Project Finance. Subject to (i) the terms and conditions of the ABL Credit Facility and (ii) approval by lenders holding at least 75% in principal amount of the Refinanced Loan, CPC permitted to (x) form a wholly-owned special purpose subsidiary and (y) transfer thereto certain assets (including fixed assets) to be agreed upon (the “Specified Assets”) of CPC (which assets shall thereupon be released from the liens securing the Refinanced Loan), for the purpose of enabling CPC to cause to be incurred by such special purpose subsidiary project financing and equipment financing indebtedness to be used to fund the purchase or acquisition of assets utilized solely in furtherance of the growth of CPC business lines to be agreed upon. All of the equity interests and other assets in such special purpose subsidiary shall be pledged to secure the Refinanced Loan, subject to the liens securing each of the applicable project financing, the ABL Credit Facility and the Senior Secured Term Loan.
Project Finance. Asset Type Code Description
Project Finance. Each Obligor shall not, and the Company shall cause each of the PGS Subsidiaries which is not an Obligor not to, invest in or extend any loans or any other form of credit or grant any guarantee or indemnity to, or for the benefit of, any Project Company or a Project or otherwise voluntarily assume any liability, whether actual or contingent, in respect of any obligation of any Project Company or Project; provided that such investment, loans, credit guarantee, indemnity or other liability shall be permitted in an amount not to exceed the sum of:
(i) the proceeds from any issuance of equity securities made by the Company after Issue Date (which, for the avoidance of doubt, shall not include the securities of the Company issued in connection with the Restructuring); plus
(ii) 50% of the accumulated Consolidated Net Income of the Group on an after tax basis for each fiscal year beginning with the fiscal year ended December 31, 2004 less any dividends declared by the Company during the period of accumulation; plus
(iii) until the earlier of (a) the third anniversary of the Issue Date, or (b) repayment in full of the Senior Notes due 2006, US$100,000,000 and after and including that date, an amount of US$200,000,000 in aggregate.
Project Finance. (a) The Lessee may hypothecate, create charge, or create mortgage or other encumbrances for the limited purpose of raising funds for the Project in favour of a bank or financial institution, for securing any amount and payable by it to such bank or financial institution. Provided, however, all such hypothecations, charges, mortgages, charges or encumbrances shall be subject to the rights of the Lessor under this Lease Deed, the RFP Documents and any modification or amendment thereof. It is specified that all such funds raised shall be deposited in an escrow account with the sole purpose of use of such funds implementation of the Project. It is agreed that the Lessor shall have first charge on the Hotel Premises at all times during the Term.
(b) The Lessee undertakes to intimate the Lessor the details of finance(s) raised on the security as set out above within 7 (seven) days from the date of signing of the definitive documents in relation to such financing. In the event of any default by the Lessee under the terms of the loan with the bank of financial institution, the Lessee shall intimate the Lessor, in writing, within 24 (twenty four) hours along with relevant documents.
(c) The bank or financial institution which finances to the Lessee for the Project, shall inform the Lessor the details of finance(s) from time to time till the loan(s) is/are repaid by the Lessee and also comply the terms and conditions of no objection certificate, issued by the Lessor on the request of the Lessee and the bank or financial institution.
Project Finance. Following the Closing, the CZH Holders may by notice in writing request SolarMax China to use commercially reasonable efforts to arrange for project financing on behalf of the Company on such terms as the Company may determine to be reasonable, based on the tasks required for identifying, planning, and procuring certain capital intensive solar projects, and in all cases, subject to the final terms of usual and customary definitive documents negotiated with SolarMax China, the Company and/or any other counterparties and subject to a project budget proposed by the CZH Holders and subject to SolarMax’ and any proposed lenders’ approval. For the avoidance of doubt, it is understood that any project financing will be subject to negotiation of financing and this Agreement does not confer upon any Party or the Company any right to obtain financing from the Company and none of SolarMax, SolarMax China or the Company shall have any obligation whatsoever to provide access to funds or direct financing to the CZH Holders (including Affiliates of CZH Holders and third party transferees) under this Agreement.
Project Finance. 3.1 The parties acknowledge that the Recipient will seek to arrange:
(a) concessional debt financing and related working capital and hedging facilities; and
(b) an equity raising, in addition to the ARENA Funding in relation to the funding of the Project.
3.2 In the event that the finance described in clause 3.1 is arranged, the parties agree to negotiate in good faith any amendments to this Agreement reasonably required as a result of such finance being obtained, including (if required) entering into a longform funding agreement.
Project Finance. 28.1 The Allottee/s hereby consent/s and authorize/s the Promoter for raising any finance by way of mortgage of the said land or scheme or any portion thereof, as and when so deemed necessary by the Promoter. At any stage during the implementation of the scheme the Promoter shall be at liberty to sell, assign or transfer or otherwise deal with its right, title and interest in the said land and building/s to be constructed thereon provided that the same does not adversely affect or prejudice the rights granted in favour of the Allottee/s in respect of the said Flat agreed to be purchased by him/her/them in terms of this Agreement.
28.2 The Allottee/s may obtain finance from any bank/financial institution or any other source for purchase of the Flat, but the Allottee/s obligation to purchase the Flat pursuant to this Agreement shall not be contingent on the Allottee/s ability or competency to obtain such finance and the Allottee/s will remain bound by the terms of this Agreement. The Allottee/s hereby agrees that in case he has availed of any loan facility for the purchase of the Flat, then upon execution and registration of Conveyance Deed in respect of the Flat, the original Conveyance Deed shall be received by the Promoter on behalf of the Allottee/s from the registration office directly and shall be deposited with the concerned lending institution to create equitable mortgage on the Flat in accordance with the terms of grant of the loan.
Project Finance. As further consideration from MAB to GSL, upon request from GSL, MAB agrees to pledge its undivided 50% interest in the Leases as a portion of the collateral reasonably necessary and required by a third party lender to GSL under a loan agreement, subject to standard and reasonable terms of such loan agreement (the “Credit Agreement”). Such pledge of collateral by MAB shall be under the same terms and conditions and to same extent as GSL pledges its undivided 50% in the same Leases under the Credit Agreement. Provided, however, MAB shall not be deemed to be the “Borrower” under the Credit Agreement for purposes of making loan payments or for any purpose other than such pledge of collateral. MAB shall not be entitled to directly receive from such lender any portion of the proceeds of such loan, except as specifically provided in the applicable MAB/GSL Agreement or permitted in the Credit Agreement.
Project Finance. It is agreed that the Consortium will secure project financing for funding no less than seventy percent (70%) of the Project Costs under such terms and conditions mutually acceptable to the Consortium and the Financing Parties. The Parties shall extend the utmost cooperation and assistance to comply with any terms, conditions or amendments to be incorporated into the Project Documents that the Financing Parties shall request.
Project Finance. The Project Finance consists in a financial structuring to make a determined investment project viable. In some cases it is incorporated a specific purpose company, isolating the project from its shareholders. Such structure is being used mainly at infra structure projects, due to foreseeable revenues flux. The idea to make a project of communications, energy or road concession feasible by means of a Project Finance aims essentially the isolation of the risk of the project from the risk of its shareholders. Thus, in Project Finance it is not requested any type of guarantee or participation from the entrepreneurs – what has not being happening in practical. In a Project Finance structure the creditors (those who incur in the larger risks) need that the entrepreneurs present all risks duly accessed so that nothing goes wrong with the project. Thus, for example, the entrepreneurs must guarantee that the supplier delivers the equipment in the set date, or that the vehicles flux in highway xxx.xxxxxxxxxx.xxx.xx be the one projected or that a determined thermoelectric has a sale of energy agreement with the sale price already set during the term of the financing, etc.
A Project Finance does not make a bad project into a good one or the contrary; what it guarantees is a more smooth timeline to the entrepreneur and to the creditor himself, as there is not a more liquid guarantee than the receivables from the project to guarantee the payment of the installments of the financing.
