State Construction Contribution Clause Samples

State Construction Contribution. (a) (No prepayments): Prior to the Date of Stage One Completion, Finance Co must not make, and the Agent and Security Trustee must each not permit Finance Co to make, a prepayment of the Construction Facility, except with the prior consent of the State. (b) (Insurance proceeds): If, notwithstanding clauses 8 and 11.2(a), the Security Trustee applies the amount of any Insurance proceeds to the payment or repayment of Actual Debt, other than as permitted under the Project Agreement, the State will not be required to pay any further State Construction Contributions. (c) (Equity Proceeds): The parties agree that prior to the Expiry Date, all amounts of Equity (as defined in the Facility Agreement) and any drawings under the Equity Support (as defined in the Facility Agreement) must be deposited in the Construction Proceeds Account (as required under the Finance Documents).