프로젝트 파이낸스의 자본구조에 관한 법적 고찰 -담보에 관련된 법적 제문제를 중심으로-

Abstract

Project Financing means a contract of loans between borrower and debtor for financing as well as includes other commercial transactions accompanying the project. Project Finance requires massive amounts of funding and involve high risks. The range of parties involved can include governments, development agencies, expert credit bodies, suppliers, purchasers and contractor as well as borrowers and lenders. All their interests in making the venture a success might derive from quite different sets of priorities. However the most concerning area of borrowers is extending the credit, and the lenders' is ensuring security. This study deal with the concept of project finance, the structure of project finance, it's features of non-recourse or limited recourse and the involving parties. Then I found out the normal methods of extending the credit such as financing of sponsor and subordinated loan as the equity. And I researched the syndicated loan which is used almost all the project finance area and combined system of project financing and ABS. There are many problems of security system in project finance. So I scrutinized the aspect of the current security system. We have partially similar system like gathered movables transferred security and plant mortgage. But they have their own problems so we need to limit the accompaniment of security. Therefore I sought to the possibility of similar effect like security trustee or security agent, and I found the Act Secularized Bonds' Trust, security trust system using the trustee administrator, and issuing the exchangeable bonds. Especially there are a lot of legal issues on the project finance company's gathered bonds transferred security linked to transferring future bonds liquidation procedure. Therefore I researched another issue on the Act on Private Participation in Infrastructure, and show the possibility of using Floating Charge. And credit linked securities can be an option as security and refinance. In order to develop the theories of the project finance, it needs to study large projects. Large projects are more attractive than small projects because they allow us to observe managers as they make very conscious investment and financing decisions. In addition, it is a challenging task to draft a model contract from for the project agreement and the credit agreement, which will be used when the parties agrees that the banks make loans to this project company on a limited or non-recourse basis.