Common use of Insufficiency of Net Proceeds Clause in Contracts

Insufficiency of Net Proceeds. If the Net Proceeds are insufficient to pay in full the cost of any repair, restoration, replacement, modification or improvement referred to in Section 10.01 hereof, the Sub-Lessee shall either (a) complete such repair, restoration, replacement, modification or improvement and pay any costs thereof in excess of the amount of the Net Proceeds, in which event the Sub-Lessee agrees that if the Sub-Lessee shall make any payments pursuant to the provisions of this Section, the Sub-Lessee shall not be entitled to any reimbursement therefor from the Lessor or the Lessee nor shall the Lessee or the Sub-Lessee be entitled to any diminution of the amounts payable under Article VI hereof; or (b) pay or cause to be paid to the Lessor the amount of the then applicable Purchase Price for the Equipment, and, upon such payment, the applicable Lease Term shall terminate and the Lessor’s security interest in the Equipment shall terminate as provided in Article VIII hereof. The amount of the Net Proceeds in excess of the then applicable Purchase Price, if any, shall be retained by the Sub- Lessee.

Insufficiency of Net Proceeds. If the Net Proceeds are insufficient to pay in full the cost of any repair, restoration, replacement, modification or improvement referred to in Section 10.01 hereof8.01, the Sub-Lessee shall either (a) complete such replacement, repair, restoration, replacement, modification or improvement and pay any costs thereof in excess of the amount of the Net Proceeds or (b) pay or cause to be paid to Lessor the amount of the then applicable Prepayment Price with respect to the affected Energy Conservation Equipment and, upon such payment, Lessor’s security interest in such Energy Conservation Equipment shall terminate as provided in Section 6.01 hereof; provided, however, that any amount payable by Lessee pursuant to this Section 8.02 shall be payable solely from moneys then in Lessee’s general fund that are legally available and duly appropriated by Lessee’s governing body at its discretion and not at its obligation for such purpose. The amount of the Net Proceeds, in which event the Sub-Lessee agrees that if the Sub-any, remaining after completing such repair, restoration, modification or improvement or after purchasing such Equipment shall be retained by Lessee. If Lessee shall make any payments pursuant to the provisions of this Section, the Sub-Lessee shall not be entitled to any reimbursement therefor from the Lessor or the Lessee nor shall the Lessee or the Sub-Lessee be entitled to any diminution of the amounts payable under Article VI hereof; or (b) pay or cause to be paid to the Lessor the amount of the then applicable Purchase Price for the Equipment, and, upon such payment, the applicable Lease Term shall terminate and the Lessor’s security interest in the Equipment shall terminate as provided in Article VIII hereof. The amount of the Net Proceeds in excess of the then applicable Purchase Price, if any, shall be retained by the Sub- LesseeIV.

Insufficiency of Net Proceeds. If the Net Proceeds are insufficient to pay in full the cost of any repair, restoration, replacement, modification or improvement referred to in Section 10.01 hereof8.01, the Sub-Lessee shall to the fullest extent permitted by applicable law, but only from funds legally available and appropriated for such purpose either (a) complete such replacement, repair, restoration, replacement, modification or improvement and pay any costs thereof in excess of the amount of the Net Proceeds or (b) pay or cause to be paid to Lessor the amount of the then applicable Prepayment Price for the Equipment under the applicable Lease, and, upon such payment, the Lease Term for such Lease shall terminate and Lessor’s security interest in the Equipment thereunder shall terminate as provided in Section 6.01 hereof. The amount of the Net Proceeds, in which event the Sub-Lessee agrees that if the Sub-any, remaining after completing such repair, restoration, modification or improvement or after paying such Prepayment Price shall be retained by Lessee. If Lessee shall make any payments pursuant to the provisions of this Section, the Sub-Lessee shall not be entitled to any reimbursement therefor from the Lessor or the Lessee nor shall the Lessee or the Sub-Lessee be entitled to any diminution of the amounts payable under Article VI hereof; or (b) pay or cause to be paid to the Lessor the amount of the then applicable Purchase Price for the Equipment, and, upon such payment, the applicable Lease Term shall terminate and the Lessor’s security interest in the Equipment shall terminate as provided in Article VIII hereof. The amount of the Net Proceeds in excess of the then applicable Purchase Price, if any, shall be retained by the Sub- LesseeIV.

Insufficiency of Net Proceeds. If the Net Proceeds are insufficient to pay in full the cost of any repair, restoration, replacementmodification, modification improvement or improvement replacement referred to in Section 10.01 9.1 hereof, the Sub-Lessee shall either (ai) complete such repair, restoration, replacement, modification or improvement the work and pay any costs thereof cost in excess of the amount of the Net Proceeds, in which event the Sub-Lessee agrees that if the Sub-Lessee shall make any payments pursuant to the provisions of this Section, the Sub-Lessee shall not be entitled to any reimbursement therefor from the Lessor or the Lessee nor shall the Lessee or the Sub-Lessee be entitled to any diminution of the amounts payable under Article VI hereof; , or (bii) if Lessee is not then in default hereunder, pay to or cause to be paid to the Lessor the amount of the then applicable Purchase Price for the Equipment, Prepayment Amount and, upon such payment, the applicable Lease Term shall terminate and the Lessor’s security interest in the Equipment shall terminate as provided in Article VIII XI hereof. The amount of the Net Proceeds in excess of the then applicable Purchase Price, if any, shall may be retained by the Sub- Lessee.. ARTICLE X

Insufficiency of Net Proceeds. If the Net Proceeds are insufficient to pay in full the cost of any repair, restoration, replacementmodification, modification improvement or improvement replacement referred to in Section 10.01 9.1 hereof, the Sub-Lessee Borrower shall either (ai) complete such repair, restoration, replacement, modification or improvement the work and pay any costs thereof cost in excess of the amount of the Net Proceeds, in which event the Sub-Lessee agrees that if the Sub-Lessee Borrower shall make any payments pursuant to the provisions of this Section, the Sub-Lessee Borrower shall not be entitled to any reimbursement therefor from the Lessor or the Lessee Lender nor shall the Lessee or the Sub-Lessee Borrower be entitled to any diminution of the amounts payable under Article VI hereof; , or (bii) if Borrower is not then in default hereunder, pay to or cause to be paid to the Lessor Lender the amount of the then applicable Purchase Price for the Equipment, Prepayment Amount and, upon such payment, the applicable Lease Term shall terminate and the LessorLender’s security interest in the Equipment shall terminate as provided in Article VIII XI hereof. The amount of the Net Proceeds in excess of the then applicable Purchase Price, if any, shall may be retained by the Sub- Lessee.Borrower. ARTICLE X‌ DISCLAIMER OF WARRANTIES; VENDOR’S WARRANTIES; ADDITIONAL PAYMENTS; USE OF THE EQUIPMENT