Prohibited Use of Loan. The End Loan proceeds will not be used:
(a) for any impermissible purpose under the SSBCI or the SSBCI-MLPP;
(b) to repay delinquent Federal or State income taxes unless the Borrower has a payment plan in place with the relevant taxing authority;
(c) to repay taxes held in trust or escrow, e.g. payroll or sales taxes;
(d) to reimburse funds owed to any owner, including any equity injection or injection of capital for the business’ continuance;
(e) to purchase any portion of the ownership interest of any owner of the business; or
(f) for the development of a stadium or arena for use by a professional sports team or development of a casino or property associated or affiliated with the operation of a casino as prohibited by the Act (see MCL 125.2088c(3)(a) and (b)), or to induce the Borrower, a qualified business, or small business to leave the State of Michigan, or to contribute to the violation of internationally recognized workers’ rights, of workers in a country other than the US, or to fund an entity incorporated in a tax haven country, as prohibited by the Act (see MCL 125.2088c(4)(c), (d), and (e)).
Prohibited Use of Loan. The Loan proceeds will not be used:
(a) for any impermissible purpose under the SSBCI or the SSBCI-MLPP, including any impermissible purposes set forth in Appendix A, Section B(4) of the Participation Agreement;
(b) to repay delinquent Federal or State income taxes unless the Borrower has a payment plan in place with the relevant taxing authority;
(c) to repay taxes held in trust or escrow, e.g. payroll or sales taxes;
(d) to reimburse funds owed to any owner, including any equity injection or injection of capital for the business’ continuance;
(e) to purchase any portion of the ownership interest of any owner of the business; or
(f) for the development of a stadium or arena for use by a professional sports team or development of a casino or property associated or affiliated with the operation of a casino as prohibited by the Act (see MCL 125.2088c(3)(a) and (b)), or to induce the Borrower, a qualified business, or small business to leave the State of Michigan, or to contribute to the violation of internationally recognized workers’ rights, of workers in a country other than the US, or to fund an entity incorporated in a tax haven country, as prohibited by the Act (see MCL 125.2088c(4)(c), (d), and (e)).
Prohibited Use of Loan. The loan proceeds will not be used:
(a) for any impermissible purpose under the CSP, including without limitation any impermissible purposes set forth in Sections 3(n), (3)(p) and 4(a)(vii);
(b) to pay any person to influence or attempt to influence any agency, elected official, officer or employee of a State or Local Government in connection with the making, award, extension, continuation, renewal, amendment, or modification of any State or Local Government contract, grant, loan or cooperative agreement as such terms are defined in 31 U.S.C. §1352;
(c) to repay delinquent Federal or State income taxes unless the borrower has a payment plan in place with the relevant taxing authority;
(d) to repay taxes held in trust or escrow, e.g. payroll or sales taxes;
(e) to reimburse funds owed to any owner, including any equity injection or injection of capital for the business' continuance; or
(f) to purchase any portion of the ownership interest of any owner of the business.
Prohibited Use of Loan. The Loan proceeds will not be used:
(a) for any impermissible purpose under the SSBCI or the SSBCI-CAP;
(b) to repay delinquent Federal or State income taxes unless the Borrower has a payment plan in place with the relevant taxing authority;
(c) to repay taxes held in trust or escrow, e.g. payroll or sales taxes;
(d) to reimburse funds owed to any owner, including any equity injection or injection of capital for the business’ continuance;
(e) to purchase any portion of the ownership interest of any owner of the business; or
(f) for the development of a stadium or arena for use by a professional sports team or development of a casino or property associated or affiliated with the operation of a casino as prohibited by the Act (see MCL 125.2088c(3)(a) and (b)), or to induce the Borrower, a qualified business, or small business to leave the State of Michigan, or to contribute to the violation of internationally recognized workers’ rights, of workers in a country other than the US, or to fund an entity incorporated in a tax haven country, as prohibited by the Act (see MCL 125.2088c(4)(c), (d), and (e)).
Prohibited Use of Loan. Obligors are not engaged principally in, nor have as an important activity, the business of extending credit for the purpose of purchasing or carrying any “margin stock” as defined by Regulation U of the Board of Governors of the Federal Reserve System (“BGFRS”), nor will any part of the proceeds of the Loan be used, now or ultimately, to purchase or carry such stock or extend such credit or violate in any way Regulations G, T, U, or X of the BGFRS.
Prohibited Use of Loan. The loan proceeds will not be used for any impermissible purpose under the SSBCI or the SSBCI CAP, including:
a) has not been made in order to place under the protection of the approved SSBCI CAP prior debt that is not covered under the approved SSBCI CAP and that is or was owed by the Borrower to the Lender or to an affiliate of the Lender;
b) is not a refinancing of a loan previously made to the Borrower by the Lender or an affiliate of the Lender;
c) is a new extension of credit to the Borrower, and shall not be used to support existing extensions of credit – including but not limited to prior loans, lines of credit or other borrowing – that were previously made available as part of a state small business credit enhancement program;
d) is not to pay any person to influence or attempt to influence any agency, elected official, officer or employee of a State or Local Government in connection with the making, award, extension, continuation, renewal, amendment, or modification of any State or Local Government contract, grant, loan or cooperative agreement as such terms are defined in 31 U.S.C. §1352;
e) is not to pay any costs incurred in connection with: (i) any defense against any claim or appeal of the United States Government, any agency or instrumentality thereof (including the US Department of Treasury), against the State of Michigan, or (ii) any prosecution of any claim or appeal against the United States Government, any agency or instrumentality thereof (including the US Department of Treasury), which the State of Michigan instituted or in which the State of Michigan has joined as a claimant;
f) does not exceed the principal amount of $5 million;
g) will not be used to pay the salary of any individual engaged in activities related to the SSBCI who has been officially disciplined for violations of subpart G of the Standards of Ethical Conduct for Employees of the Executive Branch for viewing, downloading, or exchanging pornography, including child pornography, on a Federal government computer or while performing official Federal Government duties;
h) to pay any person to influence or attempt to influence any agency, elected official, officer or employee of a State or Local Government in connection with the making, award, extension, continuation, renewal, amendment, or modification of any State or Local Government contract, grant, loan or cooperative agreement as such terms are defined in 31 U.S.C. §1352;
i) to repay delinquent Federal or State income...
