Block 2 Base Equity Commitment Sample Clauses

Block 2 Base Equity Commitment. As a condition precedent to Note B First Advance, prior to delivering the initial Master Advance Notice: (i) The Sponsor Entities shall make, and the Borrower shall have received additional Equity Contributions consisting of Cash Contribution and, pursuant to sub-clause (iii) below, an Acceptable Letter of Credit, in an amount not less than the sum of $**** (the “Block 2 Base Equity Contribution Amount”); (ii) The Borrower shall apply the cash proceeds from Block 2 Base Equity Contributions to the payment of Block 2 Pre-Completion Costs in accordance with the Block 2 Construction Budget and the Block 2 Project Execution Plan; and (iii) The Borrower shall deliver to the Collateral Agent, and the Collateral Agent shall have received, any portion of the cash proceeds from Block 2 Base Equity Contributions not yet applied to Block 2 Pre-Completion Costs, in immediately available funds, for deposit into the Base Equity Security Account, provided that the Sponsor may, in lieu of contributing cash to the Borrower for the making of such deposit, deliver to the Collateral Agent an Acceptable Letter of Credit to be credited into the Base Equity Security Account with an amount available to be drawn equal to the amount of the cash proceeds from Block 2 Base Equity Contributions not yet applied to Block 2 Pre-Completion Costs.