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 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. 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 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. The Borrower shall be entitled to the Net Proceeds, if any, of any insurance or condemnation awards resulting from the damage, destruction or condemnation of the Project or any portion thereof. All Net Proceeds shall be deposited by the Borrower in an escrow account and shall be applied, with the consent of the Bank and by written notice to the Authority and the Trustee, in one or more of the following ways at the election of the Borrower:
(a) The prompt repair, restoration, relocation, modification or improvement of the stage of completion of construction of the damaged, destroyed or condemned portion of the Project to enable such portion of the Project to accomplish at least the same function as such portion of the Project was designed to accomplish prior to such damage or destruction or exercise of such power of eminent domain. Any balance of the Net Proceeds remaining after such work has been completed shall be deposited in the Revenue Fund to be applied to the payment of principal of and premium, if any, and interest on the Bonds, 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 the Revenue Fund shall be paid as provided in Section 10.01 of the Indenture.
(b) Prepayment of all or a portion of the amounts payable hereunder, in accordance with Article VIII hereof, and redemption of Bonds; provided that no part of the Net Proceeds may be applied for such purpose unless (1) all of the amounts payable under this Agreement are so prepaid and all Outstanding Bonds are to be redeemed in accordance with the Indenture, or (2) in the event that less than all of the amounts payable hereunder are so prepaid, the Borrower shall furnish to the Authority and the Trustee a certificate of the Authorized Representative acceptable to the Authority and the Trustee stating (i) that the property forming part of the portion of the Project that was damaged or destroyed by such casualty or was taken by such condemnation proceedings is not essential to the Borrower's use or possession of such portion of the Project or (ii) that such part of the portion of the Project theretofore completed has been repaired, replaced, restored, relocated, modified or improved to enable such portion of the Project to accomplish at least the same function as such portion of the Project was designed to accomplish prior to such damage or destruction or the taking by such condemnation pr...
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. The Company hereby agrees that, without the express prior written consent of the Representative, 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, except as described in the "Use of Proceeds" section of the Prospectus.
Application of Net Proceeds. (a) If a Casualty or Condemnation has occurred to the Premises, Bank shall make the Net Proceeds available for Restoration as provided for in Section 3.5(b), provided that each of the following conditions is satisfied:
(1) no Event of Default shall have occurred and be continuing;
(2) (A) in the event the Net Proceeds are insurance proceeds, less than twenty-five percent (25%) of the net rentable square footage of the Premises has been damaged, destroyed or rendered unusable as a result of such Casualty, or (B) in the event the Net Proceeds are a Condemnation Award, (i) less than ten percent (10%) of the Land constituting the Premises is taken, (ii) such Land is located along the perimeter or periphery of the Premises, (iii) such taking does not materially impair the existing access to or parking at the Premises, and (iv) no portion of the Improvements is the subject of the Condemnation;
(3) Such Casualty or Condemnation does not allow any Leases to be terminated;
(4) Borrower shall commence the Restoration as soon as reasonably practicable (but in no event later than sixty (60) days after the occurrence of such Casualty or Condemnation) and shall diligently pursue the same to satisfactory completion in compliance with all Applicable Law;
(5) Bank shall be satisfied in its reasonable judgment that (A) the Restoration can be substantially completed on or before the earliest to occur of (i) six (6) months preceding the Maturity Date or (ii) the earliest date required for such completion pursuant to the terms of any Leases, and (B) the Premises (taking into account the Net Proceeds) shall continue, throughout the period of Restoration, to adequately secure the outstanding balance of the Loan; and
(6) the Net Proceeds, together with any cash or cash equivalent deposited by Borrower with Bank, are sufficient, in Bank’s reasonable judgment, to pay for all costs and expenses of the Restoration in full.
(b) The Net Proceeds shall be paid directly to Bank and held by Bank and, until disbursed in accordance with the provisions of this Section, shall constitute additional security for the repayment of the Indebtedness and satisfaction of the Obligations. The Net Proceeds shall be disbursed by Bank to Borrower (or directly to third parties to pay costs or expenses of the Restoration) from time to time during the course of the Restoration, upon Bank being furnished with (1) evidence satisfactory to it that all requirements set forth in Section 3.5(a) have been satisfie...
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
