Financial Close definition

Financial Close means the Capacity Market Seller has demonstrated that the Capacity Market Seller or its agent has completed the act of executing the material contracts and/or other documents necessary to (1) authorize construction of the project and (2) establish the necessary funding for the project under the control of an independent third-party entity. A sworn, notarized certification of an independent engineer certifying to such facts, and that the engineer has personal knowledge of, or has engaged in a diligent inquiry to determine, such facts, shall be sufficient to make such demonstration. For resources that do not have external financing, Financial Close shall mean the project has full funding available, and that the project has been duly authorized to proceed with full construction of the material portions of the project by the appropriate governing body of the company funding such project. A sworn, notarized certification by an officer of such company certifying to such facts, and that the officer has personal knowledge of, or has engaged in a diligent inquiry to determine, such facts, shall be sufficient to make such demonstration.

Financial Close means the Capacity Market Seller has demonstrated that the Capacity Market Seller or its agent has completed the act of executing the material contracts and/or other documents necessary to (1) authorize construction of the project and (2) establish the necessary funding for the project under the control of an independent third-party entity. A sworn, notarized certification of an independent engineer certifying to such facts, and that the engineer has personal knowledge of, or has engaged in a diligent inquiry to determine, such facts, shall be sufficient to make such demonstration. For resources that do not have external financing, Financial Close shall mean the project has full funding available, and that the project has been duly authorized to proceed with full construction of the material portions of the project by the appropriate governing body of the company funding such project. A sworn, notarized certification by an officer of such company certifying to such facts, and that the officer has personal knowledge of, or has engaged in a diligent inquiry to determine, such facts, shall be sufficient to make such demonstration. Financial Transmission Right:

Financial Close means the fulfilment of all conditions precedent to the initial availability of funds under the Financing Agreements;

Examples of Financial Close in a sentence

• Provided, however, that in the event the Parties have, by mutual consent, determined the Appointed Date to precede the Financial Close, the provisions of this Clause 24.2.1 shall not apply.

• FINANCIAL CLOSE 77 21.1 Financial Close 77 21.2 Termination due to failure to achieve Financial Close 77 ARTICLE 22.

• Provided that notwithstanding anything to the contrary contained in this Agreement, the Concessionaire shall be permitted to create encumbrance on Project Assets forming part of the Commercial Complex (excluding the land) only in favour of Senior Lenders that are Nationalised Banks, for achieving Financial Close for the purpose of financing the construction/development of Commercial Complex.

• The date on which Financial Close is achieved and all the Conditions Precedent specified in Clause 4.1 are satisfied shall be the Appointed Date which shall be the date of commencement of the Concession Period.

• Part IV Financial Covenants FINANCIAL CLOSE Financial Close The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 120 (one hundred and twenty) days from the date of this Agreement.

More Definitions of Financial Close

Financial Close means the fulfilment of all conditions precedent to the initial availability of funds under the Financing Documents;

Financial Close means the time when the Project Agreement and all financing and other agreements related to the Project have been executed and delivered and all conditions to the effectiveness of the Project Agreement and Project financing agreements have been satisfied.

Financial Close 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 be not later than 90 (ninety) days from the Effective Date hereof, unless specifically extended.

Financial Close means the date on which the Financing Documents providing for Financial Assistance by the Lenders, Equity Documents and the documents in respect of debt, if any, committed by the Applicant/Consortium have become effective and the Concessionaire has access to such Financial Assistance.

Financial Close means the date on which the Financing Documents providing for funding by the Lenders have become effective and the Concessionaire has immediate access to such funding under the Financing Documents.

Financial Close means the legally binding commitment of equity holders and debt financers to provide or mobilize funding for the Project. Such funding must account for a significant part of the Estimated Project Cost which should not be less than 75% (Seventy Five percent) of the Estimated Project Cost securing the construction thereof;

Financial Close means the situation when all the financing agreements for the Project have been signed and all the required conditions contained in them have been met, enabling funds flow towards Project implementation.