Respondents are required to complete the Equity Investor Commitment Letter (on Equity Investor letterhead) and include it in Folder C of their Proposal.
[Insert State Representative's name]
[Insert State Representative's address]
[insert date]
Dear [Sir / Madam],
[Insert Project title]
[Insert Respondent name] (Respondent) is submitting a Proposal for the delivery of the [Insert Project title] (the "Project").
[Insert Name of Equity Investor] is pleased to confirm our commitment (Commitment) to provide equity to the Project on the terms of this letter and the term sheet (Equity Term Sheet) dated [#insert date] attached to this letter.
Definitions in the Equity Term Sheet apply in this letter unless specifically stated to the contrary or the context otherwise requires. Terms used in this letter that are defined in the Request for Proposal (RFP) have the meaning given to them in the RFP.
We provide the following confirmations:
1) we have obtained all necessary approvals to provide the Commitment. We confirm our willingness to enter into relevant Equity Documents on the basis and subject to the conditions contemplated by the Equity Term Sheet;
2) we have undertaken all necessary due diligence in respect of the Project (including the RFP and the attached Draft State Project Documents) in order to provide the Commitment and confirm that the Proposal to be submitted by the Respondent to the State and dated [#insert date] has been approved by us and incorporates all our requirements;
3) we have reviewed the Financial Model (as referred to in the Project Deed) and the independent audit of the Financial Model. We confirm that we accept the Financial Model and the results of the independent audit of the Financial Model and the Financial Model accurately reflects the Equity Term Sheet;
4) our offer is not subject to any conditions other than those contemplated by the Equity Term Sheet. Our commitment is not subject to the receipt of any tax ruling;
5) we confirm that the State reserves the right to seek confirmation of the Respondent's finance terms and conditions prior to the selection of a Preferred Respondent or the Successful Respondent; and
6) we recognise that certainty and speed of execution are key factors in the State's process. We have reviewed and are aware of the State's proposed timetable for Financial Close and the Respondent's proposed timetable for achieving the State's requirements (as outlined in the Proposal). We confirm that we believe this timetable is achievable and we will commit adequate resources and use reasonable endeavours to complete any outstanding documentation within the above timetable.
The Commitment and our offer to provide equity for the Project subject to the terms of the Equity Term Sheet remains valid until [#insert date].
We look forward to the successful outcome of the Respondent's Proposal.