State Construction Contribution Withdrawals Clause Samples

State Construction Contribution Withdrawals. (a) (No waiver of withdrawal conditions): Unless the State gives its prior consent to an amendment or waiver of such conditions: (i) Project Co must ensure that withdrawals are only made from the Construction Proceeds Account on the conditions set out in the Finance Documents having been satisfied; and (ii) the Agent must not consent to an amendment or waiver of any such conditions to withdrawal from the Construction Proceeds Account. (b) (State consent): Without limiting the State's discretion under clause 11.3(a), the State will not be obliged to consider a request for its consent under clause 11.3(a) unless: (i) the Agent and either Project Co or Finance Co have provided the State with such information as the State reasonably requires concerning the requested consent, including in the case of the Agent, engaging in a good faith consultation with the State as to why the Financiers propose to give their consent to the amendment or waiver; (ii) the State has received confirmation from the Agent that the Agent will consent to the proposed amendment or waiver if the State will give its consent, together with confirmation of any conditions in favour of both the State and the Agent that will be imposed by the Agent; (iii) to the extent that the amendment or waiver relates to a failure to satisfy the Cost to Complete Test (as defined in the Facility Agreement), the State is satisfied that either sufficient funding sources are nevertheless reasonably likely to be available to enable the Project to achieve Stage One Completion or the shortfall is otherwise reasonably likely to be corrected prior to the Date of Stage One Completion; (iv) to the extent that the amendment or waiver relates to a default under the Finance Documents, Project Co commits to, and the Agent approves, arrangements to ensure that default is remedied or its consequences are overcome; (v) the amounts to be withdrawn from the Construction Proceeds Account will not be used directly or indirectly to pay or repay principal, interest, fees, charges or hedge break costs under the Finance Documents which are not provided for in the Financial Model; and (vi) the amounts to be withdrawn from the Construction Proceeds Account will not be used to pay any Distributions. (c) (Consideration of request) If the State has received the items and confirmations under clause 11.3(b): (i) it will promptly and without delay consider that request and for these purposes must have regard to any payment obligations (eit...
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Related to State Construction Contribution Withdrawals

  • Allocation of Contributions You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.

  • Payment of Contributions The College and eligible academic staff members of the plan shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.

  • Investment of Contributions At the direction of the Designated Beneficiary (or the direction of the Depositor or the Responsible Individual, whichever applies) the Custodian shall invest all contributions to the account and earnings thereon in investments acceptable to the Custodian, which may include marketable securities traded on a recognized exchange or "over the counter" (excluding any securities issued by the Custodian), covered call options, certificates of deposit, and other investments to which the Custodian consents, in such amounts as are specifically selected and specified in orders to the Custodian in such form as may be acceptable to the Custodian, without any duty to diversify and without regard to whether such property is authorized by the laws of any jurisdiction as a custodial account investment. The Custodian shall be responsible for the execution of such orders and for maintaining adequate records thereof. However, if any such orders are not received as required, or, if received, are unclear in the opinion of the Custodian, all or a portion of the contribution may be held uninvested without liability for loss of income or appreciation, and without liability for interest pending receipt of such orders or clarification, or the contribution may be returned. The Custodian may, but need not, establish programs under which cash deposits in excess of a minimum set by it will be periodically and automatically invested in interest-bearing investment funds. The Custodian shall have no duty other than to follow the written investment directions of the Designated Beneficiary (or the Depositor or Responsible Individual), and shall be under no duty to question said instructions and shall not be liable for any investment losses sustained by the Designated Beneficiary.

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  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.