The Total Commitment. Subject to the terms and conditions of this Agreement, the Lender agrees to make available to the Borrower, during the applicable Availability Period, the Loans not to exceed the Total Commitment amount of $48,235,000 in two tranches identified as Loan I and Loan II as follows: (a) Loan I. An amount up to $11,435,000 on account of Loan I to finance up to 70% of the costs of Phase I of the Project; and (b) Loan II. An amount up to $36,800,000 on account of Loan II to finance up to (i) an amount equal to 75% of costs of Phase II of the Project, plus (ii) an amount equal to 5% of the costs of Phase I of the Project (the "Additional Amount").
Appears in 2 contracts
Sources: Credit Facility Agreement (Ormat Technologies, Inc.), Credit Facility Agreement (Ormat Technologies, Inc.)