Financial Closing definition

Financial Closing. – means (a) the execution and delivery of the Financing Documents between the Company and Lenders (with copies of the Financing Documents having been delivered to BPDB) that (together with equity commitments) evidence sufficient financing for the construction, testing, completion, and Commissioning of the Facility and evidence of commitments for such equity as is required by the Company to satisfy the requirements of the Lenders, and (b) the satisfaction of all conditions precedent for the initial availability of funds under the Financing Documents; provided, that, with BPDB’s written approval, “Financial Closing” shall be deemed to have occurred upon the occurrence of (a) Construction Start, (b) delivery to BPDB of written assurance satisfactory to BPDB demonstrating that the Company has the financial resources available to it necessary to complete the construction of the Facility without interruption, and (c) the delivery to BPDB of the Performance Security Deposit.

Financial Closing means the execution of the Financing Documents by all the parties thereto, and the fulfillment of all conditions precedent thereunder necessary to permit the advance of funds to pay amounts due under this Agreement.

Financial Closing bears the meaning ascribed thereto in the Power Purchase Agreement; “Financial Closing Date” means the date on which the Financial Closing occurs;

Examples of Financial Closing in a sentence

• Except for the Letter of Award, which until Financial Closing, will govern the Project and supersede all documents and agreements between the Parties in relation to the Project, all written or oral representations, understandings, offers or other communications of every kind between the Parties in relation to the Project prior to this Agreement are hereby abrogated and withdrawn.

• The Operator shall provide LTC with a copy of the Financing Documents executed on the date of Financial Closing no later than seven (7) Days after Financial Closing.

• If Financial Closing does not occur in accordance with the requirements of the Letter of Award, upon the termination of the Letter of Award this Agreement shall terminate in its entirety without notice and without further action by LTC.

• Except for the provisions of this sub-Article 2.1, Article 9 [Assignment and Security] and Article 22 [Miscellaneous Provisions], which shall become effective immediately upon execution and delivery of this Agreement, this Agreement shall commence and be effective on the date of Financial Closing (the “Effective Date”) and shall, unless terminated earlier in accordance with the terms of the Letter of Award or this Agreement, continue in full force and effect until the Expiry Date (the “Term”).

• The Parties have agreed that the amount of the Performance Bank Guarantee is reasonable and constitutes liquidated damages to LTC of the Operator’s failure to timely achieve Financial Closing hereunder and under the Letter of Award.

More Definitions of Financial Closing

Financial Closing means the fulfillment of each of the following conditions:

Financial Closing. − (a) The execution and delivery of the Financing Documents that (together with equity commitments) evidence sufficient financing for the construction, testing, completion, and Commissioning of the Complex (following the resolution of any objections raised by PPIB to a term sheet or debt repayment schedule in accordance with the Implementation Agreement that sets out a principal repayment schedule and the other principal terms of the transaction between the Company and the Lenders) and evidence of commitments for such equity as is required by the Company to satisfy the requirements of the Lenders and the Letter of Support and the satisfaction of all conditions precedent for the initial availability of funds under the Financing Documents and (b) the delivery of the Company Letter of Credit in accordance with the terms of this Agreement.

Financial Closing means the execution of financing documents with a lender providing for the construction financing or permanent financing of the System, on terms and conditions satisfactory to System Owner, in System Owner’s sole discretion, and the fulfillment of all conditions precedent to the initial availability of funds thereunder; or

Financial Closing means the execution of the Financing Documents by all the parties thereto.

Financial Closing means the signing of the Loan, and/or grant/subsidy Documents and the fulfilment of all conditions precedent to the initial availability of funds thereunder.

Financial Closing means when the Board determines, in its sole discretion, that the Company has closed on the debt and equity financing necessary to construct the Company’s proposed ethanol plant and provide working capital at plant start-up.

Financial Closing bears the meaning ascribed thereto in Section 1 of the Power Purchase Agreement;