Developer Right and Responsibility to Finance. 4.1.1 Developer may grant security interests in or assign the entire Developer’s Interest (but not less than the entire Developer’s Interest) to Lenders for purposes of securing the Facility Debt, subject to the terms and conditions contained in this Agreement and the Lease. Developer is strictly prohibited from pledging or encumbering the Developer’s Interest, or any portion thereof, to secure any indebtedness of any Person other than (a) Developer, (b) any special purpose entity that owns Developer but no other assets and has powers limited to the Facility and Work, (c) a special purpose entity subsidiary owned by Developer or an entity described in clause (b) above, or (d) the PABs Issuer.
Developer Right and Responsibility to Finance. 4.1.1 Developer may grant security interests in or assign the entire Developer’s Interest (but not less than the entire Developer’s Interest) to Lenders for purposes of securing the Project Debt, subject to the terms and conditions contained in this Agreement and the Lease. Developer is strictly prohibited from pledging or encumbering the Developer’s Interest, or any portion thereof, to secure any indebtedness of any Person other than (a) Developer,
Developer Right and Responsibility to Finance. 4.1.1 Developer is solely responsible for obtaining and repaying, at its own cost and risk and without recourse to the City or LAWA, all financing necessary for the Work that is the Developer’s responsibility under the Contract Documents. Developer shall take all appropriate action to obtain the Project Debt and Committed Investment as described in the Financial Proposal on or before the Financial Close Deadline. If the Financial Proposal includes PABs or any other tax-exempt financing, Developer bears all risks relating to securing a Conduit Issuer, receiving the necessary approvals and compliance with applicable federal requirements.
