Use of Line of Credit Proceeds Clause Samples

Use of Line of Credit Proceeds. Company shall use the proceeds of the initial Advance to refinance existing senior debt and shall use the proceeds of each subsequent Advance and each Letter of Credit for ordinary working capital purposes.

Use of Line of Credit Proceeds. Companies shall use the proceeds of the initial Advance to repay the Companies’ indebtedness to their existing bank as of such time, and each subsequent Advance and each Letter of Credit for ordinary working capital and general corporate purposes. In addition, the proceeds of initial Advance resulting from any increase in the Maximum Line Amount may be used for the following additional purposes: (i) to redeem or repurchase the capital stock of Phoenix Footwear Group, Inc. at its current market value, and (ii) to acquire additional brands (free and clear of any Liens (other than in favor of ▇▇▇▇▇ Fargo) and so long as no indebtedness is incurred or assumed in connection therewith) subject to such agreements, documents, and instruments that are in form and substance acceptable to ▇▇▇▇▇ Fargo in ▇▇▇▇▇ Fargo’s sole discretion.

Use of Line of Credit Proceeds. Company shall use the proceeds of the initial Advance to repay indebtedness owing to Comerica Bank and to pay fees and expenses incurred by Company in connection with this Agreement and the other Loan Documents and Company shall use the proceeds of each subsequent Advance and each Letter of Credit for ordinary working capital purposes.

Use of Line of Credit Proceeds. Borrower shall use the proceeds of each Advance and each Letter of Credit to refinance certain existing indebtedness and for ongoing working capital purposes.

Use of Line of Credit Proceeds. Company shall use the proceeds of Advances to provide working capital to fulfill written export orders or contracts from customers outside the U.S. to purchase goods or services from Company.

Use of Line of Credit Proceeds. Company shall use the proceeds of each Line of Credit Advance and each Letter of Credit for ordinary working capital purposes and for other corporate purposes; provided that Company shall not use the proceeds of any Line of Credit Advance or any Letter of Credit to pay for any costs or expenses related to (i) Company's indemnification or defense of current and former Officers, (ii) any litigation or (iii) any claim that Company has violated any law, rule or regulation.

Use of Line of Credit Proceeds. The Borrower will use the proceeds of the Line of Credit (i) only for business and for no other purposes, (ii) for Borrower’s operational expenses, and (iii) for the purchase of equipment or other fixed assets; provided, however, that any Line of Credit Loan in excess of $1,000,000.00 used for the purchase of fixed assets shall be refinanced or repaid in full within twelve (12) months of the date of such Line of Credit Loan.

Use of Line of Credit Proceeds. The Borrow shall use the entire proceeds of the line of credit to pay for costs associated with the operation of the ▇▇▇▇▇▇ Lakeside Golf Course. All articles included in the Management agreement will be followed, including but not limited to the release of all financial records. Draws on the line of credit will require full documentation of the expense it is to be used for. All revenues taken in by the operation will be provided on a weekly basis.

Use of Line of Credit Proceeds. Borrowers shall use the proceeds of each Advance only (i) on the Closing Date, to repay in full all Indebtedness of Borrowers secured by any of their assets (other than Indebtedness secured by Permitted Liens) outstanding on the date of this Agreement, (ii) for payment of Lender Expenses, including without limitation, transaction fees and expenses incurred in connection with the transactions contemplated by this Agreement, and (iii) general corporate purposes, to the extent not violative of this Agreement.