Application of Earnings Accounts. The Borrowers shall procure that there is transferred from the Earnings Accounts to the Agent for the account of the Lenders: 17.4.1 on each Repayment Date, the amount of the Repayment Instalment then due; and 17.4.2 on each Interest Payment Date, the amount of interest then due, and the Borrowers irrevocably authorise the Security Agent to instruct the Account Holder to make those transfers.
Appears in 2 contracts
Samples: Secured Loan Facility Agreement (Diana Containerships Inc.), Secured Loan Agreement (Diana Containerships Inc.)
Application of Earnings Accounts. The Borrowers shall procure that there is transferred from the Earnings Accounts (or either one of them) to the Agent for the account of the LendersAgent:
17.4.1 10.4.1 on each Repayment Date, the amount of the Repayment Instalment then due; and
17.4.2 10.4.2 on each Interest Payment Date, the amount of interest then due, and the Borrowers irrevocably authorise the Security Agent to instruct the Account Holder to make those transfers.
Appears in 2 contracts
Samples: Secured Loan Agreement (Baltic Trading LTD), Secured Loan Agreement (Baltic Trading LTD)
