Project SPV definition

Project SPV means a Subsidiary of Soluna BC formed or acquired for the purpose of owning and constructing any portion of the Project.

Project SPV means a Company established by the Successful Bidder for executing the Project as the context may require.

Project SPV or “Concessionaire” means the “special purpose vehicle”, organized by the Preferred Bidder for the Project, pursuant to the Nigerian Companies and Allied Matters Act, 2020 ("CAMA 2020"), and complying with other relevant regulatory requirements, that shall sign, assume and accede to all the rights and obligations of the Preferred Bidder under the Concession Agreement.

Examples of Project SPV in a sentence

• Each of MSAPL and MSEDCL hereby represents and warrants to the Project SPV that it has the requisite power and authority to execute this Agreement.

• Notwithstanding anything to the contrary contained herein or in the Power Purchase Agreement, documents evidencing acquisition of such right of way by the Project SPV should allow transfer of such right of way to the lenders of the Project SPV or MSAPL (and/or any other relevant transferee identified by the lenders of the Project SPV (which shall be to the satisfaction of MSAPL), in case of default of the Project SPV under any financing documents or arrangements of the Project SPV.

• The Project SPV shall be responsible for undertaking ownership, financing, development, design, engineering, procurement, construction, commissioning, operation, and maintenance of the Project including the evacuation infrastructure up to the Delivery Point, at its own cost and in accordance with the provisions of the Power Purchase Agreement.

• Any right of way required by the Project SPV for construction, operation and maintenance of the evacuation infrastructure in relation to the Project shall be procured by the Project SPV directly at its own cost and expense.

• In the event of a Project SPV Event of Default, MSAPL and MSEDCL shall be permitted to terminate this Agreement and the Power Purchase Agreement.

• The Operator shall make payment to the Project SPV based on actual consumption of such utilities as indicated by meters installed at the Terminal Area by the SBPA / PMO.

• The Project SPV shall bear and pay all costs incidental to divestment of all the rights, title and interest of the Project SPV in the Project in favour of the Authority on the Transfer Date.

• The charges for providing the Performance Bank Guarantee shall be borne by the Project SPV.

• Except in the event of expiry of the Project by efflux of time, the Authority shall pay compensation payable to the Project SPV in accordance with Clause 22 to the Project SPV.

• The Authority may continue to exercise the Authority's Step-In Right until the Project SPV has remedied the Project SPV Event of Default and demonstrated to the reasonable satisfaction of Authority its readiness and ability to resume the provision of the O&M Services in accordance with the terms and conditions of the Agreement.

More Definitions of Project SPV

Project SPV means the SPV to be incorporated by the Selected Bidder for implementing the Project.

Project SPV means either (i) the Successful Bidder itself, in case the Project is being implemented directly by a Successful Bidder that is a Company; or (ii) a Company established by the Successful Bidder for executing the Project, as the context may require.

Project SPV means a Subsidiary of HEL formed or acquired for the purpose of owning, financing and/or constructing any portion of the Project; for further certainty, it is understood and agreed that any entity that acts as the “developer” of the Project and is intended to be the recipient of any development fee, profit participation “promote” or similar amount payable to the developer of the Project shall not be a Project SPV for the purposes of this Agreement.