Outstanding Fit-out Works. KDC SGP 8 fully contracted. It is currently partially fitted and occupied. The remaining data halls are undergoing fit-out which is expected to complete by 1Q 2025 (the “Outstanding Fit-out Works”). As part of the terms of the Master Agreement:
(i) the Seller Shareholders will be required to bear 0.49% of the costs to complete the Outstanding Fit-out Works;
(ii) Keppel Xxxxxxx shall separately fund its own 0.51% share of the costs to complete the Outstanding Fit-out Works; and
(iii) the Existing Noteholders will be required to bear 99% of the costs to complete the Outstanding Fit-out Works. There is no cap to the amount payable by the Seller Shareholders, Xxxxxx Xxxxxxx and the Existing Noteholders in relation to the costs to complete the Outstanding Fit-out Works.
1 When the Call Option is exercised, the New Class B Notes held by Xxxxxx Xxxxxxx would be acquired or redeemed at an amount equal to the outstanding principal amounts together with any accrued but unpaid interest thereon as at completion of the Call Option.
2 To obtain tax transparency, certain relevant restructuring and requisite regulatory, tax and other consents and approvals must be obtained. These may include but not limited to (i) consent from JTC for the conversion of Memphis 1 into a limited liability partnership and (ii) the approval from IRAS for tax transparency. There is no assurance that the requisite consents and approvals would be obtained.
