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.
Appears in 2 contracts
Samples: Facility Agreement (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Partners L.P.)
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)18.3; and
(c) THIRDLY: in or towards meeting the costs and expenses from time to time incurred by or on behalf of the Borrower Borrower, the Guarantors or the Collateral Guarantors in connection with the operation of the Ships.
Appears in 1 contract
Samples: Facility Agreement (Navios Maritime Containers Inc.)
Application of Earnings. The Each 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 any 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 Borrowers in connection with the operation of the Ships.
Appears in 1 contract
Samples: Term Loan Facility Agreement (Navios Maritime Partners L.P.)