OT Project definition
Examples of OT Project in a sentence
The Co-Lending shall take the form of pari passu Senior Loans under Clause 7.1(a) of the CTA and will share pro rata in the security package for the OT Project Financing on the same terms as the other Senior Loans.
Subject to Sections 15 to 19, RTIHL, on behalf of a member of the Rio Tinto Group to be designated by RTIHL (the “Rio Tinto Lender”), hereby undertakes and commits to provide, as soon as reasonably practicable following the Release Date, US$750 million (or such lesser amount as may be required to fund OT Project costs relating to underground and agreed by RTIHL and TRQ) in aggregate principal amount of senior loans to OT LLC (the “Co-Lending”).
The Co-Lending shall be disbursed initially as required to fully repay indirectly the Advance and thereafter from time to time as OT LLC requires funding of OT Project costs upon satisfaction or waiver of the initial and subsequent conditions precedent with respect thereto as set forth in Schedules 2 and 3 of the CTA.
Except as permitted by this Agreement and subject to Section 26, TRQ shall not, directly or indirectly, seek or propose or engage in discussions regarding additional Senior Loans, bonds, streams, prepays or other similar instruments at TRQ or any of its subsidiaries (including OT LLC) or accommodation for same in the OT Project Financing Agreements.
For purposes of this Section 17, “material” includes any amendment to the OT Project Financing Agreements where the Rio Tinto Lender is treated different than the other Senior Lenders and such amendment is adverse to the Rio Tinto Lender or any of other member of the Rio Tinto Group.
Equity Offering and Pro Rata Entitlement relating to the Initial Equity Offering shall be applied in the following order of priority: (i) to repay the Early Advance; (ii) to pay all required fees, costs and expenses of the Initial Equity Offering; (iii) to fund OT Project costs relating to underground and power, if applicable, (including the servicing of Senior Loans and the payment of interest and fees in relation thereto); and (iv) to fund TRQ’s general and administrative costs.
Without affecting the provisions of Clause 15.7, Clause 15.8 and Clause 15.9, if a change occurs to any laws and regulations of Mongolia between the date of this Agreement and the Effective Date which change is, in the opinion of the Investor, detrimental in any way to the Investor or the OT Project, then the Investor may give notice to the Government that the Effective Date shall not occur and this Agreement shall not be effective.
For purposes of this Section 16, “material” includes any amendment to the OT Project Financing Agreements where the Rio Tinto Lender is treated different than the other Senior Lenders and such amendment is adverse to the Rio Tinto Lender or any of other member of the Rio Tinto Group.
As stated in a press release issued by TRQ on August 4, 2022, TRQ has estimated a base case incremental funding requirement of approximately US$3.6 billion in order to complete the development of the OT Project and meet the debt repayment and servicing commitments under the OT Project Financing (the “Anticipated Funding Shortfall”).
If any land is taken away, the Government will cooperate with the Investor to minimize the impact on the OT Project and it will pay the Investor a just compensation on a non-discriminatory basis determined on the basis of the laws and regulations of Mongolia, international laws and principles, and international treaties to which Mongolia is a party.