Security Structure Overview
| Security Document | Purpose |
|---|---|
| Project Asset Security | Security over project assets and facilities |
| Assignment of Receivables | Assignment of project revenues |
| Account Control Agreement | Control of project accounts |
| Insurance Assignment | Assignment of insurance proceeds |
| Sponsor Support Undertaking | Project support obligations |
Account Security Package
| Account | Security Interest |
|---|---|
| Revenue Account | Assigned |
| Operating Account | Controlled |
| Debt Service Account | Controlled |
| DSRA | Pledged |
| Maintenance Reserve | Pledged |
Lender Protections
- Senior secured creditor position
- Cash waterfall enforcement rights
- Step-in rights under financing agreements
- Assignment of key project contracts
- Security over project cash flows
- Default enforcement mechanisms
Security Package Conclusion
The security package is designed to provide lenders with customary project finance protections through contractual, cash flow and asset-based security arrangements.