Common use of Procedures for Construction Loan Borrowing Clause in Contracts

Procedures for Construction Loan Borrowing. The Borrower may borrow under the Construction Loan Commitments during the Construction Period for each Project on any Business Day (subject to the limitations in Section 2.1); provided that the Borrower shall give the Administrative Agent an irrevocable appropriately completed written notice substantially in the form of Exhibit A-1 (a “Construction Loan Notice of Borrowing”), as applicable, which notice must be received by the Administrative Agent by noon, New York time, (a) three (3) Business Days prior to the requested Borrowing date, in the case of LIBOR Loans, or (b) one (1) Business Day prior to the requested Borrowing date, in the case of Base Rate Loans, specifying, among other things: (a) the applicable Construction Loan Tranche, (b) the amount of the requested Borrowing, which shall be in a minimum amount of $250,000 (except for the amount made on the Borrower’s final requested Borrowing) and in whole multiples of $10,000 in excess thereof; (c) the date of the requested Borrowing, which shall be a Business Day, and whether such Borrowing shall consist of Base Rate Loans and/or LIBOR Loans; and (d) in the case of LIBOR Loans, the initial Interest Period. If the Borrower elects a LIBOR Loan and changes the date of a Borrowing after noon New York time within three (3) Business Days of the date of such Borrowing, the Borrower shall reimburse the Lenders for Breakage Costs, if any, incurred as a result thereof in accordance with Section 2.22. The Administrative Agent shall promptly, and in any event within two (2) Business Days prior to the requested Borrowing date in the case of LIBOR Loans, notify each Lender of the contents of such notice. The Borrower shall not be permitted to request a Borrowing of Construction Loans more than once every two (2) consecutive calendar weeks; provided that the Borrower may request Borrowings under multiple Construction Loan Tranches on each such occasion.

Procedures for Construction Loan Borrowing. The Borrower may borrow under the Construction Loan Commitments allocated to Projects during the applicable Construction Loan Availability Period for each such Project on any Business Day (subject to the limitations in Section 2.1); ) provided that the Borrower shall give the Administrative Agent an irrevocable appropriately completed written notice substantially in the form of Exhibit A-1 (a “Construction Loan Notice of Borrowing”), as applicable, which notice must be received by the Administrative Agent by noonprior to 10:00 A.M., New York time, five (a) three (35) Business Days prior to the requested Borrowing date, in the case of LIBOR Loans, or (b) one (1) Business Day prior to the requested Borrowing date, in the case of Base Rate Loans, specifying, among other things: (a) the applicable Construction Loan Tranche, (b) the amount of the requested Borrowing, which shall be in a the minimum amount of $250,000 1,000,000 (except for the amount made on the Borrower’s final requested BorrowingCREDIT AGREEMENT (SunPower HoldCo) Borrowing for such Project) and in whole multiples of $10,000 500,000 in excess thereof; (cb) the date of the requested Borrowing, which shall be a Business Day, and whether such Borrowing shall consist of Base Rate Loans and/or LIBOR Loans; and (dc) in the case of LIBOR Loans, the initial Interest PeriodPeriod(s) selected by the Borrower and (d) the Project to which such Borrowing relates. The Construction Loans for a Project made on the Initial Project Construction Loan Date for such Project shall be Base Rate Loans. If the Borrower elects a LIBOR Loan and changes the date of a Borrowing after noon by 10:00 A.M. New York time within three (3) Business Days of the date of such Borrowing, the Borrower shall reimburse the Lenders for Breakage Costs, if any, incurred as a result thereof in accordance with Section 2.222.21. The Administrative Agent shall promptly, and in any event within two (2) Business Days prior to the requested Borrowing date in the case of LIBOR Loans, notify each Lender of the contents of such notice. The Borrower shall not be permitted to request a Borrowing of Construction Loans more than once every two (2) consecutive calendar weeks; provided that the Borrower may request Borrowings under multiple Construction Loan Tranches on each such occasion.

Procedures for Construction Loan Borrowing. The Borrower may borrow under the Construction Loan Commitments during the Construction Loan Availability Period for each Project on any Business Day (subject to the limitations in Section 2.1); ) provided that the Borrower shall give the Administrative Agent an irrevocable appropriately completed written notice substantially in the form of Exhibit A-1 (a “Construction Loan Notice of Borrowing”), as applicable, which notice must be received by the Administrative Agent by noonprior to 10:00 A.M., New York time, (a) three (3) Business Days prior to the requested Borrowing date, in the case of LIBOR Loans, or (b) one (1) Business Day prior to the requested Borrowing date, in the case of Base Rate Loans), specifying, among other things: (a) the applicable Construction Loan Tranche, (b) the amount of the requested Borrowing, which shall be in a the minimum amount of $250,000 1,000,000 (except for the amount made on the Borrower’s final requested Borrowing) and in whole multiples of $10,000 500,000 in excess thereof; (cb) the date of the requested Borrowing, which shall be a Business Day, and whether such Borrowing shall consist of Base Rate Loans and/or LIBOR Loans; and (dc) in the case of LIBOR Loans, the initial Interest PeriodPeriod(s) selected by the Borrower. The Construction Loans made on the Closing Date shall be Base Rate Loans. If the Borrower elects a LIBOR Loan and changes the date of a Borrowing after noon by 10:00 A.M. New York time within three (3) Business Days of the date of such Borrowing, the Borrower shall reimburse the Lenders for Breakage Costs, if any, incurred as a result thereof in accordance with Section 2.222.21. The Administrative Agent shall promptly, and in any event within two (2) Business Days prior to the requested Borrowing date in the case of LIBOR Loans, notify each Lender of the contents of such notice. The Borrower shall not be permitted to request a Borrowing of Construction Loans more than once every two (2) consecutive calendar weeks; provided that the Borrower may request Borrowings under multiple Construction Loan Tranches on each such occasion.

Procedures for Construction Loan Borrowing. The Subject to Sections 4.2 and 4.3, as applicable, the Borrower may borrow under the Construction Loan Commitments during the Construction Loan Availability Period for each Project on any Business Day (subject to the limitations in Section 2.1); ) provided that the Borrower shall give the Administrative Agent an irrevocable appropriately completed written notice substantially in the form of Exhibit A-1 (a “First Phase Construction Loan Notice of Borrowing”) or Exhibit A-2 (a “Second Phase Construction Loan Notice of Borrowing”), as applicable, which notice must be received by the Administrative Agent by noonprior to 11:00 a.m., New York time, (a) three (3) Business Days prior to the requested Borrowing dateDate, in the case of LIBOR Loans, or (b) one (1) Business Day prior to the requested Borrowing dateDate, in the case of Base Rate Loans, specifying, among other things: (a) the applicable Construction Loan Tranche, (b) the amount of the requested Borrowing, which shall be in a the minimum amount of $250,000 5,000,000 (except for the amount made on the Borrower’s final requested Borrowing) and in whole multiples of $10,000 1,000,000 in excess thereof; , (cb) the estimated date of the requested Borrowing, which shall be a Business Day, and whether such Borrowing shall consist of Base Rate Loans and/or LIBOR Loans; and , (dc) in the case of LIBOR Loans, the initial Interest PeriodPeriod(s) selected by the Borrower, and (d) the Project Costs to be paid with the proceeds of such Construction Loan. If the Borrower elects a LIBOR Loan and changes the date of a Borrowing after noon New York time within three (3) Business Days of the date of such Borrowing, the Borrower shall promptly reimburse the Lenders for Breakage Costs, if any, incurred as a result thereof in accordance with Section 2.222.23. The Administrative Agent shall promptly, and in any event within two (2) Business Days prior to the requested Borrowing date in the case of LIBOR Loans, promptly notify each Lender of the contents of such notice. The Borrower shall not be permitted to request a Borrowing of Construction Loans more than once every two (2) consecutive calendar weeks; provided that the Borrower may request Borrowings under multiple Construction Loan Tranches on each such occasion.