Cost Overrun Facility definition
Examples of Cost Overrun Facility in a sentence
Each Borrowing of Loans shall be in a principal amount of (x) with respect to the Project Finance Facility, U.S.$2,000,000 or a whole multiple of U.S.$500,000 in excess thereof or (y) with respect to the Cost Overrun Facility, U.S.$1,000,000 or a whole multiple of U.S.$500,000 in excess thereof; provided that such limits shall not apply to the final Borrowing under a Debt Facility and such final Borrowing may be in an aggregate amount equal to the unused Commitments under such Debt Facility at such time.
Notwithstanding the reporting requirements set out in this Agreement, as of the Initial Closing Date (as defined in the Cost Overrun Facility Agreement), there are no ongoing operations or any related development activity at either the Mt. ▇▇▇▇▇▇▇▇ Property or the Swamp Point Property.
Senior Project Finance A Project Finance facility of up to US$625m together with a Cost Overrun Facility of US$40m, both to be provided by a syndicate of international banks (“the Project Finance Lenders”) which shall benefit from a first ranking security package in respect of the assets of MMB and related equity and subordinated debt.
The aggregate principal amount of all Loans outstanding under the Cost Overrun Facility on the Maturity Date shall be repaid on such date.
With respect to a Borrowing of Loans under the Cost Overrun Facility, the PFF Commitments shall have been disbursed in full.
Interest The interest on each facility is based on the Secured Overnight Financing Rate (SOFR) plus a margin as set out below: Term Loan Facility Prior to Project Completion: SOFR + 8% Post Project Completion: SOFR + 6.5% Revolving Credit Facility SOFR + 6% Cost Overrun Facility SOFR + 9.25% Bank Guarantee fees 1.5% of the aggregate outstanding amount of each Bank Guarantee.
In particular, the proceeds of each Advance made under the Term Facility and the Cost Overrun Facility and each contribution of Equity may be utilised by Borrower only in accordance with Section 2.3 (Purpose and Application).
The commitment fee for each Debt Facility shall accrue at all times from the Closing Date until the end of the Availability Period for such Debt Facility, including at any time during which one or more of the conditions in Article IV is not met and, in the case of the Cost Overrun Facility, including for the period prior to the disbursement of the PFF Commitment in full.