What does Your use of the Work is limited to a single application, mean, does this mean I can only use it on one software to make my edits, what about if I need to use Premiere and After Effects to edit it.
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If is an After Effects project you can use it with After Effects, if is a stock footage then you can use whatever editing software you want, off course if that software supports the file format of the footage.
The single license means you can use the stock file in a single finished product. If, for example, you are creating a video promoting a restaurant, then you purchase a license for an item (After Effects project or footage or other), and you use it for your video. The restaurant promo video is the “single application”. If you need to create a video for a travel agency, and you want to use the same stock file used in the restaurant video, then you need to purchase the stock file again, because the travel agency is another “single application”.
You can find more about what license means on this page:http://videohive.net/licenses/regular_extended
You can also contact Envato support with questions about licenses at this link:http://support.envato.com/