Common use of Application following an Event of Default Clause in Contracts

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 GIEK Facility 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: (a) firstly, in respect of all costs and expenses whatsoever incurred in connection with or about 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 (balance, if any) any to the Borrower or to its order.

Application following an Event of Default. Following an Event On either (i) the completion of Default all a sale of the Vessel, either by forced auction or private treaty, or (ii) the receipt of any monies received by the Agent pursuant to the sale proceeds of the 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 enforcementsaid sale; (b) secondly, in or towards satisfaction payment of all prior claims (being any claims, liabilities or debts sums owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured in to the Finance Parties’ secured assets;Parties (on a pro rata basis) under the Finance Documents (c) thirdly, in or towards payment pro rata of all sums owed to the Finance Parties Swap Bank under the Finance Documents (except for the Hedging Agreements) any Swap Agreement at the time of default;; and (d) fourthly, in or towards payment pro rata of the balance, if 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 Security 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: (a) firstly, in respect of all costs and expenses whatsoever incurred in connection with or about incidental to the enforcement;; 86 (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 (balance, if any) any to the Borrower or to its order.