Purpose of the Facility. The Borrowers shall utilise the Facility for the purpose of funding (i) capital expenditure of the Group, and (ii) general corporate and working capital requirements of the Group.
Purpose of the Facility. The Facility may only be used to pay for the Products. The Products must only be for your personal use and may not be used for your business, trade or profession.
Purpose of the Facility. (a) The proceeds of each Advance shall be applied by the Borrower towards its general corporate purposes.
(b) The proceeds of a Swingline Advance may not be applied towards the repayment of an outstanding Swingline Advance.
(c) Without prejudice to paragraph (a) above and the remaining provisions of this Agreement, none of the Financial Institutions shall be bound to inquire as to, nor shall any of them be responsible for, the application by the Borrower of the proceeds of any Advance.
Purpose of the Facility. 1.1 You shall apply all amounts borrowed in accordance with the Asset Based Finance Agreement.
Purpose of the Facility. 4.1 Subject to the terms and conditions herein contained and in particular to those of Clause 3, the Facility will be made available to the Borrower for the purchase by the Borrower of Motor Vehicles which must be free from encumbrances.
Purpose of the Facility. 2.1 The Facility is granted exclusively for general corporate purposes of the Borrower, as well as to pay any fee under Clause 26 below.
2.2 The Borrower undertakes to apply the amount of the Facility exclusively in accordance with Clause 2.1 above. Notwithstanding the foregoing, none of the Lenders (nor the Agent) assumes any obligation to monitor the due performance by the Borrower of the obligation set out in this Clause, although the Agent, at its own discretion or following the instructions of any of the Lenders, may request the Borrower to provide all information which is reasonably considered necessary or appropriate for such purpose.
Purpose of the Facility. Financial accommodation granted by the Lender to the Borrower under this Agreement shall be used solely for the Approved Purposes and the Borrower shall not use the same for any other purpose except with the prior written approval of the Lender to do otherwise. Neither the Lender nor the Administrative Agent shall have any responsibility to see to the application of the financial accommodation by the Borrower.
Purpose of the Facility. The Borrower shall apply all amounts borrowed by it under the Facility in the following order of priority:
3.1.1 first:
(a) in repayment in full of the Financial Indebtedness of the Borrower under the Bridge Facility Agreement;
(b) towards repayment of Financial Indebtedness of the Borrower owed to SPDB and LCCU, in an amount of up to $70,000,000; and
(c) to fund the Debt Service Reserve Account up to the Debt Service Reserve Requirement;
3.1.2 second:
(a) in paying the costs of developing, maintaining, operating and managing the interest of the Borrower in any Borrowing Base Asset;
(b) paying the costs incurred or to be incurred by the Borrower in connection with any Hedge Agreements; and
(c) paying fees, costs and expenses incurred by the Borrower in connection with the transactions contemplated by the Finance Documents;
3.1.3 third, in an amount not exceeding $20,000,000 as follows:
(a) in an amount not exceeding $5,000,000 in financing (whether by disbursement or reimbursement) the payment of amounts due and payable by the Borrower to Microbes under the SPA, subject to delivery of evidence that demand has been made on the Borrower in relation to such amounts and, in the case of reimbursement, evidence of payment, in each case in form and substance reasonably satisfactory to the Agent; and/or
(b) the balance thereof, either:
(i) in financing a payment to Microbes pursuant to the Termination Agreement; or
(ii) if the Borrower has complied with its obligations under Clause 22.25 (SPA) but a Termination Agreement has not been signed by 31 January 2008, and provided that all amounts which have fallen due and payable by the Borrower to Microbes under the SPA at such time (other than any amount being disputed in good faith and in respect of which adequate reserves are being maintained in a manner satisfactory to the Agent) have been (or will, from the proceeds of such Utilisation, be) paid in full, for the general corporate purposes of the Borrower;
3.1.4 fourth, after the Agent (acting on the instructions of the Majority Lenders) has confirmed that it is satisfied that the Facilities have been Utilised and applied in accordance with clause 3.1.1, 3.1.2 and 3.1.3 (in the case of Clauses 3.1.2(a), 3.1.2(b) and 3.1.3(b) to a reasonably acceptable level at any given time):
(a) financing any Agreed Acquisition; and
(b) for the general corporate purposes of the Borrower in an amount not exceeding $5,000,000.
Purpose of the Facility. Utilisation of this Facility by the Borrower under this Agreement shall be used solely for the Approved Purposes and no other purpose except with the prior written approval of the Bank to do otherwise. The Bank shall not have any responsibility to ensure that it is so utilised.
Purpose of the Facility. The Facility shall be used for:
(1) firstly, the repayment of all outstanding indebtedness under the Refinanced Facilities;
(2) secondly, for the general corporate purposes, including investment activity;
