Common use of Insufficiency of Net Proceeds Clause in Contracts

Insufficiency of Net Proceeds. If the Net Proceeds are insufficient to pay in full the cost of any repair, restoration, modification or improvement referred to in Section 8.01, Lessee shall to the fullest extent permitted by applicable law, but only from funds legally available and appropriated for such purpose either (a) complete such replacement, repair, restoration, modification or improvement and pay any costs thereof in excess of the amount of the Net Proceeds or (b) pay or cause to be paid to Lessor the amount of the then applicable Prepayment Price for the Equipment under the applicable Lease, and, upon such payment, the Lease Term for such Lease shall terminate and Lessor’s security interest in the Equipment thereunder shall terminate as provided in Section 6.01 hereof. The amount of the Net Proceeds, if any, remaining after completing such repair, restoration, modification or improvement or after paying such Prepayment Price shall be retained by Lessee. If Lessee shall make any payments pursuant to this Section, Lessee shall not be entitled to any reimbursement therefor from Lessor nor shall Lessee be entitled to any diminution of the amounts payable under Article IV.

Insufficiency of Net Proceeds. If the Net Proceeds are insufficient to pay in full the cost of any repair, restoration, modification or improvement referred to in Section 8.019.01 hereof, Lessee shall shall, subject to annual appropriation and at the fullest extent permitted by applicable lawdetermination of the Lessee’s governing body, but only from funds legally available and appropriated for such purpose either (a) complete such replacement, repair, restoration, modification or improvement the work and pay any costs thereof cost in excess of the amount of the Net Proceeds or (b) pay or cause to be paid to Lessor the amount and Lessee agrees that if by reason of the then applicable Prepayment Price for the Equipment under the applicable Lease, and, upon any such payment, the Lease Term for such Lease shall terminate and Lessor’s security interest in the Equipment thereunder shall terminate as provided in Section 6.01 hereof. The amount insufficiency of the Net Proceeds, if any, remaining after completing such repair, restoration, modification or improvement or after paying such Prepayment Price shall be retained by Lessee. If Lessee shall make any payments pursuant to the provisions of this SectionSection 9.02, Lessee shall not be entitled to any reimbursement therefor therefore from Lessor nor shall Lessee be entitled to any diminution of the amounts payable under Article IV6 hereof, or (b) Lessee shall pay to Lessor the amount of the then applicable Option Purchase Price and, upon such payment, the Lease Term shall terminate and title to the Equipment, if not previously conveyed to Lessee, shall then be conveyed by Lessor to Xxxxxx as provided in Article 11 of this Lease. The amount of the Net Proceeds in excess, if any, of the then applicable Option Purchase Price, may be retained by Lessee.

Insufficiency of Net Proceeds. If the Net Proceeds are insufficient to pay in full the cost of any repair, restoration, replacement, modification or improvement referred to in Section 8.0110.01 hereof, the Sub-Lessee shall to the fullest extent permitted by applicable law, but only from funds legally available and appropriated for such purpose either (a) complete such replacement, repair, restoration, replacement, modification or improvement and pay any costs thereof in excess of the amount of the Net Proceeds or (b) pay or cause to be paid to Lessor the amount of the then applicable Prepayment Price for the Equipment under the applicable Lease, and, upon such payment, the Lease Term for such Lease shall terminate and Lessor’s security interest in the Equipment thereunder shall terminate as provided in Section 6.01 hereof. The amount of the Net Proceeds, in which event the Sub-Lessee agrees that if any, remaining after completing such repair, restoration, modification or improvement or after paying such Prepayment Price shall be retained by Lessee. If the Sub-Lessee shall make any payments pursuant to the provisions of this Section, the Sub-Lessee shall not be entitled to any reimbursement therefor from the Lessor or the Lessee nor shall the Lessee or the Sub-Lessee be entitled to any diminution of the amounts payable under Article IVVI hereof; or (b) pay or cause to be paid to the Lessor the amount of the then applicable Purchase Price for the Equipment, and, upon such payment, the applicable Lease Term shall terminate and the Lessor’s security interest in the Equipment shall terminate as provided in Article VIII hereof. The amount of the Net Proceeds in excess of the then applicable Purchase Price, if any, shall be retained by the Sub- Lessee.

Insufficiency of Net Proceeds. (a) If Lessee elects to repair, restore or replace any item of Equipment under the terms of Section 5.18(a) hereof and the Net Proceeds therefor are insufficient to pay in full the cost of any such repair, restoration, modification restoration or improvement referred to in Section 8.01replacement, Lessee shall shall, subject to Nonappropriation, complete the fullest extent permitted by applicable law, but only from funds legally available and appropriated for such purpose either (a) complete such replacement, repair, restoration, modification or improvement work and pay any costs thereof cost in excess of the amount of the Net Proceeds or (b) pay or cause to be paid to Lessor the amount Proceeds, and Lessee agrees that, if by reason of the then applicable Prepayment Price for the Equipment under the applicable Lease, and, upon any such payment, the Lease Term for such Lease shall terminate and Lessor’s security interest in the Equipment thereunder shall terminate as provided in Section 6.01 hereof. The amount insufficiency of the Net Proceeds, if any, remaining after completing such repair, restoration, modification or improvement or after paying such Prepayment Price shall be retained by Lessee. If Proceeds Lessee shall make any payments pursuant to the provisions of this Section, Lessee shall not be entitled to any reimbursement therefor from Lessor nor shall Lessee be entitled to any diminution of the amounts payable under Article IVthis Lease Agreement. (b) If Lessee elects to prepay the Lease Payments with respect to any Equipment Group pursuant to the terms of Section 5.18(b) hereof, and the Net Proceeds therefor are less than the prepayment price set forth in Section 5.18(b) hereof, Lessee shall, subject to Nonappropriation, pay to Lessor on the next occurring Lease Payment Date the additional amount required to equal such prepayment price.

Insufficiency of Net Proceeds. If the Net Proceeds are insufficient to pay in full the cost of any repair, restoration, modification or improvement referred to in Section 8.01, Lessee shall to the fullest extent permitted by applicable law, but only from funds legally available and appropriated for such purpose either (a) complete such replacement, repair, restoration, modification or improvement and pay any costs thereof in excess of the amount of the Net Proceeds or (b) pay or cause to be paid to Lessor the amount of the then applicable Prepayment Price for with respect to the affected Energy Conservation Equipment under the applicable Lease, and, upon such payment, the Lease Term for such Lease shall terminate and Lessor’s security interest in the such Energy Conservation Equipment thereunder shall terminate as provided in Section 6.01 hereof; provided, however, that any amount payable by Lessee pursuant to this Section 8.02 shall be payable solely from moneys then in Lessee’s general fund that are legally available and duly appropriated by Lessee’s governing body at its discretion and not at its obligation for such purpose. The amount of the Net Proceeds, if any, remaining after completing such repair, restoration, modification or improvement or after paying purchasing such Prepayment Price Equipment shall be retained by Lessee. If Lessee shall make any payments pursuant to this Section, Lessee shall not be entitled to any reimbursement therefor from Lessor nor shall Lessee be entitled to any diminution of the amounts payable under Article IV.