Common use of Project Operator Clause in Contracts

Project Operator. is a special purpose vehicle (a) Subject to paragraph (b), Project Operator must: (i) be a special purpose vehicle established for the sole purpose of carrying on the Project and the business and activities contemplated by this agreement; (ii) not carry on, or have previously carried on prior to the Signing Date, any other business or activity other than the Project or the business and activities contemplated by or reasonably incidental to this agreement; (iii) own, or otherwise hold in its name, the Project, including all assets, legal rights and Authorisations reasonably required to carry on the Project; and (iv) receive all revenue generated by, and other economic value associated with, the Project, including being the counterparty to all revenue contracts and other revenue arrangements in respect of the Project; (v) not hold, acquire or create any Subsidiary without the Commonwealth’s prior written consent; and (vi) without limiting clause 23.4 (“Change in Control”), as soon as practicable after the occurrence of the change: (A) notify the Commonwealth of any changes in the ownership of Project Operator since the assessment of the Tender; and (B) provide to the Commonwealth updated group structuring diagrams showing any changes since the assessment of the Tender. (b) Despite paragraph (a), Project Operator may enter into a contract or other arrangement (including as part of a Wholesale Contract) with another person: (i) for that person to be registered as “intermediary” (as defined in the NER) for Project Operator in respect of the Project (“Permitted Intermediary Contract”); or (ii) to enter into a “reallocation” (as defined in the NER) involving that other person in respect of the Project, (“Permitted Arrangement”).

Project Operator. is a special purpose vehicle (a) Subject to paragraph (b), Project Operator must: (i) be a special purpose vehicle established for the sole purpose of carrying on the Project and the business and activities contemplated by this agreement; (ii) not carry on, or have previously carried on prior to the Signing Date, any other business or activity other than the Project or the business and activities contemplated by or reasonably incidental to this agreement; (iii) own, or otherwise hold in its name, the Project, including all assets, legal rights and Authorisations reasonably required to carry on the Project; and (iv) receive all revenue generated by, and other economic value associated with, the Project, including being the counterparty to all revenue contracts and other revenue arrangements in respect of the Project; (v) not hold, acquire or create any Subsidiary without the Commonwealth’s prior written consent; and (vi) without limiting clause 23.4 (“Change in Control”), as soon as practicable after the occurrence of the change: (A) notify the Commonwealth of any changes in the ownership of Project Operator since the assessment of the Tender; and (B) provide to the Commonwealth updated group structuring diagrams showing any changes since the assessment of the Tender. (b) Despite paragraph (a), Project Operator may enter into a contract or other arrangement (including as part of a Wholesale Contract) with another person: (i) for that person to be registered as “intermediary” (as defined in the NER) for Project Operator in respect of the Project (“Permitted Intermediary Contract”); or (ii) to enter into a “reallocation” (as defined in the NER) involving that other person in respect of the Project, (“Permitted Arrangement”).