Available Construction Funds means, as of any day, the sum of (x) the aggregate amount of proceeds from the Construction Loans on deposit in or credited to the Construction Account on such day, without giving effect to any withdrawals therefrom on such day, plus (y) the aggregate amount of the Construction Loan Commitments on such day (other than the Construction Loan Commitment of any Defaulting Lender), without giving effect to any Disbursement of Construction Loans on such day.
Available Construction Funds at any time and without duplication, the sum of (a) amounts in the Construction Accounts (as applicable), (b) the amount of the undisbursed proceeds, if any, of the then-available Term Loan Commitments and (c) undisbursed Loss Proceeds which are available in the Loss Proceeds Account for payment of Project Costs.
Available Construction Funds means, at any time and without duplication, the sum of (a) amounts in the Construction Account, (b) the Available Loan Commitment, (c) undisbursed Insurance Proceeds or Eminent Domain Proceeds which are available for payment of Project Costs, (d) any delay liquidated damages which Borrower has received under the Construction Contract or any other contract for construction related to the Project and which are available for the payment of Project Costs, (e) any other liquidated damages which Borrower has received under the other Project Documents and which, by the terms of the Credit Documents, are available for the payment of Project Costs; and (f) equity contributions to Borrower that have not been applied to the payment of Project Costs .
Examples of Available Construction Funds in a sentence
The aggregate amount of Project Costs set forth in the then-applicable Construction Budget are sufficient to cause the Term Conversion Date to occur prior to the Date Certain and the Available Construction Funds both before and after giving effect to such Disbursement shall be equal to or greater than the aggregate amount of unpaid Project Costs set forth in the Construction Budget.
The Subject Project shall be reasonably expected to achieve Completion on or prior to the EPC Date Certain therefor and the Available Construction Funds for the Subject Project and all other Approved Projects shall be reasonably expected to be sufficient to cause the Subject Project and all other Approved Projects to achieve Completion on or prior to the respective EPC Dates Certain therefor, in each case as certified by Borrower and confirmed in writing by the Independent Engineer.
After taking into consideration the making of the applicable Construction Credit Event, Lender shall have determined that Available Construction Funds shall not be less than the aggregate unpaid amount required to cause Completion to occur in accordance with all Legal Requirements, the Construction Contract and the Credit Documents prior to the Outside Date and to pay or provide for all anticipated non-construction Project Costs, all as set forth in the then-current Project Budget.
The notice of any such reduction of the Loan Commitment shall specify the amount and effective date of such reduction and, if applicable, shall demonstrate that the Available Construction Funds (assuming the reduced Loan Commitment) are sufficient to complete the Project before the Outside Date.
Such request shall be supported by a certificate from the Independent Construction Consultant stating the amount of the Construction Cost Overruns and confirming that the amount requested has been incurred for legitimate Construction Expenses and that following disbursement pursuant to such request the Available Construction Funds will exceed the Remaining Costs.
More Definitions of Available Construction Funds
Available Construction Funds means, with respect to Project, at any time the aggregate committed amount of all sources of capital available to the Borrower for the Project by way of (a) the undisbursed proceeds under the Credit Facility, (b) aggregate committed and undrawn amounts available under (i) the Senior Credit Documents, (ii) the CapEx Facilities, (iii) any other Junior Financing and (iv) any proceeds of any equity issuance, if applicable, that have been allocated under the Construction Budget and Schedule to fund Project Costs for such Project, (c) Unrestricted Cash reflected on the balance sheet of the Borrower that is available to pay Project Costs and is not required to fund any mandatory prepayments underthe Senior Credit Documents, (d) any undisbursed insurance proceeds which are available for the payment of Project Costs of the Project, and (e) projected cash flows of the Borrower that are contemplated by the Construction Budget and Schedule to be used to pay Project Costs, provided such projected cash flows are reasonable in the circumstances of the business of the Borrower and are in excess of amounts required to fund mandatory prepayments under any Senior Credit Documents and the Net Working Capital Requirement of the Borrower required to fund its business in accordance with the Construction Budget and Schedule.
Available Construction Funds means, at any time, the sum of (without duplication) (a) the aggregate of the then undisbursed proceeds of the Tranche A Commitments, (b) the aggregate of the then undisbursed proceeds of the Delayed Draw Term Commitments, (c) the aggregate of the then undisbursed proceeds of the Construction Equity Commitment, (d) the amount of the then undisbursed Working Capital Commitments reserved for payment of Project Costs pursuant to Section 5.09(c), (e) any other amounts then on deposit in the Construction Disbursement Account or Construction Equity Account and (f) Project Revenues of the Borrower Group Parties reasonably expected to be available at or after such time and prior to the Date Certain for application to Project Costs of the Development Projects in accordance with the terms of the Loan Documents.
Available Construction Funds means, at any time and without duplication, the sum of (a) amounts in the Construction Account, (b) the undisbursed proceeds, if any, of the Total Construction Loan Commitment, (c) undisbursed Insurance Proceeds or Eminent Domain Proceeds which are available for payment of Project Costs, (d) any delay liquidated damages which Borrowers have received under any Construction Contract or any other contract for construction related to the Project, (e) amounts in the Construction Fund, and (f) any other liquidated damages which Borrowers have received under the other Project Documents and which, by the terms of the Credit Documents, are available for the payment of Project Costs.
Available Construction Funds means, at any time and without duplication, the sum of (a) amounts in the Construction Account, (b) the amount of the undisbursed proceeds, if any, of the then-available Construction Loan Commitments and First Lien Loan Commitments, (c) undisbursed Loss Proceeds which are available for payment of Project Costs, (d) amounts in the Second Lien Loan Proceeds Account and (e) any additional capital contribution of a cash amount made to any Co-Borrower from time to time or commitments to provide such funding pursuant to documentation from Persons meeting (or whose obligations in such commitments are supported by a letter of credit in form and substance reasonably satisfactory to the Administrative Agent issued by an issuer meeting) the creditworthiness requirements set forth in the definition of “Acceptable Credit Provider”, and otherwise reasonably acceptable to Administrative Agent.
Available Construction Funds means, at any time and without duplication, the sum of (a) amounts in the Construction Account and all subaccounts thereunder other than the Turbine Purchase Sub-Account (provided, however, that amounts in any given Construction Sub-Account shall only be taken into account to the extent of the Project Costs remaining to be paid in respect of the Project to which such Construction Sub-Account relates), (b) the Available Loan Commitment, (c) undisbursed Insurance Proceeds which are available for payment of Project Costs, (d) any delay liquidated damages which Borrower or another Portfolio Entity has received under any Construction Contract, (e) any other liquidated damages which Borrower or another Portfolio Entity has received under the other Project Documents and which, by the terms of the Credit Agreement, are available for the payment of Project Costs, (f) any undisbursed amounts on deposit with Administrative Agent or Depositary Agent constituting Base Equity or Additional Borrower Equity or amounts deposited pursuant to Section 3.10(a) of the Credit Agreement which are designated to be used to pay Project Costs but not Turbine Costs other than Turbine Costs for Turbines assigned to the applicable Project(s) (as set forth on Exhibit G-3 to the Credit Agreement), (g) the Base Equity required to be funded pursuant to Section 5.17.1 of the Credit Agreement and (h) any other Committed Equity Funds which are designated to be
Available Construction Funds means, with respect to Project, at any time the aggregate committed amount of all sources of capital available to the Borrower for the Project by way of (a) the undisbursed proceeds under the Credit Facility, (b) aggregate committed and undrawn amounts available under (i) the Senior Credit Documents, (ii) the CapEx Facilities, (iii) any other Junior Financing and (iv) any proceeds of any equity issuance, if applicable, that have been allocated under the Construction Budget and Schedule to fund Project Costs for such Project, (c) Unrestricted Cash reflected on the balance sheet of the Borrower that is available to pay Project Costs and is not required to fund any mandatory prepayments under the Senior Credit Documents, (d) any undisbursed insurance proceeds which are available for the payment of Project Costs of the Project, and (e) projected cash flows of the Borrower that are contemplated by the Construction Budget and Schedule to be used to pay Project Costs, provided such projected cash flows are reasonable in the circumstances of the business of the Borrower and are in excess of amounts required to fund mandatory prepayments under any Senior Credit Documents and the Net Working Capital Requirement of the Borrower required to fund its business in accordance with the Construction Budget and Schedule.
Available Construction Funds means, at any time, the sum of (a) amounts on deposit in the Construction Account (including the proceeds of the Loans, the Base Equity Contribution, any Permitted Additional Equity Raise, any Permitted Other Equity Raise, any additional equity capital contribution from the Sponsor or any Affiliate of the Sponsor to fund any existing or projected Cost Overruns or otherwise), plus (b) the amount of any other irrevocable funding commitment from the Sponsor or any Affiliate of the Sponsor in form and substance reasonably acceptable to the Lenders.