[72E Fourth exception: project finance]
[72E Fourth exception: project finance]

[(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

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