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Common use of Application of Earnings Clause in Contracts

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:

Appears in 2 contracts

Samples: Second Amending and Restating Deed (Global Ship Lease, Inc.), Amending and Restating Agreement (Poseidon Containers Holdings Corp.)

Application of Earnings. Each Borrower undertakes with the Lenders to procure that any funds money from time to time credited to, or for the time being standing to the credit of, its an Earnings Account shall, unless and until an Event of Default shall have occurred and for so long as the same is continuing (whereupon the provisions of Clause 17.1 shall applybe and become applicable), be available for application in to the following manner:Borrower.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Bulkers Inc.)

Application of Earnings. Each Borrower undertakes with the Lenders to procure that any funds money from time to time credited to, or for the time being standing to the credit of, its an Earnings Account shall, unless and until an Event of Default shall have occurred and for so long as the same is continuing (whereupon the provisions of Clause 17.1 shall applybe and become applicable), be freely available for application in to the following manner:Borrower.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Tankers Inc.)

Application of Earnings. Each Borrower undertakes with the Lenders that any funds 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 and is continuing (whereupon the provisions of Clause 17.1 shall applybe and become applicable), be available for application in the following manner:

Appears in 1 contract

Samples: Loan Agreement (Navios Maritime Containers Inc.)