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

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. On either (i) the completion of a sale of a the 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 the 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 the 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. 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.