Use of Sale Proceeds Sample Clauses

Use of Sale Proceeds. Seller and Principal Shareholders agree that the Cash Payment shall be immediately used at Closing to satisfy all indebtedness, debts and liabilities (except the Assumed Liabilities) of Seller, including, without limitation, all bank debt and credit card debt.
Sample 1
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Use of Sale Proceeds. Net proceeds of the Sale would be primarily used to fund Xxxxxx Xxxx’s participation in the Project for the New Somerset SR Property, and may also be used for distributions to Unitholders from time to time. Pending such deployment, the net sale proceeds of the Sale, subject to relevant laws and regulations, may be deposited with banks and/or financial institutions or used for any other purpose on a short-term basis as the Manager may, in its discretion, deem fit.
Sample 1
Use of Sale Proceeds. The Borrower hereby agrees to use the proceeds of the equity contributions described in clause (e) above for the purpose of prepayment of the Loans and such other purposes as may be approved by the unanimous consent of the Lenders in accordance with Section 2.10(i) of the Loan Agreement." Amendment
Sample 1
Use of Sale Proceeds. Borrower shall not use the proceeds from the sale of any “Lot” or “Home” (both as defined in the Loan Agreement) in the Project for any reason other than its business operations, as approved by Agent in its reasonable discretion.
Sample 1
Use of Sale Proceeds. Unless the Bank approves in writing, all Sale Proceeds will be used only to reduce the Borrower’s obligations to the Bank by $25,000,000.00 (the “Pharmacy Sale Payment”) and for the purposes set forth at Schedule “6” attached as a part hereof. Within five (5) business days after the last Sale Proceeds are deposited into the Restricted Account, the Borrowers will cause a partial Pharmacy Sale Payment in the amount of $22,000,000.00 to be made to the Bank from the Restricted Account. Within thirty (30) days after the Sale Proceeds from the last pharmacy are deposited into the Restricted Account, the Borrowers will cause an additional payment of $3,000,000.00 to be made to the Bank. Prior to full payment of the Pharmacy Sale Payment (but after payment of the partial Pharmacy Sale Payment in the amount of $22,000,000 to the Bank), Borrowers may make other payments and disbursements of funds in the Restricted Account for the purposes and not in excess of the amounts set forth in Schedule “6”. After the full Pharmacy Sale Payment is made to the Bank, the amounts on deposit in the Restricted Account will be transferred to the Borrower’s operating account to be disbursed solely in accordance with and for the purposes specified in Schedule “6”. Except (a) as specified on Schedule “6” and (b) for the owner financed debt currently outstanding for a pharmacy sold in connection with the Pharmacy Sales, the Borrowers and the Borrower’s affiliates will not use any of the Sale Proceeds to directly or indirectly pay any debt or obligations (other than reasonable, usual operating or overhead costs, or make any distributions, payments or other remuneration to any shareholders or members, or partners of the Borrowers or the Borrower’s affiliates. The Pharmacy Sale Payment in excess of the amounts advanced by the Bank under the Acquisition Note tranches to the Borrower for the acquisition of the Pharmacies will be applied to the Term Note.
Sample 1
Use of Sale Proceeds. Other than the sale of the Pennsylvania Property, the sale, transfer or other disposition of any asset or interest owned or held by the Borrower must be approved in writing by the Lender prior to any such sale. Unless otherwise stated herein, the Borrower shall remit all of the proceeds from the sale, transfer or other disposition of any asset or interest owned or held by the Borrower to the Lender, to be applied by the Lender as follows: (i) first, to permanently reduce the outstanding principal balance on the Term Loan; and (ii) second, to permanently reduce the Revolving Credit Commitment.
Sample 1
Use of Sale Proceeds. Seller covenants and agrees that the proceeds from the sale of the Property will be used to fund health care programs or services that will benefit the community, including residents of the City of Manassas. It will be up to Seller’s sole and absolute discretion, following consultation with the Purchaser, as to which health care programs or services the proceeds will fund. This provision shall survive Closing (as hereinafter defined).
Sample 1
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Related to Use of Sale Proceeds

  • Application of Sale Proceeds In the event of a sale of Shares, the proceeds shall first be applied to the payment of the expenses of the sale, including brokers' commissions, counsel fees, any taxes or other charges imposed by law upon the Shares or the transfer thereof and all other charges paid or incurred by Pledgee pertaining to the sale; and, second, to satisfy outstanding Obligations, in the order in which Pledgee elects in its sole discretion; and, third, the surplus (if any) shall be paid to Pledgor.

  • Application of Foreclosure Sale Proceeds Mortgagee shall apply the proceeds of any Foreclosure Sale in the following manner:

  • Sale Proceeds The proceeds of sale of any new Series of Notes shall be wired to the Collection and Funding Account, and the Indenture Trustee shall disburse such sale proceeds at the direction of the Administrator on behalf of the Issuer, except to the extent such funds are needed to satisfy the Collateral Test. The Administrator on behalf of the Issuer may direct the Issuer to apply such proceeds to reduce pro rata based on Invested Amounts, the VFN Principal Balance of any Classes of Variable Funding Notes, or to redeem any Series of Notes in accordance with Section 13.1. In the absence of any such direction, the proceeds of such sale shall be distributed to the Depositor or at the Depositor’s direction on the Issuance Date for the newly issued Notes. The Administrator shall deliver to the Indenture Trustee a report demonstrating that the release of sale proceeds pursuant to the Issuer’s direction will not cause a failure of the Collateral Test, as a precondition to the Indenture Trustee releasing such proceeds.

  • Use of Proceeds The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in the Prospectus under “Use of Proceeds.”

  • Application of Proceeds of Sale and Cash The proceeds of sale of the Pledged Securities sold pursuant to Section 10.5 hereof shall be applied by the Administrative Agent on behalf of itself, the Issuing Bank and the Lenders as follows:

  • Use of Funds in Trust Account During the period prior to the Company’s initial Business Combination or Liquidation, the Company may instruct the Trustee to release from the Trust Account, (i) solely from interest income earned on the funds held in the Trust Account, the amounts necessary to pay taxes, if any, and (ii) to pay Public Stockholders who properly redeem their Public Shares (as defined below) in connection with a stockholder vote to approve an amendment to the Company’s Amended and Restated Certificate of Incorporation (x) to modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial Business Combination or to redeem 100% of the outstanding Public Shares if the Company has not consummated an initial Business Combination within 24 months from the closing of the Offering or (y) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity. Otherwise, all funds held in the Trust Account (including any interest income earned on the amounts held in the Trust Account (net of taxes payable thereon in accordance with the preceding sentence)) will remain in the Trust Account until the earlier of the consummation of the Company’s initial Business Combination and the Liquidation; provided, however, that in the event of the Liquidation, up to $100,000 of interest income may be released to the Company if the proceeds of the Offering held by the Company outside of the Trust Account are not sufficient to cover the costs and expenses associated with implementing the Company’s plan of dissolution.

  • Use of Loan Proceeds The Borrower shall use the credit extended under this Agreement solely for the purposes set forth in, or otherwise permitted by, Section 6.4 hereof.

  • Use of Proceeds; Margin Regulations The Company will apply the proceeds of the sale of the Notes to refinance existing Debt and for general corporate purposes of the Company. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 5% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

  • Application of Net Proceeds The Company shall apply the net proceeds from the Offering received by it in a manner consistent with the application thereof described under the caption “Use of Proceeds” in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

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