Application of Net Proceeds Sample Clauses
The "Application of Net Proceeds" clause defines how the net proceeds from a specific transaction, such as a sale or insurance recovery, are to be distributed or used. Typically, this clause outlines the order of priority for payments, such as first satisfying outstanding debts, reimbursing expenses, or distributing remaining funds among stakeholders. Its core practical function is to ensure transparency and fairness in the allocation of funds, preventing disputes by clearly specifying how proceeds are handled.
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 Net Proceeds. The Company will apply the net proceeds from the Offering and the Warrant Private Placement received by it in a manner consistent with the application described under the caption “Use of Proceeds” in the Prospectus.
Application of Net Proceeds. The Company will apply the net proceeds from the Offering received by it in a manner consistent with the application described under the caption “Use of Proceeds” in the Preliminary Prospectus and the Prospectus Supplement.
Application of Net Proceeds. The section of the Prospectus, “Use of Proceeds,” will indicate the intended uses of the net proceeds from the Offering. The Company will apply the net proceeds from the Offering received by it in a manner consistent with the application described under the caption “Use of Proceeds” in the Prospectus.
Application of Net Proceeds. The Borrower shall be entitled to the Net Proceeds, if any, of any insurance or condemnation awards resulting from the damage, destruction or condemnation of the Project or any portion thereof. All Net Proceeds shall be deposited by the Borrower in an escrow account and shall be applied, with the consent of the Bank and by written notice to the Authority and the Trustee, in one or more of the following ways at the election of the Borrower:
(a) The prompt repair, restoration, relocation, modification or improvement of the stage of completion of construction of the damaged, destroyed or condemned portion of the Project to enable such portion of the Project to accomplish at least the same function as such portion of the Project was designed to accomplish prior to such damage or destruction or exercise of such power of eminent domain. Any balance of the Net Proceeds remaining after such work has been completed shall be deposited in the Revenue Fund to be applied to the payment of principal of and premium, if any, and interest on the Bonds, or, if the Bonds have been fully paid (or provision for payment thereof has been made in accordance with the provisions of the Indenture), any balance remaining in the Revenue Fund shall be paid as provided in Section 10.01 of the Indenture.
(b) Prepayment of all or a portion of the amounts payable hereunder, in accordance with Article VIII hereof, and redemption of Bonds; provided that no part of the Net Proceeds may be applied for such purpose unless (1) all of the amounts payable under this Agreement are so prepaid and all Outstanding Bonds are to be redeemed in accordance with the Indenture, or (2) in the event that less than all of the amounts payable hereunder are so prepaid, the Borrower shall furnish to the Authority and the Trustee a certificate of the Authorized Representative acceptable to the Authority and the Trustee stating (i) that the property forming part of the portion of the Project that was damaged or destroyed by such casualty or was taken by such condemnation proceedings is not essential to the Borrower's use or possession of such portion of the Project or (ii) that such part of the portion of the Project theretofore completed has been repaired, replaced, restored, relocated, modified or improved to enable such portion of the Project to accomplish at least the same function as such portion of the Project was designed to accomplish prior to such damage or destruction or the taking by such condemnation pr...
Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees incurred by Lender in connection with the condemnation.
Application of Net Proceeds. The Company will apply the net proceeds received from the sale of the Units in all material respects as set forth in the Prospectus under the caption “Use of Proceeds.”
Application of Net Proceeds. (a) All Net Proceeds with respect to an Individual Property shall (subject to the terms of any Lease, mortgage or deed of trust that is senior to the applicable Mortgage) be paid directly to Lender and held by Lender in the Deposit Account and shall constitute additional security for the Debt. At Lender’s sole and absolute discretion, such Net Proceeds may either (i) remain in the Deposit Account as additional security for the Debt, (ii) be made available to the applicable Borrower Subsidiary for the Restoration, (iii) be retained and applied by Lender toward the payment of the Debt whether or not then due and payable in such order, priority and proportions as Lender in its sole and absolute discretion shall deem proper, or (iv) the same may be paid, either in whole or in part, to Borrower or the applicable Borrower Subsidiary for such purposes as Lender shall approve, in its discretion.
(b) With respect to a Mortgage Loan, during the continuance of an Event of Default, Lender, at its option, may, subject to the terms of the Mortgage Loan Documents (and subject to the terms of any Lease, mortgage or deed of trust that is senior to the applicable Pledged Mortgage), withdraw all the Net Proceeds (together with any and all other amounts required to be delivered to or deposited with Borrower pursuant to the Mortgage Loan Documents upon the occurrence of a Casualty or Condemnation) or the undisbursed balance thereof deposited with Lender and may apply such Net Proceeds (together with any and all other amounts required to be delivered to or deposited with Borrower pursuant to the Mortgaged Documents upon the occurrence of a Casualty or Condemnation) to the payment of the Debt in such order, proportion and priority as Lender may determine in its sole and absolute discretion. Lender’s right to withdraw and apply such Net Proceeds (together with any and all other amounts required to be delivered to or deposited with Borrower pursuant to the Mortgage Loan Documents upon the occurrence of a Casualty or Condemnation) shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
Application of Net Proceeds. The Company will apply the net proceeds from the Offering and Private Placement received by it in a manner consistent with the application described under the caption “Use Of Proceeds” in the Registration Statement, the Sales Preliminary Prospectus and the Prospectus.
Application of Net Proceeds. The Company will apply the net proceeds from the offering received by it in a manner consistent with the application described under the caption "Use of Proceeds" in the Prospectus. The Company hereby agrees that, except as so described, the Company will not apply any net proceeds from the offering to pay (i) any debt for borrowed funds, or (ii) any debt or obligation owed to any Insider.