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 Net Proceeds of any insurance proceeds or condemnation award resulting from any event described in Section 6.1 hereof shall be immediately deposited in a separate trust fund to be held by the Trustee. All Net Proceeds so deposited shall be applied in one or more of the following ways as shall be elected by the Company in a written notice to the Trustee, which notice shall be received by the Trustee within 60 days after the receipt by the Company or the Trustee, as the case may be, of the Net Proceeds:
(a) To the prompt repair, restoration, modification or improvement of the Project Facility, and the Issuer has, in the Indenture, authorized and directed the Trustee to make disbursements from such separate trust fund for such purposes. Such disbursements shall be made by the Trustee only upon receipt of Requisitions therefor. Any balance of the Net Proceeds remaining after such work has been completed shall be transferred into the Bond Fund to be applied in accordance with subsection (b) of this Section, or if the Bonds have been fully paid (or provision for payment thereof has been made in accordance with the provisions of the Indenture), any balance remaining in such separate trust fund shall be paid in accordance with Section 6.11 of the Indenture.
(b) To the redemption at par of the Bonds, pro rata in proportion to their respective then outstanding principal balances, on the earliest practicable redemption date as specified in a written notice by the Company to the Trustee, provided that no part of such Net Proceeds may be applied for such redemption unless (1) all of the Bonds are to be redeemed in accordance with the Indenture upon termination of this Agreement pursuant to clauses (A) or (B) of Article X hereof or (2) in the event that less than all of the Bonds are to be redeemed, the Company shall furnish to the Trustee a certificate of a Company Representative stating that
(i) the property forming the part of the Project Facility that was damaged or destroyed by such casualty or was taken by such condemnation proceedings is not essential to the use, operation or possession of the Project by the Company or (ii) the Project Facility has been repaired, restored, modified or improved to operate as designed.
(c) If the Company elects to repair, restore, modify or improve the Project Facility or pay the cost thereof and fails to do so diligently, the Issuer or the Trustee may (but shall be under no obligation to) do so on behalf of the Company and rec...
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 and the Canadian Prospectus.
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. 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. To apply the net proceeds from the sale of the Notes being sold by the Company as set forth in the Prospectus; and