Additional Proceeds Clause Samples
The "Additional Proceeds" clause defines how any extra funds received beyond the expected amount—such as insurance payouts, government grants, or other compensations—are to be handled in a contractual relationship. Typically, this clause specifies the allocation or distribution of these additional sums, often requiring that they be shared among the parties or applied to specific obligations, like debt repayment or restoration of damaged property. Its core function is to ensure fairness and clarity in the treatment of unexpected financial gains, preventing disputes over entitlement to such proceeds.
Additional Proceeds. (a) If at any time and from time to time, after the last date for which proceeds have been received and reflected in the Final Post-Closing Purchase Price Adjustment Amount, Buyer receives any proceeds attributable to the Purchased Assets that are attributable to any period prior to the Effective Time, as calculated in accordance with GAAP and Section 1.7, Buyer shall promptly pay to Sellers (allocated amongst the Sellers based upon the ratios set forth on Schedule 1.5) all such proceeds.
(b) If at any time and from time to time, after the last date for which proceeds have been received and reflected in the Final Post-Closing Purchase Price Adjustment Amount, any Seller receives any proceeds attributable to the Purchased Assets that are attributable to any period from and after the Effective Time, as calculated in accordance with GAAP and Section 1.7, such Seller shall promptly pay to Buyer all such proceeds.
Additional Proceeds. All Trustor’s other existing or future estates, easements, licenses, interests, rights, titles, homestead or other claims or demands, both in law and in equity in the Mortgaged Property including, without limitation, (1) all damages or awards made to Trustor related to the Mortgaged Property, including without limitation, for the partial or complete taking by eminent domain, or by any proceeding or purchase in lieu of eminent domain, of the Mortgaged Property, and (2) all proceeds of any insurance covering the Mortgaged Property. Trustor agrees to execute and deliver, from time to time, such further instruments and documents as may be required by Beneficiary to confirm the lien of this Deed of Trust on any of the foregoing. FOR THE PURPOSE OF SECURING, in such order of priority as Beneficiary may elect:
(a) The repayment of the indebtedness evidenced by Trustor’s promissory note of even date herewith payable to the order of Beneficiary in the original principal sum of ($ ), with interest thereon, as provided therein, and all prepayment charges, late charges and loan fees required thereunder, and all extensions, renewals, modifications, amendments and replacements thereof (herein “Note”);
Additional Proceeds. In the event and to the extent any of the Sources of Financing for the Project exceed the amounts shown in this Method of Financing and the Project Budget, then the resulting Additional Proceeds shall first be used to pay for any increased costs of the Project as set forth in a revised Project Budget approved in writing by the Agency Executive Director for which there are no other Sources of Financing, and thereafter, fifty percent (50%) of such Additional Proceeds shall be used to pay the Deferred Developer Fee and the other fifty percent (50%) of such Additional Proceeds shall be used to reduce or repay the Agency Loan, and provided that, upon the Construction Closing, the Housing Commission and the Agency enter into that certain Agency/Housing Commission Agreement, the applicable portion of such remaining Additional Proceeds shall be used to reduce or repay the Housing Commission Loan and the Agency Loan in proportion to their respective original principal balances. Based on the anticipated original principal balances of such two loans, out of the 50% of Additional Proceeds allocated to the Agency and the Housing Commission, 20.84% of the such Additional Proceeds shall be paid to the Agency to reduce the principal amount of the Agency Loan and 79.16% of such Additional Proceeds shall be paid to the Housing Commission to reduce the principal amount of the Housing Commission Loan. Owner shall make any payment of Additional Proceeds to the Agency within thirty (30) days following written request from the Agency or its authorized designee. Additional Proceeds shall be deemed to exist to the extent Owner obtains (i) a Permanent Loan in a principal amount in excess of the estimated amount of the Permanent Loan shown in the Sources of Financing table in Section 2 above, (ii) any additional grant funds (including, without limitation energy efficiency rebates), (iii) equity raised from the sale of Low Income Housing Tax Credits in excess of the estimated amount of the Low Income Housing Tax Credits shown in the Sources of Financing table in Section 2 3. above, or (iv) proceeds from the refinancing of the initial Permanent Loan in excess of (y) the amount needed to pay in full the then-current balance of the Permanent Loan, plus (z) any amount actually used by Owner to repair, maintain, upgrade, renovate or perform similar work on the Leasehold or Project in a manner consistent with the terms and conditions of the OPA and Agreement Affecting Real Property as reas...
Additional Proceeds. In the event and to the extent any of the Sources of Financing for the Project exceed the amounts shown in the Method of Financing and the Project Budget, then the resulting Additional Proceeds shall first be used to pay for any increased costs of the Project as set forth in a revised Project Budget approved in writing by the Agency Executive Director for which there are no other Sources of Financing, and thereafter, fifty percent (50%) of such Additional Proceeds shall be used to pay the Deferred Developer Fee and the other fifty percent (50%) of such Additional Proceeds shall be used to reduce or repay the Agency Loan, and provided that, upon the Construction Closing, the Housing Commission enters into that certain Housing Commission Agreement with the Agency, the applicable portion of such remaining Additional Proceeds shall be used to reduce or repay the Housing Commission Loan and the Agency Loan in proportion to their respective original principal balances. Based on the anticipated original principal balances of such two loans, out of the 50% of Cost Savings allocated to the Agency and the Housing Commission, 20.84% of the such Cost Savings shall be paid to the Agency to reduce the principal amount of the Agency Loan and 79.16% of the such Cost Savings shall be paid to the Housing Commission to reduce the principal amount of the Housing Commission Loan. Borrower shall make any payment of Additional Proceeds to the Agency within thirty (30) days following written request from the Agency or its authorized designee. Additional Proceeds shall be deemed to exist to the extent Borrower obtains (i) a Permanent Loan in a principal amount in excess of the estimated amount of the Permanent Loan shown in the Sources of Financing table in Section 2 of the Method of Financing (Attachment No. 3 to the OPA), (ii) any additional grant funds (including, without limitation energy efficiency rebates), (iii) equity raised from the sale of Low Income Housing Tax Credits in excess of the estimated amount of the Low Income Housing Tax Credits shown in the Sources of Financing table in Section 2 of the Method of Financing, or (iv) proceeds from the refinancing of the initial Permanent Loan in excess of (y) the amount needed to pay in full the then-current balance of the Permanent Loan, plus (z) any amount actually used by Borrower to repair, maintain, upgrade, renovate or perform similar work on the Leasehold or Project in a manner consistent with the terms and conditions o...
Additional Proceeds. As further described in the Method of Financing, in the event and to the extent any of the Sources of Financing for the Project exceed the amounts shown in the Method of Financing and the Project Budget, then the excess portion of the Sources of Financing (“Additional Proceeds”) shall first be used to pay for any increased costs of the Project as set forth in a revised Project Budget approved in writing by the Agency Executive Director for which there are no other Sources of Financing, and thereafter, fifty percent (50%) of such Additional Proceeds shall be used to pay the Deferred Developer Fee and the other fifty percent (50%) of such Additional Proceeds shall be used to reduce or repay the Agency Loan, and provided that, upon the Construction Closing, the Housing Commission enters into that certain Housing Commission Agreement with the Agency, the applicable portion of such remaining Additional Proceeds shall be used to reduce or repay the Housing Commission Loan and the Agency Loan in proportion to their respective original principal balances. The allocation of Additional Proceeds described in this paragraph shall not apply in favor of the Agency or the Housing Commission, or shall be adjusted as reasonably necessary, to the extent that such allocation is prohibited by any established federal or State law, regulation or policy governing the use of any Sources of Financing issued by federal or State agencies or will cause an adverse effect under any established federal or State law, regulation or policy with respect to the calculation of the “tiebreaker” score attributable to the application submitted by Owner to CTCAC seeking an allocation of Low Income Housing Tax Credits toward the Project.
Additional Proceeds. In the event the aggregate amount of the Permanent Financing is greater than the Total Acquisition and Development Costs set forth in Section 1 of the Amended Method of Financing, and the actual Acquisition and Development Costs are not greater than such Total Acquisition and Development Costs, or in the event Owner obtains additional funds (the “Additional Proceeds”), then such Additional Proceeds shall be applied to reduce the principal amount of the Agency Loan.
Additional Proceeds. 8.1 On the Reference Period Calculation Date the Purchaser shall pay to the Seller or the Seller shall pay to the Purchaser the following amounts in accordance with clause 8.3 -
8.1.1 an amount ("Distribution Amount") equal to the DRDGOLD Dividends Amount less the EMO Distributions Amount (plus any interest accrued thereon), if any; and
8.1.2 in the event that the Purchaser undertakes a Rights Offer and the record date for participation in such Rights Offer occurs during the Reference Period, an aggregate amount ("LA Proceeds") equal to the VWAP of an LA for the relevant period during which the LA's were under the traded Rights Offer multiplied by the number of LA's that the Seller would be entitled to take up in respect of the Consideration Shares, assuming all the Consideration Shares had been issued to the Seller on the Signature Date 18 as adjusted in accordance with clause 8.2. (For purposes of clarity it is recorded that the number of LA’s for purposes of calculating the LA Proceeds shall be calculated by multiplying the actual rights offer ratio per DRDGOLD Share (as published on SENS when the Rights Offer is announced) by the number of Consideration Shares, taking into account the rounding conventions adopted by the JSE.)
8.2 If the Distribution Amount is calculated to be a positive number that exceeds R20,000,000, then the Distribution Amount shall be limited to R20,000,000 by first reducing the DRDGOLD Dividends Amount and secondly reducing the LA Proceeds, in aggregate, by such amount/s as is required to reduce the Distribution Amount to R20,000,000.
8.3 The Distribution Amount, if any, and the LA Proceeds, if any, shall be settled in the following manner –
8.3.1 in respect of the Distribution Amount –
8.3.1.1 the EMO Distributions Amount (together with any interest accrued thereon until and including the Effective Date) held in the Seller Escrow Account shall be transferred by the Attorneys to the Purchaser on the Seller's behalf in accordance with clause 9;
8.3.1.2 the Purchaser shall pay an amount in cash equal to the DRDGOLD Dividends Amount to the Seller; and
8.3.1.3 the amount of the payment described in clause 8.3.1.1 less the amount of the payment described in clause 8.3.1.2 shall equal the Distribution Amount.
8.3.2 in respect of the LA Proceeds, the Purchaser shall pay an amount in cash equal to the LA Proceeds to the Seller.
8.4 Subject to clause 9, any payments to be made under this clause 8 shall be made by way of electronic funds t...
Additional Proceeds. All Trustor’s other existing or future estates, easements, licenses, interests, rights, titles, homestead or other claims or demands, both in law and in equity in the Mortgaged Property (as defined below) including, without limitation, (1) all damages or awards made to Trustor related to the Land or Improvements, including without limitation, for the partial or complete taking by eminent domain, or by an proceeding or purchase in lieu of eminent domain, of the Land and Improvements, and (2) all proceeds of any insurance covering the Land and Improvements. Trustor agrees to execute and deliver, from time to time, such further instruments and documents as may be required by Beneficiary to confirm the lien of this Deed of Trust on any of the foregoing. All of the foregoing property referred to in this section, together with the Land, are herein referred to as the “Mortgaged Property”. FOR THE PURPOSE OF SECURING, in such order of priority as Beneficiary may elect:
(a) The repayment of the indebtedness evidenced by Trustor's promissory note of even date herewith payable to the order of Beneficiary in the original principal sum of ________________________________________________________ ($_____________), with interest thereon, as provided therein, and all prepayment charges, late charges and loan fees required thereunder, and all extensions, renewals, modifications, amendments and replacements thereof (herein "Note");
Additional Proceeds. (a) If at any time and from time to time, after the last date for which proceeds have been received and reflected in the Final Post-Closing Purchase Price Adjustment Amount, Buyer receives any proceeds attributable to the Purchased Assets that are attributable to any period prior to the Effective Time, as calculated in accordance with GAAP and Section 1.7, Buyer shall promptly pay to Seller all such proceeds.
(b) If at any time and from time to time, after the last date for which proceeds have been received and reflected in the Final Post-Closing Purchase Price Adjustment Amount, Seller receives any proceeds attributable to the Purchased Assets that are attributable to any period from and after the Effective Time, as calculated in accordance with GAAP and Section 1.7, Seller shall promptly pay to Buyer all such proceeds.
Additional Proceeds. In the event and to the extent any of the Sources of Financing for the Project exceed the amounts shown in this Method of Financing and the Project Budget, then the resulting “Additional Proceeds” shall first be used to pay for any increased costs of the Project as set forth in a Project Budget at Closing approved in writing by the Mayor for which there are no other Sources of Financing. If the developer has to defer its fee in excess of $140,000, the Additional Proceeds will be used to reduce the deferred developer fee to $140,000. Thereafter, twenty-five percent (25%) of such Additional Proceeds shall be paid to Developer to be used first to pay the Deferred Developer Fee, and the other seventy-five percent (75%) of such Additional Proceeds shall be used to reduce or repay the City Loan. The City’s share of the Additional Proceeds shall be split with other public sources, if required by the funding source, in proportion to the original principal amounts of the loans. Developer shall make any payment of Additional Proceeds to the City within thirty (30) days following written request from the City or its authorized designee. Additional Proceeds shall be deemed to exist to the extent Developer obtains (i) a permanent loan from a financial institution,