Use of Line of Credit Proceeds. Company shall use the proceeds of each Advance and each Letter of Credit for ordinary working capital purposes.
Use of Line of Credit Proceeds. Companies shall use the proceeds of the initial Advance to repay the Companies’ indebtedness to their existing bank as of such time, and each subsequent Advance and each Letter of Credit for ordinary working capital and general corporate purposes. In addition, the proceeds of initial Advance resulting from any increase in the Maximum Line Amount may be used for the following additional purposes: (i) to redeem or repurchase the capital stock of Phoenix Footwear Group, Inc. at its current market value, and (ii) to acquire additional brands (free and clear of any Liens (other than in favor of Xxxxx Fargo) and so long as no indebtedness is incurred or assumed in connection therewith) subject to such agreements, documents, and instruments that are in form and substance acceptable to Xxxxx Fargo in Xxxxx Fargo’s sole discretion.
Use of Line of Credit Proceeds. Company shall use the proceeds of the initial Advance to refinance existing senior debt and shall use the proceeds of each subsequent Advance and each Letter of Credit for ordinary working capital purposes.
Use of Line of Credit Proceeds. Company shall use the proceeds of the initial Advance to repay indebtedness owing to Comerica Bank and to pay fees and expenses incurred by Company in connection with this Agreement and the other Loan Documents and Company shall use the proceeds of each subsequent Advance and each Letter of Credit for ordinary working capital purposes.
Use of Line of Credit Proceeds. The proceeds of the Line of Credit will be used by Borrower to support general working capital of Borrower.
Use of Line of Credit Proceeds. Company shall use the proceeds of Advances to provide working capital to fulfill written export orders or contracts from customers outside the U.S. to purchase goods or services from Company.
Use of Line of Credit Proceeds. Company shall use the proceeds of each Line of Credit Advance and each Letter of Credit for ordinary working capital purposes (including fees and expenses incurred in connection with this Agreement) and to repay certain indebtedness of Company.
Use of Line of Credit Proceeds. The Borrow shall use the entire proceeds of the line of credit to pay for costs associated with the operation of the Xxxxxx Lakeside Golf Course. All articles included in the Management agreement will be followed, including but not limited to the release of all financial records. Draws on the line of credit will require full documentation of the expense it is to be used for. All revenues taken in by the operation will be provided on a weekly basis.
Use of Line of Credit Proceeds. Company shall use the proceeds of each Advance and each Letter of Credit for ongoing working capital purposes, to cover any book overdraft, and to fund accounts payable more than 60 days past due.
Use of Line of Credit Proceeds. Company shall use the proceeds of each Line of Credit Advance and each Letter of Credit for ordinary working capital purposes, provided, however, notwithstanding anything herein to the contrary, up to $300,000 of the proceeds of the initial Line of Credit Advance may be used to purchase from Comerica Bank outstanding indebtedness of HemaCare Bioscience, Inc. ("HemaBio") to Comerica Bank (the "HemaBio Loan"). Documentation relating to the purchase of the HemaBio Loan shall be reasonably acceptable to Xxxxx Fargo, and the Collateral shall include without limitation the HemaBio Loan and all rights and remedies relating thereto and all collateral and security therefor. All proceeds received by Company from the payment or enforcement of the HemaBio Loan or otherwise arising out of the HemaBio Loan shall be remitted to Xxxxx Fargo in the same form received, and shall be applied by Xxxxx Fargo to the Indebtedness in such manner as Xxxxx Fargo shall determine in its discretion. Notwithstanding the foregoing, Company shall cause the assignee of that certain HemaBio Assignment for the Benefit of Creditors executed on or about December 4, 2007 to pay all proceeds thereof that would otherwise be paid to Comerica Bank or the Company to instead be paid directly to Xxxxx Fargo, and Company shall execute all documentation that Xxxxx Fargo deems necessary in order to effect the same.
