Proceeds of the Note Clause Samples
The "Proceeds of the Note" clause defines how any funds or benefits received from the issuance or repayment of a promissory note are to be handled. Typically, this clause specifies who is entitled to receive the proceeds, how they are to be distributed, and under what conditions such distributions occur. For example, it may direct that all payments made by the borrower are first applied to interest and then to principal, or that certain parties have priority claims on the funds. The core function of this clause is to ensure transparency and order in the allocation of funds generated by the note, thereby preventing disputes and clarifying the rights of all parties involved.
Proceeds of the Note. This Note is one of a series of notes being issued by the Cooperative in an offering pursuant to Regulation A, Tier 2, under the Securities Act of 1933. The proceeds of the loan from Borrower and the amounts loaned by other investors in this offering will be used in accordance with the Cooperative’s Offering Statement. Shared Capital Cooperative Promissory Note Exhibit A: Form of Investment Note
Proceeds of the Note. This Investment Note is one of a series of notes being issued by the Borrower for the specific purpose of funding the future strategic plans of TechSoup. The proceeds of this Loan and the proceeds of other loans in this series will be used in accordance with the TechSoup Offering Statement.
Proceeds of the Note. This Note is being issued by the Borrower for the specific purpose of acquiring the Borrower’s Underlying Asset. The proceeds of this Note will be used in accordance with the Company’s Offering Circular.