Project SPV definition
Examples of Project SPV in a sentence
In case of any leasing of private land as contemplated hereinabove, such lease should allow transfer of land lease rights 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.
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.
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 annual sub-lease rent payable by the Project SPV, in accordance with the Sub-Lease Agreement(s), for such revenue land sub-leased under the Sub- Lease Agreement(s) shall be Re. 1/- (Indian Rupees One only) per hectare.
For the avoidance of doubt, it is clarified that notwithstanding the sub-lease of the revenue land to the Project SPV, such land shall always remain under the primary ownership of the GoM and the Project SPV shall only hold sub- lease rights in such revenue land for the term of the Sub-Lease Agreement(s) which shall in any event be co-terminus with the Power Purchase Agreement.
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.
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 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.
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.
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.