Common use of Reporting and Notices Clause in Contracts

Reporting and Notices. HSBC shall provide to Agent, weekly, a report in reasonable detail showing outstanding Letters of Credit issued by HSBC for the account of the Company. If, upon receipt of the notification from the Company specified in section 1.4(a), the Agent determines that (i) any Default or Event of Default has occurred and is continuing, or (ii) the issuance of a Letter of Credit for the account of the Company would cause the aggregate amount of outstanding Revolving Credit Loans to exceed the maximum amount permitted by section 1.1 or the aggregate amount of Letters of Credit outstanding to exceed the limit provided in section 1.4(a), then the Agent shall so notify each LOC Bank within 24 hours of Agent's receipt of such notification. Use of Proceeds. The Company represents, warrants and agrees that: The proceeds of the Loans made hereunder will be used solely for the following purposes: repayment at maturity of Commercial Paper (to the extent necessary) and for other general corporate purposes. No part of the proceeds of any Loan made hereunder will be used to "purchase" or "carry" any "margin stock" or to extend credit to others for the purpose of "purchasing" or "carrying" any "margin stock" (as such terms are defined in the Regulation U of the Board of Governors of the Federal Reserve System), and the assets of the Company and its Subsidiaries do not include, and neither the Company nor any Subsidiary has any present intention of acquiring, any such security.