Common use of Purpose and Application Clause in Contracts

Purpose and Application. The Borrower shall apply or procure the application by the Owners of the Facility as follows: 2.2.1 An amount of Tranche A equal to the amount due to the Builder under the relevant Building Contract on the relevant Delivery Date shall be applied in part payment of the relevant Contract Price. If the whole or any part of Tranche A is prepaid in accordance with Clause 4 such whole or part may be applied for general corporate and working capital purposes for the Borrower and its Subsidiaries; and 2.2.2 An amount of Tranche B equal to the amount due to the Builder under the relevant Building Contract on the relevant Delivery Date shall be applied in part payment of the relevant Contract Price. If the whole or any part of Tranche B is prepaid in accordance with Clause 4 such whole or part may be applied for general corporate and working capital purposes for the Borrower and its Subsidiaries. None of the Lenders or the Agent shall be bound to monitor or verify the application of any amount borrowed under this Agreement.

Purpose and Application. The Borrower shall apply or procure the application by the Owners of the Facility as follows: 2.2.1 An amount of Tranche A equal to the amount due to the Builder under the relevant Building Contract on the relevant Delivery Date shall be applied in part payment of the relevant Contract Price. If the whole or any part of Tranche A is prepaid in accordance with Clause 4 such whole or part may be applied for general corporate and working capital purposes for the Borrower and its Subsidiaries; and 2.2.2 An amount of Tranche B equal to the amount due to the Builder under the relevant Building Contract on the relevant Delivery Date shall be applied in part payment of the relevant Contract Price. If the whole or any part of Tranche B is prepaid in accordance with Clause 4 such whole or part may be applied for general corporate and working capital purposes for the Borrower and its Subsidiaries. None of the Lenders or the Agent shall be bound to monitor or verify the application of any amount borrowed under this Agreement.