Common use of Equity Lock-in Conditions Clause in Contracts

Equity Lock-in Conditions. a) The shareholding as on the Effective Date is as follows: b) The Solar Power Developer having been set up for the sole purpose to exercise the rights and observing and performing its obligations and liabilities under this Agreement, the Solar Power Developer hereby undertakes and agrees to comply with the following lock-in conditions: (i) Members of the Consortium shall collectively hold at least 51% of subscribed and paid up equity share capital of the Solar Power Developer at all times until first anniversary of the commercial operations date of the Project. (ii) Lead Member shall have 26% shareholding of the SPV until first anniversary of the commercial operations date of the Project. The Selected Bidder shall hold at least 51% (fifty one percent) of subscribed and paid up equity share capital of the Solar Power Developer, until first anniversary of the commercial operations date of the Project. This condition is applicable only in case the single business entity incorporates an SPV to execute the PPA and implement the Project