Common use of Purpose of Facility Clause in Contracts

Purpose of Facility. The Facility has been granted exclusively for the Purpose as more particularly provided in the Schedule hereunder written. The Borrower covenants that the Facility or amounts drawn by the Borrower thereunder shall be utilized for the Purpose as stated herein and for no other purpose and all the terms and conditions of sanction of the Facility will be duly observed. Any deviation from such Purpose, shall amount to an Event of Default as specified in clause 13 hereinbelow.

Purpose of Facility. The Facility has been granted exclusively for the Purpose as more particularly provided in the Schedule hereunder written. The Borrower covenants that the Facility or amounts drawn by the Borrower thereunder shall amount advanced will be utilized for the Purpose as stated herein and for no other purpose and all the terms and conditions of sanction of the Facility will be duly observed. Any deviation from such Purpose, shall amount entitle the Bank to an Event of Default as specified in clause 13 hereinbelowwithhold any subsequent disbursements and/or recall any amount(s) that may have been disbursed by the Bank to the Borrower.