Common use of Project Loan Clause in Contracts

Project Loan. Subject to the terms and conditions hereof, and relying upon the representations and warranties herein set forth, the Bank agrees to make Project Loans to the Borrower(s) from time to time in an aggregate principal amount not to exceed Twenty Million Dollars ($20,000,000) outstanding at any time. In no event shall the Bank be obligated to make a Project Loan in respect of a Project for which there is not then in effect a Project Purchase Agreement, if by making such Project Loan, the aggregate amount of Project Loans (including the Project Loan at issue) in respect of Projects for which there are not then in effect Project Purchase Agreements would be greater than Fifteen Million Dollars ($15,000,000). For purposes of calculating the aggregate amount of Project Loans in the preceding sentence, the maximum principal amounts available thereunder shall be used, and not the then outstanding principal balances thereof. In no event shall the Bank be obligated to make any Project Loan on or after the Project Loan Commitment Expiration Date. Notwithstanding the foregoing, subject to the terms and conditions hereof, the Bank shall fund after the Project Loan Commitment Expiration Date any Project Loan for which the Closing has occurred prior to the Project Loan Commitment Expiration Date.

Project Loan. Subject to the terms and conditions hereof, and relying upon the representations and warranties herein set forth, the Bank agrees to make Project Loans to the Borrower(s) from time to time in an aggregate principal amount not to exceed Twenty Thirty Million Dollars ($20,000,00030,000,000) outstanding at any time. In no event shall the Bank be obligated to make a Project Loan in respect of a Project for which there is not then in effect a Project Purchase Agreement, if by making such Project Loan, the aggregate amount of Project Loans (including the Project Loan at issue) in respect of Projects for which there are not then in effect Project Purchase Agreements would be greater than Fifteen Million Dollars ($15,000,000). For purposes of calculating the aggregate amount of Project Loans in the preceding sentence, the maximum principal amounts available thereunder shall be used, and not the then outstanding principal balances thereof. In no event shall the Bank be obligated to make any Project Loan on or after the Project Loan Commitment Expiration Date. Notwithstanding the foregoing, subject to the terms and conditions hereof, the Bank shall fund after the Project Loan Commitment Expiration Date any Project Loan for which the Closing has occurred prior to the Project Loan Commitment Expiration Date.