Adequate Project Funding. Receipt by DOE of evidence that:
(i) as of the Tranche 1 First Advance Date, the Borrower shall have (x) achieved compliance with each of the First Milestone and the Second Milestone, each, under and as defined in the Cerberus Credit Agreement and (y) received the proceeds of disbursement of the Tranche 1 Term Loan and the Tranche 2 Term Loan under and as defined in the Cerberus Credit Agreement (in each case, irrespective of whether such compliance was achieved on any applicable milestone test date or otherwise);
(ii) as of the Tranche 1 First Advance Date, the Borrower shall have on deposit in the Borrower Operating Accounts an amount equal to or in excess of the Base Funding Amount; and
(iii) as of each First Advance Date for each Line, each of the Borrower and the Independent Engineer has provided a certification and supporting information that:
(A) the Maximum Tranche Commitment Amount for the Relevant Tranche plus amounts on deposit in the Borrower Operating Accounts, taken together, are sufficient to pay all remaining Pre-Completion Costs (including Eligible Project Costs) for the Relevant Tranche; and
(B) the corresponding Line funded by the Relevant Tranche is expected to achieve Line Commercial Operation by the corresponding Line Commercial Operation Longstop Date.
Adequate Project Funding. Receipt by DOE of:
(i) a certification and supporting information from the Borrower that the following funds available to the Borrower (after giving effect to any Eligible Project Cost Reimbursement Amounts from such Advance) are sufficient to pay all remaining Pre-Completion Costs (including any reasonably expected Cost Overruns) for the Line funded by the Relevant Tranche and to achieve Line Commercial Operation for each such Line by the corresponding Line Commercial Operation Longstop Date and Project Completion by the Project Completion Longstop Date: (A) the amount of the requested Advance; (B) the undisbursed amount of the Guaranteed Loan available under the Relevant Tranche after giving effect to the requested Advance; and (C) amounts on deposit in the Borrower Operating Accounts, together with pre-completion net revenue projected to be used to fund Pre-Completion Costs in the then-current Base Case Financial Model; and
(ii) with respect to Tranche 2 through Tranche 4, evidence that the Borrower shall have funded in cash Cost Overrun Equity Contributions in an amount sufficient to pay all Cost Overruns that have been incurred or are reasonably be expected to be incurred as of the Requested Advance Date (whether or not in connection with the Line being funded by such Advance) and such Cost Overrun Equity Contributions shall have been deployed toward payment of applicable Pre-Completion Costs or deposited into the Borrower Operating Accounts.
Adequate Project Funding. (i) DOE shall have received either (A) evidence satisfactory to it that the Sponsor has cash or Cash Equivalents in an amount sufficient to support the outstanding Equity Funding Commitment or (B) an equity funding plan, in form and substance satisfactory to DOE (the “Equity Funding Plan”), and which shall be included in the Financing Plan, outlining specific and actionable steps and proposed indicative terms to obtain equity contributions to, or to sell equity or debt securities of the Sponsor (which in the case of debt securities, shall not be guaranteed by the Borrower Entities or secured by any Equity Interest in any Borrower Entity or the properties of any of the Borrower Entities, unless DOE has expressly consented to such guaranty or grant of security by the Borrower Entities or security interest in the Equity Interest in the Borrower Entities and the Indebtedness and other obligations thereunder and the Liens securing such Indebtedness and obligations are subordinated to the Note Obligations and the Liens created by the Security Documents, in each case on terms satisfactory to DOE) from one or more of specifically identified Permitted Holders, in the amount necessary to make equity contributions to the Borrower in the full amount of the Equity Funding Commitment on or prior to the First Advance Date.
(ii) DOE shall have received evidence satisfactory to it that the Loan together with the Borrower’s cash in hand and the Equity Funding Commitment are, collectively, sufficient to pay all remaining Total Project Costs and deposit into the Debt Service Reserve Account the full amount of the Account Funding Requirement thereof, and DOE shall have received evidence (in form and substance satisfactory to DOE) from each of the Sponsor and the Borrower of the same.
Adequate Project Funding. DOE shall have received a certificate from a Responsible Officer of the Borrower and supporting information, in each case, in form and substance satisfactory to it that the following funds available to the Borrower are sufficient (x) to pay all remaining Project Costs (including reasonably expected Cost Overruns), (y) to make the initial deposit into the Debt Service Reserve Account of the full amount of the Account Funding Requirement thereof when required by the Financing Documents and (z) to achieve Project Completion by the Project Completion Longstop Date: (A) the amount on deposit in the Advance Proceeds Construction Subaccount of the Construction Account; (B) the undisbursed amount of the Loan; (C) the Equity Funding Commitment secured by cash collateral or an Acceptable Letter of Credit; and (D) additional equity contributions, proceeds from Permitted Subordinated Loans or proceeds from equity sales permitted by the Financing Documents to be funded simultaneously with, or prior to, the requested withdrawal or transfer.
Adequate Project Funding. DOE shall have received a certificate from a Responsible Officer of the Borrower and supporting information, in each case, in form and substance satisfactory to it that the following funds available to the Borrower are sufficient to (i) pay all remaining Project Costs (including reasonably expected Cost Overruns), (ii) make the initial deposit in the Debt Service Reserve Account the full amount of the Account Funding Requirement thereof when required by the Financing Documents and (iii) achieve Project Completion by the Project Completion Longstop Date: (A) the amount of the requested Advance; (B) the undisbursed amount of the Loan after giving effect to the requested Advance; (C) the amount on deposit in the Advance Proceeds Subaccount of the Construction Account; (D) the Equity Funding Commitment secured by cash collateral or an Acceptable Letter of Credit; and (E) additional equity contributions, proceeds from Permitted Subordinated Loans or proceeds from equity sales permitted by the Financing Documents to be funded simultaneously with, or prior to, the Requested Advance Date.
