or level of usage of the project. See
§8.8
RFP Request for Proposals, an invi-
tation to bid in a public procure-
ment. See §4.6.2
right of way A right of access to ad-
jacent land (e.g. for a pipeline bring-
ing fuel to the project). See §7.4.3
risk matrix Schedule of project
finance risks and mitigations. See
§8.3
rollover risk The risk that an interest
rate swap contract may not be
amended on acceptable terms if the
amount of debt or repayment sched-
ule changes. See §9.2.1
RPI Retail price index. See CPI.
Rule 144a SEC provisions that allow
trading in bond private placements
with QIBs. See §5.2.2
SACE Sezione Speciale per l’Assi-
curazione del Credito all’Es-
portazione, now superseded by
ISACE.
SEC Securities and Exchange Com-
mission (of the United States),
which regulates the investment mar-
kets. See §5.2.2
senior lenders Lenders whose debt
service comes before debt service
on mezzanine or subordinated debt,
or distributions to investors, and
who are repaid first in a liquidation
of the project Company. See
§13.13.5
sensitivities Variations on the Base
Case assumptions calculated by the
lenders. See §12.11
SFF EIB’s Structured Finance Facil-
ity, under which it will assume vari-
ous project risks. See §11.6.9
shadow tolls Tolls based on usage of
342 Glossary and Abbreviations
the project, but payable by the Con-
tracting Authority rather than the
general public (cf. real tolls). See
§6.2.2; §8.8.7
Shareholder Agreement An agree-
ment between Sponsors relating to
their investment in and management
of the Project Company. See §4.5.2
Simest Società Italiana per le Im-
prese all’Estero, which provides
Italian CIRR interest subsidies and
untied financing. See §11.5.7
site legacy risk The risk of preexist-
ing contamination on the project
site. See §7.1.4
site risks Risks related to the acquisi-
tion or condition of the project site.
See §7.1.4: §8.5.1; §8.5.4; §8.5.6
sovereign risk A risk carrying the
full faith and credit of a country (cf.
sub-sovereign risks). See §10.7.2
Sponsors The investors who develop
and lead the project through their in-
vestment in the Project Company.
See §4.1
SPV Special Purpose Vehicle, a sep-
arate legal entity with no activity
other than those connected with its
borrowing. See §2.4
step-in rights Rights under a Direct
Agreement for the lenders to take
over management of a Project Con-
tract to protect their security; cf.
emergency step-in, substitution. See
§7.7
subordinated debt Debt whose debt
service comes after amounts due to
senior lenders, but before distribu-
tions of dividends to investors; cf.
mezzanine debt. See §3.3; §12.7.2;
§13.13.5
subrogation Right of an insurer or

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