Use of the Loan Proceeds. The use of the loan proceeds is based on the “Notification on RMB Credit Line Withdrawal” at each single borrowing time.
Use of the Loan Proceeds. The Company undertakes to Comtech to apply the loan proceeds for the working capital to finance the expansion of the Business and solely for the purposes set forth in the Business Plan and Budget and in accordance with control procedures including the payment authorisation procedures approved by Comtech. The Company shall not, and shall procure that no Group Company shall, use any proceeds for repayment of any debt.
Use of the Loan Proceeds. All loan funds are to be utilized in connection with Borrower's operation located in Thomaston, Upsox Xxxnty, Georgia. The loan shall be disbursed for the following uses: Partial payoff of SunTrust, et al. loan (real estate lender) $ 9,000,000 Partial payoff of GECC and Foothill loan (equipment lender) 525,000 USDA guarantee fee 180,000 Loan origination fee 100,000 Dean Xxxancial investment banking fee 70,000 Closing attorney fee 20,000 *Other (Title insurance, surveys, appraisals, etc.) 105,000 ----------- Total $10,000,000 * Other: All/any balance left over after paying the items listed in this section and other related fees will be applied to further reduce the real estate lender (bank group) loan.
Use of the Loan Proceeds. The borrowing purpose of Party A under this agreement should be operating working capital. Party A cannot change the purpose of the use of proceed without Party B’s written agreement.
Use of the Loan Proceeds. The proceeds of the Loan shall be utilized as follows: Restructure Debt $ 925,000 Working Capital (including transaction costs) 175,000 =========== Total $ 1,100,000
Use of the Loan Proceeds. Pacific Science Center will use Loan proceeds to make capital improvements in the facilities, technology, and infrastructure that are essential to its renewal and long-term service to the County and region. Immediate priority will be capital investment in the technology that enables design, development, and delivery of virtual and digital educational programming for youth, families, and educators including those in low-income communities and Title I schools. In addition, Pacific Science Center will make improvements to the facility to enable continued onsite educational programming for youth, including those in low-income communities and Title I schools. Pacific Science Center will continue to provide free or discounted educational programming to King County youth in low-income communities and Title I schools. During the period that onsite operations are limited due to COVID-19, Pacific Science Center will provide free and discounted digital programming to at least 1,000 King County youth per year. Once onsite operations have returned to pre-COVID-19 levels, Pacific Science Center will provide free and discounted digital and in-person programming to at least 10,000 King County youth per year until the Loan is repaid. If the Deferred Tax Payments are subsequently authorized to be used for operations, the Pacific Science Center may at that time use the Loan proceeds for those purposes. Pacific Science Center agrees to comply with all statutes governing the use of the Deferred Tax Payments as they exist now or may be amended and to use the Loan proceeds only for purposes for which the Deferred Tax Payments are authorized at the time of expenditure. Consistent with Section 2.02(g), Pacific Science Center agrees to comply with all statutes governing the use of the Deferred Tax Payments as they exist now or may be revised in the future. Pacific Science Center shall annually provide King County a ledger certified by the Pacific Science Center Representative that documents how the Loan proceeds have been spent.
