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

Use of Proceeds; Use of Letters of Credit. The Company shall not, nor shall it permit any Subsidiary to: (a) use the proceeds of the Revolving Advances for any purposes other than (i) to refinance the advances and other obligations outstanding under the Restated Agreement, (ii) for working capital purposes, and (iii) for general corporate purposes, including capital expenditures and the payment of fees and expenses related to the entering into of this Agreement and the other Credit Documents; or (b) use the proceeds of the Swingline Advances or the Letters of Credit for any purposes other than (i) for working capital purposes and (ii) for general corporate purposes. Neither Borrower shall, nor shall it permit any of its Subsidiaries to, directly or indirectly use any part of the proceeds of Advances or Letters of Credit for any purpose which violates, or is inconsistent with, Regulations T, U, or X.

Appears in 3 contracts

Samples: Credit Agreement (Complete Production Services, Inc.), Credit Agreement (Complete Production Services, Inc.), Credit Agreement (Complete Production Services, Inc.)

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Use of Proceeds; Use of Letters of Credit. The Company shall not, nor shall it permit any Subsidiary to: (a) use the proceeds of the Revolving Advances and Term B Advances for any purposes other than (i) to refinance the advances and other obligations outstanding under the Restated Agreement, (ii) for working capital purposes, and (iii) for general corporate purposes, including capital expenditures and the payment of fees and expenses related to the entering into of this Agreement and the other Credit Documents; or (b) use the proceeds of the Swingline Advances or the Letters of Credit for any purposes other than (i) for working capital purposes and (ii) for general corporate purposes. Neither Borrower shall, nor shall it permit any of its Subsidiaries to, directly or indirectly use any part of the proceeds of Advances or Letters of Credit for any purpose which violates, or is inconsistent with, Regulations T, U, or X.

Appears in 1 contract

Samples: Credit Agreement (Complete Production Services, Inc.)

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