Release of Proceeds Sample Clauses

Release of Proceeds. In the event the Improvements have been installed to the satisfaction of CITY and/or the Fees have been paid pursuant to this Agreement and Xxx City ordinances within the above stated time period(s), CITY agrees to execute a written release of the remaining Proceeds.

Release of Proceeds. Notwithstanding the foregoing, and provided no default then exists under the Loan Documents (provided Borrower shall have the right to cure such default within any applicable cure period), in the event of loss or damage to the Property by fire, earthquake, other catastrophe or event for which insurance has been maintained by Borrower, and the amount of such loss or damage does not exceed fifty percent (50%) of the outstanding principal balance of the Loan, Lender hereby agrees to allow the proceeds of insurance to be used for the Restoration and to release such insurance proceeds to Borrower as the Restoration progresses, subject to the following conditions (collectively, the “Restoration Conditions”): (i) on a proforma basis, the Improvements shall be at least eighty percent (80%) leased within twelve (12) months after the estimated completion of the Restoration; (ii) Lender shall be satisfied that the Restoration is expected to be completed in accordance with the terms hereof no later than ninety (90) days prior to the Maturity Date; (iii) the plans and specifications for the Restoration shall have been approved in writing by Lender in advance; (iv) at all times during the Restoration, Borrower has deposited with Lender funds which, when added to the insurance proceeds received by Lender, are sufficient to complete the Restoration in accordance with the approved plans and specifications, and Providence Square 37 Loan No. 00-1103028 4813-0380-2520, v. 3 all applicable building codes, zoning ordinances, regulations and Laws, and the funds on deposit with Lender are sufficient to complete the Restoration of the Property as certified to Lender by Lender’s inspecting architect/engineer; (v) Borrower provides suitable completion, payment and performance bonds, and builders’ all risk insurance in such amounts, with such deductibles and upon such other terms and conditions as are acceptable to Lender, together with all necessary licenses and permits for such Restoration in form and amount acceptable to Lender; (vi) Lender shall have the option, upon the completion of the Restoration of the Property, to apply any surplus insurance proceeds remaining after the completion of the Restoration to the reduction, at Par, of the outstanding principal balance of the Note, notwithstanding the fact that the amount owing thereon may not then be due and payable or that said Loan is otherwise adequately secured; (vii) the insurance proceeds and any other funds held by Lender s...

Release of Proceeds. In the event the Improvements have been installed to the satisfaction of the CITY pursuant to this Agreement and Bluffdale City ordinances within the above stated time period(s), CITY agrees, upon written request from the APPLICANT, to execute a written release of the remaining Proceeds. The CITY further agrees to notify APPLICANT of the release of Proceeds by sending a certified letter, return receipt requested, to the APPLICANT at the following address: . The burden shall be upon the APPLICANT to keep the city informed of any change in address. For the purpose of this Agreement, the APPLICANT shall have been considered to have received notice if the CITY has sent the notice to the address indicated in this paragraph or at the new address indicated in writing by the APPLICANT. The APPLICANT shall have six (6) months from the date that notice of the release of Proceeds was mailed to the APPLICANT to request release of the remaining bond Proceeds. At the expiration of six (6) months, the APPLICANT agrees that any remaining Proceeds shall be released to the CITY. APPLICANT expressly authorizes the release, to the CITY, of any remaining Proceeds, upon production to the Escrow Agent of a return receipt, showing that notice was sent to the address contained in this paragraph and showing the expiration of a six (6) month period of time.

Release of Proceeds. Any amounts received by the Pledgee during the continuance of an Event of Default and not applied against the Obligations or expenses of Decommissioning of Zion Station shall be paid over to the Pledgor.

Release of Proceeds. Any direction from the Company for the release of the Proceeds in accordance with this Indenture, including the Release Notice, must be received by the Subscription Receipt Agent prior to 11:00 a.m. (Toronto time) on the day on which the release of Proceeds is to be made. Any such direction for the release of Proceeds received by the Subscription Receipt Agent after 11:00 a.m. (Toronto time) or on a non-Business Day, will be handled on a commercially reasonable efforts basis and may result in Proceeds being released on the next Business Day. The Subscription Receipt Agent, subject to Section 6.04(b) shall: (a) immediately after the Release Time dispose of all investments constituting Proceeds and shall remit the Proceeds to the Company by certified cheque, bank draft or wire transfer, as follows: (i) the Proceeds plus all Earned Interest, less any withholding Tax required to be withheld under applicable Laws, shall be released by the Subscription Receipt Agent to or at the direction of the Company; and (ii) an amount equal to the aggregate amount, if any, required to be withheld in respect of withholding Taxes in accordance with Section 6.03(a) shall be remitted to the relevant Governmental Entity in accordance with Section 12.04(c), all as provided for in the Release Notice; and (b) in the event that a Trigger Event occurs, dispose of all investments constituting Proceeds immediately after the Termination Time and the Subscription Receipt Agent shall remit by certified cheque, bank draft or wire transfer on the Return Date: (i) to each Subscription Receiptholder their pro rata portion of the Return Amount (being the Proceeds plus the Deficit Amount funded by the Company pursuant to Article 5 above), less any withholding Tax required to be withheld under applicable Laws; (ii) to the relevant Governmental Entity in accordance with Section 6.03(a)(ii) an amount equal to the aggregate amount, if any, required to be withheld in respect of withholding Taxes in accordance with in Section 12.04(c); and (iii) after any payment or remittance required under clause (i) or (ii) above, to or at the direction of the Company the Earned Interest and the balance of the Proceeds, if any.

Release of Proceeds. The Escrow Agent shall: (x) promptly liquidate all of the Collateral in the Proceeds Account to obtain cash proceeds by no later than 12:00 noon (New York time) one Business Day after the occurrence of the Special Mandatory Redemption Event; and (y) on the Redemption Date transfer such cash proceeds to the Paying Agent to be used to redeem the Notes and, after the Redemption Payment has been paid in full, any excess proceeds shall be allocated among the Company and the Initial Purchasers in proportion to the amounts of the Company Deposit and the Initial Purchasers Deposit immediately prior to the Redemption Date; provided, however, that if the Redemption Date occurs prior to October 20, 2004, the Escrow Agent shall distribute to the Company an amount of such excess funds equal to the amount of pre-funded interest equal to the product of $38,888.89 and the number of days during the period beginning on the day after the Redemption Date and ending on October 20, 2004 prior to allocating the excess funds amount to the Company and the Initial Purchasers. The Company shall, as promptly as practicable, notify the Initial Purchasers and the Trustee and the Escrow Agent in writing if the Asset Acquisition Agreement is terminated.

Release of Proceeds. The Subscription Receipt Agent shall release the Proceeds and any interest accrued thereon by certified cheque, bank draft or wire transfer, as follows in the following circumstances: (a) in the event that the Escrow Release Notice is delivered to the Subscription Receipt Agent prior to the Termination Time, then the Proceeds will be released as follows immediately after the Escrow Release Time: (i) an amount equal to the Underwriters’ Fee and expenses (plus accrued interest thereon) shall be released by the Subscription Receipt Agent to the Lead Underwriter, (ii) an amount payable to the Subscription Receipt Agent equal to its reasonable fees for services rendered and disbursements incurred, and (iii) all of the remaining Proceeds together with the remaining interest accrued on the Proceeds shall be released by the Subscription Receipt Agent to or at the direction of the Corporation; all as provided for in the Escrow Release Notice; and (b) in the event that a Termination Notice is delivered to the Subscription Receipt Agent or in the event that the Escrow Release Notice has not been received by the Subscription Receipt Agent prior to the Termination Time, the Subscription Receipt Agent shall pay the amount of $6.00 per Subscription Receipt, together with any interest earned thereon less any withholding tax required to be withheld in respect thereof, to holders of Subscription Receipts using the Proceeds and any interest thereon and the Subscription Receipt Agent shall, within three Business Days of the Termination Date, mail or deliver, or cause to be mailed or delivered, to the Subscription Receiptholders a cheque in the amount payable at the address on the register of holders of Subscription Receipts provided herein.

Release of Proceeds. Upon such time as the development has been completed and the Home Owner’s Association (or lot owners) have by written agreement undertaken the obligation for weed control within the development, The Proceeds herein, less any proceeds used for weed control pursuant to the provisions herein, shall be returned to the APPLICANT.

Release of Proceeds. In consideration for the unconditional and unlimited guaranty executed and delivered simultaneously herewith by STRATUS PROPERTIES INC., Lender hereby terminates the Assignment dated as of the 9th day of April, 1999, from Operating Company and releases its lien on the Proceeds as to this Loan. The parties hereto agree and acknowledge that two (2) installments, each in the amount of NINE HUNDRED NINETY THOUSAND SIX HUNDRED FORTY-EIGHT DOLLARS AND 46/100 DOLLARS ($990,648.46), are due from the City of Austin under the Austin Water Agreement, the first installment being due and payable as of the date hereof and the remaining installment in a like sum shall be due and payable on or before December 31, 2000, together with any and all additional revenue, income, proceeds, profits and other types of deposits or benefits paid or payable by the City of Austin under the Austin Water Agreement. Operating Company agrees and acknowledges that it shall simultaneously herewith execute an assignment of accounts receivable acceptable to Lender whereby all of its rights and remedies under the Austin Water Agreement shall be re-assigned to Lender under the Related Loan, and that the two (2) installments due under the Austin Water Agreement shall be applied upon receipt by Lender to the Related Loan.

Release of Proceeds. The gross proceeds may be released to the Company and applied as follows: (a) One-third (1/3) of the gross proceeds shall be released to the Company upon the hiring by the Company of a North American manager of operations or Chief Operating Officer, where such person shall be hired no later than June 30, 2005; (b) One-third (1/3) of the remaining gross proceeds shall be released to the Company upon the execution of a distributor agreement with TCSJohnHuxley or an affiliate thereof that provides for the sale and service outside the United States of one hundred (100) units of the Company’s RandomPlus™ shuffler and PokerOne™ shuffler, where such agreement must be executed no later than June 30, 2005; and (c) One-third (1/3) of the remaining gross proceeds shall be released to the Company upon the approval of the Company’s RandomPlus™ shuffler by Gaming Laboratories International and the Nevada State Gaming Control Board and the placement of one hundred (100) units each of the Company’s RandomPlus™ shuffler in North America, where such approvals and shuffler placement must occur no later than June 30, 2005. In the event that the Company fails to meet the conditions provided for in Section 4.2.a, Section 4.2.b and/or Section 4.2.c, respectively, the Company will return the relevant portion of the escrowed gross proceeds, without interest, within thirty (30) days.