Construction Commitments definition

Construction Commitments means the Base Tranche Commitments and the Expansion Tranche Commitments. The aggregate amount of the Construction Commitments on the Execution Date is $260,000,000, which amount shall not be duplicative of the Term Commitments in such amount, and the aggregate amount of unused Construction Commitments on the Amendment Closing Date is $21,100,000.

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Construction Commitments means, with respect to any Lender, the commitment of such Lender, if any, to make Construction Loans in an aggregate principal amount not to exceed the amount, expressed as a Dollar amount, set forth under the heading “Construction Commitment” opposite such Lender’s name on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Construction Commitment, as applicable, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender under Section 9.04. The aggregate amount of the Construction Commitments on the date hereof is $100,275,000, which amount shall not be duplicative of the Term Commitments.

Examples of Construction Commitments in a sentence

• Any Lender offered or approached to provide all or a portion of the New Construction Commitments may elect or decline, in its sole discretion, to provide a New Construction Commitment.

• If as a result of any partial reduction of the Construction Commitments, the aggregate amount of all Construction Loans outstanding would exceed the aggregate Construction Commitments of all Construction Lenders after giving effect thereto, then the Borrower shall, on the date of such reduction, repay or prepay Construction Loans in an amount sufficient to eliminate such excess.

• The parties hereto hereby acknowledge that, subject to Section 9.04, any Lender may assign its Construction Loans, Term Loans, Construction Commitments and Term Commitments to one or more Affiliate Lenders or Affiliated Debt Funds.

• Any reduction of the Construction Commitments pursuant to this Section 2.7(c) shall be made among the Lenders ratably in accordance with their respective Percentages.

• Each reduction of the Construction Commitment Amount shall be made ratably among Note Holders in accordance with their respective Construction Commitments.

• During the period from the Effective Date to but excluding the Construction Facility Termination Date, the Borrower agrees to pay to the Agent for the account of the Lenders an unused facility fee equal to 0.125% of the sum of the daily amount by which the aggregate amount of the Construction Commitments exceeds the aggregate amount of the Construction Loans (whether utilized or not).

• At any time prior to the date two years after the Agreement Date but in any event at least 90 days prior to the Construction Facility Termination Date, the Borrower shall have the right, exercisable one time, to increase the aggregate amount of the Revolving Commitments by an amount not to exceed the lesser of (i) $25,000,000 or (ii) the amount by which the aggregate amount of Construction Commitments exceeds the aggregate amount of the Construction Loans (whether utilized or not).

• Anything to the contrary herein notwithstanding, (I) the Construction Commitments shall not be reduced voluntarily by Issuer to an amount less than the Minimum Construction Commitment Amount and (II) the Contingent Drilling Commitment shall not be voluntarily reduced by any amount (except by reason of a Contingent Drilling Advance) until the Drilling Completion Certificate shall have been delivered to Agent, at which time the Contingent Drilling Commitment shall be reduced to zero.

• If at any time the aggregate principal amount of all outstanding Construction Advances exceeds aggregate amount of the Construction Commitments, the Borrower shall immediately on demand pay to the Agent for the account of the Lenders, the amount of such excess.