Common use of Construction Financing Clause in Contracts

Construction Financing. (a) The Lessee has entered into the Agency Agreement with the Lessor pursuant to which the Lessee as Construction Agent has agreed to complete the construction of the Improvements. The Improvements shall, as the construction of same is completed upon the Fee Parcels, or the Easement Parcels, as the case may be, become a part of the Improvements, and title thereto shall remain in the Lessor. (b) In order to finance the acquisition by the Lessor of its interest in the Parcels and the Initial Improvements and to finance the cost of construction of the Improvements, the Note Purchasers, as contemplated by the Participation Agreement, will advance to the Trustee the Actual Project Costs up to their respective Note Commitments and the Certificate Purchasers will make Investments in the 1995 Ferro Plant Trust equal to its Certificate Commitment, and in consideration therefor, the Trustee will issue the Interim Notes, Series 1 A- Notes and Series 1 B-Notes to the Note Purchasers and the Certificates to the Certificate Purchasers pursuant to the Declaration. (c) On the Interim Note Maturity Date, the Interim Notes will, as provided in the Participation Agreement, be refinanced through the issuance of a specified proportion of Series 2 A-Notes and Series 2 B-Notes to be issued under the Declaration in an aggregate principal amount equal to the aggregate principal amount of, and accrued but unpaid interest on, the Interim Notes. The Lessee agrees to execute and deliver such supplements, amendments, certificates and other documents which shall reasonably be necessary to effect the issuance of the Series 2 A-Notes and Series 2 B-Notes.

Construction Financing. (a) The Lessee has entered into the Agency Agreement with the Lessor pursuant to which the Lessee as Construction Agent has agreed to complete the construction of the HCL Improvements. The HCL Improvements shall, as the construction of same is completed upon the Fee Parcels, or the Easement Parcels, as the case may beParcel, become a part of the Improvements, and title thereto shall remain in the Lessor. (b) In order to finance the acquisition by the Lessor of its interest in the Parcels and HCL Parcel, work in process pertaining to the Initial HCL Improvements and to finance the cost of construction of the HCL Improvements, the Note Purchasers, as contemplated by the Participation Agreement, will advance to the Trustee the Actual HCL Project Costs up to their respective Interim Note (HCL) Commitments and the Certificate Purchasers Purchaser will make Investments a HCL Investment in the 1995 Ferro 1994 VCM Plant Trust equal to its Certificate (HCL) Commitment, and in consideration therefor, the Trustee will issue the Interim Notes, Series 1 A- Notes and Series 1 B-Notes (HCL Series) to the Note Purchasers and the Certificates (HCL Series) to the Certificate Purchasers pursuant to the Declaration. The Trustee will loan to the Lessor the aggregate proceeds of the HCL Advances and the HCL Investment and in consideration therefor, the Lessor will execute and deliver to the Trustee the VCMI Note and the VCMI Mortgage. (c) On the Interim Note (HCL) Maturity Date, the Interim Notes (HCL Series) will, as provided in the Participation Agreement, be refinanced through the issuance of a specified proportion of Series 2 A-Notes and Series 2 B-Notes to be issued under the Declaration in an aggregate principal amount equal to the aggregate principal amount of, and accrued but unpaid interest on, the Interim NotesNotes (HCL Series). The Lessee agrees to execute and deliver such supplements, amendments, certificates and other documents which shall reasonably be necessary to effect the issuance of the Series 2 A-Notes and Series 2 B-Notes.