Use of Sale Proceeds. Seller and Principal Shareholders agree that the Cash Payment shall be immediately used to satisfy all debts and liabilities (except the Assumed Liabilities) of Seller, including, without limitation, all bank debt, FCB Visa debt and PNC Visa debt.
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.
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.
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).
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.
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
(d) Section 4(d) of the Guarantee Agreement is amended to be entitled Section 4(e) and Section 4(e) of the Guarantee Agreement is amended to be entitled Section 4(f).
(e) Section 4 of the Guarantee Agreement is amended to include a new Section 4(d) to read in its entirety as follows:
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.
