Use of Proceeds; Variance Clause Samples
The "Use of Proceeds; Variance" clause defines how funds provided under an agreement must be spent and addresses the handling of any deviations from the original budget or plan. Typically, it requires the recipient to use the funds for specific, pre-approved purposes and may set limits on how much actual spending can differ from the budgeted amounts without additional approval. This clause ensures that the funds are used as intended and provides a mechanism for managing changes, thereby maintaining financial discipline and transparency.
Use of Proceeds; Variance. On the first (1st) day of every calendar month after the Effective Date, the Company shall provide to Buyer a report comparing the use of the proceeds from the sale of Debentures set forth in the Use of Proceeds Confirmation, with the actual use of such proceeds. Any variance in the actual use of such proceeds from the amounts set forth in the approved Use of Proceeds Confirmation will require the Company to submit to Buyer written explanations as to the nature and circumstances for the variance.
Use of Proceeds; Variance. No later than the tenth day of every calendar month after the Effective Date, each Credit Party shall provide to Buyer a report comparing the use of the proceeds from the sale of Debentures set forth in the Use of Proceeds Confirmation, with the actual use of such proceeds until all proceeds from the Debentures have been applied. Any variance in the actual use of such proceeds from the amounts set forth in the approved Use of Proceeds Confirmation will require the Credit Parties to submit to Buyer written explanations as to the nature and circumstances for the variance.
Use of Proceeds; Variance. On the fifteenth (15th) day of every calendar month after the Effective Date, the Company shall provide to Buyer a report comparing the use of the proceeds from the sale of Debentures set forth in the Use of Proceeds Confirmation, with the actual use of such proceeds. Any variance in the actual use of such proceeds from the amounts set forth in the approved Use of Proceeds Confirmation that is more than ten percent (10%) (either above or below) will require the Company to submit to Buyer written explanations as to the nature and circumstances for the variance.
Use of Proceeds; Variance. On the 5th Business Day of every calendar month after the Effective Date, commencing on January 6, 2018 the Company shall provide to Buyer a report comparing the use of the proceeds from the sale of Debentures set forth in the Use of Proceeds Confirmation, with the actual use of such proceeds. Any variance in the actual use of such proceeds from the amounts set forth in the approved Use of Proceeds Confirmation will require the Company to submit to Buyer written explanations as to the nature and circumstances for the variance.
Use of Proceeds; Variance. Within ten (10) days after the end of every calendar month after the Effective Date, the Company shall provide to Buyer a report comparing the use of the proceeds from the sale of Debenture set forth in the Use of Proceeds Confirmation, with the actual use of such proceeds. Any variance in the actual use of such proceeds from the amounts set forth in the approved Use of Proceeds Confirmation will require the Company to submit to Buyer written explanations as to the nature and circumstances for the variance.