Common use of Equity Payment Clause in Contracts

Equity Payment. (a) On the Tranche A Initial Borrowing Date, the Facility Agent shall have received evidence, in form and substance reasonably satisfactory to the Facility Agent, that Breakaway One shall have funded from cash on hand an amount equal to 1% of the Initial Construction Price for Vessel 1 (other than from the proceeds of Loans, and loans under the ECF Facilities and the Other Term Loan Facility); and (b) on the Tranche B Initial Borrowing Date, the Facility Agent shall have received evidence, in form and substance reasonably satisfactory to the Facility Agent, that Breakaway Two shall have funded from cash on hand an amount equal to 1% of the Initial Construction Price for Vessel 2 (other than from the proceeds of Loans, and loans under the ECF Facilities and the Other Term Loan Facility).