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 Private Placement and this Offering received by it in a manner substantially 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 Prospectus and the Prospectus Supplement.
Application of Net Proceeds. Prior to the Completion Date, Issuer, Trustee, and Company will cause the Net Proceeds of any insurance resulting from any events described in Section 8.1 hereof to be deposited in the Construction Fund and to be disbursed therefrom to pay or reimburse the Company for any Cost of the Project as provided in Article V of this Loan Agreement and the Indenture. Subsequent to the Completion Date, Issuer, Trustee, and Company will cause the Net Proceeds of any insurance resulting from any such event described in Section 8.1 hereof to be deposited in a separate trust fund, provided that Net Proceeds in an amount less than $100,000 shall be paid directly to Company. All Net Proceeds from insurance shall be applied in one or more of the following ways as shall be elected by Company in a written notice of the Authorized Company Representative to Issuer and Trustee:
(a) To the prompt repair, restoration, modification, or improvement of the Mortgaged Property by Company, and Issuer does hereby authorize and direct Trustee to make disbursements from such separate fund for such purposes or to reimburse Company for costs paid by it in connection therewith upon receipt of a requisition acceptable to Trustee signed by an Authorized Company Representative stating with respect to each disbursement to be made: (1) the requisition number, (2) the name and address of the person, firm, or corporation to whom payment is due, (3) the amount to be disbursed, and (4) that each obligation mentioned therein has been properly incurred, is a proper charge against the separate trust fund, and has not been the basis of any previous disbursement. Any balance of the Net Proceeds remaining after such work has been completed shall be transferred to the Bond 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 and this Loan Agreement), any balance remaining in such separate trust fund shall be paid to Company.
(b) To redemption of the Bonds on the next succeeding Interest Payment Date as specified in a written notice by the Authorized Company Representative to Trustee; provided, that no part of the Net Proceeds may be applied for such redemption unless (1) all of the Bonds are to be redeemed in accordance with the Indenture upon prepayment of the amounts payable hereunder or (2) in the event that less than all of t...
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. 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. 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.
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. To apply the net proceeds from the sale of the Notes being sold by the Company as set forth in the Prospectus; and