Replacement Project Document definition

Replacement Project Document any Project Document entered into by an Obligor with a Replacement Obligor in replacement of a Material Project Document, which, in each case, shall be in form and substance reasonably satisfactory to the Required Lenders.

Replacement Project Document means any contract entered into in replacement of an existing Material Project Document.

Replacement Project Document means, in respect of any Material Project Document, one or more binding replacement Project Documents (i) that are Additional Material Project Documents entered into in accordance with Section 6.09(a)(iii), (ii) that, in the case of any Project Document replacing a Material Project Document (other than any Material Construction Contract, the Vitol S&O Agreement or the Vitol S&S Agreement), are (A) on terms (take as a whole) that are substantially similar to, or more favorable to the applicable Loan Party than, the terms and conditions of the Material Project Document being replaced, (B) is with a counterparty that is as creditworthy (measured as of the date of such counterparty enters into such replacement Material Project Document) as the Material Project Counterparty under the Material Project Document being replaced (measured as of the date of such Material Project Counterparty entered into the Material Project Document being replaced) and (C) has pricing and economic terms (taken as a whole) consistent with, or better than, the Material Project Document being replaced or (iii) otherwise on terms and conditions acceptable, and with a counterparty of credit acceptable, to the Administrative Agent, acting at the reasonable direction of the Required Lenders.

Examples of Replacement Project Document in a sentence

• The dissolution of any Obligor or any Major Project Participant, unless, in the case of any Major Project Participant, the Borrower Entities are diligently proceeding in good faith to replace the Major Project Document to which such Major Project Participant is a party and such Major Project Document is replaced with an Acceptable Replacement Project Document within 60 days of such dissolution.

• The Borrower shall not permit the Project Company to enter into or become a party to any Additional Project Document, Additional Offtake Agreement or Replacement Project Document, except (i) with the prior written consent of the Required Lenders, not to be unreasonably withheld, conditioned or delayed, (ii) in the name of the Project Company and (iii) upon delivery to the Administrative Agent of the documents required pursuant to Section 6.24.

• After the entry into any Additional Project Document, Additional Offtake Agreement or Replacement Project Document and receipt of a copy of such by the Borrower, deliver a copy of such Additional Project Document, Additional Offtake Agreement or Replacement Project Document to the Administrative Agent.

• The commencement of an Insolvency Proceeding against any Obligor or any Major Project Participant and such proceeding continues undismissed for at least 30 days, unless, in the case of any Major Project Participant, the Borrower Entities are diligently proceeding in good faith to replace the Major Project Document to which such Major Project Participant is a party and such Major Project Document is replaced with an Acceptable Replacement Project Document within 60 days of such event.

More Definitions of Replacement Project Document

Replacement Project Document means (i) with respect to any Ground Lease, an Acceptable Replacement Ground Lease and (ii) with respect to any other Project Document, an Acceptable Replacement Project Document.

Replacement Project Document means any contract or agreement in form and substance reasonably satisfactory to the Required Lenders entered into by either Borrower with any Replacement Project Participant subsequent to the date of this Agreement in substitution for any Project Document that has been terminated (other than by virtue of scheduled expiration in the ordinary course in accordance with its terms).

Replacement Project Document means any Additional Project Document in replacement of a Material Project Document which is entered into with a Replacement Project Party and either (i) has economic terms which are no less favorable to the Company than those in the Material Project Document being replaced and has other terms and conditions which, in the case of such other terms and conditions, taken as a whole, are not materially less favorable to the Company than those in the Material Project Document being replaced or (ii) is in form and substance satisfactory to Ormat, acting reasonably.

Replacement Project Document means, in respect of any Material Project Document, one or more binding replacement Project Documents (i) that are Additional Material Project Documents entered into in accordance with Section 6.09(a)(iii), (ii) that, in the case of any Project Document replacing a Material Project Document (other than any Material Construction Contract or the ExxonMobil Offtake Agreement), are (A) on terms (take as a whole) that are substantially similar to, or more favorable to the applicable Loan Party than, the terms and conditions of the Material Project Document being replaced, (B) is with a counterparty that is as creditworthy (measured as of the date of such counterparty enters into such replacement Material Project Document) as the Material Project Counterparty under the Material Project Document being replaced (measured as of the date of such Material Project Counterparty entered into the Material Project Document being replaced) and (C) has pricing and economic terms consistent with, or better than, the Material Project Document being replaced or (iii) on otherwise terms and conditions acceptable, and with a counterparty of credit acceptable, to the Administrative Agent, acting at the reasonable direction of the Required Lenders. 32 Bakersfield Refinery – Senior Credit Agreement

Replacement Project Document has the meaning given such term in the Term Credit Agreement.

Replacement Project Document means any Additional Project ---------------------------- Document entered into in replacement of a Project Document (i) with substantially similar economic effect on the Issuer as the Project Document being replaced and (ii) with a counterparty (including any guarantor of such counterparty's obligations) having substantially similar creditworthiness and experience (taking into account the experience of any Affiliate of such counterparty) as the counterparty to the Project Document being replaced, provided, that with respect to Project Documents other than the Power Sales -------- Agreements, any investment grade rating is deemed of equal creditworthiness with any higher rated counterparty.

Replacement Project Document means any project document entered into after the Closing Date in replacement of a Major Project Document or a Minor Project Document (a) that has economic terms (including pricing, payment provisions and term thereof) and other material terms (including scope of services, performance standards, performance assurance, indemnities, warranties, termination rights and obligations) each of which is substantially similar to or more favorable to the Project Company, and substantially similar or more favorable non-economic terms (taken as a whole) as the Major Project Document or Minor Project Document being replaced and (b) the counterparty under which (or the guarantor of such counterparty’s obligations) has substantially similar or better creditworthiness and experience as the counterparty to the Major Project Document or the Minor Project Document being replaced. Each Replacement Project Document shall be deemed to be a Major Project Document or a Minor Project Document, as applicable.