Common use of First Advance Clause in Contracts

First Advance. The obligation of the Bank to make the first Advance available shall be subject to the condition that the Bank or its duly authorised representative shall have received not later than two (2) Banking Days before the day on which the Drawdown Notice for the first Advance is given, the documents and evidence specified in Part 2 of Schedule 3 in form and substance satisfactory to the Bank.

Appears in 2 contracts

Sources: Supplemental Agreement (Top Ships Inc.), Facilities Agreement (Top Tankers Inc.)