Common use of Minimum Equity Requirement (Concessionaire Shareholding Clause in Contracts

Minimum Equity Requirement (Concessionaire Shareholding. a) The share holding of Lead Member of the Successful Bidder, as mentioned in Recital E, in the issued and paid up equity share capital of the Concessionaire shall be not less than: (i) 51% (fifty one percent) till a period of five years from the Project Construction Completion Date and; (ii) 26% (twenty six percent) during the remaining Concession Period.. b) All other members of the Consortium shall legally and beneficially hold not less than 11% (eleven percent) of the paid-up equity capital of the Concessionaire till the fifth anniversary of the Project Construction Completion Date. c) At no stage shall any change in the Equity Components / shareholding patterns be made by the Consortium Members or by any of the Associates without obtaining prior approval from Concessioning Authority. On an application made for the purpose, Concessioning Authority may permit the change of equity components / shareholding patterns, provided that the Concessioning Authority is satisfied that the proposed changes shall be in the interest of the implementation of the Project in future and would not be detrimental to any of the rights or interests of the Concessioning Authority. However, no such change in the equity components / shareholding pattern shall be permitted by Concessioning Authority, which would make the Consortium members non-compliant with Articles 3.6(a) and 3.6(b) above. d) In case any such change in composition of Consortium has been agreed upon, the modified Consortium would be required to submit a revised Memorandum of Understanding to the Concessioning Authority. In the event of non-compliance of Article 3.6 (a) and 3.6 (b) above, the same shall be construed as Concessionaire Event of Default, and the Concessioning Authority shall be entitled to terminate the Agreement in accordance with Article 6.

Minimum Equity Requirement (Concessionaire Shareholding. a) The share holding of Lead Member of the Successful Bidder, as mentioned in Recital E, in the issued and paid up equity share capital of the Concessionaire shall be not less than: (i) 51% (fifty one percent) till a period of five years from the Project Construction Completion Date and; (ii) 26% (twenty six percent) during the remaining Concession Period.. b) All other members of the Consortium shall legally and beneficially hold not less than 11% (eleven percent) of the paid-up equity capital of the Concessionaire till the fifth anniversary of the Project Construction Completion Date. c) At no stage shall any change in the Equity Components / shareholding patterns be made by the Consortium Members or by any of the Associates without obtaining prior approval from Concessioning Authority. On an application made for the purpose, Concessioning Authority may permit the change of equity components / shareholding patterns, provided that the Concessioning Authority is satisfied that the proposed changes shall be in the interest of the implementation of the Project in future and would not be detrimental to any of the rights or interests of the Concessioning Authority. However, no such change in the equity components / shareholding pattern shall be permitted by Concessioning Authority, which would make the Consortium members non-compliant with Articles 3.6(a) and 3.6(b) above. d) In case any such change in composition of Consortium has been agreed upon, the modified Consortium would be required to submit a revised Memorandum of Understanding to the Concessioning Authority. In the event of non-compliance of Article 3.6 (a) and 3.6 (b) above, the same shall be construed as Concessionaire Event of Default, and the Concessioning Authority shall be entitled to terminate the Agreement in accordance with Article 6.of

Minimum Equity Requirement (Concessionaire Shareholding. a) The share holding of Lead Member of the Successful BidderBidder , as mentioned in Recital EE , in the issued and paid up equity share capital of the Concessionaire shall be not less than: (i) 51% (fifty one percent) till a period of five years from the Project Construction Completion Date and; (ii) 26% (twenty six percent) during till the remaining end of Concession Period.. b) All other members of the Consortium shall legally and beneficially hold not less than 1126% (eleven twenty six percent) of the paid-up paid -up equity capital of the Concessionaire till the fifth anniversary of the Project Construction Completion Date. c) At no stage shall any change in the Equity Components / shareholding patterns be made by the Consortium Members or by any of the Associates without obtaining prior approval from Concessioning Authority. On an application made for the purpose, Concessioning Authority may permit the change c hange of equity components / shareholding patterns, provided that the Concessioning Authority is satisfied that the proposed changes shall be in the interest of the implementation of the Project in future and would not be detrimental to any of the rights or o r interests of the Concessioning Authority. However, no such change in the equity components / shareholding pattern shall be permitted by Concessioning Authority, which would make the Consortium members non-compliant with Articles 3.6(a) and 3.6(b) above. d) In case any such change in composition of Consortium has been agreed upon, the modified Consortium would be required to submit a revised Memorandum of Understanding to the Concessioning Authority. In the event of non-compliance of Article 3.6 (a) and 3.6 (b) above, the same shall be construed as Concessionaire Event of Default, and the Concessioning Authority shall be entitled to terminate the this Agreement in accordance with Article 6.

Minimum Equity Requirement (Concessionaire Shareholding. a) a. At the time of signing of Concession Agreement the aggregate paid up and subscribed equity of the SPV of all the consortium member shall be 100%. The Lead Member shall have an equity share holding of Lead Member of the Successful Bidder, as mentioned in Recital E, in the issued and paid up equity share capital of the Concessionaire shall be not less than: (i) 51% (fifty one percent) till a period of five years from the Project Construction Completion Date and; (ii) at least 26% (twenty six percentper cent) of the paid up and subscribed equity of the SPV during the remaining Concession Period.. bLock-in-Period (i.e till 5 years from the date of Commercial Operation (COD) All other of the project such that the a aggregate direct equity shareholding of all the members of the Consortium shall legally and beneficially hold not less than 11% (eleven percent) consortium is 74%. However after the lock in period the aggregate direct equity shareholding of all the members of the paid-consortium shall be 51% and shall remain so through out the entire concession period with the condition that at all times during the pendency of Concession Period the Lead Member shall hold atleast 26% of the paid up and subscribed equity capital of the Concessionaire till the fifth anniversary of the Project Construction Completion DateSPV. c) b. At no stage shall any change in the Equity Components / shareholding patterns be made by the Consortium Members or by any of the Associates without obtaining prior approval from Concessioning Authority. On an application made for the purpose, Concessioning Authority may permit the change of equity components / shareholding patterns, provided that the Concessioning Authority is satisfied that the proposed changes shall be in the interest of the implementation of the Project in future and would not be detrimental to any of the rights or interests of the Concessioning Authority. However, no such change in the equity components / shareholding pattern shall be permitted by Concessioning Authority, which would make the Consortium members non-compliant with Articles 3.6(a) and 3.6(b) above. d) c. In case any such change in composition of Consortium has been agreed upon, the modified Consortium would be required to submit a revised Memorandum of Understanding to the Concessioning Authority. In the event of non-compliance of Article 3.6 (a) and 3.6 (b) above, the same shall be construed as Concessionaire Event of Default, and the Concessioning Authority shall be entitled to terminate the this Agreement in accordance with Article 6.

Minimum Equity Requirement (Concessionaire Shareholding. a) The share holding of Lead Member of the Successful BidderBidder , as mentioned in Recital EE , in the issued and paid up equity share capital of the Concessionaire Conc essionaire shall be not less than: (i) 51% (fifty one percent) till a period of five years from the Project Construction Completion Date and; (ii) 26% (twenty six percent) during the remaining Concession Period.. b) All other members of the Consortium shall legally and beneficially hold not less than 1126% (eleven twenty six percent) of the paid-up paid -up equity capital of the Concessionaire till the fifth anniversary of the Project Construction Completion Date. c) At no stage shall any change in the Equity Components Componen ts / shareholding patterns be made by the Consortium Members or by any of the Associates without obtaining prior approval from Concessioning Authority. On an application made for the purpose, Concessioning Authority may permit the change of equity components componen ts / shareholding patterns, provided that the Concessioning Authority is satisfied that the proposed changes shall be in the interest of the implementation of the Project in future and would not be detrimental to any of the rights or interests of the Concessioning Conce ssioning Authority. However, no such change in the equity components / shareholding pattern shall be permitted by Concessioning Authority, which would make the Consortium members non-compliant with Articles 3.6(a) and 3.6(b) above. d) In case any such change in composition of Consortium has been agreed upon, the modified Consortium would be required to submit a revised Memorandum of Understanding to the Concessioning Authority. In the event of non-compliance of Article 3.6 (a) and 3.6 (b) above, the same shall shal l be construed as Concessionaire Event of Default, and the Concessioning Authority shall be entitled to terminate the this Agreement in accordance with Article 6.

Minimum Equity Requirement (Concessionaire Shareholding. a) The share holding of Lead Member of the Successful BidderBidder , as mentioned in Recital EE , in the issued and paid up equity share capital of o f the Concessionaire shall be not less than: (i) 51% (fifty one percent) till a period of five years from the Project Construction Completion Date and; (ii) 26% (twenty six percent) during the remaining Concession Period.. b) All other members of the Consortium shall legally and beneficially hold not less than 11% (eleven percent) of the paid-up paid -up equity capital of the Concessionaire till the fifth anniversary of the Project Construction Completion Date. c) At no stage shall any change in the Equity Components / shareholding patterns be made by the Consortium Members or by any of the Associates without obtaining prior approval from Concessioning Authority. On an application made for the purpose, Concessioning Authority may permit the change of equity components / shareholding patterns, provided that the Concessioning Authority is satisfied that the proposed changes shall be in the interest of the implementation of the Project in future and would not be detrimental to any of the rights or interests of the Concessioning Concessi oning Authority. However, no such change in the equity components / shareholding pattern shall be permitted by Concessioning Authority, which would make the Consortium members non-compliant with Articles 3.6(a) and 3.6(b) above. d) In case any such change in composition of Consortium has been agreed upon, the modified Consortium would be required to submit a revised Memorandum of Understanding to the Concessioning Authority. In the event of non-compliance of Article 3.6 (a) and 3.6 (b) above, the same shall be b e construed as Concessionaire Event of Default, and the Concessioning Authority shall be entitled to terminate the Agreement in accordance with Article 6.

Minimum Equity Requirement (Concessionaire Shareholding. a) At the time of signing of Concession Agreement the aggregate paid up and subscribed equity of the SPV of all the consortium member shall be 100%. The Lead Member shall have an equity share holding of Lead Member of the Successful Bidder, as mentioned in Recital E, in the issued and paid up equity share capital of the Concessionaire shall be not less than: (i) 51% (fifty one percent) till a period of five years from the Project Construction Completion Date and; (ii) at least 26% (twenty six percentper cent) of the paid up and subscribed equity of the SPV during the remaining Concession Period.. bLock-in-Period (i.e till 5 years from the date of Commercial Operation (COD) All other of the project such that the a aggregate direct equity shareholding of all the members of the Consortium shall legally and beneficially hold not less than 11% (eleven percent) consortium is 74%. However after the lock in period the aggregate direct equity shareholding of all the members of the paid-consortium shall be 51% and shall remain so through out the entire concession period with the condition that at all times during the pendency of Concession Period the Lead Member shall hold atleast 26% of the paid up and subscribed equity capital of the Concessionaire till the fifth anniversary of the Project Construction Completion DateSPV. cb) At no stage shall any change in the Equity Components / shareholding patterns be made by the Consortium Members or by any of the Associates without obtaining prior approval from Concessioning Authority. On an application made for the purpose, Concessioning Authority may permit the change of equity components / shareholding patterns, provided that the Concessioning Authority is satisfied that the proposed changes shall be in the interest of the implementation of the Project in future and would not be detrimental to any of the rights or interests of the Concessioning Authority. However, no such change in the equity components / shareholding pattern shall be permitted by Concessioning Authority, which would make the Consortium members non-compliant with Articles 3.6(a) and 3.6(b) above. dc) In case any such change in composition of Consortium has been agreed upon, the modified Consortium would be required to submit a revised Memorandum of Understanding to the Concessioning Authority. In the event of non-compliance of Article 3.6 (a) and 3.6 (b) above, the same shall be construed as Concessionaire Event of Default, and the Concessioning Authority shall be entitled to terminate the this Agreement in accordance with Article 6.