Application of Certain Proceeds. Concurrently with Closing, the net proceeds of the Loans (after payment of the Fee and all of the costs required to be paid by Borrower under Section 3) received by Lessee in connection with the transfer of the Premises to Borrower shall be applied to the outstanding balance under the Existing Facility. In addition, prior to or at the Closing Lessee shall have entered or shall enter into the New Facility.
Appears in 3 contracts
Sources: Loan Agreement (Friendly Ice Cream Corp), Loan Agreement (Friendly Ice Cream Corp), Loan Agreement (Friendly Ice Cream Corp)