109
$7.1.5 Construction Supervision 110
$7.1.6 Completion 110
$7.1.7 Force Majeure 111
$7.1.8 Liquidated Damages and Termination 111
$7.1.9 Suspension and Termination by the
EPC Contractor 113
$7.1.10 Security 114
87.1.1 1 Dispute Resolution 114
$7.2 Operation and Maintenance Contract(s) 115
$7.2.1 Scope of Contract 115
57.2.2 Services 115
$7.2.3 Fee Basis 116
$7.2.4 Incentives and Penalties 116
$7.2.5 Major Maintenance Contract 117
$7.3 Fuel or Other Input Supply Contract 117
$7.3.1 Supply Basis 117
57.3.2 Physical Delivery Risks 120
$7.3.3 Pricing Basis 120
$7.3.4 Security 120
$7.3.5 Force Majeure and Change of Law 121
$7.3.6 Default and Termination 121
57.4 Permits and Other Rights 122
$7.4.1 Project Permits 122
$7.4.2 Investment and Financing Permits 124
$7.4.3 Rights of Way and Easements 124
$7.4.4 Shared Facilities 124
Chapter 8
Commercial Risks 137
$8.1 Categories of Project Finance Risk 137
$8.2 Risk Evaluation and Allocation 137
$8.3 Analysis of Commercial Risks 139
$8.4 Commercial Viability 140
$8.5 Completion Risks 141
$8.5.1 Site Acquisition and Access 141
$8.5.2 Permits 142
$8.5.3 The EPC Contractor 143
$8.5.4 Construction Cost Overruns 146
$8.5.5 Revenue during Construction 150
$8.5.6 Delay in Completion 150
$8.5.7 Inadequate Performance on Completion 152
$8.5.8 Third-Party Risks 152
$8.5.9 Projects without a Fixed-Price, Date-Certain,
EPC Contract 154
58.6 Environmental Risks 155
58.7 Operating Risks 155
$8.7.1 Technology 156
$8.7.2 General Project Operation 157
$8.7.3 General Operating Cost Overruns 158
Chapter 9
Macroeconomic Risks 183
$9.1 Inflation 183
59.1.1 Inflation-Indexed Financing 185
$9.2 Interest Rate Risks 185
$9.2.1 Interest Rate Swaps 186
$9.2.2 Interest Rate Caps and Other Instruments 192
$9.2.3 Scale and Timing of Interest Rate Hedging 193
$9.2.4 Additional Costs 193
59.2.5 Redeposit Risk 194
09.2.6 Interest Rate Hedging before Financial Close 194
69.3 Exchange Rate Risks 195
59.3.1 Hedging of Currency Risks 196
59.3.2 Finance in More than One Currency 197
59.3.3 Conversion of Local Currency Revenues 198
59.3.4 Fixing of Security in Local Currency 199
59.3.5 Catastrophic Devaluation 199
Chapter 10
Political Risks 203
510.1 Projects and Politics 203
810.2 Classification of Political Risk 204
Chapter 11
Political Risk Guarantees, Insurance, and Finance 217
$11.1 Mitigation of Political Risks 217
$11.2 Export Credit Agencies 218
611.3 Export Credits 219
$1 1.3.1 Export Credit Structures 220
$1 1.3.2 The OECD Consensus 221
$1 1.3.3 Assumption of Risks and Scope of Cover 222
$1 1.3.4 Cash Collateralization 224
$1 1.3.5 Benefit of ECA Support 225
$11.4 Untied Cover and Financing 225
$1 1.4.1 Political Risk Insurance for Equity Investment 226
$1 1.4.2 Development Finance Institutions 227
$11.5 ECA Structures and Products 228
$11.5.1 United States 229
$11.5.2 United States 23 1
$1 1.5.3 Canada 232
$11.5.4 Japan 232
$11.5.5 France 233
$11.5.6 Germany 233
$11.5.7 Italy 234
$ 1 1 S.8 United Kingdom 234
611.6 International Financing Institutions 236
$11.6.1
Chapter 12
Financial Modeling and Evaluation 251
512.1 Model Inputs 252
512.2 Model Outputs 253
512.3 Macroeconomic Assumptions 253
$12.3.1 Inflation 254
$12.3.2 Commodity Prices 254
$12.3.3 Interest Rates 255
$12.3.4 Exchange Rates and Currency of the Model 255
$12.3.5 GDP and Traffic Growth 256
g12.4 Project Costs and Funding 256
$1 2.4.1 Project Costs 257
$1 2.4.2 Project Funding 258
$12.5 Operating Revenues and Costs 259
$12.6 Loan Drawings and Debt Service 259
512.7 Accounting and Taxation Issues 260
$12.7.1 Capitalization and Depreciation of
Project Costs 260
$12.7.2 The Dividend Trap 262
$12.7.3 Negative Equity 264
$12.7.4 Timing of Tax Payments 264
$12.7.5 Value-Added Tax 265
$12.7.6 Withholding Tax 265
$12.7.7 Exchange Rates and Tax 265
$12.7.8 Inflation and Tax 266
$12.8 Equity Returns 267
$12.8.1 Net Present Value 267
312.8.2 Internal Rate of Return 269
Chapter 13
Financial Structuring and Documentation 283
$13.1 Debt:Equity Ratio 284
$13.1.1 Level of Debt 284
$ 13.1.2 Effect of Cover Ratio Requirements 285
$13.1.3 Projects without Equity 286
$ 13.1.4 Calculation of Debt:Equity Ratio 287
$13.2 Debt Service 287
$ 13.2.1 Term of Financing 288
$ 13.2.2 Average Life 288
$ 13.2.3 Repayment Schedule 289
$ 13.2.4 Flexible Repayment 293
$13.3 Drawdown of Debt and Equity 293
3 13.3.1 Priority of Drawing 293
$ 13.3.2 Procedure for Drawing 295
3 13.3.3 Contingency Funding 296
513.4 Interest Rate and Fees 297
513.5 Control of Cash Flow 298
$13.5.1 The Cash Flow Cascade 299
$13.6 Debt Prepayments and Refinancing 305
513.6.1 Loan Commitment Reduction 305
513.6.2 Partial Prepayment 306
513.6.3 Refinancing 306
$13.7 Security 308
513.7.1 Mortgages and Contract Assignments 309
513.7.2 Security Over Project Company Shares 311
$13.8 F i c i a l Close-Conditions Precedent 312
$13.9 Representations and Warranties 314
$13.10 Covenants 316
013.10.1 Positive Covenants 317
5 13.10.2 Negative Covenants 318
$13.11 Events of Default 319
$13.12 Waivers, Amendments, and Enforcement on Default 321
513.13 Intercreditor Issues 323
5 13.13.1 Interest Rate Swap Providers 3 25
013.13.2 Fixed-Rate Lenders 326
513.13.3 Lenders with Different Security 326
513.13.4 Lessors 326
0 13.13.5 Subordinated or Mezzanine Lenders 327
Glossary and Abbreviations 329
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