Surplus Proceeds Clause Samples
The Surplus Proceeds clause defines how any excess funds remaining after the satisfaction of certain obligations—such as debt repayment or the settlement of claims—are to be distributed. Typically, this clause specifies the order of priority for payments and identifies the parties entitled to receive any remaining balance, such as the original owner or shareholders. Its core function is to ensure a clear and fair allocation of leftover funds, preventing disputes over distribution and providing transparency in financial settlements.
POPULAR SAMPLE Copied 1 times
Surplus Proceeds. In the absence of Relevant Secured Liabilities then due and payable, any surplus proceeds shall be returned to the Pledgor (unless otherwise required pursuant to applicable law).
Surplus Proceeds. If there remains any surplus of insurance proceeds after the completion of the repair or reconstruction of the Premises, such surplus shall belong to and be paid to Tenant.
Surplus Proceeds. If, after Loss Proceeds have been applied to the repair or restoration of the Project as provided in Section 3.7.2, there remain any excess Loss Proceeds, the Net Available Amount of such Loss Proceeds shall be transferred to the Revenue Account.
Surplus Proceeds. If, after Insurance Proceeds have been applied to the repair or restoration of the Project as provided in Section 7.9.4, any excess Insurance Proceeds shall be paid into the Revenue Account.
Surplus Proceeds. If there remains any surplus of insurance proceeds after the completion of the repair or reconstruction of the applicable portion of the Premises to Landlord's reasonable satisfaction, such surplus shall belong to and be paid to Tenant.
Surplus Proceeds. If surplus money remains in the hands of the Financier or a Receiver after payment of all the Secured Money (and satisfaction of any obligation ranking in priority to the Secured Money or secured by a Security Interest over the Charged Property):
(a) no trust arises over that surplus money; and
(b) that surplus money does not carry interest and the Financier or Receiver may pay it to an account in the name of the Chargor (whether or not opened by the Financier or Receiver for that purpose). The Financier or Receiver is then no longer liable for the surplus money.
Surplus Proceeds. If surplus money remains in the hands of the Secured Party or a Receiver after payment of all the Secured Money (and satisfaction of any obligation ranking in priority to the Secured Money or secured by an Encumbrance over the Collateral):
21.2.1 no trust arises over that surplus money; and
21.2.2 that surplus money does not carry interest and the Secured Party or Receiver may pay it to an account in the name of the Grantor (whether or not opened by the Secured Party or Receiver for that purpose). The Secured Party or Receiver is then no longer liable for the surplus money.
Surplus Proceeds. Except as provided in Section 12.1 above, if there remains any surplus of insurance proceeds after the completion of the repair or reconstruction of the applicable portion of the Premises, such surplus shall be paid to Lessor and Base Rent shall be adjusted in accordance with Section 3.4.
Surplus Proceeds. Any Net Sales Proceeds received by Seller more than the Protected Amount (“Surplus Proceeds”) shall be deposited and held in escrow, where they will be held for release on the following schedule:
2.2.2.1. first, to the amounts payable by Buyer to Seller for the Second Tranche upon realization of the Phase One Objectives;
2.2.2.2. second, to the amounts payable by Buyer to Seller for the Third Tranche upon realization of the Phase Two Objectives; and,
2.2.2.3. third, to the amounts payable by Buyer to Seller for the Fourth Tranche upon realization of the Phase Three Objectives; provided, however, that
2.2.2.4. any Net Sales Proceeds received by Seller more than $50,000,000.00, when taken with the Closing Cash Payment, shall be returned to Buyer, unless otherwise agreed to by the Parties. If the Phase One Objectives are not met within five (5) years of the Closing, and Seller cannot proceed, any excess proceeds above the Initial Funding shall be returned to Buyer, and Buyer shall have the right to terminate this Agreement.
Surplus Proceeds. If the Mortgagee, a Receiver or an Attorney (as the case may be) holds any surplus money after:
(a) payment of the Indebtedness in full and the application of proceeds in accordance with clause 10.2; and
(b) the making of all payments that the Mortgagee, Receiver or Attorney has the right or obligation to make under the Transaction Documents or at law, then: