Subsequent Fundings. The obligation of the Lenders to -------------------- make Loans to the Borrower with respect to any Subsequent Fundings is subject to the following conditions:
Subsequent Fundings. Each Subsequent Funding is intended -------------------- to be used to fund all or a portion of additional development of the Borrower's Oil and Gas Properties in accordance with the Development Plan, future legal costs in connection with this Agreement, payment of the Commitment Fee and as is otherwise set forth in Section 2.03(b) and must comply with the conditions precedent set forth in Section 7.02 and Section 7.03. The Lenders shall not be obligated to advance any funds in connection with a Subsequent Funding unless the conditions precedent with respect thereto have been satisfied to the Lenders' satisfaction. Upon satisfaction of the conditions to a Subsequent Funding, such funding shall occur in accordance with Section 2.02 and Section 2.03.
Subsequent Fundings. The proceeds of any Subsequent Funding ------------------- may be used only to:
Subsequent Fundings. Subject to the terms and conditions of this Agreement, the making of Subsequent Funding Payments by Investor and the making of payments of CT Funding Amounts by Clean Technologies (each payment made by the respective Member referred to as a “Subsequent Funding”) will take place on (a) the dates upon which all conditions in Section 2.7 and Section 2.8 have either been satisfied or waived in writing by the party entitled to the benefit of such conditions or (b) at such other time as Investor and Clean Technologies may agree in writing (such date as determined under clause (a) or (b), each, a “Subsequent Funding Date”). The parties acknowledge that, other than as agreed to by the Parties, there will only be one Subsequent Funding Date per Member per calendar quarter, which will be no earlier than the last Business Day of the previous calendar quarter and no later than the fifth Business Day of the current calendar quarter. In no event will any Subsequent Funding Date occur later than the Subsequent Funding Termination Date. Each of the documents to be delivered pursuant to Section 2.7 and Section 2.8 will be deemed to be delivered simultaneously, and no such document will be of any force or effect until all such documents are delivered and the Subsequent Funding is consummated. Subject to the terms and conditions in this Agreement, on each Subsequent Funding Date, Investor will deliver its Subsequent Funding Payment and Clean Technologies will deliver its CT Funding Amount as described in Section 2.2(d).
Subsequent Fundings. On the first Subsequent Funding Date, concurrently with MLBFS' funding of the second installment of the debt evidenced by the Term Note into the WCMA Account, the WCMA Line of Credit will be reduced to an amount equal to three-fifths of the Loan Amount. On the second Subsequent Funding Date, the WCMA Line of Credit will be reduced to an amount equal to two-fifths of the Loan Amount; and on the third Subsequent Funding Date the WCMA Line of Credit will be reduced to an amount equal to one-fifth of the Loan Amount.
Subsequent Fundings. (a) In addition to the Initial Capital Contributions set forth in Section 5.1, in the event it is determined by Blackstone Member that funds in excess of the Initial Capital Contributions, are required (i) in connection with any of the purposes set forth in Section 2.5, (ii) to pay for fees, costs or expenses payable by the Company pursuant to this Agreement or (iii) otherwise to meet the Company's then existing obligations and, in each case, funds are not otherwise available from Company revenues, within 10 Business Days after notice from Blackstone Member, each of the Members shall make further Capital Contributions pro rata in accordance with their respective Sharing Percentages, which amounts shall be set forth in the books and records of the Company.
Subsequent Fundings. From time to time following the Closing Date, and subject to the conditions set forth in Section 2.2.3 and Section 3.2, subsequent issuances of Notes shall be accompanied by additional rights to the Company’s Monetization Revenues that shall increase the economics of the Revenue Stream as specified pursuant to the terms hereof. Amounts representing the purchase price of any such subsequently issued Notes and rights shall be allocated pursuant to the rules of Treas. Reg. section 1.1273-2(h), provided that such allocation shall be reasonably acceptable to the Issuer and the Purchasers. Irrespective of such allocation, such subsequent acquisitions of rights to the Company’s Monetization Revenues shall increase the Revenue Stream Basis by an amount equal to 5% of the total amount funded with respect to the Notes and Revenue Stream on such subsequent issue date (calculated prior to taking into account any Structuring Fee payable in connection with such funding).
Subsequent Fundings. If the original principal amount of the Initial Funding is less than $8.0 million, the Company may, in its sole discretion, notify the Lender in writing that it desires to borrow some or all of the remaining balance through the issuance of up to three additional Notes in up to three Subsequent Fundings. To be valid, any such notification must (i) be given within one year after the Initial Funding Date and (ii) specify the amount being borrowed (which amount shall not (A) exceed $8.0 million minus the original principal amount(s) of the previously issued Note(s) or (B) be less than the lesser of $1.0 million or the remaining amount available to be drawn hereunder). If any such notification is received by the Lender, within 21 days after that receipt (or such other date as the parties may mutually agree in writing), the parties shall thereafter be obligated to complete that Subsequent Funding, so long as there is no existing or anticipated default by the Company under any of the existing Transaction Documents (as defined below); provided, however, that the Company may withdraw any notification by written notice to the Lender at least three days prior to the date that has been set to complete that Subsequent Funding. At each Subsequent Funding the Lender shall purchase a Note from the Company in the principal amount designated by the Company in the notification, and the Company agrees to sell that Note to the Lender. Out of the Purchase Price for any such Note there shall be paid to the Lender (i) non-refundable pre-paid pro-rated interest as provided in such Note and (ii) such other amounts, including the fees and expenses of the Lender, as the Company and the Lender agree shall be included in disbursement instructions (the “Subsequent Disbursement Instructions”) substantially similar to the Initial Disbursement Instructions (to the extent appropriate). The disbursements listed in the Subsequent Disbursement Instructions shall be made as specified therein. On or before the date of each Subsequent Funding, (i) the Company shall have delivered to the Escrow Agent originals of (A) the Note being sold pursuant to such Subsequent Funding, (B) the Subsequent Disbursement Instructions and (C) such other items as may be required by this Agreement or any of the other Closing Documents (collectively, the “Subsequent Funding Documents”), each duly authorized and executed by the Company and/or any other parties thereto (other than the Lender), and (ii) the Lender shall ...
Subsequent Fundings. On the first Subsequent Funding Date, concurrently with MLBFS' funding of the second installment of the debt evidenced by the Term Note into the WCMA Account, the Maximum WCMA Line of Credit will be reduced to an amount equal to eighteen-twentieths of the Loan Amount. On the second Subsequent Funding Date, the Maximum WCMA Line of Credit will be reduced to an amount equal to seventeen-twentieths of the Loan Amount; on the third Subsequent Funding Date the Maximum WCMA Line of Credit will be reduced to an amount equal to sixteen-twentieths of the Loan Amount; on the fourth Subsequent Funding Date the Maximum WCMA Line of Credit will be reduced to an amount equal to fifteen-twentieths of the Loan Amount; on the fifth Subsequent Funding Date, the Maximum WCMA Line of Credit will be reduced to an amount equal to fourteen-twentieths of the Loan Amount; on the sixth Subsequent Funding Date, the Maximum WCMA Line of Credit will be reduced to an amount equal to thirteen-twentieths of the Loan Amount; on the seventh Subsequent Funding Date, the Maximum WCMA Line of Credit will be reduced to an amount equal to twelve-twentieths of the Loan Amount; and on the eighth Subsequent Funding Date, the Maximum WCMA Line of Credit will be equal to an amount equal to eleven-twentieths of the Loan Amount.
Subsequent Fundings. Upon the terms and subject to the conditions herein set forth, provided that the Termination Date shall not have occurred, the Company may, at its option, or the Bank Investors shall (in accordance with Section 5.9 hereof), if so requested by the Company, make a subsequent advance from time to time (each, a "SUBSEQUENT FUNDING") to the Issuer on or after the Initial Funding Date. In connection with each Subsequent Funding, the Issuer shall, on the Business Day by 12:00 p.m. (New York time) prior to the related Subsequent Funding Date, provide the Agent with a written notice in substantially the form of Exhibit C (a "SUBSEQUENT FUNDING NOTICE") setting forth the amount of the proposed Subsequent Funding, which shall be at least $1,000,000 and integral multiples of $100,000 in excess thereof (or, to the extent that the then available unused portion of the Facility Limit is less than such amount, such amount). Subsequent Fundings shall not occur more than twice per week. The Agent will promptly notify the Company or each of the Bank Investors, as the case may be, of the Agent's receipt of any Subsequent Funding Notice to be made to the Agent on behalf of such Person. To the extent that any such Subsequent Funding is requested of the Agent on behalf of the Company, the Company shall instruct the Agent to accept or reject such offer by notice given to the Issuer and the Agent by telephone or telecopy by no later than the close of its business on the Business Day following its receipt of any such request. The parties hereto understand that in no event shall the Net Investment be held by the Agent on behalf of the Company and the Bank Investors simultaneously, except in the case of an assignment to a Bank Investor pursuant to Section 5.9(f) hereof.
