Application of Moneys. All moneys received by the Payment Agent and/or the Security Trustee under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Trustee’s or (as the case may be) the Payment Agent’s discretion, shall be applied in the following manner: 13.1.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Banks or any of them under any of the Security Documents; 13.1.2 secondly, in or towards payment of any fees payable to the Arrangers, the Payment Agent, the Agent or any of the other Banks under, or in relation to, the Security Documents which remain unpaid; 13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid; 13.1.4 fourthly, in or towards repayment of the Loan (in such proportions as the Lenders require and whether the same is due and payable or not) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalments; 13.1.5 fifthly, in or towards payment to the Lenders, on a pro rata basis any Break Costs and any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid; and 13.1.6 sixthly, the surplus (if any) shall be paid to the Borrower or to whomsoever else may then be entitled to receive such surplus.
Appears in 2 contracts
Samples: Facility Agreement, Facility Agreement (Navios Maritime Partners L.P.)
Application of Moneys. All moneys received by the Payment Agent and/or the Security Trustee Agent under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Trustee’s Agent's or (as the case may be) the Payment Agent’s 's discretion, shall be applied in the following manner:
13.1.1 first, in or towards paymentpayment of all unpaid fees, on a pro-rata basiscommissions, of any unpaid costs and expenses of which may be owing to the Banks Agent and/or the Security Agent and/or the Swap Provider or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any fees payable to arrears of interest owing in respect of the Arrangers, the Payment Agent, the Agent Senior Loan or any of the other Banks under, or in relation to, the Security Documents which remain unpaidpart thereof;
13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
13.1.4 fourthly, in or towards repayment of the Senior Loan (in such proportions as the Lenders require and whether the same is due and payable or not) and shall be applied);
13.1.4 fourthly, in or towards payment of any arrears of interest owing in respect of the Loan, pro rata against the outstanding repayment instalmentsJunior Loan or any part thereof;
13.1.5 fifthly, in or towards repayment of the Junior Loan (whether the same is due and payable or not);
13.1.6 sixthly, in or towards payment to the LendersCash Collateral Account of any amounts so payable pursuant to the terms of this Agreement or the other Security Documents;
13.1.7 seventhly, in or towards payment to any Lender for any loss suffered by reason of any such payment in respect of principal not being effected on a pro rata basis any Break Costs and any other sum an Interest Payment Date relating to the part of the Loan repaid and which shall have become due amounts are so payable under this Agreement;
13.1.8 eighthly, in or towards payment to the Swap Provider of any sums owing to it under the Master Swap Agreement;
13.1.9 ninthly, in or towards payment to any Creditor (other than the Swap Provider) of any other sums owing to it under any of the Security Documents but remains unpaidDocuments;
13.1.10 tenthly, in or towards payment of any FFA Provider of any sums owing to it under the FFA Agreements; and
13.1.6 sixthly13.1.11 finally, the surplus (if any) shall be paid to the Borrower Borrowers or to whomsoever else may then be entitled to receive such surplus.
Appears in 2 contracts
Samples: Loan Agreement (Seanergy Maritime Holdings Corp.), Loan Agreement (Seanergy Maritime Holdings Corp.)
Application of Moneys. All moneys received by the Payment Agent and/or the Security Trustee under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Trustee’s or (as the case may be) the Payment Agent’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Banks or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any fees payable to the Arrangers, the Payment Agent, the Agent or any of the other Banks under, or in relation to, the Security Documents which remain unpaid;
13.1.3 thirdly, in or towards payment to the LendersBanks, on a pro rata basis, of any accrued interest and interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
13.1.4 fourthly, pro rata in or towards repayment of the Loan (in such proportions as the Lenders require and whether the same is due and payable or not) and payment to the Swap Bank of any sum which shall have become due under the Master Agreement in respect of any interest rate swap and any other sums payable in the nature of Break Costs under the Master Agreement but remains unpaid and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalments;
13.1.5 fifthly, in or towards payment to the Lenders, on a pro rata basis any Break Costs and any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid;
13.1.6 sixthly, in or towards payment to any Bank of any other sums owing to it under any of the Security Documents; and
13.1.6 sixthly13.1.7 seventhly, the surplus (if any) shall be paid to the Borrower or to whomsoever else may then be entitled to receive such surplus.
Appears in 2 contracts
Samples: Facility Agreement (EuroDry Ltd.), Facility Agreement (Euroseas Ltd.)
Application of Moneys. All moneys received by the Payment Agent and/or the Security Trustee Agent under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security TrusteeAgent’s or (as the case may be) the Payment Agent’s discretion, shall be applied pro rata against each Sub-Tranche and the Swap Exposure OR if a notice of an Event of Default has been served to the Borrowers by the Agent and whilst such Event of Default is continuing all moneys received by the Agent and/or the Security Agent under or pursuant to any of the Security Documents shall be applied in the following manner:
13.1.1 first, in or towards payment, on a pro-rata basis, payment of any all unpaid costs and expenses of which may be owing to the Banks or Agent and/or the Security Agent and/or the Arranger and/or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any unpaid fees and commissions payable to the Arrangers, Agent and/or the Payment Agent, Security Agent and/or the Agent or Arranger and/or any of them under any of the other Banks under, or in relation to, the Security Documents which remain unpaidDocuments;
13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata basis, of any accrued arrears of interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaideach Sub-Tranche A;
13.1.4 fourthly, in or towards repayment of the Loan each Sub-Tranche A (in such proportions as the Lenders require and whether the same is has become due and payable or not) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalments);
13.1.5 fifthly, in or towards payment of any arrears of interest owing in respect of each Sub-Tranche B;
13.1.6 sixthly, in or towards repayment of each Sub-Tranche B (whether same has become due and payable or not);
13.1.7 seventhly, in or towards payment of all unpaid costs and expenses which may be owing to the LendersSwap Provider under the Master Swap Agreement;
13.1.8 eightly, on a pro rata basis in or towards payment of any Break Costs unpaid fees and commissions payable to the Swap Provider under the Master Swap Agreement;
13.1.9 ninthly, in or towards payment to the Swap Provider of any other sum sums owing to it under the Master Swap Agreement relating to each Sub-Tranche A;
13.1.10 tenthly, in or towards payment to the Loan which shall have become due Swap Provider of any sums owing to it under any of the Security Documents but remains unpaidMaster Swap Agreement relating to each Sub-Tranche B; and
13.1.6 sixthly13.1.11 eleventhly, the surplus (if any) shall be paid to the Borrower Borrowers or to whomsoever else may then be entitled to receive such surplus.
Appears in 2 contracts
Samples: Facility Agreement (Costamare Partners LP), Facility Agreement (Costamare Partners LP)
Application of Moneys. All moneys received by the Payment Agent and/or the Security Trustee under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Trustee’s or (as the case may be) the Payment Agent’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Banks or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any fees payable to the Arrangers, the Payment AgentArranger, the Agent or any of the other Banks under, or in relation to, the Security Documents which remain unpaid;
13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
13.1.4 fourthly, in or towards repayment of the Loan (in such proportions as the Lenders require and whether the same is due and payable or not) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalments;
13.1.5 fifthly, in or towards payment to the Lenders, on a pro rata basis any Break Costs and any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid; and
13.1.6 sixthly, the surplus (if any) shall be paid to the Borrower or to whomsoever else may then be entitled to receive such surplus.
Appears in 1 contract
Application of Moneys. All moneys received by the Payment Agent and/or the Security Trustee Lender under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 Clause 15.1 or in a manner determined in the Security Trustee’s or (as the case may be) the Payment AgentLender’s discretion, shall be applied in the following manner:
13.1.1 15.1.1 first, in or towards payment, on a pro-rata basisin such order as the Lender may decide, of any unpaid costs and expenses of the Banks or any of them Lender and the Lender under any of the Security Documents;
13.1.2 15.1.2 secondly, in or towards payment of any fees payable to the Arrangers, the Payment Agent, the Agent or any of the other Banks Lender under, or in relation to, the Security Documents which remain unpaid;
13.1.3 15.1.3 thirdly, in or towards payment to the LendersLender of any accrued default interest owing pursuant to Clause 4.7 (Default Interest) but remains unpaid;
15.1.4 fourthly, on a pro rata basis, in or towards payment to the Lender of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
13.1.4 fourthly, in or towards repayment of the Loan (in such proportions as the Lenders require and whether the same is due and payable or not) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalments;
13.1.5 15.1.5 fifthly, in or towards payment to the LendersLender of any due but unpaid Repayment Instalments;
15.1.6 sixthly, in or towards payment to the Lender in application in repayment of the Loan in accordance with Clause 6.7.2 hereof;
15.1.7 seventhly, in or towards payment for any loss suffered by reason of any such payment in respect of principal not being effected on a pro rata basis any Break Costs an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreement and any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid; and
13.1.6 sixthly15.1.8 eighthly, in or towards payment under Clause 16.3 (Retention Account: credits and withdrawals) (on the first Business Day following the day on which the obligation any the Borrower to make such payment under Clause 16.3 arises); and
15.1.9 ninthly, the surplus (if any) shall be paid to the Borrower Borrowers or to whomsoever else may then be entitled to receive such surplus. The order of application set out in Clauses 15.1.1 to 15.1.8 may be varied by the Lender without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Application of Moneys. All (a) Except as otherwise provided in any Security Document, all moneys received by the Payment Agent and/or the Agent, Security Trustee or Banks under or pursuant to this Agreement or any of the Security Documents and expressed after the happening of any Event of Default (unless cured to be applicable in accordance with the provisions satisfaction of this clause 13.1 or in a manner determined in the Security Trustee’s or (as the case may beBanks) the Payment Agent’s discretion, shall be applied by the Agent in the following manner:
13.1.1 (i) first, in or towards payment, on a pro-rata basis, the payment or reimbursement of any unpaid costs and expenses of or liabilities incurred by the Agent, the Security Trustee or the Banks in connection with the ascertainment, protection or any enforcement of them their rights and remedies hereunder and under any of the Security Documents;
13.1.2 (ii) secondly, in or towards the payment of all fees payable by the Obligors under Clause 2.4;
(iii) thirdly, in or towards payment of any fees payable to the Arrangers, the Payment Agent, the Agent or any of the other Banks under, or in relation to, the Security Documents which remain unpaid;
13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaidReimbursement Obligations;
13.1.4 (iv) fourthly, in or towards payment of any Reimbursement Obligations;
(v) fifthly, in or towards repayment of the Loan (in such proportions as the Lenders require and whether the same is due and payable or not) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalmentsCash Deposit;
13.1.5 fifthly(vi) sixthly, in or towards payment of all other sums which may be owing to the LendersAgent, on a pro rata basis any Break Costs and any other sum relating to the Loan which shall have become due Security Trustee or the Banks under this Agreement or under any of the Security Documents but remains unpaid; Documents, and
13.1.6 sixthly(vii) seventhly, the surplus (if any) shall be paid to the Borrower Obligors or to whomsoever else may then be entitled thereto.
(b) With respect to receive any moneys received by the Agent pursuant to the Security Documents prior to the occurrence of an Event of Default the Agent shall hold such surplusmoneys as collateral in respect of the Obligors' obligations hereunder, provided, however, that so long as no Event of Default shall have occurred and be continuing and the Obligors are in compliance with their obligations under Clause 7.3, the Agent shall release any such moneys to the Obligors or to whomsoever the Obligors may direct.
Appears in 1 contract
Samples: Reimbursement and Cash Deposit Agreement (Teekay Shipping Corp)
Application of Moneys. All moneys received by the Payment Agent and/or the Security Trustee Lender under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Trustee’s or (as the case may be) the Payment AgentLender’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment, on a pro-rata basisin such order as the Lender may decide, of any unpaid costs and expenses of the Banks or any of them Lender under any of the Security Documents;
13.1.2 secondly, in or towards payment of any fees payable to the Arrangers, the Payment Agent, the Agent or any of the other Banks Lender under, or in relation to, the Security Documents which remain unpaid;
13.1.3 thirdly, in or towards payment to the LendersLender of any accrued default interest owing pursuant to clause 3.4 but remains unpaid;
13.1.4 fourthly, on a pro rata basis, in or towards payment to the Lender of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
13.1.4 fourthly, in or towards repayment of the Loan (in such proportions as the Lenders require and whether the same is due and payable or not) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalments;
13.1.5 fifthly, in or towards payment (i) to the LendersLender of any due but unpaid Repayment Instalments and (ii) to the Lender of any sum which shall have become due under the Master Agreement but remains unpaid;
13.1.6 sixthly, in or towards payment to the Lender in application in repayment of the Loan in accordance with clause 4.6.2;
13.1.7 seventhly, in or towards payment for any loss suffered by reason of any such payment in respect of principal not being effected on a pro rata basis any Break Costs an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreement and any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid; and
13.1.6 sixthly13.1.8 eighthly, the surplus (if any) shall be paid to the Borrower Borrowers or to whomsoever else may then be entitled to receive such surplus. The order of application set out in clauses 13.1.1 to 13.1.8 may be varied by the Lender without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Samples: Facility Agreement (EuroDry Ltd.)
Application of Moneys. All moneys received by the Payment Agent and/or the Security Trustee under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Trustee’s or (as the case may be) the Payment Agent’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Banks or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any fees payable to the Arrangers, the Payment Agent, the Agent or any of the other Banks under, or in relation to, the Security Documents which remain unpaid;
13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
13.1.4 fourthly, in or towards repayment of the Loan (in such proportions as the Lenders require and whether the same is due and payable or not) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalments;
13.1.5 fifthly, in or towards payment to the Lenders, on a pro rata basis any Break Costs and any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid; and;
13.1.6 sixthly, the surplus (if any) shall be paid to the Borrower or to whomsoever else may then be entitled to receive such surplus.
Appears in 1 contract
Application of Moneys. All moneys If either (a) on any date on which a payment is due to be made by the Borrowers under this Agreement, the amount received by the Payment Facility Agent and/or from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date or (b) the Facility Agent, the Security Trustee and/or the Lenders receive moneys under or pursuant to any of the Security Documents and that are expressed to be applicable in accordance with the provisions of this clause 13.1 13.1, then, without prejudice to any rights or in a manner determined in remedies available to the Facility Agent, the Security Trustee’s or (as Trustee and the case may be) Lenders under the Payment Security Documents, such amount, if received by the Lenders shall be paid to the Facility Agent’s discretion, and shall be applied by the Facility Agent in the following manner:
13.1.1 first, first in or towards toward payment, on a pro-rata pari passu basis, of any all unpaid fees, commissions, costs and expenses which may be owing to any of the Banks or any of them Finance Parties under any of the Security Documents;
13.1.2 secondly, in or towards payment of any fees payable to the Arrangers, the Payment Agent, the Agent or any arrears of the other Banks under, or in relation to, the Security Documents interest which have become due but remain unpaid;
13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata pari passu basis, of any accrued interest owing in respect of the Loan principal which shall have has become due under any of the Security Documents but remains unpaid;
13.1.4 fourthly, in or towards repayment payment to the Lenders for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan (in such proportions as the Lenders require and whether the same is due and payable or not) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalmentsrepaid;
13.1.5 fifthly, in or towards payment to the Lenders, on a pro rata basis any Break Costs and Finance Parties of any other sum relating to the Loan sums (including indemnity amounts) which shall have become due but remain unpaid under any of the Security Documents but remains unpaidDocuments; and
13.1.6 sixthly, the surplus (if any) shall be paid to the Borrower Borrowers or to whomsoever else may then be entitled to receive such surplus.
Appears in 1 contract
Application of Moneys. All moneys received by the Payment Agent and/or the Security Trustee under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Trustee’s or (as the case may be) the Payment Agent’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Banks or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any fees payable to the Arrangers, the Payment AgentArranger, the Agent or any of the other Banks under, or in relation to, the Security Documents which remain unpaid;
13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
13.1.4 fourthly, in or towards repayment payment to the Lenders, on a pro rata basis according to their respective Contributions, of any principal in respect of the Loan (in such proportions as the Lenders require and whether the same is due and payable or not) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalments;); and
13.1.5 fifthly, in or towards payment to the Lenders, on a pro rata basis basis, for any Break Costs loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreement;
13.1.6 sixthly in or towards payment to the relevant person of any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid; and, on a pro rata basis;
13.1.6 sixthly13.1.7 seventhly, the surplus (if any) shall be paid to the Borrower Borrowers or to whomsoever else may then be entitled to receive such surplus.
Appears in 1 contract
Samples: Facility Agreement for a Term Loan Facility (Navios Maritime Partners L.P.)
Application of Moneys. All moneys received by the Payment Agent and/or the Security Trustee Agent under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security TrusteeAgent’s or (as the case may be) the Payment Agent’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment, on a pro-pro rata basis, of any all unpaid costs and expenses of which may be owing to any Arranger, the Banks Agent and/or the Security Agent and/or the Issuing Bank and/or the Swap Provider or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any fees payable to the Arrangers, the Payment Agent, the Agent or any of the other Banks under, or in relation to, the Security Documents which remain unpaid;
13.1.3 thirdly, in or towards payment to the Lenderspayment, on a pro rata basis, of any accrued unpaid fees and commissions payable to the Creditors (other than the Swap Provider) or any of them;
13.1.3 thirdly, in or towards payment, on a pro rata basis, of any arrears of interest owing in respect of the Loan which shall have become due or in respect of any amounts owing under clauses 2.7.1 and 2.7.3 or any of the Security Documents but remains unpaidpart thereof;
13.1.4 fourthly, in or towards repayment repayment, on a pro rata basis, of the Loan or any amount of principal owing under clauses 2.7.1 or 2.7.3 (in such proportions as the Lenders require and whether the same is due and payable or not) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalments);
13.1.5 fifthly, in or towards payment to the LendersCash Collateral Account of any amounts so payable pursuant to the terms of this Agreement or the other Security Documents;
13.1.6 sixthly, in or towards payment, on a pro rata basis basis, to any Break Costs and Bank for any other sum loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which shall have become due amounts are so payable under this Agreement;
13.1.7 seventhly, in or towards payment to any Creditor (other than the Swap Provider) of any other sums owing to it under any of the Security Documents but remains unpaid(and if such sums are owing to more than one Creditor, as between such Creditors on a pro rata basis); and
13.1.6 sixthly13.1.8 eighthly, in or towards payment to the Swap Provider of any sums owing to it under the Master Swap Agreement;
13.1.9 ninethly, the surplus (if any) shall be paid to the Borrower Borrowers or to whomsoever else may then be entitled to receive such surplus.
Appears in 1 contract
Samples: Facility Agreement (Costamare Inc.)
Application of Moneys. All moneys received by the Payment Agent and/or the Security Trustee under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Trustee’s or (as the case may be) the Payment Agent’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Banks or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any fees payable to the Arrangers, the Payment Agent, the Agent or any of the other Banks under, or in relation to, the Security Documents which remain unpaid;
13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
13.1.4 fourthly, in or towards repayment of the Loan and the Advances (in such proportions as the Lenders require and whether the same is due and payable or not) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalments;
13.1.5 fifthly, in or towards payment to the Lenders, on a pro rata basis any Break Costs and any other sum relating to the Loan which shall have become due under any of the Security Documents (other than under or in relation to the Master Agreement) but remains unpaid;
13.1.6 sixthly, in or towards payment to the Swap Bank of any other sum which shall have become due under the Master Agreement but remains unpaid; and
13.1.6 sixthly13.1.7 seventhly, the surplus (if any) shall be paid to the Borrower Borrowers or to whomsoever else may then be entitled to receive such surplus.
Appears in 1 contract
Application of Moneys. All moneys If either:
13.1.1 on any date on which a payment is due to be made by the Borrower under this Agreement, the amount received by the Payment Agent and/or from the Borrower falls short of the total amount of the payment due to be made by the Borrower on such date; or
13.1.2 the Agent, the Security Trustee and/or the Lenders receive moneys under or pursuant to any of the Security Documents and that are expressed to be applicable in accordance with the provisions of this clause 13.1 13.1, then, without prejudice to any rights or in a manner determined in remedies available to the Agent, the Security Trustee’s or (as Trustee and the case may be) Lenders under the Payment Security Documents, such amount, if received by the Lenders shall be paid to the Agent’s discretion, and shall be applied by the Agent in the following manner:
13.1.1 13.1.3 first, in or towards payment, on a pro-rata pari passu basis, of any all unpaid fees, commissions, costs and expenses which may be owing to any of the Banks or any of them Finance Parties under any of the Security Documents;
13.1.2 13.1.4 secondly, in or towards payment payment, on a pari passu basis, of any fees payable arrears of interest which has become due but remains unpaid and any scheduled payments owing to the Arrangers, the Payment Agent, the Agent or any of the other Swap Banks under, or in relation to, under the Security Documents Qualifying Swaps which have become due but remain unpaid;
13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
13.1.4 fourthly, 13.1.5 thirdly in or towards repayment of the Loan (and in such proportions as or towards payment to the Lenders require and whether Swap Banks of any other sums owing to the same is due and payable Swap Banks under the Master Agreements on a pari passu basis;
13.1.6 fourthly in or not) and shall be applied, towards payment to any Lender for any loss suffered by reason of any payment in respect of principal relating to the Loan, pro rata against the outstanding repayment instalmentsLoan not being effected when due;
13.1.5 13.1.7 fifthly, in or towards payment to the Lenders, on a pro rata basis any Break Costs and Finance Party of any other sum relating to the Loan sums (including indemnity amounts) which shall have become due but remain unpaid under any of the Security Documents but remains unpaidDocuments; and
13.1.6 13.1.8 sixthly, the surplus (if any) shall be paid to the Borrower or to whomsoever else may then be entitled to receive such surplus.
Appears in 1 contract
Samples: Loan Agreement (Danaos Corp)
Application of Moneys. All moneys received by the Payment Agent and/or the Security Trustee Lender under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Trustee’s or (as the case may be) the Payment AgentLender’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment, on a pro-rata basisin such order as the Lender may decide, of any unpaid costs and expenses of the Banks or any of them Lender under any of the Security Documents;
13.1.2 secondly, in or towards payment of any fees payable to the Arrangers, the Payment Agent, the Agent or any of the other Banks Lender under, or in relation to, the Security Documents which remain unpaid;
13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest owing in respect of the Loan which shall have become (starting with default interest) and fees due but unpaid under any of the Security Documents but remains unpaidthis Agreement;
13.1.4 fourthly, in or towards repayment payment of any principal due but unpaid to the Loan (in such proportions as the Lenders require and whether the same is due and payable or not) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalmentsLender under this Agreement;
13.1.5 fifthly, in or towards payment to the LendersLender in application in repayment of the Loan in such manner as the Lender shall in its sole discretion determine;
13.1.6 sixthly , in or towards payment for any loss suffered by reason of any such payment in respect of principal not being effected on a pro rata basis any Break Costs an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreement and any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid; and
13.1.6 sixthly13.1.7 seventhly , the surplus (if any) shall be paid to the Borrower or to whomsoever else may then be entitled to receive such surplus. The order of application set out in clauses 13.1.1 to 13.1.7 may be varied by the Lender without any reference to, or consent or approval from, the Borrower.
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Samples: Loan Agreement (Pyxis Tankers Inc.)
Application of Moneys. All (a) Except as otherwise provided in any Security Document, all moneys received by the Payment Agent and/or the Agent, Security Trustee or Banks under or pursuant to this Agreement or any of the Security Documents and expressed after the happening of any Event of Default (unless cured to be applicable in accordance with the provisions satisfaction of this clause 13.1 or in a manner determined in the Security Trustee’s or (as the case may beBanks) the Payment Agent’s discretion, shall be applied by the Agent in the following manner:
13.1.1 (i) first, in or towards payment, on a pro-rata basis, the payment or reimbursement of any unpaid costs and expenses of or liabilities incurred by the Agent, the Security Trustee or the Banks in connection with the ascertainment, protection or any enforcement of them their rights and remedies hereunder and under any of the Security Documents,
(ii) secondly, in or towards the payment of all fees payable by the Obligors under Clause 2.4;
13.1.2 secondly(iii) thirdly, in or towards payment of any fees payable to the Arrangers, the Payment Agent, the Agent or any of the other Banks under, or in relation to, the Security Documents which remain unpaid;
13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;Reimbursement Obligations,
13.1.4 (iv) fourthly, in or towards repayment payment of the Loan any Reimbursement Obligations,
(in such proportions as the Lenders require and whether the same is due and payable or notv) and shall be applied, in respect of the Loan, pro rata against the outstanding repayment instalments;
13.1.5 fifthly, in or towards payment of all sums which may be owing to the LendersBanks, the Agent or the Security Trustee on behalf of the Banks under this Agreement or into a pro rata basis any Break Costs and any cash collateral account maintained by the Agent for amounts which the Banks, in their sole discretion deem necessary to secure against future claims under the Amended Letter of Credit,
(vi) sixthly, in or towards payment of all other sum relating sums which may be owing to the Loan which shall have become due Agent, the Security Trustee or the Banks under this Agreement or under any of the Security Documents but remains unpaid; Documents, and
13.1.6 sixthly(vii) seventhly, the surplus (if any) shall be paid to the Borrower Obligors or to whomsoever else may then be entitled thereto.
(b) With respect to receive any moneys received by the Agent pursuant to the Security Documents prior to the occurrence of an Event of Default the Agent shall hold such surplusmoneys as collateral in respect of the Obligors' obligations hereunder, provided, however, that so long as no Event of Default shall have occurred and be continuing and the Obligors are in compliance with their obligations under Clause 7.3, the Agent shall release any such moneys to the Obligors or to whomsoever the Obligors may direct.
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