Development Investment Clause Samples
Development Investment. It refers to the amount of money invested in assets and equipment, to be capitalized as assets for the Joint Operation in a Commercial Field, once the existence thereof has been accepted by the Parties.
Development Investment. The Parties hereby agree that, with effect from (and including) the SA(DA2) Operative Date, clauses 7.1 and 7.2 of the Principal Agreement shall be deleted in their entirety and substituted with the following new clauses 7.1 and 7.2:
7.1 Subject to Clause 10.1, the Development Investment shall be of a total sum of not less than Singapore Dollars Three billion and sixty-two million (S$3,062,000,000.00), which amount shall be expended towards the Completion of the IR2, in respect of, inter alia, the following:
(i) the areas and facilities dedicated to MICE, a total sum of not less than Singapore Dollars Two hundred and twenty million (S$220,000,000.00);
(ii) the area dedicated to the rooftop attraction, a total sum of not less than Singapore Dollars One hundred and ninety-six million (S$196,000,000.00); and
(iii) the area dedicated to the arena (such arena as referred to in the Accepted Proposal and sub-paragraph (iii) of the definition of Key Attractions), a total sum of not less than Singapore Dollars Eight hundred and eighty million (S$880,000,000.00). PROVIDED ALWAYS that any reduction of any of the amounts as set out in this Clause 7.1 shall, save as specifically set out below, require the prior written approval of the Lessor and shall be as a result of amendment, modification or variation to the Accepted Proposal as approved in writing by the Lessor:
(a) If such reduction is not more than 10%, the Lessee shall reinvest the reduction in the IR1 Key Attractions and/or the Key Attractions, subject only to the approval of the Lessor as to the selection of such IR1 Key Attractions and/or the Key Attractions and the timing of the reinvestment (such approval not to be unreasonably withheld, delayed or conditioned), and the reduction shall in any event be paid or incurred within ten (10) years from the Effective Date. The parties also agree to negotiate in good faith a reasonable reduction in the value of the Banker’s Guarantee to be held for the period of the reinvestment.
(b) If such reduction is more than 10%, and without prejudice to the rights and remedies conferred upon the Lessor by any provision of this Agreement arising from any breach by the Lessee of its obligations under any other provision of this Agreement (including under Clauses 5.4, 12.1, 12.2 and 27), the Lessee may discuss with the Lessor to consider what step or action the Lessee may take, including any reinvestment of such reduction in IR1 Key Attractions and/or the Key Attractions, and th...
Development Investment. 7.1 Subject to Clause 10.1, the Development Investment shall be of a total sum of not less than Dollars Three billion eight hundred and fifty two million ninety thousand and six hundred (S$3,852,090,600), which amount shall be expended towards the Completion of the IR, in respect of, inter alia, the following:
(i) the Casino, Dollars One hundred and forty nine million three hundred and sixty one thousand ($149, 361,000.00);
(ii) the hotel with three (3) tower blocks, Dollars Eight hundred and twenty-one million one hundred and thirteen thousand ($821,113,000.00);
(iii) the food and beverage outlets, Dollars Thirty nine million three hundred and one thousand ($39,301,000.00);
(iv) the retail areas, Dollars Three hundred and two million four hundred and forty eight thousand ($302,448,000.00);
(v) the areas and facilities dedicated to MICE, Dollars Two hundred and eighty nine million six hundred and sixty seven thousand ($289,667,000.00);
(vi) the areas dedicated to public attractions including the Key Attractions, Dollars One hundred and eight million two hundred and ninety five thousand ($108,295,000.00); and
(vii) the areas dedicated to other entertainment facilities, Dollars Fifty four million six hundred and thirty nine thousand ($54,639,000.00). STB Sands PROVIDED ALWAYS that any change to any of the amounts as set out in Clause 7.1(i) to (vii):
(a) shall require the prior written approval of the Lessor; and
(b) shall be as a result of amendment, modification or variation to the Accepted Proposal as approved in writing by the Lessor.
7.2 The Lessee shall pay or incur one hundred per cent (100%) of the Development Investment within three (3) years from the first issuance of the Casino Licence or within eight (8) years from the Effective Date, whichever is the earlier.
Development Investment. The sums of money invested in goods and equipment capitalized assets for the joint operations in a Commercial Field upon acceptance of the existence by the parties.