Actual Equity IRR definition
Actual Equity IRR means the Equity IRR calculated in respect of actual out- turn cashflows properly incurred in connection with the Project from the Commencement Date up to the relevant VFM Review Date, from and to the Contractor and the Shareholders from time to time, including any cashflows in relation to debt provided by the Shareholders and ranking for repayment ahead of equity only;
Actual Equity IRR means the Equity IRR calculated in respect of actual cashflows properly incurred in connection with the Project from the date equity is first invested in the project but no sooner than the Commencement Date up to the relevant Cash Flow Review Date, on the basis of the net post-tax Internal Rate of Return as shown on Tab “Model Summary” Cell K56. Labeled as Cash Equity Return (Post-tax) of the Base Case Financial Model as updated in accordance with Part 2 of Schedule 11 taking into account and leaving out of account (as the case may be) the matters referred to in paragraph 3.1 of Schedule 14. For purposes of this definition, the phrase “post-tax” refers only to U.S. federal and state income tax liability of Concessionaire or its Equity Members and specifically excludes (i) any foreign income tax and other tax of any kind, and (ii) any withholding tax, including any tax that the Concessionaire or an Equity Member is obligated to withhold on Distributions (whether actual or constructive) or other payments or allocations to Equity Members or holders of debt of or equity interests in an Equity Member under 26 U.S.C. §§ 1441 – 1446, notwithstanding 26 U.S.C. § 1461.