Common use of Purpose of Credit Clause in Contracts

Purpose of Credit. Borrower will use the proceeds of the Credit Facilities for the purposes stated in Section 2.1(a) hereof. No part of the proceeds of either of the Credit Facilities will be used, directly or indirectly, for a purpose which violates any law, rule or regulation. Borrower will not, directly or indirectly, use any of the proceeds of either of the Credit Facilities for the purpose of purchasing or carrying, or retiring any Debt which was originally incurred to purchase or carry, any "margin stock" as defined in the Margin Regulations, or to purchase or carry any "security that is publicly-held" within the meaning of Regulation T of the Board of Governors of the Federal Reserve System, or otherwise take or permit any action which would involve a violation of such Margin Regulations or any other regulation of such Board of Governors. The Credit Facilities are not secured, directly or indirectly, in whole or in part, by collateral that includes any "margin stock" within the meaning of the Margin Regulations. Borrower will not engage principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any "margin stock" within the meaning of the Margin Regulations.

Appears in 3 contracts

Samples: Credit Agreement (Amresco Inc), Credit Agreement (Amresco Inc), Loan Agreement (Amresco Inc)

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Purpose of Credit. Borrower will use the proceeds of the Credit Facilities Facility for the purposes stated in Section 2.1(aSECTION 2.1(A) hereof. No part of the proceeds of either of the Credit Facilities Facility will be used, directly or indirectly, for a purpose which violates any law, rule or regulationLaws. Borrower will not, directly or indirectly, use any of the proceeds of either of the Credit Facilities Facility for the purpose of purchasing or carrying, or retiring any Debt which was originally incurred to purchase or carry, any "margin stock" stock@ as defined in the Margin Regulations, or to purchase or carry any "security Asecurity that is publicly-held" within the meaning of Regulation T of the Board of Governors of the Federal Reserve System, or otherwise take or permit any action which to the extent any of the foregoing would involve a violation of such Margin Regulations or any other regulation of such Board of Governors. The Credit Facilities are Facility is not secured, directly or indirectly, in whole or in part, by collateral that includes any "margin stock" within the meaning of the Margin Regulations. Borrower will not engage principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any "margin stock" within the meaning of the Margin Regulations.

Appears in 1 contract

Samples: Credit Agreement (Camden Property Trust)

Purpose of Credit. Borrower will use the proceeds of the Credit Facilities Facility and the Letters of Credit for the purposes stated in Section 2.1(a) hereof. No part of the proceeds of either of the Credit Facilities Facility nor the Letters of Credit will be used, directly or indirectly, for a purpose which violates any law, rule or regulationLaws. Borrower will not, directly or indirectly, use any of the proceeds of either of the Credit Facilities Facility for the purpose of purchasing or carrying, or retiring any Debt which was originally incurred to purchase or carry, any "margin stock" as defined in the Margin Regulations, or to purchase or carry any "security that is publicly-held" within the meaning of Regulation T of the Board of Governors of the Federal Reserve System, or otherwise take or permit any action which to the extent any of the foregoing would involve a violation of such Margin Regulations or any other regulation of such Board of Governors. The Credit Facilities are Facility is not secured, directly or indirectly, in whole or in part, by collateral that includes any "margin stock" within the meaning of the Margin Regulations. Borrower will not engage principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any "margin stock" within the meaning of the Margin Regulations.

Appears in 1 contract

Samples: Credit Agreement (Camden Property Trust)

Purpose of Credit. Each Borrower will use the proceeds of the Credit Facilities Corporate Facility and the Portfolio Facility for the purposes stated in Section 2.1(a) 2.1 hereof. No part of the proceeds of either of the Credit Facilities will be used, directly or indirectly, for a purpose which violates any law, rule or regulation. No Borrower will notwill, directly or indirectly, use any of the proceeds of either of the Credit Facilities for the purpose of purchasing or carrying, or retiring any Debt which was originally incurred to purchase or carry, any "margin stock" as defined in the Margin Regulations, or to purchase or carry any "security that is publicly-held" within the meaning of Regulation T of the Board of Governors of the Federal Reserve System, or otherwise take or permit any action which would involve a violation of such Margin Regulations or any other regulation of such Board of Governors. The Neither of the Credit Facilities are not is secured, directly or indirectly, in whole or in part, by collateral that includes any "margin stock" within the meaning of the Margin Regulations. No Borrower will not engage principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any "margin stock" within the meaning of the Margin Regulations.

Appears in 1 contract

Samples: Revolving Loan Agreement (Amresco Inc)

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Purpose of Credit. Borrower will use the proceeds of the Credit Facilities Facility and the Letters of Credit for the purposes stated in Section 2.1(a) hereof. No part of the proceeds of either of the Credit Facilities Facility nor the Letters of Credit will be used, directly or indirectly, for a purpose which violates any law, rule or regulationLaws. Borrower will not, directly or indirectly, use any of the proceeds of either of the Credit Facilities Facility for the purpose of purchasing or carrying, or retiring any Debt which was originally incurred to purchase or carry, any "margin stock" as defined in the Margin Regulations, or to purchase or carry any "security that is publicly-held" within the meaning of Regulation T of the Board of Governors of the Federal Reserve System, or otherwise take or permit any action which to the extent any of the foregoing would involve a violation of such Margin Regulations or any other regulation of such Board of Governors. The Credit Facilities are Facility is not secured, directly or indirectly, in whole or in part, by collateral that includes any "margin stock" within the meaning of the Margin Regulations. Borrower will not engage principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any "margin stock" within the meaning of the Margin Regulations.

Appears in 1 contract

Samples: Credit Agreement (Camden Property Trust)

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