Common use of Purpose of the Advance Clause in Contracts

Purpose of the Advance. The Borrower undertakes with each Creditor Party to use the Advance only to partially finance the acquisition of the Ship.

Appears in 2 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

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

Appears in 2 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

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