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Connecting Europe Facility 2014-2020 TRANSPORT CALL FOR PROPOSALS BLENDING CALL 2017 Letter of Support/financial readiness For PPP/Concession Title of the proposed Action TENtec number Letter of support from a public or private financial institution evidencing the financial readiness of the project Guidance to the institution(s) providing the letter: The applicant shall submit a letter of support from one or several public or private financing institutions 1 evidencing the financial readiness of the project. The “Letter of Support” shall be submitted in accordance with the "Template for letter of support" and include the following elements in a specific well-identified sections, drawing on the information provided by the Applicant in Application Form E.2: Name(s) and function(s) of the issuer of the letter Name(s) institution represented Date Addressee (i.e. the applicant/project promoter) Brief project description Stage of approvals and expected timetable and foreseen date of financial close, and conditions Further evidence: In addition to the above required elements and subject to qualifications that the Institution may wish to add,the Letter of support may also provide additional elements of information2 such as: a. b. c. d. e. Description of the relationship existing between the Institution(s) and applicants/borrower/sponsors Track record of the borrower on the type of transaction contemplated with a relevant geographic and sectorial focus. Major milestones envisaged to closing and status on critical information still required to be finalized Composition of the team established within the Institution(s) (and contact info) dedicated to the project. Nature and key parameters of financing proposed, underlying principles, and major assumptions, key risks identified by the Institution(s) and related mitigants, including uncertainty on cash flows. The attention of the Institution(s) is drawn to the following. Grant disbursement for selected Actions will be conditional on: a. The approval for financing by the EFSI Investment Committee and European Investment Bank (EIB) Board of Directors and, subsequently, full financial close for the entire financing requirement within 12 months from the date of the signature of the grant agreement3. Or, only for actions aiming at removing bottlenecks, actions with cross-border impact, or actions in Member States eligible under the Cohesion Fund4: b. The signature of a finance agreement by a National Promotional Bank5, the European Investment Bank (EIB) or at least one private sector investor for at least the value of the CEF grant awarded and a full financial close for the entire financing within 12 months from the date of the signature of the grant agreement. The targeted date of the signature of the grant agreement is set to nine months from the cut-off date(s) of the call (14 July and 30 November respectively). The applicants' attention is however drawn to the fact that due to its complexity and the time needed to comply with specific procedures of the call, the time to grant may exceed nine months, at INEA's initiative in accordance with Article 128 (2) of the Financial Regulation (Regulation (EU, Euratom) No 966/2012 as amended). Actions delivered through PPPs or concessions are examples where such derogation may apply. 1 Public or private financing institution means: bank, a leasing company, a guarantee fund, a mutual guarantee institution, a promotional bank or any other financial institution, including investment funds and institutional investors, duly authorised to carry out lending, investing or leasing activities according to the applicable legislation, established and operating in one or several of the EU Member States. For early stage PPPs/concessions, a financial advisor can provide a letter of support. 2 The list is indicative: the Institution(s) should feel free to refer to other information considered relevant for its assessment of the financial readiness of the project. 3 For clarity EIB involvement in financial close is not a requirement for grant disbursement. 4 Bulgaria, Croatia, Cyprus, the Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovakia and Slovenia 5 Ref. Regulation (EU) 2015/1017 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal. Template for Letter of Support Letter of Support We, undersigned, based on the information in Application Form E2, provide a assessment of the financial readiness of the project as follows: Name(s) and function(s) of the issuer of the letter Name(s) institution represented Date Addressee (i.e. the applicant/project promoter) Brief project description Stage of approvals and expected timetable and foreseen date of financial close, and conditions [additional information] Date, and for each signatory: name(s) and function(s), institution represented