Common use of Purpose of Advances Clause in Contracts

Purpose of Advances. The Borrower undertakes with each Creditor Party to use each Advance only for the purpose of financing the lesser of 50% of the Fair Market Value of each Ship and 50% of the purchase price of each Ship.

Purpose of Advances. The Borrower undertakes Borrowers undertake with each Creditor Party to use each Advance only for to partially finance or refinance the purpose acquisition of financing the lesser of 50% of the Fair Market Value of each a Ship and 50% of the purchase price of each Shipto which such Advance relates.

Purpose of Advances. The Borrower undertakes Borrowers undertake with each Creditor Party to use each Advance only for to finance or as the purpose of financing the lesser of 50% case may be refinance part of the Fair Market Value of each Ship and 50% acquisition cost of the purchase price of each ShipShip to which that Advance relates.

Purpose of Advances. The Borrower undertakes Borrowers undertake with each Creditor Party to use each Advance only for to partially finance the purpose acquisition of financing the lesser of 50% of the Fair Market Value of each a Ship and 50% of the purchase price of each Shippursuant to an Approved Acquisition Contract.

Purpose of Advances. The Borrower undertakes Borrowers undertake with each Creditor Party to use each Advance only for to refinance the purpose of financing Existing Indebtedness relating to the lesser of 50% of the Fair Market Value of each Ship and 50% of the purchase price of each Shipto which that Advance.

Purpose of Advances. The Borrower undertakes Borrowers undertake with each Creditor Party to use each Advance only for the purpose of financing the lesser of 50% to finance part of the Fair Market Value of each Ship and 50% acquisition cost of the purchase price of each ShipShip to which that Advance relates.