Government officials are not always attuned to the complexities in reaching financial close. Although the PPP documents may be deemed bankable by the advisors when the documents are signed, it is not always easy to anticipate the reaction of fickle lenders who are often very risk adverse and unwilling to sign onto transactions where they perceive institutional or political uncertainties. That is why I advise parties in PPP transactions to list Financial Close as a condition precedent to effectiveness of the PPP Agreements. It is also advisable to line up the lenders before commercial close and to get their buy in before the project documents are finalized. Transaction advisories should be structured to deal with this situation and the possible delays which are all too common.