Common use of Purpose of the Advance Clause in Contracts

Purpose of the Advance. The Borrower undertakes with each Creditor Party to use each Advance of each tranche of the loan facility only to partially finance the acquisition of the Ship to which such Advance relates.

Purpose of the Advance. The Borrower undertakes with each Creditor Party to use each the Advance of each tranche of the loan facility only to partially finance the acquisition of the Ship to which such Advance relatesShip.