Application of Excess Proceeds Sample Clauses

Application of Excess Proceeds. HGP and HGP LP hereby agree to apply or to cause their subsidiaries to apply any Excess Proceeds to permanently reduce indebtedness (including pre-payments of principal amortization) with respect to which Prime Retail or Prime LP is or may be liable as a guarantor, co-obligor or otherwise. "Excess Proceeds" shall mean the aggregate amount of net cash proceeds (after transaction costs and expenses) received by HGP or any of its subsidiaries, including HGP LP, with respect to (i) any financing, refinancing, sale, transfer or other disposition, including a pledge, of the property currently held by Lakeshore Marketplace, LLC or (ii) the issuance of any equity interest; provided, however, "Excess Proceeds" shall not include any such proceeds applied to make mandatory payments in respect of any indebtedness of HGP or HGP LP.
Sample 1Sample 2
AutoNDA by SimpleDocs
Application of Excess Proceeds. HGP and HGP LP hereby agree to apply or to cause their subsidiaries to apply any Excess Proceeds FIRST to the payment of any outstanding obligations under Note II (for so long as Prime LP remains liable as a guarantor in respect of such debt) and SECOND to permanently reduce any other indebtedness (including permitted pre-payments of principal amortization) with respect to which Prime Retail or Prime LP is or may be liable as a guarantor, co-obligor or otherwise. "Excess Proceeds" shall mean the aggregate amount of net cash proceeds (after transaction costs and expenses) received by HGP or any of its subsidiaries, including HGP LP, with respect to (i) any financing, refinancing, sale, transfer or other disposition, including a pledge, of the property currently held by any of Lakeshore Marketplace, LLC, Medford Outlet Center LLC, Xxxxxxxx Outlet Center LLC or Warrenton Outlet Center LLC or (ii) the issuance of any equity interest; provided, however, "Excess Proceeds" shall not include any such proceeds applied to make mandatory payments in respect of any indebtedness of HGP or HGP LP.
Sample 1
Application of Excess Proceeds. HGP and HGP LP hereby agree to apply or to cause their subsidiaries to apply any Excess Proceeds to permanently reduce indebtedness with respect to which Prime or Prime LP is or may be liable as a guarantor, co-obligor or otherwise. "Excess Proceeds" shall mean the aggregate amount of net cash proceeds (after transaction costs and expenses) received by HGP or any of its subsidiaries, including HGP LP, with respect to (i) any sale, transfer or other disposition of HGPs outlet center in Algondones, New Mexico or (ii) the issuance of any equity interest; provided, however, that "Excess Proceeds" shall not include any such proceeds applied to make mandatory payments in respect of any indebtedness of HGP or HGP LP.
Sample 1
Application of Excess Proceeds. Any payments of Excess Proceeds ------------------------------ received by the Lessor shall be applied by the Lessor as follows: (i) at any time that the Lease Balance reduced by amounts on deposit in the Cash Collateral ------- Account and increased by the amount of Recourse Debt is $34,000,000.00 or --------- greater and no Event of Default has occurred which is continuing, (x) fifteen percent of any payment of Excess Proceeds shall be distributed to the Lessee, and (y) eighty five percent of any payment of Excess Proceeds shall be deposited in the Cash Collateral Account to be held in accordance with the terms of the Cash Collateral Agreement and this Lease, and (ii) at any time that the Lease Balance reduced by amounts on deposit in the Cash Collateral Account and ------- increased by the amount of Recourse Debt is less than $34,000,000.00 and no --------- Event of Default has occurred which is continuing, (x) twenty-five percent of any payment of Excess Proceeds shall be distributed to the Lessee, and (y) seventy-five percent of any payment of Excess Proceeds shall be deposited in the Cash Collateral Account to be held in accordance with the terms of the Cash Collateral Agreement and this Lease; provided, however, that upon Full -------- ------- Collateralization, one hundred percent of any payments of Excess Proceeds shall be distributed to the Lessee; and provided, further, at any time that an Event -------- ------- of Default has occurred and is continuing, the Lessor may apply one hundred percent of Excess Proceeds to the cure of the Event of Default or to the Lease Balance, as the Lessor shall determine in its sole discretion.
Sample 1
Application of Excess Proceeds. (a) Following the service by the Bond Trustee of an Issuer Acceleration Notice, any Excess Proceeds received by the Bond Trustee on behalf of the Covered Bondholders will be deposited by the Bond Trustee, as soon as practicable, into the GDA Account (or, as applicable, the Standby GDA Account), and following a Guarantor Event of Default and service of a Guarantor Acceleration Notice, deposited or paid in such other manner as the Bond Trustee may direct, and in either case, will be distributed in accordance with the applicable Priorities of Payments. The Excess Proceeds will thereafter form part of the Charged Property and, if deposited into the GDA Account (or, as applicable, the Standby GDA Account), will be used by the Guarantor in the same manner as all other funds from time to time standing to the credit of the GDA Account (or, as applicable, the Standby GDA Account) and distributed in accordance with the applicable Priorities of Payments. Any Excess Proceeds received by the Bond Trustee (to the extent distributable to Covered Bondholders under the applicable Priorities of Payments) will discharge a proportion of the obligations of the Issuer in respect of the Covered Bonds and Coupons (subject to restitution of the same if such Excess Proceeds will be required to be repaid by the Bond Trustee, the Guarantor or the Bond Trustee, as the case may be). However, the obligations of the Guarantor under the Covered Bond Guarantee are (subject only to service of a Notice to Pay or a Guarantor Acceleration Notice) unconditional and irrevocable and the receipt by the Bond Trustee of any Excess Proceeds will not reduce or discharge any such obligations.
Sample 1
Application of Excess Proceeds 
Sample 1

Related to Application of Excess Proceeds

  • Offer to Purchase by Application of Excess Proceeds In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an offer to all Holders to purchase Notes (an “Asset Sale Offer”), it will follow the procedures specified below. The Asset Sale Offer shall be made to all Holders and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets. The Asset Sale Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu Indebtedness (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as interest payments are made. If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest and Additional Amounts, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer. Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state:

  • Offers to Repurchase by Application of Excess Proceeds (a) In the event that, pursuant to Section 4.10 hereof, the Issuer shall be required to commence an Asset Sale Offer, it shall follow the procedures specified below.

  • Application of Net Liquidation Proceeds For all purposes under this agreement, Net Liquidation Proceeds received from a Servicer shall be allocated first to accrued and unpaid interest on the related Mortgage Loan and then to the unpaid principal balance thereof.

  • Application of Collateral Proceeds The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received by Secured Party after, the occurrence of an Event of Default) shall be paid to and applied as follows:

  • Application of Net Proceeds The Company shall apply the net proceeds from the Offering received by it in a manner consistent with the application thereof described under the caption “Use of Proceeds” in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

  • Application of Available Finance Charge Collections and Available Principal Collections On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:

  • Distribution of Collateral Proceeds In the event that, following the occurrence and during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Loan Documents, or otherwise with respect to the realization upon any of the Collateral or other assets of the Borrower or the Guarantors, such monies shall be distributed for application as follows:

  • Application of Cash At Lender's option, Lender may apply any cash, whether included in the Collateral or received as Income and Proceeds or through liquidation, sale, or retirement, of the Collateral, to the satisfaction of the Indebtedness or such portion thereof as Lender shall choose, whether or not matured.

  • Application of Collections On each Payment Date, all collections for the related Collection Period shall be applied by the Servicer as follows:

  • Application of Mandatory Prepayments All amounts required to be paid pursuant to this Section 2.05(b) shall be applied as follows:

Time is Money Join Law Insider Premium to draft better contracts faster.