Sale or Disposition of Project. The Borrower reasonably expects that no portion of the Project will be sold prior to the final maturity date of the Loan. In the event that the Borrower shall sell or otherwise dispose of any portion of the Project prior to the final maturity date of the Loan, the Borrower shall apply the net proceeds thereof to the prepayment of the Loan or as the Administration shall otherwise direct unless the Borrower shall have obtained the prior written consent of the Administration to some other proposed application of such net proceeds.
Sale or Disposition of Project. Seller or other Developer may request a novation of this Agreement and a substitution of security. Upon approval of the novation and substitution of securities, the Developer may request a release or reduction of the securities required by this Agreement. Nothing in the novation shall relieve the Developer of the obligations under Section 18 for the work or improvement done by the Developer.
Sale or Disposition of Project. The Borrower reasonably expects that no portion of the Project will be sold prior to the final maturity date of the Loan. In the event that the Borrower shall sell or otherwise dispose of any portion of the Project prior to the final maturity date of the Loan, the Borrower shall apply the net proceeds thereof to the prepayment of the Loan or as the Administration shall otherwise direct unless (i) the Borrower shall have obtained the prior written consent of the Administration to some other proposed application of such net proceeds and (ii) there shall have been delivered to the Administration an opinion of Bond Counsel to the effect that, in the opinion of such firm, such proposed application of such net proceeds will not adversely affect the tax-exempt status for federal income tax purposes of the interest on any Tax-Exempt Bonds applicable to the Project or the Note.
Sale or Disposition of Project. The Grantee reasonably expects that no portion of the Project will be sold, transferred or otherwise disposed of by Grantee prior to the Expiration Date for this Agreement. In the event that the Grantee shall sell or otherwise dispose of any portion of the Project prior to the Expiration Date of this Agreement, the Grantee shall apply the net proceeds thereof to the repayment of the Grant or as the Grantor shall otherwise direct unless the Grantee shall have obtained the prior written consent of the Grantor to some other proposed application of such net proceeds.
Sale or Disposition of Project. The Contractor reasonably expects that no portion of the Project will be sold, transferred or otherwise disposed of by Contractor prior to the Expiration Date for this Contract. In the event that the Contractor shall sell or otherwise dispose of any portion of the Project prior to the Expiration Date of this Contract, the Contractor shall obtain the prior written consent of the Commission in order to transfer the obligations of this Contract to the new owner per Section 3.06.
