Expected Project Costs. The obligation of the Bank to make any Advance of Facility B for an Additional Ship which is a newbuilding constituting in part Expected Project Costs shall be subject to the further condition that the Bank, or its duly authorised representative, shall have received invoices or pro-forma invoices itemised in a written inventory which properly and accurately represents the Expected Project Costs to the satisfaction of the Bank in its reasonable discretion.
Appears in 2 contracts
Sources: Supplemental Agreement (Top Ships Inc.), Facilities Agreement (Top Tankers Inc.)
Expected Project Costs. The obligation of the Bank Banks to make any Advance of Facility B for an Additional Ship which is a newbuilding constituting in part Expected Project Costs shall be subject to the further condition that the BankAgent, or its duly authorised representative, shall have received invoices or pro-forma invoices itemised in a written inventory which properly and accurately represents the Expected Project Costs to the satisfaction of the Bank Agent in its reasonable sole discretion.
Appears in 2 contracts
Sources: Facilities Agreement (Aries Maritime Transport LTD), Facilities Agreement (Omega Navigation Enterprises, Inc.)
Expected Project Costs. The obligation of the Bank Banks to make any Advance of Facility B for an Additional Ship which is a newbuilding constituting in part Expected Project Costs shall be subject to the further condition that the BankAgent, or its duly authorised representative, shall have received invoices or pro-forma invoices itemised in a written inventory which properly and accurately represents the Expected Project Costs to the satisfaction of the Bank Agent in its reasonable sole discretion.
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