Common use of Purposes of the Fund Clause in Contracts

Purposes of the Fund. The Fund established by this Agreement shall provide for the qualified withdrawals of deposits during the term of this Agreement to (1) acquire, construct, or reconstruct qualified vessels in accordance with the general objectives contained in Schedule B of this Agreement; and/or (2) provide for the payment of the principal on indebtedness incurred in connection with the acquisition, construction, or reconstruction of a qualified vessel. For the purpose of item (2) in the preceding sentence, an eligible vessel may also be a qualified vessel.

Purposes of the Fund. The Fund established by this Agreement shall provide for the qualified withdrawals of deposits during the term of this Agreement to (1) acquire, construct, or reconstruct qualified vessels in accordance with the general objectives contained in Schedule B of this Agreement; and/or (2) provide for the payment of the principal on indebtedness incurred in connection with the acquisition, construction, or reconstruction of a qualified vessel. For the purpose of item (2) in the preceding sentence, an eligible vessel may also be a qualified vessel.. Approved Depositories. All assets of the Fund shall be maintained in the following depositories: (Insert the name of the depositories)