Sale or Refinancing Proceeds definition
Sale or Refinancing Proceeds means all cash receipts of the Partnership arising from a Sale or Refinancing (including principal and interest received on a debt obligation received as consideration in whole or in part, on a Sale or Refinancing) less the amount paid or to be paid in connection with or as an expense of such Sale or Refinancing, and with regard to damage recoveries or insurance or condemnation proceeds, the amount paid or to be paid for repairs, replacements or renewals resulting from damage to or partial condemnation of the Apartment Housing.
Sale or Refinancing Proceeds means all cash receipts of the Partnership arising from a Sale or Refinancing less the following:
Sale or Refinancing Proceeds means the net proceeds, after payment of closing costs and other costs of a Sale and/or Refinancing.
Examples of Sale or Refinancing Proceeds in a sentence
If the General Partner shall so fail to pay, the General Partner and its Affiliates shall forthwith cease to be entitled to any fees hereunder (other than the Development Fee) and/or to the payment of any Net Operating Income or Sale or Refinancing Proceeds to which the General Partner may otherwise be entitled hereunder.
Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement.
Any such proceeds received in respect of such event occurring after the Compliance Period shall be so utilized or, if permitted by the Project Documents and with the Consent of the Special Limited Partner, shall be treated as Sale or Refinancing Proceeds.
If the General Partner shall fail to so pay, the General Partner and its Affiliates shall forthwith cease to be entitled to any fees hereunder (other than the Development Fee) and/or to the payment of any Net Operating Income or Sale or Refinancing Proceeds to which the General Partner may otherwise be entitled hereunder.
Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 100% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement.
More Definitions of Sale or Refinancing Proceeds
Sale or Refinancing Proceeds means the gross proceeds to the Partnership resulting from any sale or refinancing of the Apartment Development (including any "guaranteed third-party equity loans" made pursuant to the Department of Housing and Urban Development Reform Act of 1989) and/or any other capital event except a liquidation, calculated prior to any distributions provided for in Section 10.07. For purposes of this definition, capital event means the sale by the Partnership of all or substantially all of its assets, the refinancing of any mortgage of the Partnership, an event covered by property or liability insurance, a property condemnation, or any other transaction affecting the Partnership which is not in the ordinary course of its business, excluding any Repurchase Event and the receipt of Capital Contributions.
Sale or Refinancing Proceeds means the proceeds (whether in cash, assets or any other form), net of repayment of debt, taxes and closing costs after the date hereof, from (i) any sale, exchange, transfer or other disposition of any assets of the Corporation or any of its subsidiaries (other than in complete liquidation, dissolution or winding up of the Corporation), (ii) any mortgage, pledge, financing or refinancing of any assets of the Corporation or any of its subsidiaries, (iii) any borrowings by the Corporation or any of its subsidiaries, or (iv) any sale or issuance of any Common Stock or other equity or debt securities of the Corporation or any of its subsidiaries other than shares of Common Stock or other securities issued solely to current or former officers, directors, employees, or consultants of the Corporation or any of its subsidiaries pursuant to a compensatory stock grant, stock option plan or purchase plan or other employee stock incentive program or agreement which is customary in nature and amount and which is approved by the Board of Directors.
Sale or Refinancing Proceeds means the net cash proceeds received by Owner from or as a result of any Sale or refinancing of the Hotel, or if Owner is a general or limited partnership, limited liability company, corporation trust or other entity (an "Entity") the net cash proceeds to the owners of the equity interests (of all classes) of such Entity from the Sale of the equity interests in such Entity, after deducting (i) any expenses incurred in connection therewith, (ii) any amounts applied by the Owner in its sole discretion towards the payment of any indebtedness of the Owner related to or secured by the Hotel, including payments of principal and interest on the Mortgage Loans (but not including payment of Incentive Management Fees), (iii) the payment of any other expenses related to the ownership or operation of the Hotel and (iv) the establishment of any reserves deemed reasonably necessary by such Owner related to the ownership or operation of the Hotel."
Sale or Refinancing Proceeds means the net cash (including both principal and interest) realized by the Partnership from a Sale or Refinancing, after retirement of applicable Mortgage debt, payment of all expenses related to the transaction, other than the sales preparation fee which may be payable to the General Partner or its Affiliates pursuant to Section 9.2, and payment of or provision for other Partnership debts and obligations.
Sale or Refinancing Proceeds means all cash receipts (plus any Reserves previously established from Capital Contributions with respect to the property which is the subject of the Sale or Refinancing deemed by the General Partner no longer to be required for the Partnership's operations because of such Sale or Refinancing) arising from a Sale or Refinancing less the following:
Sale or Refinancing Proceeds means funds (net of expenses and debt repayment) generated from the sale of or the refinancing of property (including furniture and equipment) of the Partnership; or, to the extent distributed to the Partnership, of property (including furniture and equipment) of any Investment Entity.
Sale or Refinancing Proceeds means net proceeds received directly or indirectly by the Company from the sale or other disposition by the Company of a Property or any other capital assets (including insurance proceeds from damage or destruction of any such capital assets not applied to repair or reconstruct same, condemnation proceeds, or consideration with respect to a deed in lieu of foreclosure), or from any financing or refinancing of a Property, after the application of (i) any sums paid, accrued or assumed by the Membership Class in connection with any such sale, disposition or borrowing, including without limitation the repayment of existing loans, the payment of brokerage commissions, finder’s fees, insurance premiums, documentary transfer taxes or other taxes, escrow fees, recording costs, loan fees, attorneys’ and other professional fees and costs, and any fees due the Manager, and (ii) any amounts that the Manager, in its reasonable business judgment, deems necessary to place into reserves to take into account actual or potential debts, obligations or liabilities of the Membership Class. Sale o r Refinancing Proceeds shall be determined separately for each Property corresponding to each responsive Membership Class.