Purpose of the Facility. (a) The proceeds of each Advance shall be applied by the Borrower towards its general corporate purposes. (b) The proceeds of a Swingline Advance may not be applied towards the repayment of an outstanding Swingline Advance. (c) Without prejudice to paragraph (a) above and the remaining provisions of this Agreement, none of the Financial Institutions shall be bound to inquire as to, nor shall any of them be responsible for, the application by the Borrower of the proceeds of any Advance.
Appears in 3 contracts
Sources: Facility Agreement (Security Capital U S Realty), Facility Agreement (Security Capital U S Realty), Facility Agreement (Security Capital U S Realty)