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business
corporate finance principles and practice
Questions and Answers of
Corporate Finance Principles And Practice
What kind of experts are available to assist lenders with due diligence?
Describe the five uses to which a Project Finance model is put to.
What are the four steps in determining whether a project needs more equity? Or more subordinated debt, as the case may be?
In what ways do you think that ratios are used to reduce lenders'risks? In what ways does their use in loan agreements shift risks from lenders to borrowers?
What are some of the internal policy constraints faced by lenders .when negotiating a loan profile?
Why do you think that lenders and borrowers would negotiate avidly the pace of equity draws?
What are some of the more important quantitatively driven covenants and in what way are they used to control the disposition of FCF?
What is the difference between FCF and CADS?
What is a CTS? When does it bind the project vehicle and the lenders?When does it cease?
What is a CTA? Briefly describe the significance of a CTA in a Project Finance.
When is voluntary prepayment permitted?
In what situations is the project vehicle required to make mandatory prepayments?
Describe the role of CPs in disbursement of loans. What are the consequences of non-compliance with CPs?
Why do lenders require the project vehicle both represent and warrant the same statement? What are the consequences of non-compliance with representations and warranties?
"Covenants in Project Financing restrict free cash flows." Discuss.
Distinguish between default and EOD. What are the remedies available to the lenders pursuant to an EOD?
Under what circumstances would the amendment and waiver of CTA provisions become necessary? How are these effected?
What are lenders' RDs? Discuss in brief the reasons they are grouped into three categories.
What are the project completion risks? How do lenders mitigate these risks?
Why and when do lenders require the sponsor(s) to provide additional support? Give some examples of additional sponsor(s) support common to all projects.
What is an "order of priority" under the AA? Why is it so important from the lenders' perspective?
Discuss the purpose of the DSRA. How is this account funded and for what reasons?
Discuss the purpose of the MMRA. How is the MMRA required balance calculated and funded?
What is an inter-creditor agent? What roles may the inter-creditor agent play in a Project Finance?
Discuss the role of a security trustee. What are the advantages of having a common security trustee?
What conditions will the project vehicle comply with before making any permitted investments and why?
Why do lenders require the project vehicle to grant them unrestricted access to review the books and records of the secured accounts?
Discuss the three phases of Project Development. What is the main activity that occurs in each phase?
Explain the special risks encountered by the project developer during the pre-bid stage of project development. Would your answer be different when considering the pre-award versus the post-award
List the general objectives of project sponsor(s) during the contract negotiation stage of project development. At what point in this stage would you say the project business plan, or offering
When in the project development stage is the sponsor(s) able to roughly calculate a debt service cover ratio?
At what point does the money-raising ~hase of project development end? What is the significance of this event?
Describe the broad objectives that the project sponsor(s) is trying to capture for the project vehicle at the time they negotiate the project agreements and the term sheet.
(a) The table on page 135 summarizes the bidding strategy followed by three bidders competing to win the award for setting up a 10 MW power plant, based on their yearly tariff proposals. Note that
Why are projects located in developing countries financed in US dollars, or other hard currencies?
How many boom periods have there been in the last 130 years in crossborder financing? What created these booms? What ended them? When and where did the art of Project Finance originate in these boom
How important are the commercial banks in Project Finance globally?In what way does their participation differ when lending to industrialized countries and developing countries?
What are the factors that discourage commercial bank lending to lower and middle-income developing countries?
What institutions make up the World Bank Group? What role does each of these play in the offer of Project Finance services?
What is the difference between export credit agencies and investment promotion agencies?
List three types of institutions involved with creation of infrastructure investment funds?
How would your financing plan differ if you were asked to fund the same project in three different countries: (a) an industrialized country;(b) higher income developing country; and (c) middle-income
In which countries would you be likely to get the longest financing terms? What effect would this have on the tariffs that could be offered?
Define project agreements. Collectively, what role do they play in Project Financing?
Explain the term finance-ability of the project agreements.
What are the three broad categories of project agreements?
What is the overarching general risk-sharing principle under the project agreements?
Compare and contrast between a concession and an off-take agreement.
Identify the credit risk assumed by each of the following project participants:(a) Shareholders.(b) Project vehicle.
Identify two major construction risks.
Explain the lenders' preferences for:(a) An off-take agreement structured around the take-or-pay provision.(b) A turnkey EPC contract.
In what ways are the off-take agreement and EPC contract linked?
When is an RSA not needed?
What are the four ways an O&M agreement is structured?
What special role do LDs play in project agreements?
Distinguish between Project Finance and other forms of Corporate Finance. Discuss the unique characteristics of the former relative to more traditional lending.
What advantages and disadvantages are there in the application of Project Finance to small or large projects?
What does the term with full recourse mean? Limited recourse?
Which of the following projects are not likely to involve Project Finance: (a) supermarket; (b) defence installation; (c) automobile manufacturer; (d) downstream extension of an existing plant; and
Identify the major project participants found in Project Finance deals.
Explain the major types of risks that are usually allocated among the various project participants. What principle is used in allocating such risks?
Distinguish between Build-Operate-Transfer (BOT) and Build-Own Operate (BOO) methods of private participation in the provision of infrastructure (see Appendix 1. 1). From the perspective of
You are an advisor to the Privatization Commission (PC) of country X and you are responsible for the unbundling and restructuring of the telephony sector. The Commission consists of seven members all
What are the three types of structured finance, and what are the differences between them?
What concepts do CADS and FCF represent, and how do these differ?
Compare and contrast the type of due diligence needed for an IRB vs. an oil/gas financing.
What is the trustee borrowing structure used for?
What is the difference between an efficient and an inefficient tax payer in an owner-lease Project Finance?
What is a double whammy lease?
Discuss the historical evolution of the corporate finance movement. What is significant about it for Project Finance? Acquisition Finance? Structured Finance?
When and how did derivatives come into being?
Discuss the differences between a debt hybrid and a derivative.
What are debt hybrids used for? Give one or two examples of a debt hybrid.
Describe the concepts of open access, ~ooling and timetabling. What do they apply to? What do they have to do with Project Finance?
What was the first network industry that was reorganized in the US?
What are the differences between a traditional PPA and an international one?
In what ways is the experience related to the reorganization of network industries different in the UK, compared to the US?
Which industry (ie non-finance) sectors would you currently associate with green finance?
Why might financial decision-making not take environmental goals into account?
Who are the key stakeholders for your organization? Be as specific as possible.
Which of the SDGs are most relevant, in your view, for the finance sector?
What might be the key barriers to green finance becoming more widespread?
Reflecting on the visible effects of climate change outlined above, in what ways do you think the finance sector may have directly or indirectly contributed to them?
Thinking about the organization you work for, or an organization you are familiar with, what (if anything) has it done/is it doing to reduce its direct or indirect emissions of green house gases?
What might be the impact of these observed and projected future changes on the city/country/region where you live and work?
How might the community you live in, or a community you are familiar with, need to adapt to climate change?
What active steps could you take, as an individual, to mitigate the impact of climate change? What active steps could the organization you work for, or another organization you are familiar with,
How might a climate-driven natural disaster impact on your organization? Think about the full range of stakeholders.
What might be some of the physical, transition and liability risks for the finance sector?
How much of your pension and other investments are invested in fossil fuels and other high-carbon assets? Do you know? Is it easy to find out?
What might be the challenges for Fairphone’s business model?
Of the two scenarios presented in this section, which would you prefer to live and work in: 1. Fast forward, or 2. Slow motion? Why?
How might governments around the world collaborate to support green and sustainable finance?
What national policies could governments introduce to support green and sustainable finance?
What should industry bodies do to support green and sustainable finance? What examples can you identify from your country?
What principles are you aware of that you would associate with green and sustainable finance?
Have you come across examples of greenwashing in the products and services you consume, or have read about? How did/does this make you feel?
Can you think of other examples of organizations with genuine deep green strategies?
How could you use your learning from this course to train and encourage colleagues?
What, in your view, is required to ensure that finance flows are consistent with the Paris Agreement targets?
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