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The provisions of the pledging agreement must be carefully developed in order to be consistent with those contained in the financing documents relating to the use of insurance income, in order to comply with the rules for allocating this revenue among different groups of lenders (e.g. B priority lenders, VAT lenders, collateral providers). Collateral that has been mortgaged for both purposes may be credited to a single deposit account of the FRB. Traditionally, projects in the energy and infrastructure sectors have been developed around an EPC agreement, which greatly simplifies safety, since there was only one contractor. However, in recent years, multi-contractual structures have multiplied. This requires the SPV to mortgage separately the claims arising from each of these agreements, including any interface or coordination agreements, and to inform the relevant contractors separately. Under Royal Decree-Law 5/2005,10 transposing Directive 2002/47/EC of 6 June 2002 on financial guarantees, financial guarantees allow the execution by usurpation of collateral when the guarantee is granted on shares in public limited companies or bank accounts (in this case, however, a certain “audit” of the accounts is necessary for the security to be considered as a financial guarantee). In cases where the account bank is not one of the lenders, it is important that the recorded notification will contain an irrevocable instruction from the pledge creditor to block the accounts if the security officer so requires and, in case of execution, to provide the balance of the accounts to the security guard. These instructions should be accepted by the account bank, as they are essential for lenders` control over the project`s cash flows. Project accounts are usually held by the priority lender`s agent, who agrees to operate the accounts in accordance with financial documents and to comply with any blocking or execution instructions….

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