Use of Proceeds Statement Clause Samples
A Use of Proceeds Statement is a clause that defines how the funds raised or provided under an agreement must be used by the recipient. Typically, it specifies permitted purposes such as business operations, project development, or debt repayment, and may restrict the use of funds for unauthorized activities. This clause ensures that the provider of funds can monitor and control the application of their investment, reducing the risk of misuse and aligning the use of capital with the intended objectives of the transaction.
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Use of Proceeds Statement. The Lenders shall have received an officer’s certificate signed by a Responsible Officer of the Borrower that sets forth in reasonable detail the intended use of the requested Loan (each, a “Use of Proceeds Statement”). For the avoidance of doubt, it shall be a condition precedent to the Lender making any Loan that the related Use of Proceeds Statement be in form and substance acceptable to the Required Lenders in their sole discretion.
Use of Proceeds Statement. The Company shall have provided the Purchaser a Use of Proceeds Statement, which shall be satisfactory to the Purchaser in all respects.