Common use of Activation Fees Clause in Contracts

Activation Fees. Concurrently with the first Borrowing in respect of each Subsequent Project, Borrower shall pay to Administrative Agent, for the benefit of the Banks, an activation fee (the "Activation Fee") equal to the product of (a) 0.25% times (b) the total amount of Project Costs in respect of such Subsequent Project less any Contributions by Calpine previously applied to pay Project Costs for such Subsequent Project as reflected in such Subsequent Project's Project Budget.

Activation Fees. Concurrently with the first Borrowing in respect of each Subsequent Project or Substituted Initial Project that becomes a Funded Project, Borrower shall pay to Administrative Agent, for the benefit of the Banks, an activation fee (the "Activation Fee") equal to the product of (a) 0.25% times (b) the total amount of Project Costs in respect of such Subsequent Project less any Contributions by Calpine previously applied to pay Project Costs for such Subsequent Project as reflected in such Subsequent Project's Project Budget.