Financier Provisions Clause Samples
Financier Provisions are contractual terms that outline the rights, obligations, and protections afforded to parties providing financing for a project or transaction. These provisions typically address issues such as the priority of repayment, security interests, step-in rights, and the conditions under which the financier may intervene in the project. For example, they may specify how and when a lender can take control of project assets if the borrower defaults. The core function of Financier Provisions is to allocate risk and provide assurance to financiers, thereby facilitating access to funding by clearly defining the terms under which their interests are protected.
Financier Provisions. (a) Any Person or entity that has entered into a loan agreement, credit agreement, reimbursement agreement, note purchase agreement, or other document (and any documents relating to or ancillary to the foregoing documents) identified from time to time in writing by Developer to CVEC as a “Financing Agreement” under which Developer obtains financing whether or not secured by all or substantially all of the assets comprising the PV System shall, for so long as the Financing Agreement is in existence and until any lien thereof has been extinguished, be entitled to the protections set forth herein. No Financing Agreement shall encumber or affect in any way the interest of CVEC or Host in and to the Premises, or CVEC’s or Host’s rights under this Agreement. CVEC will consider in good faith any Financier request to amend this Agreement, provided that such amendment is Commercially Reasonable and in accordance with Applicable Legal Requirements.
(b) Pursuant to the provisions of this Section 14.5 and subject to Section xx (Financier Step-in), Financier shall have the right: (i) to assign the Financing Agreement; (ii) to enforce its lien by any lawful means; (iii) to take possession of and operate the PV System or any portion thereof and to perform all obligations to be performed by Developer hereunder, or to cause a receiver to be appointed to do so, subject to the terms and conditions of this Agreement; and (iv) to sell the PV System and rights under this Agreement and any other contracts dealing with the sale of Net Energy or Environmental Attributes from the PV System to a third party. CVEC’s consent shall not be required for the Financier’s acquisition of the PV System pursuant to this Agreement, except as provided in subsection (c) below.
(c) Upon the Financier’s acquisition of the PV System, Financier shall have the right to sell or assign said acquired PV System, provided Financier and proposed assignee (as applicable) shall first satisfy each of the following conditions: (i) any such assignee shall be approved in advance by CVEC, such approval not to be unreasonably conditioned, withheld, or delayed provided that such assignee provides satisfactory evidence of its financial and technical capability to perform Developer’s obligations under this Agreement; (ii) any such assignee shall assume all of Developer’s obligations under this Agreement; (iii) Financier and/or any proposed assignee shall have satisfied every obligation of Developer existing under this...
Financier Provisions. Any person or entity that holds or is the beneficiary of a first position mortgage, deed of trust or other security interest in this Agreement or the Solar Energy Facility shall, for so long as its security is in existence and until the lien thereof has been extinguished, be entitled to the protections set forth in this Article X. No such security interest shall encumber the interests or rights of Buyer under this Agreement.
Financier Provisions. Any Person or entity that holds or is the beneficiary of a first position mortgage, deed of trust or other security interest in this Agreement or in any PV System located on the Premises (any such first position mortgage, deed of trust or other security interest is referred to herein as a “Leasehold Mortgage”) shall, for so long as its Leasehold Mortgage is in existence and until the lien thereof has been extinguished, be entitled to the protections set forth herein. No Leasehold Mortgage shall encumber or affect in any way the interest of Host or Host’s fee interest in and to the Premises, or Host’s rights under this Agreement. Host shall act expeditiously, cooperatively and in good faith in facilitating any amendments to this Agreement requested by Financier in connection with the financing of the PV System.
Financier Provisions. Any Person or entity that holds or is the beneficiary of a first position mortgage, deed of trust or other security interest in this Agreement or in any PV System located on the Premises (any such first position mortgage, deed of trust or other security interest is referred to herein as a “Leasehold Mortgage”) shall, for so long as its Leasehold Mortgage is in existence and until the lien thereof has been extinguished, be entitled to the protections set forth herein. No Leasehold Mortgage shall encumber or affect in any way the interest of Host Town or Host Town’s fee interest in and to the Premises, or Host Town’s rights under this Agreement. Host Town shall act expeditiously, cooperatively and in good faith in facilitating any amendments to this Agreement requested by Financier in connection with the financing of the PV System.