PROCESSES, TIMELINES and TERMS
WORLDGATE COMMUNITY INTERNATIONAL
PROCESSES, TIMELINES and TERMS
WorldGate Community international projects will be or are fully register as a separate LLC (Limited Liability Company). In the State of Pennsylvania, United States.
The following process is executed only after a complete due-diligence study of the project is completed, market study, market analysis, corruption index study, ocean floor and wave study, solar study, port utilizing studies and requirement studies and potential terrorist threat level analysis are completed. Once these studied are completed WorldGate Community International will review the finding to decide to move forward with the non-binding MOU (Memorandum of Understanding). At no time will this process be changed or modified. If the SPONSORED ISLAND has been approved and accepts the following terms have been agreed to in writing the ESCROW ACCOUNT shall be established, and the BONDs process will begin following a formal contract has been signed by all required parties.
Estimated time for contract negation one month (1 Month). Estimated time to complete all studies six months (6). Estimated time for Monitored Assets Sales is one year (12 months) from market time. Estimated time for BOND execution and placement is six months.
If required WorldGate Community International project LLC. utilizes the sales of the project Monetized Assets Values (MAV) which are places in a secured escrow account which break escrow at 1% of the project projected CAPEX. The projects Build to Own, In-Kind and Naming Rights and promotional items placed for advertising, etc. are not to be considered as part of the CAPEX.
These secured escrow accounts take the place of a performance bond for the project. These WorldGate Community International Escrow Accounts are interest bearing accounts. The Bank shall be a top ten bank selected by our corporate counsel and CPA firm. A Certification of Deposits is provided to the Sponsored Island authorities at the sale of each twenty percentage (20%) of asset sale which is the maximum ownership in any part of WorldGate Community Project to our said parties. This amount is deposited in the escrow account to cover the 1% project escrow. The project begins construction at the breaking of escrow. Any portion or part of the overall sales of any asset may be used to break escrow the total escrow of 1%.
The interest shall be compounded monthly with interest paid to WorldGate Community International to be applied back to secure the overall Corporate Bonds or the 506 Reg D BONDs to secure the overall BONDS. Escrow is considered broken at the issue of the BONDs. The bond cover 100% of the hard cost of the projects. Our projects utilize multiple Corporate BONDS or REG D BONDs to fund different parts of our projects for Investors, backers and equity groups.
WorldGate Community International may utilize multiple BONDs for different parts of the project as it deems necessary or warranted and escrow will be considered broken when the BOND or BONDs are issued. This process allows WorldGate Community International to build multiple projects worldwide with the most beneficial use of capital.
The BONDs WorldGate Community International BONDs are developed by either major BOND writers or our Corporate Law Firm BakerHostetler and placed with major underwriters and Broker Dealers in the United States and Europe. All BONDs are registered with the prevailing authorities in all countries.
This process shall be followed for all WorldGate Community International projects.