Purpose of Facility Sample Clauses
The "Purpose of Facility" clause defines the specific use or objective for which the provided loan or credit facility may be utilized by the borrower. Typically, this clause outlines whether the funds are to be used for general corporate purposes, refinancing existing debt, acquiring assets, or other designated activities. By clearly stating the intended use, the clause ensures that the lender's funds are not diverted to unauthorized or high-risk activities, thereby managing risk and maintaining transparency between the parties.
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Purpose of Facility. The Facility has been granted exclusively for the Purpose as more particularly provided in the Schedule hereunder written. The Borrower covenants that the Facility or amount advanced will be utilized for the Purpose as stated herein and for no other purpose and all the terms and conditions of sanction of the Facility will be duly observed. Any deviation from such Purpose, shall entitle the Bank to withhold any subsequent disbursements and/or recall any amount(s) that may have been disbursed by the Bank to the Borrower.
Purpose of Facility. The Borrowers shall use the proceeds of Revolving Credit Loans hereunder (a) for the general corporate working capital purposes of Holdings and its Subsidiaries and (b) for other general corporate purposes, including, without limitation, but subject to the terms and conditions hereinafter set forth, the acquisition of other businesses. The Borrowers shall use the Letters of Credit for the purposes set forth in Article 5 and for general corporate purposes of the Lincoln Parties.
Purpose of Facility. The Borrower undertakes to use each Advance to finance its general working capital requirements.
Purpose of Facility. The Term Loan shall be used by the Borrower for its acquisitions and general corporate purposes, which in the reasonable opinion of the Borrower’s management is in the interest of the Borrower.
Purpose of Facility. The Facilities available under this Agreement shall be used by the Borrower for the purpose of working capital of the Borrower or any other purpose in the normal course of business, including the repayment of outstanding indebtedness.
Purpose of Facility. The Facility shall be utilised solely for the purpose as set out in the Letter of Offer. The Facility shall be utilised only for activities that are permissible under the Shariah principles. Notwithstanding anything to the contrary, the Bank shall not be under any obligation whatsoever to ensure that the Facility is utilised towards the purpose as set out in the Letter of Offer.
Purpose of Facility. (a) Borrower shall use the proceeds of the Loans to fund for general corporate purposes permitted under the Organization Documents of the Borrower.
(b) Notwithstanding the foregoing, no part of the proceeds of the Loans will be used, directly or indirectly, for a purpose that violates any Law, including the provisions of Regulation U of the Federal Reserve Board.
Purpose of Facility. The Borrowers shall use the proceeds of Revolving Credit Loans hereunder (a) to repay sums owing to the "Lenders" and the "Agent" under and pursuant to the Existing Credit Agreement, including, without limitation, obligations in respect of letters of credit outstanding thereunder, and (b) for other general corporate purposes. The Borrowers shall use the Letters of Credit for the purposes set forth in Article 5 and for general corporate purposes of the Lincoln Parties.
Purpose of Facility. Advances under the MasterCard Credit Facility shall be used by the Borrower to facilitate the payment of business expenses incurred by employees of the Borrower.
Purpose of Facility. Borrower will use all proceeds of Borrowings for one or more of the following purposes: (i) to repurchase Borrower's Subordinated Notes, (ii) to repurchase Borrower's common stock, and (iii) for working capital and for general corporate purposes.