Project Tranche definition

Project Tranche means the maximum amount available for Advances as proceeds from the Loan with respect to each Existing Project, Planned Project or Future Project, said Project Tranche being the lesser of (i) eighty percent (80%) of the total remaining cost to develop such Project as set forth in the Project Development Budget approved by the Agent Lender for such Project, or (ii) the Available Committed Amount calculated at the time such Project and Project Development Budget are approved by the Agent Lender for such Project; provided, however, that the Project Tranche may be adjusted by Agent Lender from time to time for changes in the Project Development Budget, overruns, cost-savings, or for verified availability of Lessor Contributions, as provided herein. Without limiting the foregoing, the Project Tranche for any Existing Project shall not include previously incurred costs to acquire, construct or equip such Existing Project, and such Project Tranche shall only include the remaining costs to reconfigure such Existing Project.
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Project Tranche means the maximum amount available for Advances as proceeds from the Loan with respect to each Project, said Project Tranche being the lesser of (i) eighty percent (80%) of the total remaining cost to develop such Project as set forth in the Project Development Budget approved by the Agent Lender for such Project, or (ii) the Available Committed Amount calculated at the time such Project and Project Development Budget are approved by the Agent Lender for such Project; provided, however, that the Project Tranche may be adjusted by Agent Lender from time to time for changes in the Project Development Budget, overruns, cost-savings, or for verified availability of Lessor Contributions, as provided herein. Without limiting the foregoing, the Project Tranche for any Renovation Project shall only include the costs to renovate and reconfigure such Renovation Project, and the Project Tranche for any Existing Project shall not include previously incurred costs to acquire, construct or equip such Existing Project, and such Project Tranche shall only include the remaining costs to reconfigure such Existing Project.
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Project Tranche has the meaning ascribed to such term in Section 3.1(g) of this Agreement.
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Examples of Project Tranche in a sentence

  • In the event the Agent Lender consents to any modification to a Project Tranche amount, the Available Committed Amount will be adjusted upward or downward accordingly.

  • Notwithstanding the foregoing, any changes to the amount of a Project Tranche (either increases or decreases) shall be subject to Agent Lender’s prior written consent, which consent shall not be unreasonably withheld as long as such changes will not result in a negative Available Committed Amount and Agent Lender reasonably believes the new proposed Project Tranche for the Project remains sufficient to permit the completion of the Project.

  • To the extent that Project Development Budget changes by Borrower result in increased Project costs for which there is no Available Committed Amount sufficient to permit such an increase in the Project Tranche, Borrower shall be responsible for paying the full amount of such Deficiency, as hereinafter provided.

  • Pay the difference between the undisbursed Loan funds with respect to any Project Tranche, and the amount necessary fully to complete the acquisition, construction, equipping and installation of the corresponding Project free of all Liens, including direct and indirect costs and work performed but for which payment has not been made, and the Lenders shall be under no obligation to make any further Advances until any amount so demanded is so paid by the Borrower.

  • The Bank will establish two tranches under the Facility--one tranche for the purposes stated in Section 1.5(a) hereof (the "Project Tranche") and the other tranche for borrowings to be used for purposes stated in Section 1.5(b) hereof (the "Working Capital Tranche").

  • Proceeds of Loans made under the Project Tranche shall be used solely for the purposes described in Section 1.5(a) and proceeds of Loans made under the Working Capital Tranche shall be used solely for the purposes described in Section 1.5(b).

  • Loans under both the Project Tranche and the Working Capital Tranche shall be available until the Working Capital Maturity Date, at which time the Working Capital Commitment (defined in Section 1.1(b) below) shall be terminated and the full amount of the Facility (subject to Section 1.4 hereof) shall thereafter be considered the Project Tranche and available only for Project Tranche purposes, as described in Section 1.5(a).

  • The Borrower may request an increase or decrease in the amount of one or more Project Tranches after its initial funding in an amount not to exceed $250,000 per Project Tranche, as approved by the Lender; provided, however, any such increase shall not increase the amount of the overall Construction Loan and shall be subject to offsetting changes in the Construction Budgets for each such Project.

  • Subject to the terms and conditions hereof, each Lender severally and not jointly agrees to make Loans to Borrower in an aggregate principal amount at any one time outstanding up to, but not exceeding, the amount of such Lender’s Commitment less the Letter of Credit Obligations; provided that, the Lenders shall not be required to disburse any Loan Advances at any time that a Project Tranche is not In Balance or if the requested disbursement would cause a Project Tranche to not be In Balance.

  • Subject to any and all restrictions herein, the proceeds of the Loans made under the Project Tranche shall be used by the Borrower to pay (or reimburse Borrower for cash expenditures of Borrower for) the costs of constructing the Infrastructure.