EQUIPMENT PROCEEDS Sample Clauses

EQUIPMENT PROCEEDS. In the event that prior to delivery of the Platform and following the occurrence or during the continuation of any material default by the Builder as defined in Subparagraph 16(a) of the Construction Contract which would permit the Owner to terminate the Construction Contract, the Secretary shall have the right to sell the Equipment. Any proceeds the Secretary receives from the sale of the Equipment, after deducting any fees or costs it incurs in connection with the enforcement of its rights under the Security Agreement, shall be distributed promptly to the Secretary for payment of all amounts secured by the Security Agreement with any remainder to be paid to the Builder and the Owner as their interests appear. In the event that prior to delivery of the Platform and following the occurrence or during the continuation of any material default by the Owner as defined in Subparagraph 16(b) of the Construction Contract which would permit the Builder to terminate the Construction Contract, and provided that the Builder is not in material default under the Construction Contract, Builder shall have the right to sell the Equipment subject to the Secretary's first priority security interest in all of Owner's right, title and interest in and to the Equipment to the full extent and in accordance with all procedures as set forth in Article 9 of
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EQUIPMENT PROCEEDS a. In the event that prior to delivery of the Vessel, following the occurrence or during the continuance of any default by Purchaser under any agreements with the Secretary, including but not limited to the Security Agreement (the "Secretary's Documents") or by the Builder under the Construction Contract, the Secretary shall have the sole right to sell the Equipment, provided that the Secretary complies with Section 7(c) of this Amendment. Any proceeds the Secretary receives from the sale of the Equipment, after deducting any fees or costs it incurs in connection with the enforcement of its rights under the Secretary's Documents, shall be distributed promptly between the Builder and the Secretary on a Pro Rata Basis (as defined below) based on the "Amount Due" (as defined below) to the Builder and the Secretary. b. For the purposes of this section, the "Amount Due" to the Builder shall include all payments then due to the Builder for materials purchased or work performed, provided, however, if the Builder is in material default under the Construction Contract as amended, such "Amount Due" to the Builder shall be zero. For the purposes of this section, the "Amounts Due" to the Secretary shall include all amounts secured by the Secretary's Documents related to the Equipment. For the purposes of this section, the share to be distributed to a party under the Pro Rata Basis shall be the net amount realized from the sale of the Equipment times a fraction equal to the Amount Due that party divided by the sum of the Amount Due both parties. c. In the event of a Purchaser default and an enforcement of the Secretary's Documents, the Secretary shall use reasonable efforts to expedite the enforcement and foreclosure process for the enforcement of the Secretary's Documents.
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EQUIPMENT PROCEEDS. In the event that prior to delivery of the Vessel and (i) following the occurrence or during the continuance of any default by Shipowner under the Security Agreement executed in favor of the Secretary by the Shipowner in connection with the financing of the construction of the Vessel under the Construction Contract or (ii) the occurrence or during the continuation of any material default by the Shipyard under the Construction Contract which would permit the Shipowner to cancel the Construction Contract,, the Secretary shall have the sole right to sell the Equipment. Any proceeds the Secretary receives from the sale of the Equipment, after deducting any fees or costs it incurs in connection with the enforcement of its rights under the Security Agreement, shall be distributed promptly to the Secretary for payment of the all amounts secured by the Security Agreement.
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EQUIPMENT PROCEEDS. In the event that prior to delivery of the VESSEL and (i) following the occurrence or during the continuance of any default by BUYER under any Security Agreement executed in favor of the Secretary by the BUYER in connection with the financing of the construction of the VESSEL under the Contract or (ii) the occurrence or during the continuation of any material default by the BUILDER under the Contract which would permit the BUYER to cancel the Contract, the Secretary shall have the sole right to sell the Equipment. Any proceeds the Secretary receives from the sale of the Equipment, after deducting any fees or costs it incurs in connection with the enforcement of its rights under the Security Agreement, shall be distributed promptly to the Secretary for payment of all the amounts secured by the Security Agreement.
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EQUIPMENT PROCEEDS. In the event that prior to delivery of the Vessel and (i) following the occurrence or during the continuance of any default by Shipowner under the Agreement or (ii) the occurrence or during the continuation of any material default by the Shipyard under the Construction Contract which would permit the Shipowner to cancel the Construction Contract, the Administrator shall have the sole right to sell the Equipment or the Unpaid For Items. Any proceeds the Administrator receives from the sale of the Equipment or the Unpaid For Items, after deducting any fees or costs it incurs in connection with the enforcement of its rights under the Assignment, shall be distributed promptly to the Administrator for payment of all amounts secured by the Agreement.
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Related to EQUIPMENT 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;

  • Equipment Procurement If responsibility for construction of the Connecting Transmission Owner’s Attachment Facilities or System Upgrade Facilities or System Deliverability Upgrades is to be borne by the Connecting Transmission Owner, then the Connecting Transmission Owner shall commence design of the Connecting Transmission Owner’s Attachment Facilities or System Upgrade Facilities or System Deliverability Upgrades and procure necessary equipment as soon as practicable after all of the following conditions are satisfied, unless the Developer and Connecting Transmission Owner otherwise agree in writing: 5.5.1 NYISO and Connecting Transmission Owner have completed the Interconnection Facilities Study pursuant to the Interconnection Facilities Study Agreement; 5.5.2 The NYISO has completed the required cost allocation analyses, and Developer has accepted his share of the costs for necessary System Upgrade Facilities and System Deliverability Upgrades in accordance with the provisions of Attachment S of the NYISO OATT; 5.5.3 The Connecting Transmission Owner has received written authorization to proceed with design and procurement from the Developer by the date specified in Appendix B hereto; and 5.5.4 The Developer has provided security to the Connecting Transmission Owner in accordance with Article 11.5 by the dates specified in Appendix B hereto.

  • 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;

  • Liquidation Proceeds Cash received in connection with the liquidation of a defaulted Mortgage Loan, whether through the sale or assignment of such Mortgage Loan, trustee’s sale, foreclosure sale, payment in full, discounted payoff or otherwise, or the sale of the related Mortgaged Property if the Mortgaged Property is acquired in satisfaction of the Mortgage Loan, including any amounts remaining in the related Escrow Account.

  • Trust Account Proceeds Prior to the liquidation of the Trust Account in the event the Company has not completed a Business Combination as required by its Charter Documents (the “Termination Date”), interest income on the funds held in the Trust Account may be released to the Company from the Trust Account in accordance with the terms of the Trust Agreement to pay any taxes incurred by the Company, all as more fully described in the Prospectus.

  • Insurance and Condemnation Proceeds The Borrower Parties shall promptly notify the Agent and the Lenders of any loss, damage, or destruction to the Collateral whether or not covered by insurance. The Agent is hereby authorized to collect all insurance and condemnation proceeds in respect of Collateral directly and to apply or remit them as follows: (i) With respect to insurance and condemnation proceeds relating to Collateral other than Fixed Assets, after deducting from such proceeds the reasonable expenses, if any, incurred by the Agent in the collection or handling thereof, the Agent shall apply such proceeds, ratably, to the reduction of the Obligations in the order provided for in Section 3.6. (ii) With respect to insurance and condemnation proceeds relating to Collateral consisting of Fixed Assets, the Agent shall permit or require the Borrowers to use such proceeds, or any part thereof, to replace, repair, restore or rebuild the relevant Fixed Assets in a diligent and expeditious manner with materials and workmanship of substantially the same quality as existed before the loss, damage or destruction so long as (1) no Default or Event of Default has occurred and is continuing, (2) the aggregate proceeds do not exceed $1,000,000 and (3) the Borrower first (i) provides the Agent and the Required Lenders with plans and specifications for any such repair or restoration which shall be reasonably satisfactory to the Agent and the Required Lenders and (ii) demonstrates to the reasonable satisfaction of the Agent and the Required Lenders that the funds available to it will be sufficient to complete such project in the manner provided therein. In all other circumstances, the Agent shall apply such insurance and condemnation proceeds, ratably, to the reduction of the Obligations in the order provided for in Section 3.6.

  • Equipment Provided County shall provide all tools and equipment it deems essential to complete assigned duties.

  • Private Placement Proceeds On the Closing Date, the Company shall cause to be deposited $4,500,000 of proceeds from the Private Placement into the Trust Account. On the Option Closing Date, if any, the Company shall cause to be deposited an amount of additional proceeds from the additional Private Warrants sold on the Option Closing Date into the Trust Account such that the amount of funds in the Trust Account shall be $10.10 per Public Share sold in the Offering.

  • Loan Proceeds Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4.