Common use of Equity Requirements Clause in Contracts

Equity Requirements. ‌ Developer shall have and maintain Committed Investments totaling not less than ten percent (10%) of the Total Project Capital Cost, less the cumulative Milestone Payments (each expressed in year of expenditure terms), throughout the period between the date of Financial Close and the Substantial Completion Date, except to the extent: 13.6.1 IFA otherwise approves in writing in its sole discretion; 13.6.2 Developer must reduce the amount of Committed Investments below ten percent (10%) as part of a workout of a breach or default under the Initial Funding Agreements or Initial Security Documents; or 13.6.3 The amount of Committed Investments is reduced below ten percent (10%) because Developer incurs additional Project Debt pursuant to a Rescue Refinancing.‌

Equity Requirements. ‌ Developer shall have and maintain Committed Investments totaling not less than ten 10 percent (10%) of the Total Project Capital Cost, less the cumulative Milestone Payments (Payments, each expressed in year of expenditure terms), throughout the period between the date of Financial Close Effective Date and the Substantial Completion Date, except to the extent: 13.6.1 IFA otherwise approves in writing in its sole discretion; 13.6.2 Developer must reduce the amount of Committed Investments below ten percent (10%) as part of a workout of a breach or default under the Initial Funding Agreements or Initial Security Documents; or 13.6.3 The amount of Committed Investments is reduced below ten percent (10%) because Developer incurs additional Project Debt pursuant to a Rescue Refinancing.‌Refinancing.