Financial Closing. It is the date on which the Concessionaire signs the financing agreement that covers the needs for Project construction and equipment.
Financial Closing. The act by virtue of which the CONCESSIONAIRE proves to the GRANTOR that it has the financial resources for the performance of the works until achieving the Commercial Start-Up, as per Clause 9.
Financial Closing. Seller acknowledges that Xxxxx’s issuance of FNTP is conditioned upon, and shall immediately follow, Xxxxx’s final investment decision and Financial Closing for the Facility.
Financial Closing. In the event there is any dispute under the Contract that relates to a sum being claimed under this Guaranty, which dispute is submitted to arbitration in accordance with the Contract, the obligations under this Guaranty with respect to such sum being claimed shall be suspended pending the outcome of such arbitration and Guarantor further agrees that any award resulting from such arbitration shall be conclusive and binding on it for purposes of determining its obligation under this Guaranty.
Financial Closing. At Financial Close, GPA shall return the Bid Guarantee to Project Company and Project Company shall provide to GPA a security deposit (the "Performance Bond") in an amount in Dollars equal to US$75,000,000 to ensure Project Company's obligations to pay liquidated damages in accordance with Articles 9.1 and 9.2. The Performance Bond shall terminate three (3) Months after the Phase 2 Commercial Operation Date (or, in the case that Project Company opts to pursue Remedial Actions, six (6) months thereafter), at which point GPA shall return the Performance Bond to Project Company. The Performance Bond shall consist of either: (i) an unconditional and irrevocable direct pay letter of credit issued by an international bank with an investment grade rating in form and substance reasonably acceptable to GPA; (ii) a bank guarantee issued by an international bank with an investment grade rating in form and substance reasonably acceptable to GPA; or (iii) a performance bond issued by an international surety with an investment grade rating in form and substance reasonably acceptable to GPA.
Financial Closing. (i) The Concessionaire shall ensure that its obligations in relation to obtaining required finances (whether in the form of debt or equity) for the purpose of implementation of the Project are fulfilled within a maximum period of [ three (3) ] months from the signing and execution of the PIA (“Financial Closing”).
(ii) If the Financial Closing is not achieved within the stipulated time period, the State Govt may in its discretion either (a) Terminate this Agreement, or (b) extend the time period for achieving Financial Closing for a period as it deems fit. Provided, however, that the Term shall not be extended proportionately due to the delay on part of the Concessionaire in achieving the Financial Closing.
(iii) State Govt confirms that it will cooperate with the Concessionaire in enabling the Financial Closing of the Project including entering into any substitution agreement that may be required by the Lenders. Provided, however, that the title to the Site and/or the Regional MSW Facility shall always remain vested with State Govt.
Financial Closing. (a) Either Party, in its sole discretion, may cancel this Agreement, without further obligation or liability, by Notice given to the other Party at any time after October 1, 1995, which date may be extended to January 1, 1996 at the option of Buyer, or at another date mutually agreed to by the Parties, if the Financial Closing has not yet occurred. If neither Party has elected to cancel this Agreement pursuant to this Section 2.3, at the Financial Closing each Party shall deliver to the other Party and the Financing Parties a written Notice stating that such Party permanently waives any right it may have to cancel the Agreement pursuant to this Section 2.3, but without prejudice to any other rights and remedies such Party may have arising out of this Agreement.
(b) Seller agrees to deliver the Consent and Agreement and opinion of counsel contemplated by Section 2.2(d) at the Financial Closing.
(c) The outside date for Financial Closing set forth in paragraph (a) of this Section 2.3 is not intended to imply that the Parties have until such date to try to satisfy the conditions in Section 2.1 and 2.2 which must be satisfied by Financial Closing. Such conditions should be fulfilled by the time Buyer expects Financial Closing to occur.
Financial Closing. 20.5.1 Upon achievement of the Financial Close, the Concessionaire shall procure issuance by the Financiers (or an agent of the same) of a Notice issued to the GOB (with a copy to the Independent Auditor and the Independent Engineer) certifying the achievement of the Financial Close (the “Financial Close Achievement Notice”). The Financial Close Achievement Notice shall be confirmed by the Independent Auditor and intimate such confirmation to the GOB.
Financial Closing. 4.1 The Concessionaire shall ensure that its obligations in relation to obtaining required finances (whether in form of debt and equity) for the purposes of implementation of the Project is fulfilled within a maximum period of three (3) months of signing and execution of this Agreement (the “Financial Closing”).
4.2 In the event that the Financial Closing is not achieved within the stipulated time period Grantor ULB may either: (i) Terminate this Agreement; or (ii) extend the time period to achieve the Financial Closing for a period as it deems fit. Provided, however, the Term shall not be extended proportionately due to the delay on part of the Concessionaire in achievement of the Financial Closing.
4.3 Grantor ULB confirms that it would cooperate with the Concessionaire in enabling the Financial Closing of the Project including entering into any substitution agreement that may be required by the Lenders, provided however, the title to the Site and/ or the Regional MSW Facilities shall always remain vested with the Grantor ULB.
Financial Closing. At Financial Close, GPA shall return the Bid Guarantee to Project Company and Project Company shall provide to GPA a security deposit (the "Performance Bond") in an amount in Dollars equal to US$75,000,000 to ensure Project Company's obligations to pay liquidated damages in accordance with Articles 9.1 and 9.
