Common use of Equity Support Clause in Contracts

Equity Support. 18.2.1. Subject to the conditions specified in this Clause 18.2, the Grant shall be credited to the Escrow Account and shall be applied by the Concessionaire for meeting the Total Project Cost (the “Equity Support”). 18.2.2. Equity Support shall be due and payable to the Concessionaire only after it has expended 80% of the committed Equity, and shall be disbursed only after the Concessionaire expends 50% of the Total Project Cost as per Financing Agreements or the Total Project Cost as submitted by the Concessionaire to the Authority. The Authority shall disburse the Equity Support as and when due, but no later than 15 (fifteen) days of receiving a request from the Concessionaire along with necessary particulars and an auditor certificate to that effect. 18.2.3. In the event of occurrence of a Concessionaire Default, disbursement of Equity Support shall be suspended till such time Concessionaire Default has been cured by the Concessionaire.