DEVELOPMENT FINANCING. 19.1 Any of the Working Interest Owners shall have the right to obtain project financing for the development of a Commercial Discovery. THE PRESIDENT may, where possible, upon request of a Working Interest Owner, use his good offices to assist in all things necessary to facilitate project financing by a consortium of banks for any portion of the development Expenditure.
19.2 Any Working Interest Owner may, upon informing the other Working Interest Owners and with the prior approval of THE PRESIDENT create an equitable charge on its Working Interest to any reputable financial institution acceptable to THE PRESIDENT on any or all of its rights hereunder, to secure the prompt payment of sums of money, principal and interest, so borrowed and the full faithful discharge of any and all obligations which it may undertake to obtain financing from such financial institution for the purpose of this Agreement.
DEVELOPMENT FINANCING. If during the Term, Lessee elects to develop or otherwise to construct improvements on the Premises, as set forth in Paragraph 10 above, the parties hereto agree as follows:
(a) The total cost of the work shall be paid for by Lessee.
(b) Notwithstanding anything herein to the contrary, Lessee is hereby given the absolute right without Lessor's consent to mortgage its interest in this Lease for the purpose of securing any loan to be used by Lessee for the development, improvement and operation of the Premises, but Lessor shall not be required to join or participate in said loan, or to accept any personal responsibility for the repayment of same. No such mortgage shall extend to or affect the fee title or the reversionary interest of Lessor in and to the Premises, or the reversionary interest of Lessor in and to any improvements now or hereafter installed upon the Premises. No such mortgage or assignment thereof shall be binding upon the Lessor in the enforcement of its rights under this Lease, but Lessor will provide a copy of any notice of default by Lessee to the mortgage holder and will accept performance by the mortgage holder of any term of this Lease to be performed by Lessee. The mortgage holder shall have thirty (30) days in which to cure any Event of Default by Lessee after the time for Lessee to cure it has expired; provided, however, that if the Event of Default cannot be cured by the payment of money, Lessor will not terminate this Lease if the mortgage holder commences and thereafter diligently pursues to completion foreclosure of its mortgage and pays to Lessor all sums then due and unpaid under the terms of this Lease. The loan documents shall contain a provision allowing, but not obligating, Lessor to cure any default thereunder if Lessee fails to do so. Such mortgage shall provide that a copy of any notice of default served thereunder shall be sent by mail to Lessor at the address given in this Lease for the service of notices hereunder. A duplicate original or certified copy of such mortgage, showing recording data, shall be given to Lessor within ten (10) days after the same is returned from the recorder's office.
DEVELOPMENT FINANCING. 20.1 Any interest payment or other financing cost for Petroleum Operations shall not be a cost recoverable expense for Cost Recovery Oil or Cost Recovery Gas purposes.
20.2 Any funds borrowed by Contractor shall not constitute income for purposes of the determination of Profit Oil or Profit Gas and any repayments of principal amount shall not constitute Expenditure.
20.3 The Contractor or any Contracting Company may create a security interest in respect to its Participating Interest with the approval of the Government in accordance with Rule 72 of the Rules. Any contracting company which creates a security interest in favour of foreign entity shall require prior approval of SBP under Foreign Exchange Regulations Act, 1947.
DEVELOPMENT FINANCING. Any of the Working Interest Owners shall have the right to obtain project financing for the development of a Commercial Discovery. THE PRESIDENT may, where possible, upon request of a Working Interest Owner, use his good offices to assist in all things necessary to facilitate project financing by a consortium of banks for any portion of the development Expend iture.
DEVELOPMENT FINANCING. 20.1 Any interest payment or other financing cost for Petroleum Operations shall not be a cost recoverable expense for Cost Recovery Oil or Cost Recovery Gas purposes.
20.2 Any funds borrowed by Contractor shall not constitute income for purposes of the determination of Profit Oil or Profit Gas and any repayments of principal amount shall not constitute Expenditure.
DEVELOPMENT FINANCING. (a) arranging finance and bank facilities to fund developments; and
(b) monitoring and managing compliance with finance documents.
DEVELOPMENT FINANCING. It is the Members' intent that the Company seek a credit facility (the "Development Financing Loan") secured by the Spa Property or a portion thereof to fund one-half the cost of the Spa Improvement Project. Such credit facility shall be for approximately One Million and 00/100 Dollars ($1,000,000.00) for construction financing. Upon acceptance of the Project Development Budget Construction Plans and Development Contract ("Development Plan"), CII will use its best efforts to arrange or facilitate Spa Improvement Project borrowings required to fulfill the Development Plan. If required by the lender under the Development Financing Loan, each Member shall deliver a pro rata guaranty, from a creditworthy guarantor, of repayment of such Development Financing Loan to such lender, and the Members shall enter into a contribution and indemnity agreement amongst themselves. , If the Development Financing Loan is secured by a Permitted Mortgage (as defined in the Primary Lease), then the holder of such Permitted Mortgage shall provide (i) a Non-Disturbance Agreement (as defined in the Primary Lease) to Westgroup Grove Isle Associates, Ltd. as contemplated by Section 13.3 of the Primary Lease, and (ii) a non-disturbance agreement (similar to the type of Non-Disturbance Agreement to be provided to Westgroup Grove Isle Associates, Ltd. to the Company, provided that the Company's non-disturbance agreement shall be conditioned upon there being no default under the Spa Lease and the Primary Lease.
DEVELOPMENT FINANCING. It is the intention of the Landlord to finance the building or complex by a construction loan which will be supplanted by a so-called “Permanent Loan”. Landlord agrees to provide Tenant with a “Loan Package” of information covering the proposed financing at the same time Landlord is providing this information to its other perspective Lenders, but no later than June 1, 1990. Landlord shall notify Tenant of the terms of any specific proposals received from such lenders, and Tenant will then have fifteen (15) days to improve the conditions of the proposed financing. If Tenant is successful in obtaining a more favorable loan with the same maturity, origination fees, amortization schedule and security and other terms and conditions then Tenant shall be entitled to a cash payment or payments equivalent to the savings, provided the Loan with more favorable terms and conditions actually closes. In the case of construction financing, Tenant shall receive a cash payment in the amount of the savings upon completion of construction and repayment of the construction loan. In the case of permanent financing, Tenant shall receive quarterly payments equal to the amount of the savings for that period. This Paragraph shall apply to any and all subsequent financings so long as QTC Venture continues to own the property, unless the loan is assumed by the new owner.
DEVELOPMENT FINANCING. Without the prior written consent of the Requisite Lenders, the Borrower will not and will not permit any Guarantor or any Related Company to enter into any development financing (including the making of any Permitted Acquisition) except, subject to compliance with the financial covenants set forth in §9.1 to §9.4 herein, in connection with building expansions required under terms of existing leases, renewed leases or new leases entered into by Borrower or any Guarantor. Borrower and each Guarantor will provide written notification to Lender at the time of each financing commitment entered into by Borrower during the term of the Loan.
DEVELOPMENT FINANCING. 4.1 DuPont will make available to Barr xx to forty-five million United States Dollars (45,000,000 USD) in research and development funding for the Research Program. *** ***. The total funding to be provided by DuPont for all three Funded Products shall be limited to Development Costs and shall be limited by calendar quarter as set forth in Exhibit I. If development of a Funded Product is discontinued, no additional funding for that Funded Product will be made after the date of discontinuance, and funding for the other Funded Products will not be increased beyond the levels provided for under Section 4.1 for each Funded Product. Substitution of another drug development product, as allowed in Section 2.9 hereinabove, shall not increase the amount of funding provided under this Section
4.1. The substitute program will be funded only with those amounts remaining from the fund of the substituted Funded Product. None of Barr'x xxxts or expenses with respect to *** shall be charged as Development Costs, unless Barr xxxains rights to ***.
4.2 Within sixty (60) of the end of the first calendar quarter and thirty (30) days of the end of each calendar quarter thereafter, Barr xxxl provide DuPont with a report that details by Funded Product the composition and elements included in determining the Development Costs for that quarter. Within thirty (30) days of receiving said report, DuPont will pay Barr, xxe lower of the Development Costs for that quarter or the amount specified in Exhibit I.
4.3 Barr xxxl provide DuPont thirty (30) days prior to the end of each calendar quarter, a good faith estimate of Development Costs for such current quarter. Such estimate shall be for accounting purposes and shall not be binding.
4.4 All payments to be made under this Agreement shall be made in United States dollars in the United States by wire transfer to a bank account designated by the Party to be paid. In the event that any payment due under this Agreement is not made when due, the payment shall accrue interest from the date due at the rate of eighteen percent (18%) per annum; provided, that in no event shall such rate exceed the maximum legal annual interest rate. The payment of such interest shall not limit a Party from exercising any other rights it may have as a consequence of the lateness of any payment.
4.5 As a one-time occurrence, Barr xxxl be allowed to include in the amounts provided under Section 4.1 hereinabove its External Verifiable Development Expenses for the F...
