Common use of First Advances Clause in Contracts

First Advances. The obligation of the Bank to make available the First Advance in respect of any Newbuilding shall be subject to the condition that the Bank or its duly authorised representative shall have received, on or prior to the drawdown of the relevant First Advance, the documents and evidence specified in Part 2 of schedule 2 in respect of such Newbuilding, in form and substance satisfactory to the Bank.