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

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.

Examples of Financial Close in a sentence

The O&M and Handback Work Plan must also be sufficiently detailed to allow MDOT to perform independent cost validation and xxxxxx the necessary acceptances needed to reach Financial Close for each Section.
Design shall be sufficient for the Phase Developer to confidently reduce risk associated with the Section Work, submit a Committed Section Proposal that is acceptable to MDOT, and reach Financial Close for each Section.
The Phase Developer's Conceptual Design shall also be sufficiently detailed to allow MDOT to understand all Section Work required, perform independent cost validation in accordance with Exhibit 6 Article 1 (Scope of Predevelopment Work) Section 1.20 (Section D&C Work Pricing) and Section 1.21 (Section O&M Work Pricing), and xxxxxx the necessary approvals needed to reach Financial Close for each Section.
Upon Financial Close of the relevant Section, the Section Developer shall fund an escrow account to be held by MDOT and deposit the Additional Properties Costs Amount into the escrow account (the "Additional Properties Costs Escrow Account").
The Phase Developer shall develop a Plan for O&M and Handback Work to support the Predevelopment Work in a sufficient manner for the Phase Developer to confidently reduce risk associated with the Section Work, submit a Committed Section Proposal that is acceptable to MDOT, and reach Financial Close for each Section.

More Definitions of Financial Close

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

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 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 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 Seller and/or one of its Affiliates has obtained debt and/or equity financing commitments from one or more Lenders sufficient to construct the Facility, including such financing commitments from Seller’s owner(s).