Common use of Project Debt Financing Clause in Contracts

Project Debt Financing. Capital expenditures relating to the implementation of the Boleo Project, together with working capital requirements shall be financed, to the maximum degree possible, on a project finance, non recourse basis with one or more Financial Institutions in accordance with the Financing Plan and the financing terms presented to and accepted by the parties at the closing of the Share Purchase Agreement, with such changes as may be approved by the Board and, if required, the Shareholders (the “Project Debt Financing”). It is understood and agreed that: (a) the Project Debt Financing will occur through the Corporation and that split-financing will not be permitted; and (b) no Party shall take any action or refrain from taking any action that is reasonably likely to be inconsistent with this Section or reasonably likely to materially hinder the ability of the Corporation to obtain the Project Debt Financing. Nothing in this Section shall prevent any Party from exercising its rights under Section .