Model Project Development Agreement Page 12
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88Plan"
"Encumbrances"
means any claim, option, charge (fixed or floating), mortgage, lien,
pledge, equity, encumbrance, right to acquire, right of preemption,
right of first refusal, title retention or any other third party right, or
other security interest or any agreement or arrangement having a
similar effect or any agreement to create any of the foregoing.
"Energy Royalty"
means the royalty charged on electrical energy generated by the
Power Station pursuant to Section 15.22 of this Agreement.
means the environment management plan set out in Schedule 18.
"Environment
Management
Plan"
"ER Project"
means the emission reduction project as referred to in Section
11.1.1.
"ER Project
means the ER Project costs as referred to in Section 11.5.1.
Costs"
"Explosives"
means the explosives as referred to in Section 13.8.1.
"Export
means the purchaser for the electrical output generated by the Power
Offtaker"
Station and sold by the Company under the Export Power Purchase
Agreement.
"Export Power
means the power purchase agreement to be entered into between the
Purchase
Company and the Export Offtaker in respect of a proportion of the
Agreement"
electrical output from the Power Station and as approved by the
GON in accordance with Schedule 21 of this Agreement.
means the highest amount of revenue achievable from the price and
"Feasible
volume terms beyond which a bankable, sustainable and enforceable
Revenue"
power purchase agreement could not be achieved.
"Financial Close"
means the date on which the Financing Documents have become
effective, and the Company has access to the funds or financial
assistance committed thereunder.
"Financing
means the loan agreements, notes, indentures, security agreements,
Documents"
guarantees and other agreements, documents and instruments,
including any hedging transactions entered into by the Company, in
connection with the permanent financing (including refinancing) of
the Project, as the same may be amended from time to time.
"Force Majeure
means the force majeure events as referred to in Section 16.1.1.
Event"
means any currency other than Nepalese Rupees.
"Foreign
Currency"
"Generation
means the licence for the generation of electricity (as amended or
Licence"
supplemented from time to time) granted to the Company by the
GON in accordance with the Laws of Nepal.
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