Initial Funding Payment definition
Examples of Initial Funding Payment in a sentence
Except for the Initial Funding Payment and the Capital Contribution of Clean Technologies on the Initial Funding Date, for the avoidance of doubt, the Projected Contribution Schedule is just a projection and the parties hereto intend that the Capital Contributions will only be made as needed in order for the Project Company to make payments under the MESPA, after taking into account the Loan Proceeds.
Notwithstanding the foregoing, prior to any Subsequent Funding Payment being made by Investor, the Initial Funding Payment, any prior Subsequent Funding Payments and any prior CT Funding Amounts, as applicable, shall have been drawn upon in full by the Project Company in accordance with the Company LLC Agreement and not more than $20 million of such amounts in the aggregate remain unspent by the Project Company.
If all of the conditions in Section 2.5 and Section 2.7 are subsequently satisfied, Clean Technologies may by not less than 10 Business days’ written notice to Investor again require Investor to make a Capital Contribution of the Initial Funding Payment and any Subsequent Funding Payments, as provided under this Agreement.
Notwithstanding the foregoing, prior to any Subsequent Funding Payment being made by Investor, the Initial Funding Payment, any prior Subsequent Funding Payments and any prior CT Funding Amounts, as applicable, shall have been drawn upon in full by the Project Company in accordance with the Company LLC Agreement and not more than $[***] of such amounts in the aggregate remain unspent by the Project Company.
If all of the conditions in Section 2.5 and Section 2.7 are subsequently satisfied, Clean Technologies may by not less than [***]’ written notice to Investor again require Investor to make a Capital Contribution of the Initial Funding Payment and any Subsequent Funding Payments, as provided under this Agreement.