Retention of funds

1  W.L.C. Developments Ltd. (Incorporation No. 258741) ("WLC") is authorized to retain the following amounts from all public money collected by WLC in developing, marketing and disposing of Crown land in accordance with the agreement between the Province, represented by the Minister of Environment, Lands and Parks and WLC dated October 1, 1997 (the "Agreement") which is on file with the Minister of Environment, Lands and Parks:

(a) all "Eligible Expenses", as defined in the Agreement;

(b) 10% of the "Net Revenue", as defined in the Agreement;

(c) all interest earned on the "Provincial Revenue", as defined in the Agreement, while the Provincial Revenue is in the custody and control of WLC as trustee for the Province.