Incremental Facility. Each time any New Construction Commitment is established pursuant to Section 2.19 of the Credit Agreement, the Sponsor shall, concurrently therewith, make an Equity Contribution to the Borrower in an amount equal to (x) such New Construction Commitment minus (y) the amount of Project Receipt Payments not previously applied to reduce Equity Contributions hereunder net of all accounts payable in respect of Project Costs during the next 45-day period (for the avoidance of doubt, the amount calculated pursuant to this clause (y) shall not be less than zero).
Appears in 3 contracts
Sources: Equity Commitment Agreement, Equity Commitment Agreement (Allegheny Energy, Inc), Equity Commitment Agreement (Allegheny Energy, Inc)