Examples of Net Sale Proceeds in a sentence
Within ten (10) days after the execution of a binding letter of intent or purchase agreement for the Project or the Developer’s interest in the Project, Developer shall deliver to Participant a copy of such agreement and a calculation of the Gross Sale Price, the Net Sale Proceeds, and the Participation Payment owed to the Participant, if any, from the sale of the Project or the Developer’s interest in the Project.
Once the Project construction is complete and the Loan is forgiven in accordance with the Loan Agreement, Developer shall be required to pay to the Participant a participation payment upon the sale, transfer or conveyance of the Project or the Developer’s interest in the Project prior to the Fulfillment Date in an amount equal to the Net Sale Proceeds (the “ Participation Payment”), provided the Participation Payment shall not exceed the Participation Cap.
The definition of "Net Sale Proceeds" appearing in Section 11.01 of the Credit Agreement is hereby amended by deleting the phrase "sale of assets" in each place it appears therein and by inserting in lieu thereof the phrase "Asset Sale".