Use of Revolving Credit Advances Sample Clauses
The 'Use of Revolving Credit Advances' clause defines how and for what purposes a borrower may access and utilize funds from a revolving credit facility. Typically, this clause outlines the permitted uses of the borrowed amounts, such as working capital, general corporate purposes, or specific projects, and may restrict the use of funds for activities like acquisitions or paying dividends. By clearly specifying the allowable uses, this clause ensures that the lender's risk is managed and that the borrowed funds are used in line with the agreed intentions of the credit facility.
Use of Revolving Credit Advances. The Company will use the proceeds of the initial Revolving Credit Advances hereunder as described in SCHEDULE 4.7, and will use all other Loans for working capital and general corporate purposes. Neither the Company nor any of its Subsidiaries extends or maintains, in the ordinary course of business, credit for the purpose, whether immediate, incidental, or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board of Governors of the Federal Reserve System), and - 52 - no part of the proceeds of the Term Loan or any Revolving Credit Advance will be used for the purpose, whether immediate, incidental, or ultimate, of buying or carrying any such margin stock or maintaining or extending credit to others for such purpose.
Use of Revolving Credit Advances. The Company will use the proceeds of the initial Revolving Credit Advances and the Term Loan hereunder as described in Schedule 4.7, and for working capital and general corporate purposes. Neither the Company nor any of its Subsidiaries extends or maintains, in the ordinary course of business, credit for the purpose, whether immediate, incidental, or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board of Governors of the Federal Reserve System), and no part of the proceeds of the Term Loan or any Revolving Credit Advance will be used for the purpose, whether immediate, incidental, or ultimate, of buying or carrying any such margin stock or maintaining or extending credit to others for such purpose.
Use of Revolving Credit Advances. All proceeds of Revolving Credit Advances shall be used only to fund (i) operating expenses of the business of the Company and its Subsidiaries, (ii) costs and expenses included in the Forecasts (as defined below) relating to those capital projects on the Assets commenced prior to the Amendment Effective Date and listed on Schedule I hereto, (iii) costs and expenses reasonably required to comply with applicable legal requirements (or to cure or prevent any violation thereof), (iv) costs and expenses required on an emergency basis to avoid damage or injury to persons or property, (v) Permitted Preferred Payments (as defined below) in an aggregate amount not to exceed the lesser of (1) $30,000,000 minus any amounts previously applied to Permitted Preferred Payments under item (3)(C) of the Junior Capital Waterfall and (2) the aggregate amount theretofore applied to repay the Obligations under the Revolving Credit Facility pursuant to item (3)(E) of the Junior Capital Waterfall, (vi) provided that the Threshold Junior Capital has been raised, Permitted JC Swap Payments in an aggregate amount not to exceed the lesser of (A) 10% of the gross proceeds of the Junior Capital transaction to which the Permitted JC Swap Payments relate and (B) $15,000,000 and (vii) other reasonable uses approved by the Required Lenders (“Permitted Uses”).
Use of Revolving Credit Advances. All proceeds of Revolving Credit Advances shall be used only to fund (i) operating expenses of the business of the Company and its Subsidiaries, (ii) costs and expenses included in the Forecasts (as defined below) relating to those capital projects on the Assets commenced prior to the Amendment Effective Date and listed on Schedule III hereto, (iii) costs and expenses reasonably required to comply with applicable legal requirements (or to cure or prevent any violation thereof), (iv) costs and expenses required on an emergency basis to avoid damage or injury to persons or property and (v) other reasonable uses approved by the Required Lenders (“Permitted Uses”).