[F172E Fourth exception: project financeE+W+S
(1)Section 72A does not prevent the appointment of an administrative receiver of a project company of a project which—
(a)is a financed project, and
(b)includes step-in rights.
(2)In this section—
(a)a project is “financed” if under an agreement relating to the project a project company incurs, or when the agreement is entered into is expected to incur, a debt of at least £50 million for the purposes of carrying out the project,
(b)“project company” has the meaning given by paragraph 7 of Schedule 2A, and
(c)“step-in rights” has the meaning given by paragraph 6 of that Schedule.]
Textual Amendments
F1Pt. III Ch. IV (ss. 72A-72H) inserted (18.3.2003 for the purpose of giving effect to the insertion of s. 72H(2)-(5) and otherwise 15.9.2003) by 2002 c. 40, ss. 250(1), 279 (with s. 249(6)); S.I. 2003/765, art. 2, Sch.; S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))