To Use Proceeds. The Borrowers shall use the net proceeds from the sale of the Debentures in accordance with Section 1.5.
To Use Proceeds. The Corporation shall use the first Advance of the Loan under this Debenture to pay the fees and expenses of the Lender due hereunder, otherwise only to refinance certain existing Funded Indebtedness with Central Bank & Trust, and for no other application or use, a breach of this requirement is specifically a default under this agreement. Approval of the use of an Advance for acquisition shall be in the discretion of the Lender but based on the criteria agreed between the Corporation and the Lender from time to time.
To Use Proceeds. The Corporation shall use the net proceeds from the sale of the Units in accordance with Section 1.4.
To Use Proceeds. The Corporation has used the outstanding Advance of the Loan under this Debenture to pay as full and final repayment the indebtedness owing on the initial closing date on the first mortgage registered against 1668 Xxxxxx'x Way, Delta BC ($3,700,000), to pay the fees and expenses of the Lender due hereunder, and to expand the premises on the real estate listed in Schedule A, and, with respect to tranche 2, as to at least 50% ($12,500,000) on the expansion and conversion of the plants in Delta, B.C., Atholville, NB and Stellarton, NS, with the balance together with all of tranche 3 to be used for general corporate purposes, and for no other application or use. The Lender will monitor and has the right to ensure application to proper and usual course operational expenses. A breach of this requirement is specifically a Default under this Debenture.
