Common use of Equity Commitment Clause in Contracts

Equity Commitment. Owner shall, and hereby commits to Purchaser that it will, finance a portion of the Project Costs through contributions to the equity capital of Owner in a manner consistent with Owner’s obligations under Section 8.3(a). Without limiting Owner’s obligations under the foregoing sentence, Owner shall enter into an equity commitment agreement with Northeast Utilities, and shall cause Northeast Utilities to enter into such equity commitment agreement with Owner, in each case, no later than the Distribution Date, pursuant to which agreement Northeast Utilities shall commit annually during the Construction Phase to provide, either directly or through a subsidiary, equity capital consistent with Owner’s obligations under the foregoing sentence, which equity commitment is expected to be based upon the amounts set forth in the Construction Budget and Schedule for the upcoming year. The Parties acknowledge and agree that such equity commitment will be used only to finance Project Costs during the Construction Phase and may not be applied towards, or accelerated to settle, any claims resulting from an Owner Default, other than pursuant to this Section 5.6. For the avoidance of doubt, Owner’s rights under such equity commitment agreement shall be part of the collateral pledged to Hydro-Québec Lender to secure Owner’s obligations under the Construction Loan Agreement.

Equity Commitment. Owner shall, and hereby commits to Purchaser that it will, finance a portion of the Project Costs through contributions to the equity capital of Owner in a manner consistent with Owner’s obligations under Section 8.3(a). Without limiting Owner’s obligations under the foregoing sentence, Owner shall enter into an equity commitment agreement with Northeast UtilitiesUtilities and NSTAR, and shall cause Northeast Utilities and NSTAR to enter into such equity commitment agreement with Owner, in each case, no later than the Distribution Date, pursuant to which agreement Northeast Utilities and NSTAR shall commit annually during the Construction Phase to provide, either directly or through a subsidiary, equity capital consistent with Owner’s obligations under the foregoing sentence, which equity commitment is expected to be based upon the amounts set forth in the Construction Budget and Schedule for the upcoming year. The Parties acknowledge and agree that such equity commitment will be used only to finance Project Costs during the Construction Phase and may not be applied towards, or accelerated to settle, any claims resulting from an Owner Default, other than pursuant to this Section 5.6. For the avoidance of doubt, Owner’s rights under such equity commitment agreement shall be part of the collateral pledged to Hydro-Québec Lender to secure Owner’s obligations under the Construction Loan Agreement.

Equity Commitment. Owner shall, and hereby commits to Purchaser that it will, finance a portion of the Project Costs through contributions to the equity capital of Owner in a manner consistent with Owner’s 's obligations under Section 8.3(a). Without limiting Owner’s 's obligations under the foregoing sentence, Owner shall enter into an equity commitment agreement with Northeast UtilitiesUtilities and NSTAR, and shall cause Northeast Utilities and NSTAR to enter into such equity commitment agreement with Owner, in each case, no later than the Distribution Date, pursuant to which agreement Northeast Utilities and NSTAR shall commit annually during the Construction Phase to provide, either directly or through a subsidiary, equity capital consistent with Owner’s 's obligations under the foregoing sentence, which equity commitment is expected to be based upon the amounts set forth in the Construction Budget and Schedule for the upcoming year. The Parties acknowledge and agree that such equity commitment will be used only to finance Project Costs during the Construction Phase and may not be applied towards, or accelerated to settle, any claims resulting from an Owner Default, other than pursuant to this Section 5.6. For the avoidance of doubt, Owner’s 's rights under such equity commitment agreement shall be part of the collateral pledged to Hydro-Québec Lender to secure Owner’s 's obligations under the Construction Loan Agreement.