Project Equity Commitment definition

Project Equity Commitment means $670,000,000 as such amount may be (i) increased from time to time by a Commitment Increase Amendment delivered by the Sponsor to the Collateral Agent and the Administrative Agent in accordance with Section 2.01(c)(ii) or (ii) decreased from time to time by a Commitment Decrease Amendment delivered by the Sponsor to the Collateral Agent and the Administrative Agent in accordance with Section 2.01(c)(iv) and reasonably acceptable to the Administrative Agent; provided that in no event shall the Project Equity Commitment at any time be less than (x) the Reserve Equity Amount (except after payment in full of the Remaining Equity Commitment in connection with a Default Funding Contribution) at such time less (y) the Project Receipt Payments held at such time by the Borrower in cash or cash equivalents net of all accounts payable in respect of Project Costs during the next 45-day period (for the avoidance of doubt, the amount calculated pursuant to this clause (y) shall not be less than zero); provided further that, to the extent applicable, at all times (i) after the Borrower incurs Project Costs in respect of the Additional Facilities in excess of $152,000,000 but equal to or less than $200,000,000, the Project Equity Commitment shall increase by an amount equal to 50% of the Project Costs incurred by the Borrower in respect of the Additional Facilities in the amount of such excess and (ii) prior to Completion, after the Borrower incurs Project Costs in respect of the Additional Facilities in excess of $200,000,000 up to $220,000,000, the Project Equity Commitment shall increase by an amount equal to 1/3 of the Project Costs incurred by the Borrower in respect of the Additional Facilities in the amount of such excess; provided further that equity contributed to the Borrower prior to the Closing Date in the amount of $129,940,628 shall count as Equity Contributions provided by the Sponsor and be credited against the Project Equity Commitment (provided that if any such contributed amounts are returned to the Sponsor or any Affiliate thereof at any time, such returned amounts shall be debited to the Project Equity Commitment).
Sample 1Sample 2Sample 3
Project Equity Commitment has the meaning assigned to such term in the Equity Commitment Agreement.
Sample 1Sample 2

Examples of Project Equity Commitment in a sentence

  • As of the Closing Date, the Sponsor has made Equity Contributions equal to $129,940,628, which shall reduce the Project Equity Commitment and the Remaining Equity Commitment.

  • Such reduction of the Project Equity Commitment shall be made by the Sponsor delivering to the Collateral Agent and the Administrative Agent a Commitment Decrease Amendment.

Related to Project Equity Commitment

  • Equity Commitment means (a) options, warrants, convertible securities, exchangeable securities, subscription rights, conversion rights, exchange rights, or other Contracts that could require a Person to issue any of its Equity Interests or to sell any Equity Interests it owns in another Person; (b) any other securities convertible into, exchangeable or exercisable for, or representing the right to subscribe for any Equity Interest of a Person or owned by a Person; (c) statutory pre-emptive rights or pre-emptive rights granted under a Person's Organizational Documents; and (d) stock appreciation rights, phantom stock, profit participation, or other similar rights with respect to a Person.

  • SBIC Equity Commitment means a commitment by the Borrower to make one or more capital contributions to an SBIC Subsidiary.

  • Equity Commitment Letter has the meaning set forth in Section 5.5(a).

  • Equity Commitment Letters has the meaning set forth in Section 6.6(a).

  • Term Facility Commitment means the commitment of a Term Lender to make Term Loans, including Initial Term Loans and/or Other Term Loans.

  • Revolving Facility Commitment means, with respect to each Revolving Facility Lender, the commitment of such Revolving Facility Lender to make Revolving Facility Loans pursuant to Section 2.01(b), expressed as an amount representing the maximum aggregate permitted amount of such Revolving Facility Lender’s Revolving Facility Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, (b) reduced or increased from time to time pursuant to assignments by or to such Lender under Section 9.04, and (c) increased (or replaced) as provided under Section 2.21. The initial amount of each Lender’s Revolving Facility Commitment is set forth on Schedule 2.01 or in the Assignment and Acceptance or Incremental Assumption Agreement pursuant to which such Lender shall have assumed its Revolving Facility Commitment, as applicable. The aggregate amount of the Lenders’ Revolving Facility Commitments on the Closing Date is $500,000,000. On the Closing Date, there is only one Class of Revolving Facility Commitments. After the Closing Date, additional Classes of Revolving Facility Commitments may be added or created pursuant to Incremental Assumption Agreements.

  • Liquidity Commitment means, as to each Committed Lender in any Conduit Group, its commitment to such Conduit Group’s Conduit under the Liquidity Agreements, (which shall equal 102% of such Conduit Group’s Percentage of the Aggregate Commitment hereunder).

  • Revolving Commitment Amount means the Revolving Commitment amount (if any) set forth adjacent to such Lender’s name on Schedule A attached hereto (or, in the case of any Lender that became party to this Agreement after the Closing Date pursuant to Section 16.3(c) or (d) hereof, the Revolving Commitment amount (if any) of such Lender as set forth in the applicable Commitment Transfer Supplement).

  • Incremental Revolving Facility Commitment means the commitment of any Lender, established pursuant to Section 2.21, to make Incremental Revolving Loans to the Borrower.

  • Replacement Revolving Facility Commitments shall have the meaning assigned to such term in Section 2.21(l).

  • Revolving Loan Commitment Amount means, on any date, $30,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Initial Commitment means, as to the Lender, its obligation to make an Initial Loan to the Borrower pursuant to Section 2.01(a) in an aggregate amount not to exceed the amount set forth opposite the Lender’s name in Schedule 1.01A under the caption “Initial Commitment”, as such amount may be adjusted from time to time in accordance with this Agreement (including Section 2.14). The initial aggregate amount of the Initial Commitments is $75,000,000.

  • Existing Commitment shall have the meaning provided in Section 2.17.

  • LC Commitment Amount means $600,000,000 as the same may be reduced permanently from time to time pursuant to Section 2.08.

  • Extended Revolving Facility Commitment shall have the meaning assigned to such term in Section 2.21(e).

  • L/C Commitment Amount has the meaning given to that term in Section 2.3.(a).

  • U.S. Revolving Commitment means the commitment of a Lender to make or otherwise fund any U.S. Revolving Loan and to acquire participations in U.S. Letters of Credit and Swing Line Loans hereunder and “U.S. Revolving Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s U.S. Revolving Commitment, if any, is set forth on Schedule 1.01(c) or in the applicable Assignment Agreement or Joinder Agreement, as applicable, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the U.S. Revolving Commitments as of the Closing Date is $265,000,000.

  • Other Revolving Facility Commitments means Incremental Revolving Facility Commitments to make Other Revolving Loans.

  • Incremental Revolving Commitment has the meaning assigned to such term in Section 2.14(a).

  • New Revolving Commitments has the meaning assigned to such term in Section 2.04.

  • New Commitments has the meaning set forth in Section 2.18(a).

  • Backstop Commitment has the meaning set forth in Section 2.2(b).

  • Letter of Credit Commitment Amount means, on any date, a maximum amount of $10,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Designated Revolving Commitments means the amount or amounts of any commitments to make loans or extend credit on a revolving basis to the Company or any of its Restricted Subsidiaries by any Person other than the Company or any of its Restricted Subsidiaries that has or have been designated (but only to the extent so designated) in an Officers’ Certificate delivered to the Trustee as “Designated Revolving Commitments” until such time as the Company subsequently delivers an Officers’ Certificate to the Trustee to the effect that the amount or amounts of such commitments shall no longer constitute “Designated Revolving Commitments.”

  • New Loan Commitments shall have the meaning provided in Section 2.14(a).

  • Revolving Commitment Increase has the meaning set forth in Section 2.14(a).