Disbursement of Funds; Use of Proceeds. The Advances representing the Principal Indebtedness of the Line of Credit shall be funded to the Borrower in accordance with a funding schedule submitted by the Borrower to the lender and approved by the Lender (the “Funding Schedule”). The proceeds of funding under the Line of Credit shall be used by the Borrower solely for working capital and to repay all or a portion of Borrower’s accounts payable and accrued expenses.
Appears in 4 contracts
Samples: Line of Credit Agreement (Boxlight Corp), Line of Credit Agreement (Boxlight Corp), Line of Credit Agreement (Boxlight Corp)
Disbursement of Funds; Use of Proceeds. The Advances representing the Principal Indebtedness of the Line of Credit shall be funded to the Borrower in accordance with a funding schedule request submitted by the Borrower to the lender Lender and approved by the Lender (the “Funding Schedule”)Lender. The proceeds of funding under the Line of Credit shall be used by the Borrower solely for working capital and to repay all or act as a portion of Borrower’s accounts payable and accrued expensesbridge loan until Borrower is able to list the Company on a public stock exchange.
Appears in 1 contract
