Net Closing Proceeds definition

Net Closing Proceeds means the funds contained in the Trust Account, together with the cash on SPAC’s balance sheet and the aggregate amount of gross proceeds from any Future PIPE Investment, after giving effect to the SPAC Stockholder Redemptions and the payment of or reimbursement of previously paid Transaction Expenses.

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Net Closing Proceeds means the amount of the Purchase Price remaining any Paydown or any other similar payment to creditors pursuant to an order of the Bankruptcy Court.

Net Closing Proceeds means an amount equal to: (i) the Closing Proceeds, less (ii) the sum of (A) the Purchaser’s accrued Expenses for the transactions contemplated by this Agreement and (B) the deferred Expenses (including cash amounts payable to EBC and any legal fees) of the IPO, including any Expenses that are required to be paid by delivery of the Purchaser’s securities at the Closing.

Examples of Net Closing Proceeds in a sentence

The Receipt shall be held in escrow by counsel for the Placement Agents until either (i) the Placement Agents deliver to the Company a certified check of the Escrow Agent as provided for above, or (ii) the Company receives telephonic confirmation by the Escrow Agent that the Net Closing Proceeds have been wired to the Company by the Escrow Agent, at which time the Receipt shall be released.
Notwithstanding the contemporaneous execution and delivery of this Agreement, the obligation of the Seller Representative (on behalf of the Redeemed Shareholders) to close the transactions contemplated by the Stock Redemption Agreement shall be conditioned on the consummation of the transactions contemplated by Section 1.2 of this Agreement and distribution of the Net Closing Proceeds (defined in Section 1.3(a)) and the APA Rights.
The Closing Statement shall, among other things, include the portion of the Net Closing Proceeds to be distributed to each Shareholder, which each Shareholder agrees shall be equal to one-twelfth (1/12) (the “Sharing Percentage”) of the total Net Closing Proceeds.
The Placement Agent shall deliver the Net Closing Proceeds to the Company either by (i) certified check of the Escrow Agent drawn on the Escrow Account and payable to the Company; or (ii) by wire transfer from the Escrow Account to the account of the Company designated herein.
The calculation of the Net Closing Proceeds, and the parties to whom and accounts to which payment shall be made at Closing, shall be set forth on a closing statement prepared by Buyer and delivered to Seller no less than two business days before Closing (the “Closing Statement”).

More Definitions of Net Closing Proceeds

Net Closing Proceeds means the net proceeds of the issue of the Notes (after payment of all commissions, fees, costs and expenses incurred in connection with the issue of the Notes which are due and payable on the Issue Date);

Net Closing Proceeds means, with respect to the closing of the sale of any Lot, an amount equal to (a) the Gross Closing Cash payable at such closing minus Lender pre-approved costs such as (b) the reasonable, customary, actual and verifiable costs of the sale in question which are payable at the time of such closing, to the extent paid to third parties that are not Affiliates of Borrower, but in no event shall the total of all such costs (including any brokerage commission payable to Affiliates of Borrower) with respect to any Lot, whether payable at the time of execution of a Sales Contract or at the time of closing thereunder, exceed six percent (6%) of the gross sales price for any Lot.

Net Closing Proceeds means the gross proceeds received by Holdings (and contributed to the Company) and the Company from the Equity Investment and the issuance and sale of the Notes minus the sum of transaction costs paid on or before the Closing Date and amounts funded into the Overhead Reserve Account.

Net Closing Proceeds means, with respect to any sale of a Release Property or any other Real Estate by a Credit Party, the gross sales price to be paid by the purchaser for such property less sums attributable to (i) closing costs, including without limitation, legal costs of the seller in connection with the sale of such property, transfer taxes, fees for recording the applicable lien release, and typical closing adjustments for real property closing (such as prorations for real property taxes and utility charges), in each case to the extent customarily paid by sellers of real property in the relevant jurisdiction and in reasonable amounts, (ii) in the case of any property subject to a Purchase Money Mortgage approved by the Lenders, any amount which must be applied in repayment of the related Purchase Money Mortgage Obligation pursuant to the terms of the documents governing such Purchase Money Mortgage Obligation, and (iii) such other items as shall have been pre-approved as to item and amount by the Agent and Requisite Lenders.