Using Loan Proceeds. Borrower shall use the proceeds of the Loan specifically and only to facilitate the development building and operation of the Project within the State of North Carolina, and will upon demand of Lender furnish such written evidence that the proceeds have been used in a manner consistent with such purposes. In addition, upon demand of Lender, Borrower shall periodically furnish such written evidence that establishes general compliance with the EB-5 Program, including the creation and continuation of requisite employment created by the Project, pursuant to the EB-5 Program and as disclosed in the Offering. Borrower shall not, nor shall Borrower suffer, cause, or permit any Person on Borrower’s behalf, to make any payments to any Person for any purpose that could be construed to cause Borrower to have used the proceeds of the Loan for any purpose not consistent with the EB-5 Program, including the creation of the requisite employment in the State of North Carolina required by the EB-5 Program with respect to the Project. Without limiting the foregoing, Borrower shall use the Loan proceeds solely to pay, or to reimburse Borrower for paying, costs and expenses shown on the Budget approved by Lender and incurred by Borrower in connection with the acquisition and development of the Land, the building of the Improvements on the Land, the Improvements and acquisition of Equipment, together with (a) other expenses set forth on the Budget, approved by Lender, and (b) such incidental costs and expenses relating thereto as may be approved from time to time in writing by Lender. Borrower shall take all steps necessary to assure that Loan proceeds are used by its contractors and subcontractors to pay such costs and expenses which could otherwise constitute a mechanic’s lien claim against the Project.
Using Loan Proceeds. Borrower shall use the Loan proceeds solely to pay, or to reimburse Borrower for paying, costs and expenses shown on the Sworn Construction Cost Statement approved by Agent and incurred by Borrower in connection with the construction of the Improvements on the Land and the equipping of the Improvements, together with other expenses set forth on the Sworn Construction Cost Statement approved by Agent and such incidental costs and expenses relating thereto as may be approved from time to time in writing by Agent. No portion of the proceeds of the Loan shall be used, in whole or in part, for the purpose of purchasing or carrying any “margin stock” as such term is defined in Regulation U of the Board of Governors of the Federal Reserve System.
Using Loan Proceeds. The Borrower shall use the Loan proceeds solely to pay, or to reimburse the Borrower for paying, costs and expenses shown on the Budget and the Sworn Construction Cost Statement approved by the Lender, and incurred by the Borrower in connection with the development of the Land, the construction of the Improvements on the Land and the equipping of the Improvements, together with other expenses set forth on the Sworn Construction Cost Statement approved by the Lender together with the Loan and Carrying charges and such incidental costs and expenses relating thereto as may be approved from time to time in writing by the Lender. The Borrower shall take all steps reasonably necessary to require similar use of Loan proceeds by its contractors and subcontractors. The Borrower shall comply with the limitations on all Advances as set out in Article III.
Using Loan Proceeds. Borrower shall use the Loan proceeds only for investments in commercial real estate and for other business and investment purposes (which shall include distributions to its members when such distributions are permitted under the terms and conditions of this Agreement), and in no event shall Borrower use the proceeds of the Loan for family or household purposes. Borrower agrees not to permit, at any time, the outstanding principal balance of the Loan to exceed the Committed Amount (as it may be reduced hereunder), and if Agent determines at any time that the outstanding principal balance of the Loan exceeds the Committed Amount, Borrower shall immediately pay to Agent upon demand by Agent, an amount sufficient to reduce the outstanding principal balance of the Loan to an amount equal to or less than the then existing Committed Amount. Borrower's failure to comply with this Section shall constitute an immediate Event of Default under the Loan Documents.
Using Loan Proceeds. Borrowers shall use the Loan proceeds only for investments in commercial real estate and for other business and investment purposes (which shall include distributions to its members when such distributions are permitted under the terms and conditions of this Agreement), and in no event shall Borrowers use the proceeds of the Loan for family or household purposes.
Using Loan Proceeds. Borrower shall use the Loan solely to pay off, or to reimburse Borrower for paying off, (a) Borrower’s current debtor-in-possession financing and pre-petition financing and (b) the costs and expenses incurred by Borrower in connection with obtaining the Loan. Borrower shall not use the Loan proceeds, or any portion of them, to pay any fees or other payments to any Affiliate of Borrower without Lender’s prior written consent, in Lender’s sole discretion.
Using Loan Proceeds. Borrower shall use the Loan proceeds solely to pay, or to reimburse Borrower for paying, costs and expenses shown on the Loan Budget approved by Bondowner Representative and incurred by Borrower in connection with the acquisition and development of the Land, the construction of the Improvements on the Land and the equipping of the Improvements, together with other expenses set forth on the Loan Budget approved by Bondowner Representative and such incidental costs and expenses relating thereto as may be approved from time to time in writing by Bondowner Representative. Borrower shall take all reasonable steps necessary to assure similar use of Loan proceeds by its contractors and subcontractors.
Using Loan Proceeds. Borrower shall use the Loan proceeds solely to pay, or to reimburse Borrower for paying, a portion of the Purchase Price.
Using Loan Proceeds. Borrower shall use the Loan proceeds solely (i) to repay the BOA Loan from the Term Loan Portion of the Loan and (ii) to cover costs of Tenant Improvements from the Revolving Loan Portion of the Loan. V.3 – Intentionally Deleted
Using Loan Proceeds. Borrower will not request any Loan, and will not use, and Borrower will ensure that its Subsidiaries and its or their respective directors, officers, employees and agents do not use, the proceeds of any Loan in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws. Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, advisor, investor, or otherwise).
