DEVELOPMENT FINANCING Sample Clauses

DEVELOPMENT FINANCING. If during the Term, Lessee elects to develop or otherwise to construct improvements on the Premises, as set forth in Paragraph 10 above, the parties hereto agree as follows: (a) The total cost of the work shall be paid for by Lessee. (b) Notwithstanding anything herein to the contrary, Lessee is hereby given the absolute right without Lessor's consent to mortgage its interest in this Lease for the purpose of securing any loan to be used by Lessee for the development, improvement and operation of the Premises, but Lessor shall not be required to join or participate in said loan, or to accept any personal responsibility for the repayment of same. No such mortgage shall extend to or affect the fee title or the reversionary interest of Lessor in and to the Premises, or the reversionary interest of Lessor in and to any improvements now or hereafter installed upon the Premises. No such mortgage or assignment thereof shall be binding upon the Lessor in the enforcement of its rights under this Lease, but Lessor will provide a copy of any notice of default by Lessee to the mortgage holder and will accept performance by the mortgage holder of any term of this Lease to be performed by Lessee. The mortgage holder shall have thirty (30) days in which to cure any Event of Default by Lessee after the time for Lessee to cure it has expired; provided, however, that if the Event of Default cannot be cured by the payment of money, Lessor will not terminate this Lease if the mortgage holder commences and thereafter diligently pursues to completion foreclosure of its mortgage and pays to Lessor all sums then due and unpaid under the terms of this Lease. The loan documents shall contain a provision allowing, but not obligating, Lessor to cure any default thereunder if Lessee fails to do so. Such mortgage shall provide that a copy of any notice of default served thereunder shall be sent by mail to Lessor at the address given in this Lease for the service of notices hereunder. A duplicate original or certified copy of such mortgage, showing recording data, shall be given to Lessor within ten (10) days after the same is returned from the recorder's office.

DEVELOPMENT FINANCING. 20.1 Any interest payment or other financing cost for Petroleum Operations shall not be a cost recoverable expense for Cost Recovery Oil or Cost Recovery Gas purposes. 20.2 Any funds borrowed by Contractor shall not constitute income for purposes of the determination of Profit Oil or Profit Gas and any repayments of principal amount shall not constitute Expenditure. 20.3 The Contractor or any Contracting Company may create a security interest in respect to its Participating Interest with the approval of the Government in accordance with Rule 72 of the Rules. Any contracting company which creates a security interest in favour of foreign entity shall require prior approval of SBP under Foreign Exchange Regulations Act, 1947.

DEVELOPMENT FINANCING. 20.1 Any interest payment or other financing cost for Petroleum Operations shall not be a cost recoverable expense for Cost Recovery Oil or Cost Recovery Gas purposes. 20.2 Any funds borrowed by Contractor shall not constitute income for purposes of the determination of Profit Oil or Profit Gas and any repayments of principal amount shall not constitute Expenditure. 20.3 The Contractor or any Contracting Company may create a security interest in respect to its Participating Interest with the approval of the Government in accordance with Rule 70 of the Rules.

DEVELOPMENT FINANCING. Any of the Working Interest Owners shall have the right to obtain project financing for the development of a Commercial Discovery. THE PRESIDENT may, where possible, upon request of a Working Interest Owner, use his good offices to assist in all things necessary to facilitate project financing by a consortium of banks for any portion of the development Expenditure.

DEVELOPMENT FINANCING. Subject to Article 11.9, any of the Working Interest Owners shall have the right to obtain project financing for the development of any Commercial Discovery made in the Badin-II Revised Area. The President, upon request of a Working Interest Owner, shall, where possible, use its good offices to assist in all things necessary to facilitate project financing by a consortium of banks for any portion of the development costs.

DEVELOPMENT FINANCING. Developer shall be responsible for and shall pay all costs of developing the Project and undertaking and completing any Project on any of the Properties, except as otherwise provided in this Agreement and the applicable Future Agreement. As will be specified in the Future Agreements as a condition precedent to Agency's obligation to provide the Agency Funding, for any Project, Developer shall provide the Agency with a Project budget, proposed sources and uses of funds, and evidence of sufficient funds (including Agency Funding) to meet all budget requirements. Except as expressly provided in this Agreement and the applicable Future Agreement, no Party shall have the right of reimbursement for any funds expended by them for the Project. Agency is not obligated by this Agreement or otherwise to make any contribution beyond its obligations stated in this Agreement and the applicable Future Agreement. Any Agency assistance may be reviewed for consistency with any Agency- adopted underwriting standards, policies, and funding requirements that may be applicable to the Agency Funding for a particular Project. A proposed Project as financed under a Future Agreement may be subject, under the applicable provisions of the California Labor Code and determinations of the Department of Industrial Relations pursuant thereto, to the payment of prevailing wages, in whole or in part, for construction of the Project, depending upon sources and uses of Agency Funding. Determination of the applicability of prevailing wages will be considered for each proposed Project and appropriate provisions will be included in each Future Agreement. In any event, for each Future Agreement, Developer will have the opportunity to meet with Developer's legal counsel and may choose to request a determination from the Department of Industrial Relations. It is not the intention of the Parties that the Agency be an indemnitor for any obligation of the Developer for the payment of prevailing wages, unless the Agency, specifically and in its absolute discretion, agrees to accept such role in a Future Agreement regarding the applicability of prevailing wage requirements to a proposed Project.

DEVELOPMENT FINANCING. Manager shall use its best efforts to obtain on behalf of the Company third party debt financing in an amount sufficient to fund the development of the Project pursuant to plans approved by the Members (the "Development Financing"). The Development Financing shall be between $30 million and $33 million and shall generally be within the following parameters: 3.08.1 The Development Financing may be recourse to the Members until the Project is open to the public for gaming and at a interest rate between 9.5% and 10.5%. 3.08.2 Upon opening the Project for public gaming the Development Financing shall be non-recourse to the Members. The Development Financing shall accrue interest at an interest rate of approximately 300 basis points above 10 year treasury rate and the repayments shall be amortized over 20 years with a balloon payment between the years 5 and 7.

DEVELOPMENT FINANCING. Equitable Sharing of the Benefits of Development

DEVELOPMENT FINANCING. Burundi has few financial resources available for development, and it will have to make a major effort to increase them. External financing will also have to be mobilized. Burundi must send out political and economic signals strong enough to encourage donors to make a major contribution. These signals have to do with the process of national reconciliation, a strong commitment to economic reform, and the proper management of public affairs. Effective co-ordination of donor activities will be necessary if Burundi's reconstruction and development are to be successful.