Term Loan Availability. (a) Subject to the terms and conditions set forth in this Agreement and the Common Terms Agreement, each Term Lender severally, and not jointly or jointly and severally, agrees to advance to the Borrower its pro rata share of such Term Lender’s Term Loan Commitment as the Borrower may request under this Section 2.02 (Term Loan Availability) and the applicable Disbursement Request (each such Advance when made, individually, a “Term Loan” and, collectively, the “Term Loans”), in an aggregate principal amount not to exceed such Term Lender’s Term Loan Commitment, from time to time during the period commencing (solely with respect to the Initial Advance) on the Closing Date and (with respect to all other Advances of Term Loans) following the utilization in full of both the Closing Date Equity Funding and the Initial Advance, and ending on the earliest of (such period, the “Term Loan Availability Period”): (i) the Date Certain; (ii) the Project Completion Date; (iii) the date the Term Loan Commitments are fully utilized or of any cancellation or termination of all of the remaining Term Loan Commitments pursuant to Section 3.8 (Reductions and Cancellations of Facility Commitments) of the Common Terms Agreement; and (iv) the date the Required Lenders terminate their Commitments upon the occurrence and during the Continuance of a Loan Facility Event of Default. (b) Subject to Section 2.2 (Sequence of Advances of Initial Senior Debt) of the Common Terms Agreement, Section 2.4 (Pro Rata Advances) of the Common Terms Agreement and the applicable conditions of Article 4 (Conditions Precedent) of the Common Terms Agreement and Section 2.02(a) (Term Loan Availability) of this Agreement, the Borrower shall be entitled to draw down all or a portion of the unused Term Loan Commitments before or on the final date of the Term Loan Availability Period for the purposes set forth in Section 12.1 (Use of Proceeds) of the Common Terms Agreement and Section 2.10 (Use of Proceeds) of this Agreement.
Appears in 2 contracts
Samples: Credit Facility Agreement (Venture Global, Inc.), Credit Facility Agreement (Venture Global, Inc.)
Term Loan Availability. (a) Subject to the terms and conditions set forth in this Agreement and the Common Terms Agreement, each Term Lender severally, and not jointly or jointly and severally, agrees to advance to the Borrower its pro rata share of such Term Lender’s Term Loan Commitment as the Borrower may request under this Section 2.02 (Term Loan Availability) and the applicable Disbursement Request (each such Advance when made, individually, a “Term Loan” and, collectively, the “Term Loans”), in an aggregate principal amount not to exceed such Term Lender’s Term Loan Commitment, from time to time during the period commencing (solely with respect to on the Initial Advance) on the Closing Date and (with respect to all other Advances of Term Loans) following the utilization in full of both the Closing Date Equity Funding and the Initial Advance, and ending on the earliest of (such period, the “Term Loan Availability Period”):
(i) the Phase 2 LNG Facility Date Certain;
(ii) the Project Phase 2 Completion Date;
(iii) the date the Term Loan Commitments are fully utilized or of any cancellation or termination of all of the remaining Term Loan Commitments pursuant to Section 3.8 (Reductions and Cancellations of Facility Debt Commitments) of the Common Terms Agreement; and
(iv) the date the Required Lenders terminate their Commitments upon the occurrence and during the Continuance of a Loan Facility Event of Default.
(b) Subject to Section 7.01 (Conditions to Initial Closing) (which incorporates by reference Section 4.1 (Conditions to Initial Closing Date and Initial Advance) of the Common Terms Agreement), Section 7.02 (Conditions to Upsize Closing) (which incorporates by reference Section 4.2 (Conditions to Upsize Closing Date) of the Common Terms Agreement), Section 7.03 (Conditions to Each Term Loan Advance) (which incorporates by reference Section 4.3 (Conditions to Each Term Loan Advance) of the Common Terms Agreement), Section 2.2 (Sequence of Advances of Initial Senior Debt) of the Common Terms Agreement, Section 2.4 (Pro Rata Advances) of the Common Terms Agreement and the applicable conditions of Article 4 (Conditions Precedent) of the Common Terms Agreement and Section 2.02(a) (Term Loan Availability) of this Agreement, the Borrower shall be entitled to draw down all or a portion of the unused Term Loan Commitments before or on the final date of the Term Loan Availability Period for the purposes set forth in Section 12.1 (Use of Proceeds) of the Common Terms Agreement and Section 2.10 2.09 (Use of Proceeds) of this Agreement.
Appears in 2 contracts
Samples: Credit Facility Agreement (Venture Global, Inc.), Credit Facility Agreement (Venture Global, Inc.)
Term Loan Availability. (a) Subject to the terms and conditions set forth in this Agreement and the Common Terms Agreement, each Term Lender severally, and not jointly or jointly and severally, agrees to advance to the Borrower its pro rata share of such Term Lender’s Term Loan Commitment as the Borrower may request under this Section 2.02 (Term Loan Availability) and the applicable Disbursement Request (each such Advance when made, individually, a “Term Loan” and, collectively, the “Term Loans”), in an aggregate principal amount not to exceed such Term Lender’s Term Loan Commitment, from time to time during the period commencing (solely with respect to the Initial Advance) on the Closing Date and (with respect to all other Advances of Term Loans) following the utilization in full of both the Closing Date Equity Funding and the Initial Advance, and ending on the earliest of (such period, the “Term Loan Availability Period”):
(i) the Date CertainMarch 31, 2023;
(ii) the Project Completion Date;
(iii) the date the Term Loan Commitments are fully utilized or of any cancellation or termination of all of the remaining Term Loan Commitments pursuant to Section 3.8 (Reductions and Cancellations of Facility Commitments) of the Common Terms Agreement; and
(iv) the date the Required Lenders terminate their Commitments upon the occurrence and during the Continuance of a Loan Facility Event of Default.
(b) Subject to Section 2.2 (Sequence of Advances of Initial Senior Debt) of the Common Terms Agreement, Section 2.4 (Pro Rata Advances) of the Common Terms Agreement and the applicable conditions of Article 4 (Conditions Precedent) of the Common Terms Agreement and Section 2.02(a) (Term Loan Availability) of this Agreement, the Borrower shall be entitled to draw down all or a portion of the unused Term Loan Commitments before or on the final date of the Term Loan Availability Period for the purposes set forth in Section 12.1 (Use of Proceeds) of the Common Terms Agreement and Section 2.10 (Use of Proceeds) of this Agreement.
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