Common use of Using Loan Proceeds Clause in Contracts

Using Loan Proceeds. Borrowers shall use the Loan proceeds only for investments in commercial real estate and for other business and investment purposes and for any other lawful corporate purpose (which shall include distributions to its members when such distributions are permitted under the terms and conditions of this Agreement), and in no event shall Borrowers use the proceeds of the Loan for family or household purposes.

Using Loan Proceeds. Borrowers shall use the Loan proceeds only for investments in commercial real estate and for other business and investment purposes and for any other lawful corporate purpose (which shall include distributions to its members when such distributions are permitted under the terms and conditions of this Agreement), and in no event shall Borrowers use the proceeds of the Loan for family or household purposes.