Base Equity Contributions. (a) Prior to the date hereof, the Sponsor has made, or caused to be made, Equity Contributions to the Borrower in an aggregate amount equal to twenty-one million Dollars ($21,000,000) (or its equivalent in any other currency) (the “Initial Base Equity Contributions”) as evidenced by bank statements demonstrating contributions in an aggregate amount of not less than sixteen million two hundred thousand Dollars ($16,200,000) (or its equivalent in any other currency) and a certificate from the Auditors confirming that Base Equity Contributions in an aggregate amount of not less than four million eight hundred thousand Dollars ($4,800,000) (or its equivalent in any other currency) have been made.
(b) Subject to Section 2.05 (a)(Termination of Support Obligations), the Sponsor undertakes to make, or cause to be made, Equity Contributions (in addition to the Initial Equity Contributions) in accordance with Section 2.03 (Mechanics for Funding Equity Contributions) in an aggregate amount equal to the Required Base Equity Contributions, which Equity Contributions shall be made prior to the delivery of each Disbursement Request, in an amount that is necessary to ensure that the Debt to Equity Ratio does not and shall not exceed, after giving effect to the Disbursement being requested pursuant to such Disbursement Request, 70:30.
(c) The total amount of funds to be provided by the Sponsor under this Section 2.01 shall not exceed the Required Base Equity Contributions.
Base Equity Contributions. The Senior Lenders have received (i) bank statements, in form and substance satisfactory to them, demonstrating that Base Equity Contributions in an aggregate amount of no less than thirty three million nine hundred thousand Dollars ($33,900,000) (or its equivalent in any other currency) have been made in the form of either (A) subscriptions and payments in cash for Share Capital of the Borrower, (B) non-interest bearing irrevocable shareholders’ advances (aportes irrevocables a cuenta de futuras suscripciones de acciones) or (C) Sponsor Party Subordinated Loans and (ii) a certificate from the Auditors confirming that Base Equity Contributions in an aggregate amount of no less than four million one hundred thousand Dollars ($4,100,000) (or its equivalent in any other currency) have been made in the form of property contributed in-kind (aportes en especie) as adequately reflected in the books of account (registro contable) of the Borrower.
Base Equity Contributions. Each of the Sponsor Entities and DOE acknowledges and agrees that, as of the date of this Agreement, each Direct Shareholder has made Cash Contributions to the Borrower in an amount not less than its Base Equity Commitment (the “Base Equity Contributions”) in accordance with Section 2.04(a) (Method of Contribution); provided that, for the avoidance of doubt, the foregoing shall include any amounts spent by Borrower or any other Sponsor Entity on Borrower’s behalf on Eligible Project Costs from and after May 18, 2022.
Base Equity Contributions
