PROPOSED USE OF PROCEEDS Sample Clauses

PROPOSED USE OF PROCEEDS. The following table sets forth the Borrower’s intended use of the proceeds from the Bridge Loan. With the exception of approximately $400,000 which will immediately be utilized to settle or satisfy the Borrower’s federal withholding tax liability to the Internal Revenue Service, the timing and amount of following utilization of proceeds will rest in the discretion of the Borrower’s Chief Executive Officer. USE OF BRIDGE PROCEEDS Acquire VoIP soft-switch $ 250,000 Session Border Controller, servers, software and associated equipment 250,000 Acelerated cable support staff (2 persons) 100,000 Accounts Payable Catch Up (including IRS) 400,000 10-K, audit, Form 10 and related SEC issues 150,000 Working Capital Requirement 450,000 D&O Insurance 50,000 Total $ 1,650,000
Sample 1Sample 2
AutoNDA by SimpleDocs
PROPOSED USE OF PROCEEDS. (H) Borrower's cash balance as of the close of the Business Day immediately preceding the date hereof:_____________________________________________
Sample 1Sample 2
PROPOSED USE OF PROCEEDS. The net proceeds from the Capital Injection is estimated to be approximately HK$333.78 million. The Company intends to apply such net proceeds as to (i) approximately HK$268.28 million to the Construction; and (ii) the remaining balance of approximately HK$65.49 million as business development of Shenzhen Lead, which mainly includes (a) upgrading its plant and machinery to strengthen its core competence; and (b) expanding its production capacity to cater for business expansion on ICT segment. As the Capital Injection is made by way of capital contribution to Shenzhen Lead, the net proceeds from the Capital Injection will only be applied for its business development, and cannot be used for the payment of the final dividend of HK5.0 cents per Share for the year ended 31 December 2017. REASONS FOR THE ENTERING INTO THE CAPITAL INVESTMENT AGREEMENT The Group is a leading ICT solution provider, which focuses on the new ICT research and development and high-end manufacturing, whilst spearheading into three different business segments, namely ICT, new energy and investment activities. Going forward, as part of the Group’s business strategies related to its existing business, the Group intends to strengthen its production capacity and research and development capability on the ICT segment by introducing artificial intelligence and high-end manufacturing equipment. The new energy segment is undergoing market development by introducing new technology invented by the Group. The Group is also exploring investment opportunities to expand its investment segment. The Board considers that entering into the Capital Investment Agreement to be an important and efficient source of capital for the Construction and to improve liquidity of Shenzhen Lead and the Group as a whole. The Construction reinforces the position of Shenzhen Lide as an Industrial Top 100 Enterprise in Nanshang District of Shenzhen. It will empower Shenzhen Lide to further strengthen its research and development capability and will enable Shenzhen Lide to migrate to high end manufacturing. Accordingly, the Directors (including the independent non-executive Directors) consider that the terms of the Capital Investment Agreement are fair and reasonable and in the interests of the Company and the Shareholders as a whole.
Sample 1
PROPOSED USE OF PROCEEDS. The Company currently intends that, subject to actual circumstances and decision of the Board when concrete details of proposed uses are put forward for consideration, all of the net proceeds from the Disposal will be used for the Group’s general working capital. INFORMATION OF THE PARTIES TO THE PROPERTY TRANSFER AGREEMENT Haining Kareno is a wholly-owned subsidiary of the Company and is principally engaged in production and sale of upholstered furniture. Huafeng is a collective-owned business of Huafeng village and is principally engaged in the agriculture, forestry, animal husbandry, fishery and other ancillary business of Huafeng village. LISTING RULES IMPLICATION As one of the applicable percentage ratios set out in Rule 14.07 of the Listing Rules in respect of the Disposal exceeds 5% and all applicable percentage ratios are below 25%, the Disposal constitutes a discloseable transaction for the Company and is therefore subject to the notification and announcement requirements but is exempted from the shareholders’ approval requirement under Chapter 14 of the Listing Rules.
Sample 1
PROPOSED USE OF PROCEEDS. The net proceeds from the Deemed Disposal is estimated to be approximately HK$663.0 million, assuming there being no change in the amount of the XX Xxxxxx Loan and the BEA China Loan from the date of the Capital Increase Agreement to the Completion Date. The Company intends to apply such net proceeds as to (i) approximately HK$300.0 million to reduce the loan and other borrowings of the Company; (ii) approximately HK$300.0 million for other investment opportunities; and (iii) the remaining balance of approximately HK$63.0 million as general working capital of the Group on its hotel operation business. As at the date of this announcement, the Company has identified some potential investment targets, but no formal or legally binding agreement has been entered into by the Company with any party. Further announcement(s) will be made by the Company in accordance with the requirements of the Listing Rules as and when appropriate. REASONS FOR THE ENTERING INTO THE CAPITAL INCREASE AGREEMENT The Group is principally engaged in hotel operation and trading of securities. As stated in the annual report of the Company for the year ended 31 December 2012, the Group has obtained an approval by the Beijing Municipal Commission of Urban Planning for the Extension and had a preliminary plan to increase its gross floor area by 25,000 square meters with the addition of approximately 250 guestrooms, a swimming pool and other ancillary facilities at the standard of a 5-star rated hotel. The management of the Company estimates that a substantial amount of capital would be required for the Extension. In view of the difficulty and relatively high cost in obtaining further capital from banks and/or other financial institutions, the Capital Injection would be an efficient and cost-effective way to obtain additional capital for financing the plan of the Extension. Taking into account the Company’s gearing ratio of 54.3% (measured as total borrowings to equity attributable to owners of the Company) as at 31 December 2012, the financing cost as well as the significant capital requirement for the extension of the Property, the Company has waived its pre-emption rights to make the capital contribution to Rosedale Beijing. Upon Completion, the Company will still hold approximately 17.6% equity interest in Rosedale Beijing (through the holding of approximately 88.2% equity interest in XX Xxxxxx, which in turn will hold 20% equity interest in Rosedale Beijing), and thus it will continue to...
Sample 1
PROPOSED USE OF PROCEEDS. The Group will utilise the proceeds in the following manner:- S$ Repayment of Bank loan 11,386,192 Broker Fees 560,000 Legal fee, EGM costs, others etc. 30,000* ASE’s creditors & working capital 2,023,808 Total 14,000,000 Note * - Based on estimated costs
Sample 1
PROPOSED USE OF PROCEEDS. The proceeds from the Deemed Disposal will be fully applied to Phases III and IV of the Project.
Sample 1
AutoNDA by SimpleDocs
PROPOSED USE OF PROCEEDS. The net proceeds from the Disposal (net of expenses) is estimated to be approximately HK$47.1 million, assuming there being no change to the amount of the Shareholder’s Loan from the date of the Agreement to the date of Completion. It is intended that, out of the net proceeds of the Disposal, (i) approximately HK$25 million will be used for the development and operation of the securities and margin financing businesses of the Group; (ii) approximately HK$10 million will be reserved for investment in new business propositions should suitable opportunities arise; and (iii) approximately HK$12.1 million will be used for general working capital of the Remaining Group. As at the date of this announcement, the Company has not identified any acquisition or investment target and no agreement, understanding or arrangement has been entered into in relation to any new business propositions. As at the date of this announcement, the Board does not have any intention, negotiation or arrangement as regards the acquisition of any new business and assets. The Company will comply with the Listing Rules as and when required if any acquisition or investment target is identified for its new business propositions. FINANCIAL EFFECT OF THE DISPOSAL Based on the unaudited net liabilities of the Disposal Group as at 30 June 2012, the Group expects that it would realise a gain on the disposal of approximately HK$1.1 million, which is calculated based on net consideration for disposing the Sale Share and the Sale Loan of approximately HK$47.1 million in aggregate (after netting off the estimated direct expenses in relation to the Disposal) and after deducting the net liabilities of the Disposal Group of approximately HK$2.4 million and the amount of the Sale Loan of approximately HK$49.5 million, and the realisation of foreign exchange reserve upon the Disposal of approximately HK$1.1 million. Shareholders should note that the actual gain or loss from the Disposal to be recorded by the Company will depend on the financial position of the Disposal Group and the actual amount of the Sale Loan as at the date of Completion. As at 30 June 2010, the bank balances and cash of the Group amounted to approximately HK$50.0 million, of which approximately HK$18.7 million was attributable by the Disposal Group, approximately HK$17.6 million represented the capital designated and reserved for the operation of the Group’s subsidiaries which carry out the regulated activities under the SFO, and the ...
Sample 1

Related to PROPOSED USE OF PROCEEDS

  • Use of Proceeds The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in the Prospectus under “Use of Proceeds.”

  • Use of Proceeds; Margin Regulations The Company will apply the proceeds of the sale of the Notes to refinance existing Debt and for general corporate purposes of the Company. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 5% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

  • Applications of Proceeds The proceeds of any such sale, lease or other disposition of the Collateral hereunder shall be applied first, to the expenses of retaking, holding, storing, processing and preparing for sale, selling, and the like (including, without limitation, any taxes, fees and other costs incurred in connection therewith) of the Collateral, to the reasonable attorneys' fees and expenses incurred by the Secured Party in enforcing its rights hereunder and in connection with collecting, storing and disposing of the Collateral, and then to satisfaction of the Obligations, and to the payment of any other amounts required by applicable law, after which the Secured Party shall pay to the Company any surplus proceeds. If, upon the sale, license or other disposition of the Collateral, the proceeds thereof are insufficient to pay all amounts to which the Secured Party is legally entitled, the Company will be liable for the deficiency, together with interest thereon, at the rate of 15% per annum (the "Default Rate"), and the reasonable fees of any attorneys employed by the Secured Party to collect such deficiency. To the extent permitted by applicable law, the Company waives all claims, damages and demands against the Secured Party arising out of the repossession, removal, retention or sale of the Collateral, unless due to the gross negligence or willful misconduct of the Secured Party.

  • Margin Stock; Use of Proceeds No Credit Party shall, and no Credit Party shall suffer or permit any of its Subsidiaries to, use any portion of the Loan proceeds, directly or indirectly, to purchase or carry Margin Stock or repay or otherwise refinance Indebtedness of any Credit Party or others incurred to purchase or carry Margin Stock, or otherwise in any manner which is in contravention of any Requirement of Law or in violation of this Agreement.

  • Use of Proceeds; Margin Securities Neither the Borrower nor any Subsidiary is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations G, T, U, or X of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying margin stock.

  • Application of Proceeds The Collateral Agent shall apply the proceeds of any collection, sale, foreclosure or other realization upon any Collateral, including any Collateral consisting of cash, as follows: FIRST, to the payment of all costs and expenses incurred by the Administrative Agent or the Collateral Agent (in their respective capacities as such hereunder or under any other Loan Document) in connection with such collection, sale, foreclosure or realization or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent or the Administrative Agent hereunder or under any other Loan Document on behalf of any Grantor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; SECOND, to the payment in full of Unfunded Advances/Participations (the amounts so applied to be distributed between or among the Administrative Agent, any Swingline Lender and any Issuing Bank pro rata in accordance with the amounts of Unfunded Advances/Participations owed to them on the date of any such distribution); THIRD, to the payment in full of all other Obligations (the amounts so applied to be distributed (subject to the first proviso to Section 3.01 and clause (B) of the first proviso to Section 4.01(a)) among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and FOURTH, to the Grantors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof.

  • Allocation of Proceeds If an Event of Default shall exist and maturity of any of the Obligations has been accelerated, all payments received by the Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the following order and priority:

  • Use of Proceeds; Margin Stock The proceeds of the Borrowings hereunder will be used solely for the purposes specified in Section 7.9. None of such proceeds will be used (a)(i) for the purpose of purchasing or carrying any Margin Stock or (ii) for the purpose of reducing or retiring any Indebtedness which was originally incurred to purchase or carry Margin Stock, or (iii) for any other purpose that might constitute this transaction a “purpose credit” within the meaning of Regulation U or (b) for the acquisition of another Person unless the board of directors (or other comparable governing body) or stockholders, as appropriate, of such Person has approved such acquisition.

  • Application of Proceeds of Sale The proceeds of any sale of Collateral pursuant to Section 6, as well as any Collateral consisting of cash, shall be applied by the Collateral Agent as follows: FIRST, to the payment of all costs and expenses incurred by the Collateral Agent in connection with such sale or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent hereunder or under any other Loan Document on behalf of any Pledgor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; SECOND, to the payment in full of the Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and THIRD, to the Pledgors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of the Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!