Application of Net Sale Proceeds Clause Samples

The "Application of Net Sale Proceeds" clause defines how the money received from the sale of an asset, after deducting relevant expenses, will be distributed among the parties involved. Typically, this clause outlines the order of payments, such as first covering outstanding debts or costs, and then allocating the remaining funds according to agreed percentages or priorities. Its core function is to ensure transparency and fairness in the distribution of sale proceeds, preventing disputes by clearly specifying how and to whom the net funds are to be applied.
Application of Net Sale Proceeds. Upon the Ship being delivered to and accepted by a purchaser of the Ship, the leasing of the Ship under this Agreement shall terminate and the Net Sale Proceeds shall be applied as follows: FIRST: in retention by the Lessor of an amount equal to 0.01% of the Net Sale Proceeds; SECOND: in or towards payment to the Lessor of amounts equal to all or any part of the Termination Amount which, as at the date of the receipt by the Lessor of the Net Sale Proceeds, has not been paid to the Lessor by or on behalf of the Lessee; THIRD: in or towards settlement of any other amounts then due and payable but unpaid by the Lessee to the Lessor under the Transaction Documents and any amounts then due and payable but unpaid by the Lessee to the Lessor under the Sister Ship Transaction Documents; and FOURTH: the remainder in payment to the Lessee by way of rebate of Rental.
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Application of Net Sale Proceeds. Without prejudice to the obligation of the Lessee to make the payments referred to in clause 27.1, upon any such termination as is referred to in clause 27.1 and provided that the Lessor shall not be prevented from so doing for any reason whatsoever (including, without limitation, if prevented from doing so by reason of the provisions of clause 9 of the Proceeds Deed), the Lessor or, where applicable, the Relevant Security Agent as agent of the Lessor pursuant to the provisions of clause 9 of the Proceeds Deed shall endeavour to sell the Ship as soon as practicable. The Net Sale Proceeds shall be applied by the Lessor as follows: 27.2.1 first, in retention by the Lessor of an amount equal to one tenth of one per cent (0.1%) of the Net Sale Proceeds; 27.2.2 secondly, in retention by the Lessor of an amount equal to the lesser of: (a) all or any part of the Termination Sum which the Lessee shall not, on or before the date of application of the Net Sale Proceeds, have paid to the Lessor in accordance with clause 27.1; and (b) the balance of the Net Sale Proceeds; 27.2.3 thirdly, in or towards settlement of any other amounts owing by the Lessee to the Lessor under this Lease or any of the other Lease Documents (including any interest due in respect thereof); 27.2.4 fourthly, by way of rebate of Rental, in or towards settlement of any amounts owing to the Other Lessors under the Other Ship Leases or any of the Other Ship Relevant Documents, such amounts to be paid to the Lessor Agent for application in accordance with clause 4.3 of the Agency and Trust Deed and clauses 27.
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Application of Net Sale Proceeds. The Executive agrees that upon the sale of the Shares by the Company pursuant to this clause 6, the Company will apply the net sale proceeds (after deducting any stamp duty or other like duty payable on the transfer or any Costs incurred by the Company in exercising its powers under this clause 6 or otherwise effecting the sale of transfer of
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Application of Net Sale Proceeds. Upon the sale of any House, the Net Sale Proceeds from each House will be applied first to the payment of all Indebtedness applicable to such House and then, for so long as any indebtedness constituting the Other Obligations remains outstanding under the Development Tranche, to the reduction of the outstanding indebtedness constituting the Other Obligations under the Development Tranche (which shall be paid directly from Borrower to Lender with a corresponding "credit" being made to Borrower's obligations to SPOC under the Development Loan and to SPOC's obligations to Lender under the Development Tranche). Once the Development Tranche has been repaid and satisfied in full, Borrower will be entitled to apply excess Net Sale Proceeds after payment of all Indebtedness applicable to such House and/or Lot as Borrower shall determine; provided, however, that after the payment and satisfaction in full of the Development Tranche, Lender shall at all times thereunder have the first and prior right and option at its election to apply 100% of any such excess Net Sale Proceeds to the reduction of the Borrower's indebtedness to Lender under the Note and with respect to the Loan.
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Application of Net Sale Proceeds. (A) Immediately upon the closing of any sale of a condominium unit, Borrower shall remit to Lender one hundred percent (100%) of the Net Sales Proceeds as shown on the closing statement executed by Borrower and the purchaser with respect to such sale (and so long as Borrower shall have satisfied the requirements of Section 9.4 of this ----------- Agreement), Lender shall release the unit from the lien of the Mortgage.
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Application of Net Sale Proceeds. The Lessor and the Lessee agree that any Net Sale Proceeds will be applied as follows: (a) first an amount equal to the aggregate of the Termination Sum payable under the Sub-Lease and any other amounts due and payable to the Lessee under clause 13.6 (Payments on Termination) of the Sub-Lease shall be paid to the Lessee and applied in or towards settlement of such amount (the "TOTAL TERMINATION SUM"); (b) secondly, where there is any balance of Net Sale Proceeds after the application referred to in sub-paragraph (a) above, an amount equal to: (i) the Net Sale Proceeds less the Total Termination Sum; multiplied by: (ii) the fraction a/b,
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Related to Application of Net Sale Proceeds

  • 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 Liquidation Proceeds For all purposes under this agreement, Net Liquidation Proceeds received from a Servicer shall be allocated first to accrued and unpaid interest on the related Mortgage Loan and then to the unpaid principal balance thereof.

  • Application of Collections All collections for the Collection Period shall be applied by the Servicer as follows: (a) With respect to each Receivable (other than a Purchased Receivable or a Sold Receivable), payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to such Receivable, to the extent collected) shall be applied to interest and principal in accordance with the Simple Interest Method. (b) All amounts collected that are payable to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the Collection Account and paid to the Servicer in accordance with Section 5.7(a).

  • Application of Collateral Proceeds The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Agent or any Lender, at the time of or received by Agent or any Lender after the occurrence of an Event of Default hereunder) shall be paid to and applied as follows: (a) First, to the payment of out-of-pocket costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by Agent and the Lenders, including, without limitation, Lenders’ Expenses; (b) Second, to the payment to each Lender, on a ratable basis, of the amount then owing or unpaid on the Loans for any accrued and unpaid interest, the amounts which would have otherwise come due under Section 2.3(b)(ii), if the Loans had been voluntarily prepaid, the principal balance of the Loans, and all other Obligations with respect to the Loans held by such Lender (provided, however, if such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the Loans, then to the unpaid interest thereon, then to the amounts which would have otherwise come due under Section 2.3(b)(ii), if the Loans had been voluntarily prepaid, then to the principal balance of the Loans, and then to the payment of other amounts then payable to Lender under any of the Loan Documents); and (c) Third, to the payment of the surplus, if any, to Borrower, its successors and assigns, or to the Person lawfully entitled to receive the same.

  • Distribution of Collateral Proceeds In the event that, following the occurrence or during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Security Documents, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of, the Agent for or in respect of all reasonable costs, expenses, disbursements and losses which shall have been incurred or sustained by the Agent to protect or preserve the collateral or in connection with the collection of such monies by the Agent, for the exercise, protection or enforcement by the Agent of all or any of the rights, remedies, powers and privileges of the Agent under this Agreement or any of the other Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to the Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Agent to such monies; (b) Second, to all other Obligations in such order or preference as the Majority Banks shall determine; provided, however, that (i) distributions in respect of such Obligations shall be made pari passu among Obligations with respect to the Agent's fee payable pursuant to Section 4.3 and all other Obligations, (ii) in the event that any Bank shall have wrongfully failed or refused to make an advance under Section 2.7 and such failure or refusal shall be continuing, advances made by other Banks during the pendency of such failure or refusal shall be entitled to be repaid as to principal and accrued interest in priority to the other Obligations described in this subsection (b), and (iii) Obligations owing to the Banks with respect to each type of Obligation such as interest, principal, fees and expenses, shall be made among the Banks pro rata; and provided, further, that the Majority Banks may in their discretion make proper allowance to take into account any Obligations not then due and payable; and (c) Third, the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto.