Application of Earnings Account. The Borrower shall procure that there is transferred from the Earnings Account to the Lender: 10.4.1 on each Repayment Date, the amount of the Repayment Instalment then due; and 10.4.2 on each Interest Payment Date, the amount of interest then due, and the Borrower irrevocably authorises the Lender to make those transfers.
Appears in 2 contracts
Samples: Secured Loan Agreement (Top Ships Inc.), Secured Loan Agreement (Top Ships Inc.)
Application of Earnings Account. The Borrower Borrowers shall procure that there is transferred from the Earnings Account to the Lender:
10.4.1 10.5.1 on each Repayment Date, the amount of the Repayment Instalment then due; and
10.4.2 10.5.2 on each Interest Payment Date, the amount of interest then due, and the Borrower Borrowers irrevocably authorises authorise the Lender to make those transfers.
Appears in 1 contract
Samples: Loan Agreement (Diana Shipping Inc.)
Application of Earnings Account. The Borrower shall procure that there is transferred from the Earnings Account (and irrevocably authorises the Bank to transfer from the Earnings Account) to the Lender:Bank:-
10.4.1 10.3.1 on each Repayment Date, the amount of the Repayment Instalment then due; and;
10.4.2 10.3.2 on each Interest Payment Date, the amount of interest then due, and ; and
10.3.3 to the Borrower irrevocably authorises extent that the Lender Monthly Payment Amount has not been made in accordance with Clause 10.5 an amount equal to make those transfersany shortfall.
Appears in 1 contract
Application of Earnings Account. The Borrower Borrowers shall procure that there is transferred from the Earnings Account Account, to the Lender:
10.4.1 12.4.1 on each Repayment Date, the amount of the Repayment Instalment then due; and
10.4.2 12.4.2 on each Interest Payment Date, the amount of interest then due, and the Borrower Borrowers irrevocably authorises authorise the Lender to make those transfers.
Appears in 1 contract
Samples: Secured Loan Agreement (Danaos Corp)
