Construction Loan Commitments Sample Clauses
Construction Loan Commitments. Subject to the terms and conditions hereof, each Lender severally, but not jointly, agrees to make Construction Loans to the Borrower (available in one or more Construction Loan Tranches) (a) from time to time during the Construction Period for each Project, but not more often than once in a calendar month with respect to each Construction Loan Tranche (except for Borrowings of Construction Loans made solely with respect to the payment of the interest under Section 2.14 and the fees under Section 2.6), (b) as LIBOR Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2, 2.11 and 2.12, and (c) in an amount which shall not (i) for any Lender at any time, after giving effect thereto and to the application of the proceeds thereof, result in such Lender’s Construction Loan Exposure at such time exceeding such Lender’s Construction Loan Commitment Percentage multiplied by the then-applicable Construction Loan Limit, (ii) for any Lender at any time, result in the Construction Loans made by such Lender for any Borrowing exceeding such Lender’s Construction Loan Commitment Percentage multiplied by the then-applicable Available Construction Loan Commitment, (iii) after giving effect thereto and to the application of the proceeds thereof, result in the aggregate outstanding principal amount of Construction Loans under any Construction Loan Tranche exceeding the Construction Loan Tranche Amount for such Tranche and (iv) after giving effect thereto and to the application of the proceeds thereof, any such making of a Construction Loan shall not result in the Total Construction Loan Exposure exceeding the Construction Loan Limit at such time or in the aggregate outstanding principal amount of Construction Loans made to fund Uncommitted Tax Equity Projects exceed the Uncommitted Tax Equity Project Sublimit. Construction Loans may be repaid and reborrowed in accordance with the provisions and subject to the terms and conditions hereof. The Construction Loan Commitments, to the extent not committed to a Construction Loan Tranche for which the Project Initial Funding Date has occurred prior to expiration of the Construction Loan Availability Period, shall be reduced to zero on the earliest of (i) the last Business Day of the Construction Loan Availability Period, (ii) the date of acceleration of the Construction Loans and (iii) termination of the Construction Loan Commitments under Section 7.13. The Co...
Construction Loan Commitments. (i) Subject to the terms and conditions of this Agreement and the Common Agreement, each Lender severally agrees to make Loans ("Construction Loans") to the Borrower on any Business Day during the Availability Period in an aggregate amount not to exceed the amount set forth opposite such Lender's name as its "Construction Loan Commitment" on Schedule I hereto as that amount may be reduced or cancelled as hereinafter provided (the foregoing obligation to make Construction Loans being each Lender's "Construction Loan Commitment"). Any Construction Loan or portion thereof which is prepaid cannot be reborrowed.
Construction Loan Commitments. Subject to the terms and conditions hereof, each Lender severally agrees to make loans to the Borrower (such loans individually, a “Construction Loan” and collectively, the “Construction Loans”) from time to time during the Construction Loan Availability Period, but not more often than three times in a calendar month (except for Borrowings of Construction Loans made solely with respect to the payment of the interest under Section 2.13 and the fees under Section 2.6), in an aggregate principal amount that will not result in such Lender’s Construction Loans exceeding such Lender’s Construction Loan Commitment. Each Lender’s remaining Construction Loan Commitment shall be reduced to zero on the earlier of (i) the last Business Day of the Construction Loan Availability Period and (ii) the Construction Loan Maturity Date. The Construction Loans may from time to time be LIBOR Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.11.
Construction Loan Commitments. LENDER COMMITMENT AMOUNT ------ ----------------- The Chase Manhattan Bank $15,000,000.00 First Union National Bank $14,000,000.00 Bank One, NA $14,000,000.00 The Bank of Nova Scotia $14,000,000.00 Bank of Scotland $14,000,000.00 Fortis Capital Corp. $14,000,000.00 Credit Agricole Indosuez $10,000,000.00
Construction Loan Commitments