The Project Finance Contract serves as the primary financing agreement for large-scale infrastructure and development projects in Nigeria. This document is essential when implementing project finance structures where the financing is primarily secured by the project's assets and cash flows rather than the sponsors' balance sheets. The agreement must comply with Nigerian federal and state laws, including the Investment and Securities Act, BOFIA, and sector-specific regulations, while incorporating international project finance standards. It typically includes detailed provisions for security arrangements, conditions precedent, drawdown mechanics, project accounts structure, and risk allocation among parties. The document is particularly crucial for projects requiring substantial capital investment, long-term financing, and involving multiple stakeholders including commercial banks, development finance institutions, and government entities.
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1. Parties: Identification of all contracting parties including project company, lenders, sponsors, and any government entities
2. Background: Context of the project, purpose of the financing, and brief description of the project structure
3. Definitions and Interpretation: Comprehensive definitions of terms used in the agreement and rules of interpretation
4. Facility and Purpose: Details of the credit facility, loan amount, and permitted uses of the financing
5. Conditions Precedent: Prerequisites that must be satisfied before drawdown of the facility
6. Drawdown Mechanics: Procedures and requirements for drawing down the loan facility
7. Repayment Terms: Schedule and mechanics of loan repayment, including prepayment provisions
8. Interest and Fees: Interest calculation, payment periods, and applicable fees
9. Security Structure: Details of security package and collateral arrangements
10. Representations and Warranties: Standard and project-specific representations and warranties
11. Covenants: Positive, negative, and financial covenants applicable to the project
12. Events of Default: Circumstances constituting default and consequences
13. Project Documents: Key project contracts and their requirements
14. Accounts and Cash Flow: Project account structure and cash flow waterfall
15. Governing Law and Jurisdiction: Choice of Nigerian law and jurisdiction provisions
16. Dispute Resolution: Procedures for resolving disputes
17. Miscellaneous: Standard boilerplate provisions including notices, amendments, and assignments
1. Government Support: Required when project involves government guarantees or support mechanisms
2. Environmental and Social Requirements: Detailed when project has significant environmental or social impact requirements
3. Insurance: Detailed insurance requirements section when project requires specific insurance coverage
4. Direct Agreements: When step-in rights are required with key project contract counterparties
5. Political Risk Protection: When specific political risk mitigations are required
6. Local Content Requirements: When project must comply with Nigerian local content laws
7. Export Credit Agency Provisions: When export credit agency financing is involved
8. Multilateral Agency Requirements: When multilateral development banks are involved in financing
1. Schedule 1 - Definitions: Detailed definitions and technical terms
2. Schedule 2 - Conditions Precedent: Detailed list of required conditions precedent documents
3. Schedule 3 - Drawdown Request Form: Template for drawdown requests
4. Schedule 4 - Repayment Schedule: Detailed loan repayment schedule
5. Schedule 5 - Project Documents: List and copies of key project documents
6. Schedule 6 - Security Documents: List and forms of security documents
7. Schedule 7 - Financial Model: Agreed financial model and assumptions
8. Schedule 8 - Construction Schedule: Detailed construction milestones and timeline
9. Schedule 9 - Insurance Requirements: Detailed insurance specifications
10. Schedule 10 - Environmental and Social Action Plan: Environmental and social compliance requirements
11. Schedule 11 - Form of Compliance Certificate: Template for periodic compliance reporting
12. Schedule 12 - Account Structure: Detailed project account structure and operations
13. Appendix A - Technical Specifications: Detailed technical requirements for the project
14. Appendix B - Performance Standards: Required performance metrics and standards
Relevant legal definitions
Clauses
Relevant Industries
Infrastructure
Energy and Power
Oil and Gas
Transportation
Mining
Telecommunications
Real Estate Development
Manufacturing
Agriculture
Healthcare
Water and Waste Management
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Project Development
Corporate Finance
Technical
Environmental and Social
Operations
Strategy
Investment
Relevant Roles
Chief Financial Officer
Finance Director
Project Finance Manager
Legal Counsel
Project Director
Risk Manager
Treasury Manager
Compliance Officer
Investment Officer
Corporate Finance Manager
Project Development Manager
Infrastructure Finance Specialist
Senior Loan Officer
Transaction Advisory Manager
Environmental and Social Specialist
Technical Director
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