Financing of Project. Project Company shall be solely responsible for securing the financing necessary for development of the Project, which may consist of loans or equity. Government shall have no responsibility to provide financing to Project Company or to provide financial guarantees to Project Company or any Lender. Government shall cooperate with any reasonable requests by Lenders for standard supplementary documentation in connection with the status of Government and the Department of Land Use Planning and Development, MONRE as counterparties to this Agreement and the Land Lease Agreement(s). In the event that the Project Company wishes to obtain loans from sources outside of the Lao PDR, Project Company shall comply with the regulations of the Bank of Lao PDR.
Financing of Project. Tenant shall have a period of six (6) months from the Commencement Date to obtain capital funding for the construction of the initial Buildings in the amount of $2.6 million dollars. The funds shall be held in an escrow account (“Construction Escrow”) by a third party escrow agent to be mutually agreed upon by Landlord and Tenant (the “Escrow Agent”) on or prior to the date which is sixty (60) days following the Commencement Date. In the event that Tenant is unable to raise such funds within said six (6) month period, Tenant shall have an additional six (6) month period to do so, provided that Tenant has paid Base Rent in accordance with Section 4.1. If Tenant is then unable to raise such funds on or before twelve (12) months from the Commencement Date, this Lease shall terminate and all obligations of the parties shall cease without recourse of either party to the other except for any obligations which accrued prior to such termination date and remain unsatisfied. On or prior to the date which is sixty (60) days following the Commencement Date, Landlord and Tenant shall enter into a mutually acceptable Construction Escrow Agreement with the Escrow Agent, which shall govern the release of funds from the Construction Escrow for construction costs. If Tenant desires to construct additional Buildings on the Premises after construction of the initial Buildings, Tenant shall submit all items required by Section 9.1 above, except that in lieu of a Construction Escrow, Tenant shall provide Landlord evidence reasonably satisfactory to Landlord that Tenant has sufficient funds available to meet the budget for such additional Buildings. Landlord shall have the right to disapprove the construction of additional Buildings if Landlord reasonably determines that sufficient funds are not available to complete construction of additional Buildings.
Financing of Project. The Developer shall be obligated to close on the Construction Loan with the CRA. The failure of the Developer to close on the Construction Loan shall be considered a material default of this Agreement entitling the CRA to its rights and remedies hereunder.
Financing of Project. Simultaneously with the closing of the sale of the Bonds, the Company shall cause the Board to apply the net proceeds received from the sale of the Bonds for the following purposes and in the following order:
Financing of Project. The Authority hereby agrees to loan the proceeds of the Bonds to the Corporation to be passed through the Corporation to be used ultimately for the payment of the Costs of the Project.
Financing of Project. The Authority will finance the Project with proceeds of the Series 2023B Bond as provided in the Bond Resolution, including proceeds on deposit in the Project Fund to be established under the Bond Resolution or other funds lawfully available for such purpose. The Costs of the Project is being financed through the Series 2023B Bond in furtherance of the Authority’s and the City’s public purposes and in particular those public purposes described elsewhere herein. The Authority hereby agrees to issue the Series 2023B Bond to finance the Costs of the Project and thereby cause the Project to be paid for in accordance with the provisions hereof and of the Act, and the City hereby agrees to make the payments provided for in Section 5.01 hereof in accordance with the provisions of this Contract.
Financing of Project. (a) Each of the Participants acknowledge and agree that the Authority will issue the Bonds from time to time in one or more series to finance the Costs of the Project, including reimbursing the Authority for any debt or equity contributions made prior to the date of this contract that relate to the financing of the Project. The Bonds will not be general obligations of the Authority or secured by general revenues of the Authority, but will be solely secured by amounts held from time to time in the funds established under the Bond Resolution under which such Bonds are issued, and by the moneys to be received by the Authority under either an intergovernmental contract with Oconee or an intergovernmental contract with Walton. Under each such intergovernmental contract, Oconee or Walton, as the case may be, shall agree with the Authority that in return for the facilities and services provided by the Authority, it will pay to the Authority amounts due from time to time on the Bonds secured by such contract, and will levy an annual ad valorem tax, unlimited as to amount, sufficient to make such payments. Such Contract may also provide for the payment of amounts due from the Authority with respect to any credit or liquidity facility relating to any Bonds, or for the payment of any swap, cap, collar or other hedge relating to any Bonds (whether presently outstanding or to be issued). The parties intend that Bonds shall be issued from time to time by the Authority such that the aggregate amount of debt service on the aggregate of Bonds issued by the Authority with respect to the Project secured by a contract with Oconee or a contract with Walton shall generally match as closely as practicable the Entitlement Share of Oconee and Walton, respectively, of the total debt service on all Bonds issued with respect to the Project. The Authority shall make a determination as to the amount of Bonds of each series to be issued, the terms of the Bonds, and all other details relating to the offer and sale of the Bonds. Each of Oconee and Walton agree for the benefit of the Authority and the other Participant that it shall cooperate in the financing of its portion of the Costs of the Project and shall cooperate with the Authority in:
Financing of Project. SECTION 3.01 Reliance by Construction Lender and Borrower on Take-out Commitment of LHC 11
Financing of Project. The Developer represents to the CRA that the Developer needs to obtain a Construction Loan (as defined below) for the construction of the Project. Prior to submitting any applications required to obtain the Development Approvals, the Developer shall obtain and provide to the CRA a preliminary construction loan commitment issued by a Lender. Thereafter, the Developer shall use its good faith and diligent efforts to obtain from a Lender a commitment letter and loan document package for a construction loan for the Project in an amount consistent with the Development Budget and on terms reasonably acceptable to the Developer (the “Construction Loan”) within sixty (60) days following receipt of the Development Approvals. If the Developer fails to obtain the Construction Loan within sixty (60) days following receipt of the Development Approvals and cannot otherwise provide evidence to the reasonable satisfaction CRA that the Developer has adequate funding to complete the Project, then this Agreement shall automatically terminate without the need for further notice; and the Developer shall pay the Inspection Costs whereupon, except for those provisions of this Agreement which by their express terms survive the termination of this Agreement, no party hereto shall have any other or further rights or obligations under this Agreement. To the extent Developer is able to obtain a commitment letter and loan document package for the Construction Loan, provided that the Developer has met all other conditions precedent under Section 5.1 below (other than obtaining the Construction Loan) and any other conditions precedent to the closing of the Construction Loan, the Developer shall be obligated to close on the Construction Loan. The failure of the Developer to close on the Construction Loan shall be considered a material default of this Agreement entitling the CRA to its rights and remedies hereunder. The CRA shall permit a separate mortgage to be placed on the CRA Property as collateral for the respective Construction Loan provided that (a) the Lender is an institutional Lender, and (b) the loan or bond documents are in a form and substance reasonably acceptable to the CRA and its legal counsel and shall include at a minimum, requirements that (i) the Lender shall, in the manner provided in the loan documents, give notice to the CRA of each notice of default given to Developer under the loan documents and (ii) the CRA shall have the right, for a reasonable period beyond th...
Financing of Project. .. 9 Section 3.3. Repayment to Authority; Repayment to Corporation.......................................... 9
