Use of Bond Proceeds Clause Samples
The 'Use of Bond Proceeds' clause defines how the funds raised from a bond issuance must be utilized by the issuer. Typically, this clause specifies the permitted purposes for which the proceeds can be spent, such as financing a particular project, refinancing existing debt, or supporting general corporate activities. By clearly outlining these restrictions, the clause ensures that investors know how their funds will be used, thereby promoting transparency and reducing the risk of misuse of the bond proceeds.
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Use of Bond Proceeds. The parties hereto agree that the proceeds of the Bonds will be used to (i) provide financing for the costs of the Project; (ii) fund the Reserve Account; (iii) fund capitalized interest on the Bonds through and including [November 1, 2019]; and (iv) pay costs of issuance of the Bonds and incidental and related expenses, as more fully set forth in the Trust Agreement.
Use of Bond Proceeds. The City will apply, or cause to be applied, the proceeds from the sale of the Bonds as provided in and subject to all of the terms and provisions of the Indenture and will not take or omit to take any action which action or omission will adversely affect the exclusion from gross income for federal income tax purposes of the interest on the Bonds.
Use of Bond Proceeds. No Bond Proceeds were used to acquire any security in any transaction which is subject to Sections 13 and 14 of the Securities Exchange Act of 1934.
Use of Bond Proceeds. The Authority shall deposit the proceeds from the sale of the Bonds with the Trustee to be expended and deposited all in accordance with the provisions of the Indenture.
Use of Bond Proceeds. The Company will use the proceeds of the Bonds for the purposes set forth in the Operative Documents. No part of the proceeds of the Bonds will be used, whether directly or indirectly, for any purpose that would violate any rule or regulation of the Board of Governors of the Federal Reserve System, including Regulations T, U or X.
Use of Bond Proceeds. Issuer covenants that upon receipt of the Written Request of the Company pursuant to Section 4.3(b) of the Indenture, and after review and approval of the Written Request by the City Controller, the Trustee shall distribute sums for Costs of Construction of the Project as those costs are incurred until the Trustee has distributed, the aggregate total amount of Dollars ($ ). All of the foregoing is for the benefit of the holders of the Series 2019 Bonds, to the end that industry and the economy may be diversified and job opportunities promoted and retained.
Use of Bond Proceeds. (a) The Borrower shall use the proceeds of the Bonds solely to finance the Project, as follows: (i) $1,429,395.97 for refinancing; (ii) $750,000 for the repayment of deferred interest due to shareholder; and (iii) $120,604.03 to pay the costs and expenses of the Bonds and a portion of costs and expenses of the Tax Exempt Bonds.
(b) To the extent and/or the proceeds are not used at Closing they shall be deposited in the Project Fund established in accordance with the terms of the Indenture. Upon Bank's request, the Borrower shall direct the Trustee to invest the proceeds of the Project Fund in an account of the Bank.
Use of Bond Proceeds. The City represents that the Proceeds of the Notes will be used to (a) currently refund the outstanding Prior Bonds and (b) pay all expenses, including any bond insurance premium, incurred by the City in connection with the issuance and sale of Notes. The Proceeds of the Notes will be applied in the manner set forth in Exhibit B hereto.
Use of Bond Proceeds. The Issuer covenants and agrees, upon the terms and conditions in this Financing Agreement, to use the proceeds of the Bonds (conditioned on the receipt thereof by the Issuer) for the purpose of making the Loan to the Company for the financing or refinancing the costs of the Project. Pursuant to said covenants and agreements, the Issuer will issue the Bonds upon the terms and conditions contained in this Financing Agreement and the Indenture. Except for such interest of the Company, any Credit Facility Provider and any Liquidity Facility Provider as may hereafter arise pursuant to Section 5.09 or 5.10 of the Indenture, the Company and the Issuer each acknowledge that after the deposit of funds to the Project Fund on the Closing Date, neither the Company nor the Issuer has any interest in the Bond Fund and any moneys deposited therein shall be in the custody of and held by the Trustee in trust for the benefit of the Holders and, to the extent of amounts due under a Credit Facility, the Credit Facility Provider.
Use of Bond Proceeds. Each School Party shall use, or permit or suffer to be used, the proceeds of the Bonds only for the purposes and costs permitted therefor under this Agreement, the Indenture and the Tax Compliance Documents.