Loan; Use of Loan Proceeds Sample Clauses

Loan; Use of Loan Proceeds. On the terms and subject to the conditions set forth in this agreement and the Loan Documents (as defined below), Lender shall provide to Borrower and Borrower shall accept from Lender a $7,500,000 revolving loan (the "Loan"). Borrower shall use the proceeds of the Loan to refinance Borrower's existing debt, to finance Borrower's new facility in Gaffney, South Carolina, for working capital, to pay the Fee (defined in ss.5, below), and to pay Lender's Costs (defined in ss.6, below).
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Loan; Use of Loan Proceeds. On the terms and subject to the conditions set forth in this agreement, the Loan Commitment, and the Loan Documents (as defined below), Lender shall lend to Borrower on a revolving basis, in one or more loans, advances of funds, or other extensions of credit, including without limitation the face amount of any outstanding letters of credit issued by Lender on Borrower's behalf (each, an "Advance"), from time to time during the period beginning on the date of this agreement and ending on February 28, 1999 (the "Availability Period"), an amount up to, but not in excess of, the amount then available under the Borrowing Base (as defined below); provided that the Bank shall not be obligated to make any Advance hereunder if immediately after giving effect to the requested Advance, the aggregate unpaid principal amount of all Advances outstanding would exceed the amount then available under the Borrowing Base. The aggregate unpaid principal amount of all Advances outstanding on February 28, 1999 (the "Termination Date") shall be due and payable on the Termination Date. After the Termination Date, the Borrower shall not be entitled to receive and the Lender shall not be obligated to make or otherwise fund any Advance. Borrower shall use the proceeds of the Revolving Loan to finance temporary working capital and capital expenditures needs. For purposes of this agreement, the "Borrowing Base" as of any given date shall be the lesser of $3,000,000 or the sum of:
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Loan; Use of Loan Proceeds. On the terms and subject to the conditions set forth in this agreement, the Loan Commitment, and the Loan Documents (as defined below), Lender shall lend to Borrower on a revolving basis, in one or more loans, advances of funds, or other extensions of credit (each an "Advance") from time to time during the period beginning on the date of this agreement and ending on April 6, 2001 (the "Availability Period"), an amount up to, but not in excess of, $10,000,000.00 (the "Maximum Amount"); provided that the Bank shall not be obligated to make any Advance hereunder if immediately after giving effect to the requested Advance, the aggregate unpaid principal amount of all Advances outstanding would exceed the Maximum Amount. The aggregate unpaid principal amount of all Advances and interest thereon outstanding on April 6, 2001 (the "Termination Date"), shall be due and payable on the Termination Date. After the Termination Date, the Borrower shall not be entitled to receive and the Lender shall not be obligated to make or otherwise fund any Advance. Borrower shall use the proceeds of the Revolving Loan to finance working capital and other general corporate purposes.
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Related to Loan; Use of Loan Proceeds

  • Use of Loan Proceeds The Borrower shall use the credit extended under this Agreement solely for the purposes set forth in, or otherwise permitted by, Section 6.4 hereof.

  • Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution.

  • Loan Proceeds Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4.

  • Use of Loan 3.1 The borrower shall use the long-term loan for purchasing 1.5% of shares of ICP Company and any other application of this long-term loan shall obtain earlier written consent from Sina Company.

  • Disbursement of Loans Not later than 1:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing, subject to Section 7 hereof, each Lender shall make available its Loan comprising part of such Borrowing in funds immediately available at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the Administrative Agent shall designate). The Administrative Agent shall make the proceeds of each new Borrowing available to the Borrower on the date of such Borrowing as instructed by the Borrower.

  • Use of Loans Neither the Company nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock and no part of the proceeds of any Loan hereunder will be used to buy or carry, or to extend credit to others to buy or carry, any Margin Stock.

  • Term Loan A Subject to the terms and conditions set forth herein, the Lenders will make advances of their respective Term Loan A Commitment Percentages of a term loan (the “Term Loan A”) in an amount not to exceed the Term Loan A Commitment, which Term Loan A will be disbursed to the Borrower in Dollars in a single advance on the Closing Date. The Term Loan A may consist of Base Rate Loans, Adjusted LIBOR Rate Loans, or a combination thereof, as the Borrower may request. Amounts repaid on the Term Loan A may not be reborrowed.

  • Withdrawal of Loan Proceeds 1. Except as ADB may otherwise agree, the following provisions of this Schedule shall apply to the withdrawal of Loan proceeds from the Loan Account.

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate, plus three-quarters of one percent (0.75%), which interest shall be payable monthly in accordance with Section 2.1.2(b) above and Section 2.3(d) below.

  • Disbursement of Revolving Credit and Swingline Loans Not later than 2:00 p.m. on the proposed borrowing date, (i) each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, the Swingline Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).

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