Finance Undertaking definition
Finance Undertaking means the undertaking to be given by a licensed bank or registered deposit-taking company to provide finance for completion of the Development;
Finance Undertaking means a finance company or a financial institution;
Finance Undertaking means the undertaking to be given by a licensed bank or registered deposit-taking company authorized under section 16 of Banking Ordinance to provide finance for Completion of the Development; 1.23 “Financier” means any person providing unsecured loan(s) to the Vendor or the JV Partner, in whole or in part, for Completion of the Development; 1.24 “Government” means the Government of the Hong Kong Special Administrative Region; 1.25 “Government Grant” means the land grant under which the land is held from the Government; 1.26 “immediate family member”, in relation to an individual, means a spouse, parent, child, sibling, grandparent or grandchild of the individual; 1.27 “JV Partner” means any person engaged by the Vendor to co-ordinate and supervise the process of designing, planning, constructing, fitting out, completing and marketing the Development; 1.28 “LACO” means the Legal Advisory and Conveyancing Office of the Lands Department; 1.29 “land” means the land on which the Development is now being constructed or to be constructed; 1.30 “Mortgagee” means the licensed bank or registered deposit-taking company in favour of which the Building Mortgage is made; 1.31 “Mortgagee’s Certificate” means a confirmation in writing from the Mortgagee as to the amount of the facilities remaining undrawn under the Building Mortgage and that the facilities are sufficient to finance the Outstanding Development Costs; 1.32 “occupation permit” means an occupation permit or temporary occupation permit to be issued by the Building Authority under section 21 of the Buildings Ordinance for every building in the Development; 1.33 “Outstanding Development Costs” means that part of the Total Development Costs expended but not yet paid and that part of the Total Development Costs remaining to be expended to complete the Development as certified by the Authorized Person; 1.34 “PASP” means a preliminary agreement for sale and purchase to be entered into between the Vendor and a purchaser relating to the sale and purchase of a unit in the Development; 1.35 “Phase” means a phase in the Development for which the Consent is applied; 1.36 “Professional Fees” means any sums incurred or to be incurred by the Vendorfor the employment of the Authorized Person and other professional persons or consultants in relation to completion of the Development;
More Definitions of Finance Undertaking
Finance Undertaking means the undertaking to be given by a licensed bank or registered deposit-taking company authorized under section 16 of the Banking Ordinance to provide finance for Completion of the Development;