Common use of Spending Plan Clause in Contracts

Spending Plan. The obligation of Lender to make any Loan Disbursement to the Company (other than the first loan disbursement made on the date hereof) will be subject to Lender's receipt, on or before the Notice Date, of a statement prepared by the Company specifying in reasonable detail the Company's proposed application of the proceeds of such Loan Disbursement (the "Spending Plan"), which Spending Plan shall be satisfactory to the Lender. Lender shall not unreasonably withhold its consent to any Spending Plan, provided that such Spending Plan shall in the good faith judgment of the Company's Board of Directors be consistent with maintaining and preserving the Company's operations. The proceeds of any Loan Disbursement shall be used only for the purposes set forth in the Spending Plan delivered with respect to such Loan Disbursement.