Financial Closure definition

Financial Closure means compliance with the requirements under Article 3.1 of this Agreement;

Financial Closure means the execution of all the Financing Agreements required for the Power Project and fulfillment of conditions precedents and waiver, if any, of any of the conditions precedent for the initial draw down of funds there under.

Financial Closure means the first Business Day on which funds are made available to the TSP pursuant to the Financing Agreements;

Examples of Financial Closure in a sentence

• In the event, the SPV fails to achieve Financial Closure as required above, MSEDCL shall have the right to encash the Performance Bank Guarantee, unless the delay is due to Force Majeure in terms of this PPA.

• The Parties agree that in the event the order of adoption of tariff as mentioned above is not issued by the SERC and/or CERC (as applicable) within the time specified above, this shall entail a corresponding extension in Scheduled Financial Closure and the Scheduled Commissioning Date of the Projects for equal number of days for which the CERC/SERC order has been delayed beyond the above deadline.

• However, if the requisite SERC and/ or CERC (as applicable) order is issued after the timeline as per Article 2.1.3, this shall entail a corresponding extension in Scheduled Financial Closure and the Scheduled Commissioning Date for equal number of days for which the SERC and / or CERC order has been delayed beyond such period as specified in Article 2.1.3.

• Article 4.2.6, if parties have mutually extended the time period as stipulated under Article 2.1.1 and the order from the SERC and/ or CERC (as applicable) is issued within the timeline as per Article 2.1.3, no extension for Financial Closure or Scheduled Commissioning Date shall be given.

• Seller shall have achieved Seller’s Financial Closure with respect to development and operation of the block identified in Schedule I to this Agreement.

More Definitions of Financial Closure

Financial Closure means the date on which the Financing Documents with respect to the Financing Package for the Project have been executed and become effective and the Concessionaire has fulfilled all the conditions needed for draw down of Financing and the Concessionaire has immediate access to such Financing and which shall in any case not be later than 180 days from the Appointed Date as applicable hereof..

Financial Closure means arrangement of necessary funds by the Power Producer either by way of commitment of funds by the Company from its internal resources and / or tie up of funds through a bank / financial institution by way of sanction of a loan or letter agreeing to finance. At this stage, Power Producer shall ensure submission of documents / certificates evidencing the tie up of project cost through internal resources and /or through external Financing Agency.

Financial Closure means the date on which the Financing Documents providing for Financial Assistance by the Lenders have become effective and the Authorisee has access to such Financial Assistance;

Financial Closure means compliance with the conditions set out in Article 4.1.

Financial Closure means arrangement of necessary funds by the Solar Power Developer either by way of commitment of funds by the Company from its internal resources and/or tie up of funds through a bank / financial institution by way of sanction of a loan;

Financial Closure means the signing of the Financing Documents for financing of the Project and the fulfillment of all conditions precedent to the initial availability of funds thereunder and the receipt of commitments for such equity as required by the Company in order to satisfy the requirements of the Lenders, provided however that the Company has immediate access to funds (subject to giving the required drawdown notices) regarded as adequate by the Company and in any case shall be achieved within 6 [six] months from the date of signing of this Agreement.

Financial Closure means arrangements of necessary funds by the Project Developer either by way of commitments of funds by the company from its internal resources and / or tie up of funds through a bank / financial institution by way of sanction of a loan and fulfilling all requirements mentioned in clause 3.27 of RfS.