Use of Disbursements. The Borrower shall use Disbursements only for the purpose of enabling the Borrower to finance the cost of manufacturing, producing, purchasing or selling the Items. The Borrower may not use Disbursements for the purpose of: (a) servicing any of the Borrower's pre-existing or future indebtedness unrelated to the Loan; (b) acquiring fixed assets or capital goods for use in the Borrower's business; (c) acquiring, equipping or renting commercial space outside of the United States; (d) paying the salaries of non-U.S. citizens or non-U.S. permanent residents who are located in offices outside the United States; or (e) serving as a retainage or warranty bond. In addition, Disbursements may not be used to finance the manufacture, purchase or sale of any of the following:
Use of Disbursements. Borrower will accept Disbursements in accordance with the provisions hereof and, if made to Borrower, will use or cause each such Disbursement to be used solely for the payment (or reimbursement) of materials, labor, services, costs and expenses incurred or expended in connection with the construction of the Lots and/or Properties within Approved Subdivisions or for such additional costs and expenses as may be approved in writing by Lender, and in payment or performance of any obligation of Borrower to Lender, and for no other purpose. If requested by Lender, Lender shall have received within fifteen (15) days of its request therefor all information and documentation, including invoices, canceled checks, lien waivers and other evidence as may be required by Lender with respect to any Approved Subdivision, such as: (i) unconditional lien releases and waivers, in form and content acceptable to Lender, from the general contractor and all other contractors, subcontractors and suppliers of materials or labor, acknowledging receipt of, and release and waiver of any lien, stop notice or other right with respect to, amounts equal to payments made by Borrower for such materials or labor for such Subdivision and depending on the Stage of development of the Lot or Property in question, and (ii) evidence satisfactory to Lender establishing actual payment of Property costs of a type which does not give rise to lien rights and for which lien releases are, as a result, not appropriate (such as permits), for which prior Disbursements for such Subdivision were made.
Use of Disbursements. Borrower will use the Disbursements solely to construct the Improvements, and it will not require and will not avail itself of any other extension of credit for such purpose without Lender’s prior written consent.
Use of Disbursements. The Grantee shall expend the Grant funds only for eligible costs of the Project as described in the applicable Application, subject to Article II hereof. The Grantee shall be responsible for compliance with, and shall comply in all material respects with, all applicable law and regulations, whether or not such law or regulations are expressly referenced herein.
Use of Disbursements. Borrower will use the Disbursements solely to construct the Improvements, and it will not require and will not avail itself of any other extension of credit for such purpose without Lender’s prior written consent; provided that, Borrower may use those certain credit facilities obtained by Borrower from either First National Bank of Omaha or Fortress Credit Corp., for the foregoing purposes without Lender’s prior written consent.
Use of Disbursements. The Company will receive and apply all Disbursements to the payment of the Hard Costs and Soft Costs within the Budget for which the applicable Request for Disbursement was made.
Use of Disbursements. Borrower shall ensure the use of disbursements of the Loan only for purposes permitted by this Loan Agreement.
Use of Disbursements. Disbursements shall be received, held and used by Borrower to pay for Approved Leasing Costs.
Use of Disbursements. 54 (g) Determination of Amounts of Disbursements............................................ 55 (h)
Use of Disbursements. All Disbursements shall be used by the Company to pay for Hard Costs and Soft Costs with respect to which such Disbursement was made.
