DEVELOPMENT FINANCE Clause Samples
The DEVELOPMENT FINANCE clause outlines the terms and conditions under which funding is provided for the development phase of a project. It typically specifies the sources of finance, the schedule and conditions for disbursement, and any requirements the developer must meet to access funds, such as achieving certain milestones or providing documentation. This clause ensures that both parties understand how the development will be financed, reducing the risk of misunderstandings or delays due to funding issues.
DEVELOPMENT FINANCE. 26.3.1. This Agreement is subject to the condition precedent in favour of the Seller in that the Seller must be able to secure and obtain development finance to enable the Seller to proceed with the execution of the Scheme. The terms and conditions of the development finance must be to the satisfaction of the Seller in its sole and absolute discretion.
26.3.2. In the event of this condition not being fulfilled, the Seller will refund the Purchaser all amounts paid in terms of this Agreement.
DEVELOPMENT FINANCE. 22.1.1 This Agreement is subject to the condition precedent in favour of the Seller in that the Seller must be able to secure and obtain development finance to enable the Seller to proceed with the execution of the Development, which development finance must be approved by any financial institution, at the election of the Seller, on or before the 28th of February 2022 (the Due Date). The terms and conditions of the development finance must be to the satisfaction of the Seller in its sole and absolute discretion.
22.1.2 In the event of the aforesaid condition not being fulfilled within the abovementioned time-period, the time- period will automatically be extended with a maximum period of 6 (Six) months after the Due Date, or such longer period as the Parties may agree to in writing (the Extended Date).
22.1.3 It is recorded that this condition precedent is inserted solely for the benefit of the Seller. The Seller may waive the benefit of this condition.
22.1.4 In the event of this condition not being fulfilled, the Seller will refund the Purchaser all amounts paid in terms of this Agreement.
DEVELOPMENT FINANCE. (a) If any Bankable Feasibility Study undertaken on any of the mining tenements the subject of the Property identifies any commercially mineable resource on the Property (either exclusively on the Property or together with any of the remaining Combined Properties), CGE will use its best endeavours to include Whim Creek Mining in a source of project financing for Whim Creek Mining’s interest in the Joint Venture as well as for Nullagine’s interest in the Joint Venture. For the avoidance of doubt but subject to clause 9.7, this does not affect a Joint Venture Party’s obligation to fund its share of Project Expenditures.
(b) No ▇▇▇▇▇▇ Entity, any Associated Entity of a ▇▇▇▇▇▇ Entity, or a director or officers of a ▇▇▇▇▇▇ Entity or an Associated Entity of a ▇▇▇▇▇▇ Entity, will under any circumstance, be personally liable in respect of any facility of indebtedness provided by any financer.
(c) The limit of any ▇▇▇▇▇▇ Entity’s liability, and the recourse of the lender, will be limited to the Percentage Interest of that ▇▇▇▇▇▇ Entity in the Joint Venture.
DEVELOPMENT FINANCE. The Developer will maintain a Project Expenditure Account (PEA) which records the scheme income and costs. The Developer must on reasonable request give copies of invoices or certificates to verify the PEA’s accuracy.
DEVELOPMENT FINANCE. 26.1.1. This Agreement is subject to the condition precedent in favour of the Seller in that the Seller must be able to secure and obtain development finance to enable the Seller to proceed with the execution of the Development. The terms and conditions of the development finance must be to the satisfaction of the Seller in its sole and absolute discretion and must be approved on or before the Commencement Date, as the case may be. It is recorded that this condition precedent is inserted solely for the benefit of the Seller. The Seller may waive the benefit of this condition.
26.1.2. In the event of this condition not being fulfilled (unless the Seller chooses to waive the condition in clause 26.1.1), the Seller will refund the Purchaser all amounts paid in terms of this Agreement.
DEVELOPMENT FINANCE. (a) If any Bankable Feasibility Study undertaken on any of the mining tenements the subject of the Property identifies any commercially mineable resource on the Property (either exclusively on the Property or together with any of the remaining Combined Properties), CGE will use its best endeavours to include ▇▇▇▇ ▇▇▇▇▇▇ in a source of project financing for ▇▇▇▇ ▇▇▇▇▇▇’▇ interest in the Joint Venture as well as for Nullagine’s interest in the Joint Venture. For the avoidance of doubt but subject to clause 9.7, this does not affect a Joint Venture Party’s obligation to fund its share of Project Expenditures.
(b) Neither ▇▇▇▇ ▇▇▇▇▇▇, nor any Associated Entity of ▇▇▇▇ ▇▇▇▇▇▇, nor a director or officers of an Associated Entity of ▇▇▇▇ ▇▇▇▇▇▇, will under any circumstance, be personally liable in respect of any facility of indebtedness provided by any financer.
(c) The limit of ▇▇▇▇ ▇▇▇▇▇▇’▇ liability, and the recourse of the lender, will be limited to the Percentage Interest of ▇▇▇▇ ▇▇▇▇▇▇ in the Joint Venture.