PSL Proceeds Clause Samples

PSL Proceeds. Upon receipt of a completed PSL Sales Contract signed by a prospective PSL purchaser, StadCo is authorized to accept payments (including any interest payments) made by PSL purchasers in connection with PSL sales, as agent of the GWCCA, and all on terms approved in advance in writing by the GWCCA as provided herein, and in the manner depicted on Exhibit B attached hereto (for illustrative purposes only). The GWCCA shall establish a segregated account in its name (the “PSL Proceeds Account”) to hold all such payments (including any interest payments) pending final approval and acceptance of the associated PSL Sales Contract by the GWCCA pursuant to Article IV. StadCo will deposit, or will cause to be deposited, all amounts received with respect to any tendered PSL Sales Contract (including any interest payments and the associated Waitlist Deposit, if any) prior to the approval and acceptance by the GWCCA of such PSL Sales Contract to the PSL Proceeds Account, and such PSL proceeds shall not be commingled with any such amounts or any other funds of StadCo or the GWCCA. No withdrawals from the PSL Proceeds Account shall be permitted without the prior written approval of the GWCCA, with refunds specified in clause (iii) of the following sentence being deemed approved. Withdrawals or disbursements of funds from the PSL Proceeds Account shall be made only for the following purposes: (i) to reimburse StadCo or make disbursements to the GWCCA for costs and fees pursuant to Article VI, (ii) to transfer PSL proceeds (including any interest payments) associated with PSL Sales Contracts that have been approved and accepted by the GWCCA in accordance with Article IV, and any interest earned thereon, to the Seat Rights Sales Account (as will be defined in the Project Development Agreement) on a periodic basis agreed to by the parties (but no less often than monthly) and (iii) to refund payments, in whole or in part, to PSL purchasers if the PSL Sales Contracts with such purchasers are not approved and accepted by the GWCCA or are otherwise terminated in accordance with the terms of such PSL Sales Contract.
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PSL Proceeds 
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Related to PSL Proceeds

  • Proceeds The Company shall use the proceeds from the issuance and sale of the Securities as set forth in “Use of Proceeds to issuer” in the Offering Circular.

  • Condemnation Proceeds all Condemnation Proceeds other than proceeds to be applied to the restoration or repair of the property subject to the related Mortgage or released to the related Mortgagor in accordance with the Servicing Standard, which proceeds shall be deposited by the Master Servicer into an Escrow Account and not deposited in the Collection Account;

  • Sale Proceeds The proceeds of sale of any new Series of Notes shall be wired to the Collection and Funding Account, and the Indenture Trustee shall disburse such sale proceeds at the direction of the Administrator on behalf of the Issuer, except to the extent such funds are needed to satisfy the Collateral Test. The Administrator on behalf of the Issuer may direct the Issuer to apply such proceeds to reduce pro rata based on Invested Amounts, the VFN Principal Balance of any Classes of Variable Funding Notes, or to redeem any Series of Notes in accordance with Section 13.1. In the absence of any such direction, the proceeds of such sale shall be distributed to the Depositor or at the Depositor’s direction on the Issuance Date for the newly issued Notes. The Administrator shall deliver to the Indenture Trustee a report demonstrating that the release of sale proceeds pursuant to the Issuer’s direction will not cause a failure of the Collateral Test, as a precondition to the Indenture Trustee releasing such proceeds.

  • Gross Proceeds The aggregate purchase price of all Shares sold for the account of the Company through all Offerings, without deduction for Sales Commissions, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Sales Commissions are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Company are not reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction.

  • Insurance Proceeds All proceeds of and any unearned premiums on any insurance policies covering the Property, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments, or settlements made in lieu thereof, for damage to the Property;