Common use of Loan Usage Clause in Contracts

Loan Usage. 4.1 The Total Principal of the Loan provided hereunder shall be used by Borrower for the operations of the Company, and Borrower shall in no event change the usage without the prior written consent by Lender. Borrower hereby covenants and agrees to contribute, within two (2) working days immediately following the funding of the Loan, the Total Principal of the Loan to the bank account of the Company.

Appears in 3 contracts

Samples: Loan Agreement (XcelMobility Inc.), Loan Agreement (XcelMobility Inc.), Loan Agreement (XcelMobility Inc.)

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Loan Usage. 4.1 The Total Principal of the Loan provided hereunder shall be used by Borrower Borrowers for the operations of the Company, and Borrower Borrowers shall in no event change the usage without the prior written consent by Lender. Borrower Borrowers hereby covenants covenant and agrees agree to contribute, within two (2) working days immediately following the funding of the Loan, the Total Principal of the Loan to the bank account of the Company.

Appears in 1 contract

Samples: Loan Agreement (Transit Management Holding Corp)

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