Sponsor/Equity Sample Clauses

Sponsor/Equity. The equity sponsor should have a meaningful stake in the deal. In transactions involving newly acquired companies, new (not rollover) cash equity (net of upfront fees) should account for at least 35% of the capital structure. In transactions involving dividend recapitalizations, the financial sponsor’s cash equity will be significantly reduced, and thus the sponsor and GMS Finance’s relationship with it must be particularly strong, and the transaction itself must have exceptionally strong characteristics. The equity sponsor (or its principals) should have a demonstrably successful track record and should have had previous positive deal history with GMS Finance. • Total Private Equity Funds under management should not be less than $300M if multiple funds have been raised, or if 1st time fund, minimum fund size must be $150MM provided principals of the financial sponsor have worked successfully as a team in a prior organization. • The sponsor should have prior experience in the same or similar industry as the company being financed. • Uncalled capital and governance structure of the sponsor/fund should allow for adequate follow-up financial support if necessary. • In deals driven by a single entrepreneur or family, the personal guarantees of the owner(s), either full or partial, should be strongly considered with further consideration given to securing such guarantees. Carlyle GMS Finance, Inc. 19 Risk Policy Manual – May 2013 Trade Secret and Strictly Confidential

Sponsor/Equity. As of the Closing Date, all of the Sponsor Equity Funds have been contributed to the Borrower and have been (i) used to pay Project Costs (including, without limitation, Project Costs owed to the Contractor), (ii) deposited in the Construction Account or (iii) deposited in the SSI Cash Collateral Account pursuant to the SSI Cash Collateral Agreement.

Sponsor/Equity. Lender shall have received satisfactory evidence that the sum of (i) the Land Value, (ii) the Escrow Funds and (iii) cash equity contributions made by Sponsor to the development of the Project equal or exceed $386,252,370.00; provided, however, at such time as the condition set forth in the preceding clause has been satisfied, and prior to the initial Disbursement, (x) to the extent permitted in accordance with applicable Legal Requirements and the Filed Budget, (y) provided no Default or Event of Default is then continuing, and (z) there is not, and there would not result from such disbursement, any Shortfall arising out of insufficient remaining budgeted interest expense based on the then applicable 30 day LIBOR forward curve and an updated development timing schedule, Borrower may make a single draw of up to Four Million and No/100 Dollars ($4,000,000.00) in Escrow Funds in reimbursement of cash equity contributions that have been utilized for Approved Project Costs, reduced on a dollar-for-dollar basis for the amount of any portion of the Soft Cost contingency that has been utilized, and, notwithstanding any other provisions of this Agreement, distribute such amount to Borrower’s owners. As used herein, “Land Value” shall mean $152,786,000.00.