Common use of MINE FINANCING Clause in Contracts

MINE FINANCING. 12.1 The contributions of the Participants toward the Mine Costs shall be individually and separately provided by them. 12.2 Any party may pledge, mortgage, charge or otherwise encumber its Interest 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 paragraph called the “Chargee”) shall hold the same subject to the provisions of this Agreement and that if the Chargee realises upon any of its security it will comply with this Agreement. Upon delivery to the Operator of evidence reasonably satisfactory to the Operator that the Chargee requires to record its charge against the Interest of the borrower, the Operator shall cause title to the Property to be recorded in the names of the individual parties. All costs of such a reconveyance, and the subsequent additional costs if the respective Interests should vary, shall be borne by the borrower alone. 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.