Order of Funding. The Borrower shall ensure that funds available to finance the payment of Project Costs are used in the following order:
(a) firstly, proceeds of the Equity Contribution;
(b) secondly, proceeds of the High Yield Notes;
(c) thirdly:
(i) proceeds of the Term Loan Facility and
(ii) utilisations by way of Letter of Credit under the Revolving Facility prior to the Opening Date (subject to the limits referred to herein);
(d) fourthly, utilisations other than by way of Letter of Credit of the Revolving Facility to the extent available to pay Project Costs; and
(e) fifthly, at the Borrower’s election as regards order and source, proceeds sourced under the Completion Support Agreement, from the Liquidity Account and/or the Revenue Account.”
7. The following new paragraph 3.40 (Liquidity Amount) shall be added to Schedule 6 (Covenants) of the Facilities Agreement:
Order of Funding. 2.3.1 The Equity Contribution will first be used to finance Project Costs until it has been (or will, within 35 days of the first proposed Disbursement Date, be) exhausted prior to any amount of Note Deposit Amount standing to the credit of the Note Proceeds Account being so used pursuant to Section 2.1.2.
Order of Funding. The aggregate Term B Loan Commitments of all Lenders shall have been reduced to zero before any borrowing of Term D Loans under this Agreement.
Order of Funding. The Borrower shall ensure that funds available to finance the payment of Project Costs are used in the following order:
(a) firstly, proceeds of the Equity Contribution;
(b) secondly, proceeds of the High Yield Notes;
(c) thirdly:
(i) proceeds of the Term Loan Facility and
(ii) utilisations by way of Letter of Credit under the Revolving Facility prior to the Opening Date (subject to the limits referred to herein);
(d) fourthly, utilisations other than by way of Letter of Credit of the Revolving Facility to the extent available to pay Project Costs; and
(e) fifthly, proceeds sourced under the Completion Support Agreement.
Order of Funding. 81 12.2.2. Maximum Loan Balance at Closing............................................. 81 12.3 All Loans; LC Guaranties.................................................... 81 12.3.1. No Default; Reaffirmation of Warranties and Representations............................................................. 81 12.3.2. Litigation; Adverse Changes................................................. 81 12.3.3. Borrowing Certificate and Other Confirmations............................... 82 12.3.4. Minimum Loan Balance........................................................ 82
Order of Funding. A Term Loan in the full amount of the Term Loan Commitment shall be made prior to the initial Revolving Loan. A Revolving Loan in the full amount of the Revolving Loan Commitment shall be made prior to the initial Working Capital Loan.
Order of Funding. No Loan proceeds shall be funded to repay the Convertible Notes until the Account (Cash Collateral) holds at least $10,000,000, and no further Loan proceeds shall be funded for any other purpose until the Convertible Notes have been repaid in full.
