Common use of Financing Mine Costs Clause in Contracts

Financing Mine Costs. Any Member may pledge, mortgage, charge or otherwise encumber its Ownership Interest in order to secure moneys borrowed and used by that Member for the sole purpose of enabling it to finance its participation under this Agreement or in order to secure by way of floating charge as a part of the general corporate assets of that Member’s borrowing for its general corporate purposes, provided that the pledgee, mortgagee, holder of the charge or encumbrance (in this Section 17.2 called the “Chargee”) will hold the same subject to the provisions of this Agreement and that if the Chargee realizes upon any of its security it will comply with this Agreement. The Agreement between the Member hereto, as borrower, and the Chargee will contain specific provisions to the same effect as the provisions of this Section 17.2.

Financing Mine Costs. Any Member may pledge, mortgage, charge or otherwise encumber its Ownership Interest in order to secure moneys borrowed and borrow funds to be used by that Member for the sole purpose of enabling it to finance its participation under this Agreement or in order to secure by way of floating charge as a part of the general corporate assets of that Member’s borrowing borrowings for its general corporate purposes, provided that the pledgee, mortgagee, holder of the charge or encumbrance (in this Section 17.2 called the “Chargee”) will hold the same subject to the provisions of this Agreement and that if the Chargee realizes upon any of its security it will comply with this Agreement. The Agreement between the Member hereto, as borrower, and the Chargee will contain specific provisions to the same effect as the provisions of this Section 17.2Section.