Common use of Evidence of 90% Payment Clause in Contracts

Evidence of 90% Payment. On the Delivery Date, the relevant ECF Borrower shall have provided funding for an amount in the aggregate equal to the sum of at least (x) 90% of the Initial Construction Price for the relevant New Vessel out of which up to 80% of the Initial Construction Price may be funded by ECF Loans under the relevant ECF Facility, (y) [*] of the Permitted Change Orders, out of which up to [*] of such Permitted Change Orders may be funded by ECF Loans under the relevant ECF Facility and (z) [*] of the difference between the Final Construction Price and the Adjusted Construction Price for the relevant New Vessel (in each case, other than from proceeds of Loans or loans under the Other Term Loan Facility, but with respect to clauses (x) and (y) only, giving effect to proceeds from ECF Loans under the relevant ECF Facility) and the Facility Agent shall have received a certificate from an officer of the relevant ECF Borrower to such effect.

Evidence of 90% Payment. On the Delivery Date, the relevant ECF Borrower shall have provided funding for an amount in the aggregate equal to the sum of at least (x) 90% of the Initial Construction Price for the relevant New Vessel out of which up to 80% of the Initial Construction Price may be funded by ECF Loans under the relevant ECF Facility, (y) [*] ]% of the Permitted Change Orders, out of which up to [*] ]% of such Permitted Change Orders may be funded by ECF Loans under the relevant ECF Facility and (z) [*] ]% of the difference between the Final Construction Price and the Adjusted Construction Price for the relevant New Vessel (in each case, other than from proceeds of Loans or loans under the Other Term Loan Facility, but with respect to clauses (x) and (y) only, giving effect to proceeds from ECF Loans under the relevant ECF Facility) and the Facility Agent shall have received a certificate from an officer of the relevant ECF Borrower to such effect.