Common use of Purpose and Application Clause in Contracts

Purpose and Application. The purpose of the Facility is set out below. 2.2.1 Portion 1 shall finance part of the Contract Price. The Borrower shall apply Tranche 1 in part payment of the third pre-redelivery instalment due to the Builder under the Building Contract, Tranche 2 in payment of the fourth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 3 in payment of the fifth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 4 in payment of the sixth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 5 in payment of the seventh pre-redelivery instalment due to the Builder under the Building Contract, Tranche 6 in payment of the eighth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 7 in payment of the ninth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 8 in payment of the tenth pre-redelivery instalment due to the Builder under the Building Contract and Tranche 9 in payment of the redelivery instalment due to the Builder under the Building Contract; 2.2.2 Portion 2 shall reimburse the Borrower for up to eighty per cent (80%) of the Hermes Premium; and 2.2.3 Portion 3 shall finance up to eighty per cent (80%) of the total amount of the Pre-Redelivery Interest payable hereunder and shall be drawn down in the currency or currencies in which the Loan is for the time being denominated and the proportion of the interest payable in any currency shall correspond to the proportion of the Loan denominated in that currency.

Purpose and Application. The purpose of the Facility is set out below. 2.2.1 Portion 1 shall finance part up to eighty per cent (80%) of the Contract Price. The Borrower shall apply Tranche 1 shall be applied in payment of part payment of the third pre-redelivery delivery instalment due by the Borrower to the Builder under the Building Contract, Tranche 2 in payment of the fourth pre-redelivery delivery instalment due to the Builder under the Building Contract, Tranche 3 in payment of the fifth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 4 in payment of the sixth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 5 in payment of the seventh pre-redelivery instalment due to the Builder under the Building Contract, Tranche 6 in payment of the eighth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 7 in payment of the ninth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 8 in payment of the tenth pre-redelivery delivery instalment due to the Builder under the Building Contract and Tranche 9 4 in payment of the redelivery delivery instalment due to the Builder under the Building Contract; 2.2.2 Portion 2 shall reimburse the Borrower for or finance up to eighty per cent (80%) of the Hermes Premium. Tranche A shall reimburse the Borrower in part for the amount of the Hermes Premium paid to the Hermes Agent for on-payment to Hermes on issue of the Hermes Cover, Tranche B shall be applied in payment or (if insufficient) in part payment of seventy five per cent (75%) of the Hermes Insurance Premium payable on the later of the First Drawdown Date and the issue of the Hermes Cover and Tranche C shall be applied in payment or (if insufficient) in part payment of any increase in the Hermes Insurance Premium thereafter; and 2.2.3 Portion 3 shall finance up to eighty per cent (80%) of the total amount of the Pre-Redelivery Delivery Interest payable hereunder and shall be drawn down in the currency or currencies in which the Loan is for the time being denominated and the proportion of the interest payable in any currency shall correspond to the proportion of the Loan denominated in that currency.

Purpose and Application. The purpose of the Facility is set out below. 2.2.1 Portion 1 shall finance part up to eighty per cent (80%) of the Contract Price. The Borrower shall apply Tranche 1 shall be applied in payment of part payment of the third pre-redelivery instalment delivery installment due by the Borrower to the Builder under the Building Contract, Tranche 2 in payment of the fourth pre-redelivery delivery instalment due to the Builder under the Building Contract, Tranche 3 in payment of the fifth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 4 in payment of the sixth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 5 in payment of the seventh pre-redelivery instalment due to the Builder under the Building Contract, Tranche 6 in payment of the eighth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 7 in payment of the ninth pre-redelivery instalment due to the Builder under the Building Contract, Tranche 8 in payment of the tenth pre-redelivery delivery instalment due to the Builder under the Building Contract and Tranche 9 4 in payment of the redelivery delivery instalment due to the Builder under the Building Contract; 2.2.2 Portion 2 shall reimburse the Borrower for or finance up to eighty per cent (80%) of the Hermes Premium. Tranche A shall reimburse the Borrower in part for the amount of the Hermes Premium paid to the Hermes Agent for on-payment to Hermes on issue of the Hermes Cover, Tranche B shall be applied in payment or (if insufficient) in part payment of seventy five per cent (75%) of the Hermes Insurance Premium payable on the later of the First Drawdown Date and the issue of the Hermes Cover and Tranche C shall be applied in payment or (if insufficient) in part payment of any increase in the Hermes Insurance Premium thereafter; and 2.2.3 Portion 3 shall finance up to eighty per cent (80%) of the total amount of the Pre-Redelivery Delivery Interest payable hereunder and shall be drawn down in the currency or currencies in which the Loan is for the time being denominated and the proportion of the interest payable in any currency shall correspond to the proportion of the Loan denominated in that currency.