Contributions by Sponsor. Notwithstanding any provision to the contrary contained herein, the Sponsor hereby agrees, for the benefit of the Collateral Agent on behalf of the Secured Parties, as follows:
(i) The Sponsor shall make, or cause to be made through one or more of its direct or indirect subsidiaries, Equity Contributions to the Borrower (A) as necessary to maintain the Maximum Debt to Equity Ratio at all times and (B) from and after the date on which the proceeds of the Loans have been fully utilized, as necessary to pay all Project Costs as they are incurred (each such Equity Contribution, in the case of clause (A) or (B), a “Project Cost Funding Contribution”), until an amount equal to the Project Equity Commitment less the Reserve Equity Amount has been fully funded. Each such Project Cost Funding Contribution shall be made not fewer than two Business Days prior to the date on which such Project Costs are reasonably expected to become due and payable. As of the Closing Date, the Sponsor has made Equity Contributions equal to $129,940,628, which shall reduce the Project Equity Commitment and the Remaining Equity Commitment.
(ii) The Sponsor shall make, or cause to be made through one or more of its direct or indirect subsidiaries, Equity Contributions to the Borrower in an amount equal to SFF Costs as they are incurred (each such Equity Contribution, an “SFF Funding Contribution”) until the SFF Equity Commitment is funded up to the maximum amount of $250,000,000. Each such SFF Funding Contribution shall be made not fewer than two Business Days prior to the date on which such SFF Costs are reasonably expected to become due and payable.
(iii) The Sponsor shall make, or cause to be made through one or more of its direct or indirect subsidiaries, on or before the Completion Date, an Equity Contribution to the Borrower in an amount equal to the lesser of (A) an amount sufficient to cause the Debt to Equity Ratio to equal, as of the Completion Date, 1:1 and (B) the then-current unfunded Project Equity Commitment (such Equity Contribution, the “Completion Date Funding Contribution”).
(iv) Upon the occurrence of an Event of Default, the Sponsor shall (subject to the following sentence) make, or cause to be made through one or more of its direct or indirect subsidiaries, an Equity Contribution to the Borrower in an amount equal to the Remaining Equity Commitment (such Equity Contribution, a “Default Funding Contribution”). Such Default Funding Contribution shall be made not more ...
Contributions by Sponsor. The Sponsor hereby agrees, for the benefit of the Borrower and the Collateral Agent on behalf of the Secured Parties, as follows:
(i) On or before the date each Delayed Draw Advance is funded pursuant to Section 2.01(b) of the Credit Agreement (and as a condition to such funding as set forth in Section 6.02(c) of the Credit Agreement) (such date, the “Delayed Draw Advance Date”), the Sponsor shall deposit, or cause to be deposited, aggregate Equity Contributions equal to the Equity Contribution Amount in Dollars and in immediately available funds directly into the Construction Equity Account (and each such deposit shall be deemed to be an Equity Contribution to the Borrower).
(ii) Any payment in cash by the Fund into the Construction Equity Account or, in the event that payment to the Construction Equity Account is prohibited by law or legal process, to the Collateral Agent under the Fund Guarantee to fund an Equity Contribution on behalf of the Sponsor, shall satisfy the funding obligation of the Sponsor in respect of the portion of any Equity Contribution Amount funded by such payment in Cash.
(iii) Within ten (10) Business Days after receipt by the Sponsor of the Equity Draw Trigger Notice, the Sponsor shall deposit, or cause to be deposited, aggregate Equity Contributions equal to the Remaining Construction Equity Commitment in Dollars and in immediately available funds directly into the Construction Equity Account (such Equity Contribution, an “Equity Draw Trigger Contribution”).
(iv) In the event that the Sponsor shall have failed to deposit into the Construction Equity Account all or any portion of the Equity Contribution Amount required to be made by the Sponsor in accordance with Section 2.01(a)(i) and ten (10) Business Days shall have elapsed or in accordance with Section 2.01(a)(iii), the Collateral Agent may, in its sole discretion (and shall, if directed by the Administrative Agent), make a demand under the Fund Guarantee to fund any such Equity Contribution not made by the Sponsor.
