Use of the Proceeds. The Borrower shall apply the proceeds of the Loan from the District solely as follows:
(a) The Borrower shall apply the proceeds of the Loan solely to the financing, refinancing or reimbursement of the costs of the Project as set forth in Appendix A hereto. The Loan will be disbursed in accordance with Article IV hereof. Unless the Project has been completed prior to closing, the Borrower agrees to construct the Project with all reasonable dispatch and to use all reasonable efforts to cause such construction to be completed and the Committed Amount expended for the costs of the Project as soon as reasonably possible.
(b) No portion of the proceeds of the Loan shall be used to reimburse the Borrower for costs paid prior to the date of this Loan Agreement of a Project the construction or acquisition of which occurred or began earlier than July 1, 1993 for a drinking water project, or before March 7, 1985 for a clean water project. If any proceeds of the Loan are to be used (1) to reimburse the Borrower for expenditures made prior to the Closing or (2) to refinance taxable debt any of the proceeds of which were used to reimburse the Borrower for expenditures made prior to the Closing, the Borrower represents that it has complied with the requirements of treasury regulation Section 1.150-2, or any successor thereto, so that on the date such proceeds are disbursed they will be considered under such Regulation to be proceeds of the Borrower Bond which have been spent.
(c) Any Debt being refinanced with proceeds of the Loan shall have been incurred after July 1, 1993 for a Project the construction or acquisition of which occurred or began after July 1, 1993 for a drinking water project, or incurred after March 7, 1985 for a Project the construction or acquisition of which occurred or began after March 7, 1985 for a clean water project.
Use of the Proceeds. The City and the Authority hereby agree that the lease to the Authority of the City’s right and interest in the Property pursuant to Section 2 serves the public purposes of the City.
Use of the Proceeds. The Company will not use any proceeds of the Notes, whether directly or indirectly, and whether immediately, incidentally or ultimately, (a) to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose, or (b) for any purpose that would breach or violate any applicable Anti-Money Laundering Laws or Anti-Corruption Laws.
Use of the Proceeds. The Loans will be used promptly and exclusively as stated in the preamble of this Agreement.
Use of the Proceeds. In accordance with the Act, the purchase price of the Sales Tax Revenues payable to the City pursuant to this Sale Agreement corresponding directly or indirectly to the proceeds of the Series 2017 Bonds (net of Financing Costs) shall be deposited, on the Closing Date, into the City Proceeds Account within the Proceeds Fund, each as defined in the Indenture, in accordance with the provisions of the Indenture, and will be paid to or upon the direction of the City, as determined by the Chief Financial Officer, free from the provisions of this Sale Agreement (except that the City shall remain subject to the provisions of Section 6.04 hereof with respect to such proceeds), except that any portion of the purchase price of the Series 2017 Bonds to be used to refund outstanding obligations of the City shall be
Use of the Proceeds. In accordance with the Act, the cash portion of the purchase price for the Matching Fund Receipts payable to the Government and the Related Rights pursuant to this Sale Agreement shall be deposited, on the Closing Date, into the escrow accounts of the escrow agent for the prepayment of the Existing Matching Fund Loan Notes to provide funds for the Public Finance Authority to refund, redeem, pay and defease all Existing PFA Bonds. Such cash portion of the purchase price shall be free from the provisions of this Sale Agreement (except that the Government shall remain subject to the provisions of Section 6.04 hereof with respect to such proceeds).
Use of the Proceeds. The District and the Corporation hereby agree that the lease to the Corporation of the District’s right and interest in the Property pursuant to Section 2 serves the public purposes of the District. Partial Invalidity. If any one or more of the terms, provisions, covenants or conditions of this Site Lease shall, to any extent, be declared invalid, unenforceable, void or voidable for any reason whatsoever by a court of competent jurisdiction, the finding, order or decree of which becomes final, none of the remaining terms, provisions, covenants and conditions of this Site Lease shall be affected thereby, and each provision of this Site Lease shall be valid and enforceable to the fullest extent permitted by law.
Use of the Proceeds. Borrower shall use the Disbursements solely in accordance with Section 5.1(m).
Use of the Proceeds. The proceeds from the Notes shall be used for commercial purposes, only, and shall not be used for personal, family, or household purposes.
Use of the Proceeds. The District and the Corporation hereby agree that the lease to the Corporation of the District’s right and interest in the Property pursuant to Section 2 serves the public purposes of the District.
