Use of Loan Proceeds and Project Revenues Sample Clauses

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Use of Loan Proceeds and Project Revenues 

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Related to Use of Loan Proceeds and Project Revenues

• Use of Loan Proceeds The Borrower shall use the credit extended under this Agreement solely for the purposes set forth in, or otherwise permitted by, Section 6.4 hereof.

• Loan Proceeds Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4.

• Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution. (b) The Trust and Trustee shall not be required to disburse any Loan proceeds to the Borrower under this Loan Agreement, unless: (i) the proceeds of the Trust Bonds shall be available for disbursement, as determined solely by the Trust; (ii) in accordance with the Bond Act, and the Regulations, the Borrower shall have timely applied for, shall have been awarded and, prior to or simultaneously with the Loan Closing, shall have closed a Fund Loan for a portion of the Allowable Costs (as defined in such Regulations) of the Project in an amount not in excess of the amount of Allowable Costs of the Project financed by the Loan from the Trust; (iii) the Borrower shall have on hand moneys to pay for the greater of (A) that portion of the total Costs of the Project that is not eligible to be funded from the Fund Loan or the Loan, or (B) that portion of the total Costs of the Project that exceeds the actual amounts of the loan commitments made by the State and the Trust, respectively, for the Fund Loan and the Loan; and (iv) no Event of Default nor any event that, with the passage of time or service of notice or both, would constitute an Event of Default shall have occurred and be continuing hereunder.

• Project Costs Simultaneously with the execution of this Agreement, the Company shall disclose to the Department all of the Project Costs which the Company seeks to include for purposes of determining the limitation of the amount of the Credit pursuant to Section 5-30 of the Act and provide to the Department a Schedule of Project Costs in the form as attached hereto as Exhibit C.

• Use of the Leased Property (a) Tenant shall use or cause to be used the Leased Property and the improvements thereon of each Facility for its Primary Intended Use. Tenant shall not use the Leased Property or any portion thereof or any Capital Improvement thereto for any other use without the prior written consent of Landlord, which consent Landlord may withhold in its sole discretion. Landlord acknowledges that operation of each Facility for its Primary Intended Use generally requires a Gaming License under applicable Gaming Regulations and that without such a license neither Landlord nor GLP may operate, control or participate in the conduct of the gaming and/or racing operations at the Facilities. (b) Tenant shall not commit or suffer to be committed any waste on the Leased Property (including any Capital Improvement thereto) or cause or permit any nuisance thereon or to, except as required by law, take or suffer any action or condition that will diminish the ability of the Leased Property to be used as a Gaming Facility after the expiration or earlier termination of the Term. (c) Tenant shall neither suffer nor permit the Leased Property or any portion thereof to be used in such a manner as (i) might reasonably tend to impair Landlord’s title thereto or to any portion thereof or (ii) may make possible a claim of adverse use or possession, or an implied dedication of the Leased Property or any portion thereof. (d) Except in instances of casualty or condemnation, Tenant shall continuously operate each of the Facilities for the Primary Intended Use. Tenant in its discretion shall be permitted to cease operations at a Facility or Facilities if such cessation would not reasonably be expected to have a material adverse effect on Tenant, the Facilities, or on the Leased Property, taken as a whole, provided that the following conditions are satisfied: (i) no Event of Default has occurred and is continuing immediately prior to or immediately after the date that operations are ceased or as a result of such cessation; and (ii) the Percentage Rent due from each and every such Facility whose operations have ceased will thereafter be subject to a floor which will be calculated based on the Percentage Rent that would have been paid for such Facility if Percentage Rent were adjusted based on Net Revenues for the Fiscal Year immediately preceding the time that Tenant ceased operations at the Facility.

• Production Proceeds Notwithstanding that, by the terms of the various Mortgages, certain Guarantors and Borrower are and will be assigning to Administrative Agent and Lenders all of the “Production Proceeds” (as defined therein) accruing to the property covered thereby, so long as no Event of Default has occurred such Loan Parties may continue to receive from the purchasers of production all such Production Proceeds, subject, however, to the Liens created under the Mortgages, which Liens are hereby affirmed and ratified. Upon the occurrence of an Event of Default, Administrative Agent and Lenders may exercise all rights and remedies granted under the Mortgages, including the right to obtain possession of all Production Proceeds then held by Loan Parties or to receive directly from the purchasers of production all other Production Proceeds. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent or Lenders to collect directly any such Production Proceeds constitute in any way a waiver, remission or release of any of their rights under the Mortgages, nor shall any release of any Production Proceeds by Administrative Agent or Lenders to Loan Parties constitute a waiver, remission, or release of any other Production Proceeds or of any rights of Administrative Agent or Lenders to collect other Production Proceeds thereafter.

• Use of the Property The Tenant agrees with the Landlord as follows:- 3.1 To use the Room or Studio (as applicable) only as a single private residence for occupation by the Tenant personally and not to allow visitors to remain in the Room or in the Flat or Studio (as applicable) overnight unless the Tenant has registered the visitor at reception and obtained the Landlord’s consent to the visitor remaining in the Room or the Flat or Studio (as applicable) overnight such consent not to be unreasonably withheld or delayed provided that no overcrowding occurs and (where applicable) the other occupiers of the Flat do not raise any objection 3.2 The Tenant shall not: 3.2.1 use the Room Studio Flat or Building for the purposes of conducting a business 3.2.2 keep any pets or other animals on or in the Room Studio Flat or Building without the prior written consent of the Landlord 3.2.3 play or use any musical instrument or television radio or other means of reproducing sound so that the sound is audible outside the Room Flat Studio or Building 3.2.4 connect to the telephone line the internet or any other systems 3.2.5 store bicycles in the Room Flat Studio or Building but to store any bicycle in the designated bicycle areas of the Building only and in the event of the Landlord removing any bicycle stored in breach of this clause to pay to the Landlord within 7 days of written demand £25 before the release of the bicycle to the Tenant 3.2.6 store or keep or use any unlawful substance or materials in the Room Flat Studio or Building at any time and to report to the Landlord or any of its employees the presence of any such unlawful substance or materials 3.2.7 keep store or use in the Room Flat Studio or Building any inflammable or dangerous articles, any lighted candles electronic cigarettes incense sticks shisha pipes naked flame appliances portable heater lamp or other portable apparatus fed by paraffin or liquid gas and to comply with all of the Landlord’s requirements relating to fire safety as set out in the Fire Safety Agreement which is available for inspection at the relevant onsite management reception 3.2.8 keep or use in the Room Flat Studio or Building any electrical heating and/or electrical cooking equipment and/or multiway adaptors; 3.2.9 bring into or keep in the Room Flat Studio or Building any other electrical items (“the Items”) unless the Tenant has first produced by prior appointment the Items to the Landlord’s officer in the relevant onsite management reception for Portable Appliance Testing (“XXX”) and thereafter obtained the approval of the Landlord to the keeping and using of the Items in the Room or the Flat or Studio, ( as applicable) which approval will be given if the Items are in good safe working order and meet the XXX requirements 3.2.10 expose or allow to be hung any laundry washing or other items so as to be visible from outside of the Room Flat Studio or Building and not to dry clothes on the storage heaters 3.2.11 not to bring into or keep in the Room Flat Studio or Building any washing machine 3.2.12 glue stick nail tack screw fix or fasten (whether with Blue-Tack or similar materials) anything whatsoever to the interior or the exterior of the Room Flat Studio or Building 3.2.13 smoke (including electronic cigarettes) or use non-prescription drugs within the Room Flat Studio or Building 3.2.14 part with the keys or access fob to the Room Flat Studio or Building and to report immediately any loss of the same to the Landlord and to pay to the Landlord before the Landlord issues any replacements the sum of £20 for each replacement key and £15 for each replacement access fob (and if a key or access fob is found and returned by the student after a replacement has been issued and the cost charged, the refund of the cost is at the Landlord’s discretion and in any event an administrative fee may be charged.) 3.2.15 damage or force or in any way misuse any locks in the Room Flat Studio or Building and in the event of default to pay to the Landlord on demand all reasonable costs (including an additional administration charge) reasonably incurred by the Landlord in replacing the same and/or making good all damage caused 3.2.16 connect to or trail wires from the telephone apparatus and/or any television in the Room Flat Studio or Building to protect the health and safety of the Tenant and (where applicable) the occupiers of the Building 3.2.17 tamper with any fire safety equipment in the Room Flat Studio or Building including without limitation fire extinguishers, smoke alarms, emergency exit signs and break glass alarm points 3.2.18 cause a nuisance annoyance or interference or threaten or abuse any other residents in the Building any employees servants or agents of the Landlord or the owners and occupiers of neighbouring, adjoining or adjacent property or the owners of occupiers of them; 3.2.19 do anything that has the effect of invalidating the insurance that the Landlord has taken out in relation to the Building 3.2.20 use the Room or the Flat or the Studio for immoral or illegal purposes or otherwise commit or be involved in any criminal activity 3.3 The Tenant agrees to: 3.3.1 where applicable, open the windows in the Room or the Studio to the tilt position for at least 30 minutes each day (provided that the Tenant is in occupation) to ventilate the Room or Studio and not to open the windows in the Room beyond the tilt position save in emergencies. 3.3.2 always to use the extractor fan in the bathroom when using the bathroom and not to disable the extractor fan except for safety reasons in an emergency 3.3.3 use best endeavours to ensure that the Tenant’s visitors comply with the Tenant’s obligations under this Agreement while present in the Room Flat Studio or the Building 3.3.4 comply with additional obligations or restrictions set out in any management scheme or other regulations reasonably required by the Landlord which may be notified to the Tenant in writing from time to time. 3.4 Unless otherwise expressly provided, the obligations and liabilities of the Tenant under this agreement are joint and several. This means that where, there is more than one tenant of the Studio Flat or the Building the Tenant will be liable for all sums due under the agreement, not just liable for a proportionate part.

• Use of Leased Property Xxxxxx agrees to use the Leased Property only as residence. Xxxxxx agrees to obey all federal, state and local laws and regulations when using the Leased Property. Xxxxxx agrees not to store any flammable or dangerous things in or around the Leased Property. Xxxxxx agrees not to do anything in or around the Leased Property, which could harm anyone or damage any property. Xxxxxx agrees that Tenant will not allow more than one person per bedroom to live in the Leased Property without the written permission of Landlord. The fact that Tenant may have conflict with a roommate will not act as grounds to terminate this Lease. In the event that Xxxxxx is arrested for or charged with any crime (other than a traffic related offense not involving illegal or controlled substances) during the term of the Lease, and/or Landlord is presented with evidence of activities of Tenant which shall constitute a nuisance or a threat to Landlord, other tenants, the Leased Property or the development, Landlord shall have the right to evict Tenant from the Leased Property.

• Proceeds of Collateral Borrowers shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

• Use of Proceeds and Letters of Credit The proceeds of the Loans will be used only (i) to refinance amounts outstanding under the Existing Credit Agreement; (ii) to pay the fees, expenses and other transaction costs of the Transactions contemplated hereby, (iii) to fund working capital needs, (iv) to fund acquisitions permitted hereunder, together with related expenses, and engage in other transactions permitted hereby, (v) to provide funding in connection with capital expenditures, (vi) to make Restricted Payments permitted hereunder and (vii) for general corporate purposes of the Borrower and its Subsidiaries. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the regulations of the Board, including Regulations T, U and X. Letters of Credit will be issued only to support the working capital needs and general corporate obligations of the Borrower and its Subsidiaries relating to their respective lines of business. The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto.