Common use of MINE FINANCING Clause in Contracts

MINE FINANCING. 12.01 The contributions of the Participants toward the Costs shall be individually and separately provided by them as capital contributions to Holdco. 12.02 Subject to the prior right of Holdco, as determined by the Shareholders’ Committee, to encumber the Share Participation of each Participant in order to secure financing or refinancing of Mine Costs, any party may pledge, mortgage, charge or otherwise encumber all, and not less than all, of its Share Participation in order to secure moneys borrowed and used by that party for the sole purpose of enabling it to finance its participation under this Agreement or in order to secure by way of floating charge as a part of the general corporate assets of that party moneys borrowed for its general corporate purposes, provided that the pledgee, mortgagee, holder of the charge or encumbrance (in this subsection called the "Chargee") shall hold the same subject to the provisions of this Agreement and that if the Chargee realizes upon any of its security it will comply with this Agreement. The Agreement between the party hereto, as borrower, and the Chargee shall contain specific provisions to the same effect as the provisions of this paragraph, and evidence thereof shall first be provided to all other parties hereto.