Common use of Use of Loan Proceeds and Letters of Credit Clause in Contracts

Use of Loan Proceeds and Letters of Credit. Except for any amounts advanced by Agent under Section 2.11(b)(iii), the proceeds of the Loans and the Letters of Credit issued for the account of any Borrower hereunder shall be used directly (or indirectly in the case of Letters of Credit) only (i) to refinance existing indebtedness;

Use of Loan Proceeds and Letters of Credit. Except for any amounts advanced by Agent Lender under Section 2.11(b)(iii), the proceeds of the Loans and the Letters of Credit issued for the account of any Borrower hereunder shall be used directly (or indirectly in the case of Letters of Credit) only (i) to refinance existing indebtedness;