Common use of Construction Loan Commitments Clause in Contracts

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 Construction Loan Commitments 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 Construction Loan Maturity Date for such Construction Loan Tranche, (ii) the date of acceleration of the Construction Loans under Section 7.13 and (iii) termination of the Construction Loan Commitments under Section 7.13.

Construction Loan Commitments. Subject to the terms and conditions hereof, each Lender severally, but not jointly, severally agrees to make Construction Loans loans to the Borrower (available in one or more such loans individually, a “Construction Loan Tranches) (aLoan” and collectively, the “Construction Loans”) from time to time during the Construction Loan Availability Period for each applicable Project, but not more often than once in a calendar month with respect to each Construction Loan Tranche and no later than the 20th of any calendar month (except for Borrowings of Construction Loans made solely with respect to the payment of the interest under Section 2.14 2.13 and the fees under Section 2.62.6 and except for the first two (2) disbursements, which may be made within the same calendar month), in an aggregate principal amount that will not result in such (bi) Lender’s Construction Loans exceeding such Lender’s Construction Loan Commitment and (ii) Lender’s Construction Loans for such Project exceeding the Lender’s Construction Loan Commitment allocated to such Project as set forth on Annex 2; provided, however, that the Construction Loan Commitment allocated to such Project as set forth on Annex 2 shall be determined prior to the initial Borrowing of any Construction Loans for such Project based on the debt sizing parameters set forth on Annex 5; provided, further, however, Annex 2 may be updated after the initial Borrowing of any Construction Loan for such Project in accordance with Section 2.25. Each Lender’s remaining Construction Loan Commitment allocated to such Project shall be reduced to zero on the earlier of, with respect to such Project, (i) the last Business Day of the applicable Construction Loan Availability Period and (ii) the applicable Construction Loan Maturity Date (for the avoidance of doubt, the amount of the Lenders’ remaining Construction Loan Commitment shall not be cancelled and shall be available for re-borrowing under this Section 2.1 for a new Project), all on and subject to the terms and conditions of this Agreement. Notwithstanding anything to the contrary set forth in the prior sentence, for the avoidance of doubt, each Lender’s remaining Construction Loan Commitment hereunder for all Projects shall be reduced to zero on the last Business Day of the Construction Loan Availability Period for the last Project. Within such limits, Borrower may from time to time borrow under this Section 2.1 in respect of a Project, prepay the Loans allocated to such Project in whole or in part pursuant to Section 2.7 or Section 2.8, and re-borrow under this Section 2.1 for a new Project, all on and subject to the terms and conditions of this Agreement. 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, 2.11 2.2 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 Construction Loan Commitments 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 Construction Loan Maturity Date for such Construction Loan Tranche, (ii) the date of acceleration of the Construction Loans under Section 7.13 and (iii) termination of the Construction Loan Commitments under Section 7.132.11.