Application of Moneys. All moneys received by the Agent and/or the Security 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 shall be applied in the following manner: 13.1.1 first, in or towards payment of all unpaid costs and expenses which may be owing to the Creditors or any of them under any of the Security Documents; 13.1.2 secondly, in or towards payment of any unpaid fees payable to the Creditors or any of them; 13.1.3 thirdly, in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof; 13.1.4 fourthly, in or towards repayment of the Loan (whether the same is due and payable or not); 13.1.5 fifthly, in or towards payment to any Bank 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 repaid or prepaid and which amounts are so payable under this Agreement; 13.1.6 sixthly, in or towards payment to the Swap Provider of any amounts owing to it under the Master Swap Agreement; 13.1.7 seventhly, in or towards payment to any Creditor of any other sums owing to it under any of the Security Documents; and 13.1.8 eighthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 3 contracts
Samples: Loan Agreement (Poseidon Containers Holdings Corp.), Loan Agreement (DryShips Inc.), Loan Agreement (Diana Containerships Inc.)
Application of Moneys. All moneys received by the Agent and/or the Security 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 13.1, shall be applied in the following manner:
13.1.1 first, in or towards payment of all unpaid costs and expenses which may be owing to the Creditors Agent and/or the Security Agent or any either of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any unpaid fees and commitment commission payable to the Creditors or any of them;
13.1.3 thirdly, in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof;
13.1.4 fourthly, in or towards repayment of the Loan (whether the same is due and payable or not);
13.1.5 fifthly, in or towards payment to any Bank 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 repaid or prepaid and which amounts are so payable under this Agreementrepaid;
13.1.6 sixthly, in or towards payment to the a Swap Provider of any amounts sums owing to it under the relevant Master Swap AgreementAgreement (and if any sums are owing under both Master Swap Agreements, proportionately as between such Swap Providers);
13.1.7 seventhly, in or towards payment to any Creditor of any other sums owing to it under any of the Security Documents; and
13.1.8 eighthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 3 contracts
Samples: Loan Agreement (Aegean Marine Petroleum Network Inc.), Loan Agreement (Aegean Marine Petroleum Network Inc.), Loan Agreement (Aegean Marine Petroleum Network Inc.)
Application of Moneys. All moneys received by the Agent and/or the Security 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 shall be applied in the following manner:
13.1.1 first, in or towards payment of all unpaid costs and expenses which may be owing to the Creditors or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment payment, on a pro rata basis, of any unpaid fees and commissions payable to the Creditors or any of them;
13.1.3 thirdly, in or towards payment payment, on a pro rata basis, of any arrears of interest owing in respect of the Loan or any part thereofthereof or in respect of the Guarantee Facility (including under clause 4.1.1);
13.1.4 fourthly, in or towards repayment repayment, on a pro rata basis, of any amounts of principal in respect of the Loan or in respect of the Guarantee Facility (including under clause 4.1.1) (whether the same is due and payable or not);
13.1.5 fifthly, in or towards payment to the Cash 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 to any Bank 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 principal so repaid or prepaid and which amounts are so payable under this Agreement;
13.1.6 sixthly, in or towards payment to the Swap Provider of any amounts owing to it under the Master Swap Agreement;
13.1.7 seventhly, in or towards payment to any Creditor of any other sums owing to it under any of the Security Documents; and
13.1.8 eighthly, the surplus (if any) shall be paid to the Borrowers Borrower or to whomsoever else may be entitled to receive such surplus, Provided however that amounts standing to the credit of an Illegality Security Account shall be applied first, in accordance with clause 14.8 and, if there is a surplus following such application, secondly, and as to such surplus, in accordance with the order specified in this clause 13.1 above.
Appears in 2 contracts
Samples: Facility Agreement (Aegean Marine Petroleum Network Inc.), Facility Agreement (Aegean Marine Petroleum Network Inc.)
Application of Moneys. All moneys received by the Agent and/or the Security Agent a Creditor under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 shall, if received by a Creditor other than the Agent and the Security Agent, be paid to the Agent for application, and if received by the Agent or the Security Agent, shall be applied by the Agent and/or the Security Agent (as the case may be) in the following manner:
13.1.1 first, in or towards payment of all unpaid costs costs, expenses and expenses fees which may be owing to the Creditors Arranger, the Agent or any of them the Security Agent under any of the Security Documents;
13.1.2 secondly, in or towards payment of any unpaid costs, expenses and fees payable to the Creditors Banks or the Account Bank or any of them;
13.1.3 thirdly, in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof;
13.1.4 fourthly, in or towards repayment of the Loan (whether the same is due and payable or not);
13.1.5 fifthly, in or towards payment to any Bank 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 repaid or prepaid and which amounts are so payable under this Agreement;
13.1.5 fifthly, in or towards repayment of the Loan (whether the same is due and payable or not);
13.1.6 sixthly, in or towards payment to the Swap Provider of any amounts sums owing to it under the Master Swap 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 DocumentsDocuments (and if any such sums are owing to more than one Creditor, as between such Creditors on a pro rata basis); and
13.1.8 eighthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 1 contract
Samples: Loan Agreement (DryShips Inc.)
Application of Moneys. All moneys received by the Agent and/or the Security Agent Banks under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 shall be applied by the Agent and/or the Banks in the following manner:
13.1.1 first, first in or towards toward payment of all unpaid costs fees, commissions and expenses which may be owing to any Finance Party (other than the Creditors or any of them Swap Bank) under any of the Security DocumentsDocuments (other than the Master Swap Agreement);
13.1.2 secondly, in or towards payment of any unpaid fees payable to the Creditors or any of them;
13.1.3 thirdly, secondly in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof;
13.1.4 fourthly, 13.1.3 thirdly in or towards repayment of the Loan (whether the same is due and payable or not);
13.1.5 fifthly, 13.1.4 fourthly in or towards payment to any Bank 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 repaid or prepaid and which amounts are so payable under this Agreementrepaid;
13.1.6 sixthly, 13.1.5 fifthly in or towards payment payments to the Swap Provider Bank of any amounts sum (including without limitation all unpaid, fees, commissions and expenses) owing to it the Swap Bank under the Master Swap Agreement;
13.1.7 seventhly, 13.1.6 sixthly in or towards payment to any Creditor Bank of any other sums owing to it under any of the Security Documents; and
13.1.8 eighthly, 13.1.7 seventhly the surplus (if any) shall be paid to the Borrowers Borrower or to whomsoever else may be entitled to receive such surplus, or in such other manner as the Banks may determine.
Appears in 1 contract
Samples: Facilities Agreement (Omega Navigation Enterprises, Inc.)
Application of Moneys. All moneys received by the Agent and/or the Security Agent Creditor under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 shall, if received by a Creditor other than the Agent and the Security Agent, be paid to the Agent for application, and if received by the Agent or the Security Agent shall be applied by the Agent and/or the Security Agent (as the case may be) in the following manner:
13.1.1 first, first in or towards payment of all unpaid costs costs, expenses and expenses fees which may be owing to the Creditors Arranger, the Agent or any of them the Security Agent under any of the Security Documents;
13.1.2 secondly, in or towards payment of any unpaid costs, expenses and fees payable to the Creditors Banks or the Account Bank or any of them;
13.1.3 thirdly, in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof;any
13.1.4 fourthly, in or towards repayment of the Loan (whether the same is due and payable or not);
13.1.5 fifthly, in or towards payment to any Bank 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 repaid or prepaid and which amounts are so payable under this Agreement;
13.1.5 fifthly, in or towards repayment of the Loan (whether the same is due and payable or not);
13.1.6 sixthly, in or towards payment to the Swap Provider Provider, on a pro rata basis, of any amounts sums owing to it under the Master Swap 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 DocumentsDocuments (and if any such sums are owing to more than one Creditor, as between such Creditors on a pro rata basis); and
13.1.8 eighthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 1 contract
Application of Moneys. All moneys received by the Agent and/or the Security Agent 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 Agent’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment payment, on a pro-rata basis, of all any unpaid costs and expenses which may be owing to of the Creditors Banks or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any unpaid fees payable to the Creditors Arranger, the Agent or any of themthe 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 arrears of accrued interest owing in respect of the Loan or which shall have become due under any part thereofof 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 Bank for Break Costs and any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid or prepaid and which amounts are so payable under this Agreement;
13.1.6 sixthly, in or towards payment to the Swap Provider of any amounts owing to it under the Master Swap Agreement;
13.1.7 seventhly, in or towards payment to any Creditor of any other sums owing to it shall have become due under any of the Security DocumentsDocuments but remains unpaid; and
13.1.8 eighthly13.1.6 sixthly, the surplus (if any) shall be paid to the Borrowers 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 Agent and/or the Security 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 13.1, shall be applied in the following manner:
13.1.1 first, in or towards payment of all unpaid costs and expenses which may be owing to the Creditors Agent and/or the Security Agent or any either of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any unpaid fees and commitment commission payable to the Creditors or any of them;
13.1.3 thirdly, in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof;
13.1.4 fourthly, in or towards repayment of the Loan (whether the same is due and payable or not);
13.1.5 fifthly, in or towards payment to any Bank 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 repaid or prepaid and which amounts are so payable under this Agreementrepaid;
13.1.6 sixthly, in or towards payment to the Swap Provider of any amounts owing to it under the Master Swap Agreement;
13.1.7 seventhly, in or towards payment to any Creditor of any other sums owing to it under any of the Security Documents;
13.1.7 seventhly (but subject to the provisions of each Manager’s Undertaking), in or towards payment of any fees and expenses owing by any of the Borrowers to the Manager pursuant to the relevant Management Agreement; and
13.1.8 eighthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 1 contract
Samples: Loan Agreement (Euronav NV)
Application of Moneys. All moneys received by the Agent and/or the Security Agent or under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 shall be applied in the following manner:
13.1.1 first, in or towards payment of all unpaid costs and expenses which may be owing to the Creditors Agent and/or the Security Agent or any either of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any unpaid fees and commitment commission payable to the Creditors or any of them;
13.1.3 thirdly, in or towards payment to the Swap Provider of any sum owing to it under the Master Swap Agreement;
13.1.4 fourthly, in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof;
13.1.4 fourthly13.1.5 fifthly, in or towards repayment of the Loan (whether the same is due and payable or not);
13.1.5 fifthly13.1.6 sixthly, in or towards payment to any Bank 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 repaid or prepaid and which amounts are so payable under this Agreement;
13.1.6 sixthly, in or towards payment to the Swap Provider of any amounts owing to it under the Master Swap Agreementrepaid;
13.1.7 seventhly, in or towards payment to any Creditor of any other sums owing to it under any of the Security DocumentsDocuments (other than the Master Swap Agreement); and
13.1.8 eighthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 1 contract
Application of Moneys. All moneys received by the Agent and/or the Security 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 shall be applied in the following manner:
13.1.1 first, in or towards payment of all unpaid costs and expenses which may be owing to the Creditors 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 Creditors or any of them;
13.1.3 thirdly, in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof;
13.1.4 fourthly, in or towards repayment of the Loan (whether the same is due and payable or not);
13.1.5 fifthly, in or towards payment to any Bank 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 repaid or prepaid and which amounts are so payable under this Agreement;
13.1.6 sixthly, in or towards payment to the Swap Provider of any amounts owing to it under the Master Swap Agreement;
13.1.7 seventhly, in or towards payment to any Creditor of any other sums owing to it under any of the Security DocumentsDocuments (and if such sums are owing to more than one Creditor, as between such Creditors on a pro-rata basis); and
13.1.8 eighthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 1 contract
Samples: Loan Agreement (Diana Shipping Inc.)
Application of Moneys. All moneys received by the Agent and/or the Security Agent Bank under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 shall be applied by the Bank in the following manner:
13.1.1 first, first in or towards toward payment of all unpaid costs fees, commissions and expenses which may be owing to the Creditors or any of them Bank under any of the Security Documents;
13.1.2 secondly, in or towards payment of any unpaid fees payable to the Creditors or any of them;
13.1.3 thirdly, secondly in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof;
13.1.4 fourthly, 13.1.3 thirdly in or towards repayment of the Loan (whether the same is due and payable or not);
13.1.4 fourthly in or towards payment of any sums owing under the Master Swap Agreement;
13.1.5 fifthly, fifthly in or towards payment to any the Bank 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 repaid or prepaid and which amounts are so payable under this Agreementrepaid;
13.1.6 sixthly, sixthly in or towards payment to the Swap Provider of any amounts owing to it under the Master Swap Agreement;
13.1.7 seventhly, in or towards payment to any Creditor Bank of any other sums owing to it under any of the Security DocumentsDocuments (including, without limitation, any payments required to be made to any suspense or other accounts under the provisions of any Transaction Guarantee); and
13.1.8 eighthly, 13.1.7 seventhly the surplus (if any) shall be paid to the Borrowers Borrower or to whomsoever else may be entitled to receive such surplus.
Appears in 1 contract
Application of Moneys. All moneys received by the Agent and/or the Security Agent any Creditor under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 13, shall, if received by a Creditor other than the Agent and the Security Agent, be paid to the Agent for application, and if received by the Agent or the Security Agent shall be applied by the Agent and/or the Security Agent (as the case may be), in the following manner:
13.1.1 first, in or towards payment of all unpaid costs and expenses which may be owing to the Creditors or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any unpaid fees and commitment commission payable to the Creditors or any of them;
13.1.3 thirdly, in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof;
13.1.4 fourthly, in or towards repayment of the Loan outstanding (whether the same is due and payable or notnot and on a pro rata basis);
13.1.5 fifthly, in or towards payment to any Bank 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 repaid or prepaid and which amounts are so payable under this Agreementrepaid;
13.1.6 sixthly, in or towards payment to the Swap Provider of any amounts owing to it under the Master Swap Agreement;
13.1.7 seventhly, in or towards payment to any Creditor of any other sums owing to it under any of the Security DocumentsDocuments (other than the Master Swap Agreement); and
13.1.7 seventhly, in or towards payment to the Swap Provider of any sums owing to it under the Master Swap Agreement; and
13.1.8 eighthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 1 contract
