Application of Net Sale Proceeds Sample Clauses

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.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
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.
Sample 1Sample 2Sample 3See All (5)
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
Sample 1Sample 2
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.
Sample 1
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,
Sample 1
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.
Sample 1

Related to Application of Net Sale Proceeds

  • Application of Proceeds of Sale The proceeds of any sale of Collateral pursuant to Section 6, as well as any Collateral consisting of cash, shall be applied by the Collateral Agent as follows: FIRST, to the payment of all costs and expenses incurred by the Collateral Agent in connection with such sale or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent hereunder or under any other Loan Document on behalf of any Pledgor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; SECOND, to the payment in full of the Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and THIRD, to the Pledgors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of the Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!