Common use of Release of Amounts in Equity Funding Account Clause in Contracts

Release of Amounts in Equity Funding Account. On the date that (x) Operational Completion has occurred and (y) the Borrower has established and funded a reserve in an amount determined by the Borrower and approved by the Lender’s Engineer to be sufficient to pay all out-of-pocket costs (net of any warranty payments) that the Borrower is reasonably likely to incur with respect to any punch-list or other items required to achieve Final Construction Completion (the “Equity Commitment Security Release Date”), (i) DOE shall promptly take all action required to release all Base Equity Commitment Balance Security and Funded Overrun Equity Commitment Balance Security (excluding such reserve), and (ii) DOE shall instruct the Collateral Agent in accordance with the Common Agreement to pay to each applicable Equity Contributor any remaining balance in the Equity Funding Account contributed by it and not otherwise used as Base Equity or Funded Overrun Equity to fund Project Costs. Any excess funds returned to the Equity Contributors from the Equity Funding Account shall be returned in the proportions directed by the Equity Contributors.