Common use of Use of Proceeds; Letters of Credit Clause in Contracts

Use of Proceeds; Letters of Credit. (a) The Borrower shall use the proceeds of the Loans and the Letters of Credit for general corporate purposes, including the repayment of the Indebtedness under the Existing Agreement, payment of closing costs and fees, the acquisition, renovation and improvement of real property, the making of mortgage loans against real property, and for other purposes consistent with the business activities described in Section 6.1(u).

Use of Proceeds; Letters of Credit. (a) The Borrower shall use the proceeds of the Loans and request the issuance of Letters of Credit for general corporate purposespurposes only, including the repayment of the Indebtedness under the Existing AgreementIndebtedness, payment of closing fees, costs and feesexpenses in connection with the consummation of this Agreement, working capital, and the acquisition, renovation and improvement of real propertyproperty by means of the direct or indirect investment by the Borrower, the making of mortgage loans against real propertyincluding, and for other purposes consistent with the business activities described in Section 6.1(u)joint ventures.