Common use of Application of Earnings Clause in Contracts

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. Each The Borrower undertakes with the Lenders that money from time to time credited to, or for the time being standing to the credit of, its the 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 Borrower 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 the Borrower in connection with the operation of the Ship owned by itShip; and (e) as to any surplus from time to time arising on an the Earnings Account following application as aforesaid, to be paid to the Borrower owning that Ship or to whomsoever it may direct.