Application of Earnings. Each Borrower undertakes with the Lenders that money from time to time credited to, or for the time being standing to the credit of, its Earnings Account shall, unless and until an Event of Default shall have occurred (whereupon the provisions of Clause 17.1 shall be and become applicable), be available for application in the following manner:
(a) in or towards making payments of all amounts due and payable by the Borrowers under this Agreement (other than payments of principal and interest);
(b) in or towards satisfaction of all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents;
(c) in or towards satisfaction of the Loan;
(d) in or towards making payments of all fees due to the Approved Manager and thereafter meeting the costs and expenses from time to time incurred by or on behalf of a Borrower in connection with the operation of the Ship owned by it; and
(e) as to any surplus from time to time arising on an Earnings Account following application as aforesaid, to be paid to the Borrower owning that Ship or to whomsoever it may direct.
Application of Earnings. The Borrower undertakes with the Lenders to procure that money from time to time credited to, or for the time being standing to the credit of, an Earnings Account shall, unless and until an Event of Default or Potential Event of Default shall have occurred (whereupon the provisions of Clause 17.1 shall be and become applicable), be available for application in the following manner:
(a) in or towards meeting the costs and expenses from time to time incurred by or on behalf of the relevant Owner in connection with the operation of the Ship owned by it;
(b) in or towards making payments of all amounts due and payable by the Borrower under this Agreement other than the payments of principal and interest pursuant to Clauses 8.2 and 5.1;
(c) in or towards making any transfers to the Retention Account in accordance with Clause 18.2; and
(d) as to any surplus from time to time arising on an Earnings Account following application as aforesaid, to be paid to the relevant Owner or to whomsoever it may direct.
Application of Earnings. All Earnings received by the Assignee pursuant to the assignment in this Deed shall be applied in accordance with clause 3.4 of the Fourth Priority Security Co-ordination Deed and section 4.05 of the Credit Agreement.
Application of Earnings. Until an Event of Default or a Potential Event of Default occurs, the Lender shall on each Repayment Date and on each due date for the payment of interest under this Agreement apply (and the Borrowers hereby irrevocably authorise the Lender to apply) so much of the balance on the Accounts as equals:
(a) the repayment instalment due on that Repayment Date; or
(b) the amount of interest payable on that interest payment date, in each case in discharge of the Borrowers’ liability for that repayment instalment or that interest.
Application of Earnings. The Borrower undertakes with each Creditor Party that money from time to time credited to, or for the time being standing to the credit of, an Earnings Account shall, unless and until an Event of Default or Potential Event of Default shall have occurred (whereupon the provisions of Clause 17.1 (Normal order of application) shall be and become applicable), be available for application in the following manner:
(a) FIRSTLY: in or towards meeting the costs, fees and expenses payable by the Borrower under the Finance Documents;
(b) SECONDLY: in or towards making the transfers to the Retention Account pursuant to Clause 18.3 (Monthly retentions); and
(c) THIRDLY: in or towards meeting the costs and expenses from time to time incurred by or on behalf of the Borrower or the Guarantors in connection with the operation of the Ships.
Application of Earnings. Each Borrower undertakes with the Lenders that any funds from time to time credited to, or standing to the credit of, its Earnings Account shall, unless and until an Event of Default shall have occurred and is continuing (whereupon the provisions of Clause 17.1 shall apply), be available for application in the following manner:
Application of Earnings. Each Borrower undertakes with the Lenders that any funds from time to time credited to, or standing to the credit of, its Earnings Account shall, unless and until an Event of Default shall have occurred and is continuing (whereupon the provisions of Clause 17.1 shall apply), be available for application in the following manner:
(a) in or towards making payments of all amounts due and payable by the Borrowers under this Agreement and the Master Agreement (other than payments of principal and interest pursuant to Clauses 5.1, 7.2 and/or 8.1);
(b) in or towards making the transfers to the Retention Account required pursuant to Clause 18.3; and
(c) any surplus shall be applied in accordance with Clause 8.14 and once Clause 8.14 is no longer applicable, any surplus shall be released to the Borrowers Provided that no Event of Default has occurred and is continuing or will occur following such release to the Borrowers.
Application of Earnings. Each Shipowner undertakes with the Lenders that money from time to time credited to, or for the time being standing to the credit of, the Earnings Account shall, unless and until an Event of Default or Potential Event of Default shall have occurred (whereupon the provisions of Clause 16.1 shall be and become applicable), be available for application in the following manner:
(a) in or towards meeting the costs and expenses from time to time incurred by or on behalf of the relevant Shipowner in connection with the operation of the Ship owned by it;
(b) in or towards making payments of all amounts due and payable by the Borrowers under this Agreement other than the payments of principal and interest pursuant to Clauses 7.1 and 4.1;
(c) in or towards making the transfers to the Retention Account required pursuant to Clause 17.3; and
(d) as to any surplus from time to time arising on the Earnings Account following application as aforesaid, to be paid to the relevant Shipowner or to whomsoever it may direct.
Application of Earnings. Except as expressly contemplated in Section 4.3(e) of the Contribution Agreement, pay all available funds toward repayment of the Working Capital Note and any Development Facility Notes, regardless of whether payment of such amounts exceeds the minimum required payments under the Working Capital Note and the Development Facility Notes. -----------------------
Application of Earnings. The Borrowers and the Creditor Parties irrevocably authorise the Agent to apply monies from time to time credited to, or for the time being standing to the credit of, an Earnings Account, unless and until an Event of Default or Potential Event of Default shall have occurred (whereupon the provisions of Clause 17.1 shall be and become applicable), in the following manner:
(a) FIRST: in or towards meeting the costs, fees and expenses payable by the Borrowers under the Finance Documents;
(b) SECONDLY: in or towards making the payments of interest due to the Agent pursuant to Clauses 5.1 and 7;
(c) THIRDLY: in or towards making the reductions due pursuant to Clause 8.1 and of amounts due to a Swap Bank under any Master Agreement;
(d) FOURTHLY: in or towards meeting the costs and expenses from time to time incurred by or on behalf of the Borrowers in connection with the operation of the Ships; and
(e) FIFTHLY: as to any surplus from time to time arising on an Earnings Account following application as aforesaid, to be paid to the relevant Borrower or to whomsoever it may direct.
