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 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 entitle the Bank to withhold any subsequent disbursements and/or recall any amount(s) that may have been disbursed by the Bank to the Borrower.
Appears in 5 contracts
Samples: Loan Agreement, Loan Agreement, Facility Agreement
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 amount advanced will 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 entitle the Bank amount to withhold any subsequent disbursements and/or recall any amount(s) that may have been disbursed by the Bank to the Borroweran Event of Default as specified in clause 13 hereinbelow.
Appears in 4 contracts
Samples: Dropline Overdraft Facility Agreement, Dropline Overdraft Facility Agreement, Dropline Overdraft Facility Agreement
