Permitted Development Expenditures Clause Samples

Permitted Development Expenditures. (a) The Obligors shall not make any Development Expenditures that do not qualify as Permitted Development Expenditures. Assets or property built or acquired with Development Expenditures shall constitute Collateral except as provided in the Security Documents. (b) For the avoidance of doubt, (i) Permitted Development Expenditures may be made prior to the Project Completion Date to the extent permitted under Article 9 (Material Construction Contracts) and (ii) Permitted Development Expenditures may also be made in relation to an Expansion to the extent permitted under Section 7.2 (Expansion Contracts).

Permitted Development Expenditures. (a) The Obligors shall not make, or provide (following the formation thereof in accordance with Section 7.5 (External Expansions)) CFCo with funds to make, any Development Expenditures that do not qualify as Permitted Development Expenditures. Assets or property built or acquired with Development Expenditures shall constitute Collateral except as provided in the Security Documents. (b) For the avoidance of doubt, (i) Permitted Development Expenditures may be made prior to the Project Phase 1 Completion Date to the extent permitted under Article 9 (Material Construction Contracts) and (ii) Permitted Development Expenditures may also be made in relation to an Expansion to the extent permitted under Section 7.2 (Expansion Contracts).

Permitted Development Expenditures. The Company, Gator Express and any of their respective Restricted Subsidiaries may make, or provide CFCo with funds to make, Development Expenditures that qualify as Permitted Development Expenditures in accordance with the applicable definition thereof. In addition, for the avoidance of doubt, a Development Expenditure may also be made in connection with an Internal Expansion or as a result of permitted modifications of an engineering, procurement and construction contract.