Application of receipts; partial payments. Subject to paragraph (b) below and except as any Finance Document may otherwise provide, any payment that is received or recovered by any Finance Party under, in connection with, or pursuant to any Finance Document shall be paid to the Facility Agent which shall apply the same in the following order:
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Samples: Loan Agreement (Ardmore Shipping Corp), Term and Accordion Facilities Agreement (Ardmore Shipping Corp), Facility Agreement (Scorpio Tankers Inc.)
Application of receipts; partial payments. (a) Subject to paragraph (b) below and except as any Finance Document may otherwise provide, any payment that is received or recovered by any Finance Party under, in connection with, or pursuant to any Finance Document shall be paid to the Facility Agent which shall apply the same in the following order:
Appears in 3 contracts
Samples: Term, Revolving and Accordion Facilities Agreement (Ardmore Shipping Corp), Term Loan Facility (Grindrod Shipping Holdings Ltd.), Facility Agreement (Grindrod Shipping Holdings Pte. Ltd.)
Application of receipts; partial payments. Subject to paragraph (bi) below and except as any Finance Document may otherwise provide, any payment that is received or recovered by any Finance Party under, in connection with, or pursuant to any Finance Document shall be paid to the Facility Agent which shall apply the same in the following order:
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