Development and Equipment Loans Clause Samples
The 'Development and Equipment Loans' clause establishes the terms under which one party provides financing to another for the purpose of acquiring equipment or funding development activities. Typically, this clause outlines the amount of the loan, repayment schedule, interest rates, and any collateral requirements, as well as specifying the types of equipment or development projects eligible for funding. Its core practical function is to facilitate access to necessary resources while clearly defining the obligations and protections for both lender and borrower, thereby reducing the risk of disputes and ensuring the smooth execution of the financed activities.
Development and Equipment Loans. Great Lakes shall make available to the Band the Lakes Development Loan and, upon NIGC Approval and transfer of the Gaming Site into trust for the Band, shall assist the Band in obtaining the Bank Loan and the Equipment Loan; and, to the extent required under Section 9.2.4, shall provide the Lakes Facility Loan. Such Loans shall be in an aggregate amount sufficient to, and shall be used to, pay for all Development Expenditures for both the Initial Phase and the Final Scope of Work, provided that (a) the aggregate amount of Development Expenditures for the Initial Phase shall not exceed $197,000,000, (b) the aggregate amount of additional Development Expenditures for the Final Scope of Work shall not exceed an additional $95,000,000, and (c) the Bank Loan and Equipment Loan to fund the Final Scope of Work need not be obtained at the same time as such Loans are obtained for the Initial Phase. The Loans shall be in the following amounts and on the following terms, unless otherwise agreed by the Band:
Development and Equipment Loans. Lakes shall make available to the Band the Lakes Development Loan and, upon NIGC Approval and transfer of the Gaming Site into trust for the Band, shall assist the Band in obtaining the Bank Development Loan and the Equipment Loan. Such Loans shall be in an aggregate amount sufficient to, and shall be used to, pay for all Development Expenditures, provided that such aggregate amount shall not exceed $135,000,000. The Loans shall be in the following amounts and on the following terms, unless otherwise agreed by the Band:
Development and Equipment Loans. 27 ARTICLE 10.
Development and Equipment Loans. Lakes shall make available to the Band the Lakes Development Loan and, upon NIGC Approval and transfer of the Gaming Site into trust for the Band, shall assist the Band in obtaining the Bank Development Loan and the Equipment Loan. Such Loans shall be in an aggregate amount sufficient to, and shall be used to, pay for all Development Expenditures for both the Initial Phase and the Final Scope of Work, provided that (a) the aggregate amount of Development Expenditures for the Initial Phase shall not exceed $100,0000, (b) the aggregate amount of additional Development Expenditures for the Final Scope of Work shall not exceed $100,000,000, and (c) the Bank Development Loan and Equipment Loan to fund the Final Scope of Work need not be obtained at the same time as such Loans are obtained for the Initial Phase. The Loans shall be in the following amounts and on the following terms, unless otherwise agreed by the Band: