Qualified Purpose Clause Samples
The Qualified Purpose clause defines the specific, limited reasons for which information or resources may be used under an agreement. It typically restricts the use of confidential information or licensed materials to certain activities, such as evaluating a business opportunity or developing a particular product, and prohibits broader or unrelated uses. By clearly outlining the permitted scope, this clause helps prevent misuse or unauthorized exploitation, ensuring that parties only use shared assets for mutually agreed objectives.
Qualified Purpose. Borrower will not request or receive any Borrowing hereunder if, after giving effect thereto and the use of the proceeds thereof, that portion of the principal balance of the Revolving Loan which is outstanding at such time and was utilized for any purpose other than a Qualified Purpose exceeds twenty five percent (25%) of the Conforming Borrowing Base in effect at such time. Borrower agrees that each Request for Borrowing will include in addition to the information described in Section 3.2 hereof, a certification from an Authorized Officer of Borrower as to the purpose and utilization of the proceeds of such Borrowing. Additionally, notwithstanding anything to the contrary contained in Section 4.2 hereof, all principal payments received by Banks with respect to the Revolving Loan shall be applied first to that portion of the outstanding principal balance of the Revolving Loan utilized for purposes other than Qualified Purposes. Notwithstanding the foregoing, Borrower shall not be required to comply with this Section 10.14 at any time that the Borrowing Base is equal to the Conforming Borrowing Base.
Qualified Purpose. Borrower will not request or receive any Borrowing hereunder if, after giving effect thereto and the use of the proceeds thereof, that portion of the principal balance of the Revolving Loan which is outstanding at such time and was utilized for any purpose other than a Qualified Purpose exceeds twenty five percent (25%) of the Borrowing Base in effect at such time. Borrower agrees that each Request for Borrowing will include in addition to the information described in Section 2.2 hereof, a certification from an Authorized Officer of Borrower as to the purpose and utilization of the proceeds of such Borrowing. Additionally, notwithstanding anything to the contrary contained in Section 3.2 hereof, all principal payments received by Banks with respect to the Revolving Loan shall be applied first to that portion of the outstanding principal balance of the Revolving Loan utilized for purposes other than Qualified Purposes. Notwithstanding the foregoing, the Credit Parties shall not be required to comply with this Section 9.15 at any time (a) on or prior to the date Texas Pacific Group makes the Proposed Equity Contribution (and Parent, in turn, contributes the proceeds of such Proposed Equity Contribution to the common equity capital of Borrower), and (b) that the Borrowing Base is equal to the Conforming Borrowing Base. Any principal outstanding under the Revolving Loan immediately after giving effect to receipt and application of the proceeds of the Proposed Equity Contribution (as required pursuant to Section 2.6) shall be deemed to be utilized for a Qualified Purpose.
Qualified Purpose. 59 Section 10.15
Qualified Purpose. Borrower will not request or receive any ----------------- Borrowing hereunder if, after giving effect thereto and the use of the proceeds thereof, that portion of the principal balance of the Revolving Loan which is outstanding at such time and was utilized for any purpose other than a Qualified Purpose exceeds twenty five percent (25%) of the Conforming Borrowing Base in effect at such time. Borrower agrees that each Request for Borrowing will include in addition to the information described in Section 3.2 hereof, a ------------ certification from an Authorized Officer of Borrower as to the purpose and utilization of the proceeds of such Borrowing. Additionally, notwithstanding anything to the contrary contained in
Qualified Purpose. The distribut▇▇▇ ▇▇:
(1) Age 59-1/2. Made on or after the date you attain age 59-1/2;
Qualified Purpose. 55 Section 10.15 Obligations of Unrestricted Subsidiaries.......................................................55