Common use of Each Additional Cost Advance Clause in Contracts

Each Additional Cost Advance. (a) shall not exceed the lower of (i) One million two hundred and eighty thousand Dollars ($1,280,000) and (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Additional Cost Advance; (b) may not be drawn down unless the Pre-delivery Advances and the Delivery Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; and (d) shall be applied in or towards payment to Iota of part of the Additional Cost for the relevant Ship and shall be paid by the Bank to Iota, unless the relevant Borrower has already paid the Additional Cost (or part thereof) for that Ship to Iota when it was due, in which case the relevant Additional Cost Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment.

Each Additional Cost Advance. (a) shall not exceed the lower of (i) One million two hundred and eighty forty thousand Dollars ($1,280,0001,240,000) and (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Additional Cost Advance; (b) may not be drawn down unless the Pre-delivery Contract Instalment Advances and the Delivery Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; and (d) shall be applied in or towards payment to Iota of part of the Additional Cost for the relevant Ship and shall be paid by the Bank Agent to Iota, unless the relevant Borrower has already paid the Additional Cost (or part thereof) for that Ship to Iota when it was due, in which case the relevant Additional Cost Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment.