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: Names of Shareholders Description of Shareholding b) The Developer, for the sole purpose to exercise its rights and performing its obligations and liabilities under this Agreement, 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 Developer at all times until first anniversary of the commercial operations date of the Project. (ii) Lead Member shall have at least 26% shareholding of the SPV until first anniversary of the commercial operations date of the Project.} or c) In the event of non-compliance of the above, the same shall constitute an event of default by Developer, and the Procurers shall be entitled to terminate this Agreement in accordance with Article 16.