Application following an Event of Default. Following an Event of Default all monies received by the Agent shall be applied in the following order:
(a) firstly, in respect of all costs and expenses whatsoever incurred in connection with or incidental to the enforcement;
(b) secondly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured in the Finance Parties’ secured assets;
(c) thirdly, in or towards payment pro rata of all sums owed to the Finance Parties under the Finance Documents (except for the Hedging Agreements) at the time of default;
(d) fourthly, in or towards payment pro rata of any other sum due but unpaid under the Hedging Agreements; and
(e) fifthly, the balance (if any) to the Borrower or to its order.
Application following an Event of Default. Following an Event of Default all monies received by the Agent shall be applied in the following order: firstly, in respect of all costs and expenses whatsoever incurred in connection with or incidental to the enforcement of any Security Document, (excluding enforcement of the GIEK Guarantee and the K-sure Insurance); secondly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured in the Finance Parties’ secured assets; thirdly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents, the GIEK Guarantee and the K-sure Insurance Policy; fourthly, in or towards payment pro rata of any accrued interest (including default interest), fee or commissions due but unpaid under this Agreement; fifthly, in or towards payment pro rata of any principal due but unpaid and indemnification due but unpaid under this Agreement, including costs relating to the enforcement of the GIEK Guarantee and the K-sure Insurance; and finally, the balance (if any) to the Borrowers, provided, however, that any sum received by the K-sure Agent from K-sure in respect of claims under a K-sure Insurance Policy shall be shared amongst the K-sure Lenders only and shall be applied in accordance with the K-sure Insurance Policy. All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. The Obligors shall pay: any amount payable under this Agreement, except as otherwise provided for herein, in USD; and all payments of costs and Taxes in the currency in which the same were incurred.
Application following an Event of Default. On either (i) the completion of a sale of a Vessel, either by forced auction or private treaty, or (ii) the receipt of any monies by the Agent pursuant to the sale proceeds of such Vessel (as the case may be), such monies shall be applied in the following order:
a) firstly, in respect of all costs and expenses whatsoever incurred in connection with or about incidental to the said sale;
b) secondly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured on such Vessel;
c) thirdly, in or towards payment pro rata of all sums owed to the Finance Parties under the Finance Documents; and
d) fourthly, the balance, if any to the Borrower or to its order.
Application following an Event of Default. After an Event of Default, on either (i) the completion of a sale of a Vessel, either by forced auction or private treaty, or (ii) the receipt of any monies by the Agent pursuant to the sale proceeds of such Vessel or any enforcement proceeds following the enforcement of any Security under any Security Document (as the case may be), such monies shall be applied in the following order:
a) firstly, in respect of all costs and expenses whatsoever incurred in connection with or about incidental to the said sale;
b) secondly, in or towards payment of all sums owed to the Finance Parties (on a pro rata basis) under the Finance Documents
c) thirdly, in or towards payment of all sums owed to the Swap Banks (on a pro rata basis) under any Swap Agreement at the time of default; and
d) fourthly, the balance, if any to the Borrowers or to their order.
Application following an Event of Default. Following an Event of Default all monies received by the Agent shall be applied in the following order:
Application following an Event of Default. Following an Event of Default all monies received by the Agent shall be applied in the following order:
(a) firstly, in respect of all costs and expenses whatsoever incurred in connection with or incidental to the enforcement of any Security Document, (excluding enforcement of the GIEK Guarantee and the K-sure Insurance);
(b) secondly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured in the Finance Parties’ secured assets;
(c) thirdly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents, the GIEK Guarantee and the K-sure Insurance Policy;
(d) fourthly, in or towards payment pro rata of any accrued interest (including default interest), fee or commissions due but unpaid under this Agreement;
(e) fifthly, in or towards payment pro rata of any principal due but unpaid and indemnification due but unpaid under this Agreement, including costs relating to the enforcement of the GIEK Guarantee and the K-sure Insurance; and
(f) finally, the balance (if any) to the Borrower, provided, however, that any sum received by the K-sure Agent from K-sure in respect of claims under a K-sure Insurance Policy shall be shared amongst the K-sure Lenders only and shall be applied in accordance with the K-sure Insurance Policy.
Application following an Event of Default. After an Event of Default, on either (i) the completion of a sale of a Vessel, either by forced auction or private treaty, or (ii) the receipt of any monies by the Agent pursuant to the sale
a) firstly, in respect of all costs and expenses whatsoever incurred in connection with or about incidental to the said sale;
b) secondly, in or towards payment of all sums owed to the Finance Parties (on a pro rata basis) under the Finance Documents
c) thirdly, in or towards payment of all sums owed to the Hedging Bank (on a pro rata basis) under any Hedging Agreement at the time of default; and
Application following an Event of Default. (a) Following an Event of Default all moneys received by the Agent or the Security Agent shall be applied in the following order:
(i) firstly, in respect of all costs and expenses whatsoever incurred by the Security Agent in connection with or pursuant to the performance of its functions under the Finance Documents, including the costs of realising and enforcing the Security Documents;
(ii) secondly, in respect of all costs and expenses whatsoever incurred by the Agent;
(iii) thirdly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed which in any such case have been evidenced to the Finance Parties and take priority over any moneys received in respect of the Security Interests constituted by the Security Documents) secured on the Finance Parties’ secured assets; (iv) fourthly, in or towards payment pro rata of all sums owed to the Finance Parties under the Finance Documents (in the case of distributions by the Security Agent, it shall pay such sums to the Agent for distribution to the Finance Parties); and
Application following an Event of Default. On either (i) the completion of a sale of a Vessel, either by forced auction or private treaty, or (ii) the receipt of any monies by the Agent pursuant to the sale proceeds of a Vessel (as the case may be), such monies shall be applied in the following order:
a) firstly, in respect of all costs and expenses whatsoever incurred in connection with or about incidental to the said sale;
b) secondly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured on the relevant Vessel;
c) thirdly, in or towards payment pro rata of all sums owed to the Finance Parties under the Finance Documents;
d) fourthly, in or towards payment of all sums owed to the Swap Bank under any Swap Agreement(s) at the time of default; and
e) fifthly, the balance, if any to the Borrower or to its order.
Application following an Event of Default. On either (i) the completion of a sale of a Vessel or any other Collateral, either by forced auction or private treaty, or (ii) the receipt of any monies by the Agent pursuant to the sale proceeds of such Vessel or any other Collateral (as the case may be), such monies shall be applied in the following order:
(a) firstly, in respect of all costs and expenses whatsoever incurred in connection with or about incidental to the said sale;
(b) secondly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured on such Vessel or other Collateral, as the case may be;
(c) thirdly, in or towards payment pro rata of all sums owed to the Finance Parties under the Finance Documents; and
(d) fourthly, the balance, if any to the Borrower or to its order.
