The purpose of this Facility signed on October, the 16th is to fund monthly advances during the construction period to Abengoa Mexico against monthly certification by CFE of the Value of the Works completed, as CFE pays the Contractor when Provisional Acceptance of each substation occurs.
The bank is undertaking CFE payment risk covered at 90% by acceptable private insurance companies and has obtained a first demand guarantee on the Sponsor, Abengoa Spain, covering any shortfall that may arise between all the amounts advanced and the Price or Termination Value to be paid by CFE.
On December 4th 2001, the Export Department in Madrid has arranged a USD 35.1M Collection Rights Purchase Agreement -Maturity June 2003- to finance Abengoa Mexico's portion of the works under the commercial contract signed between Comisión Federal de Electricidad (CFE) and a Special Purpose Vehicle jointly set up by Abengoa Mexico, Techint Mexico and Elecnor Spain to carry out the execution of 10 electric transmission lines for a total value of USD 114.9 M in several Mexican States.
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