Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied: (a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following order and proportions: (i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master Agreement); (ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and (iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder); (b) SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement (Capital Product Partners L.P.)
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are All monies received by the Bank or recovered by any Creditor Party under or by virtue of any Finance Document the Receiver hereunder shall be applied:
(a) FIRST: applied in or towards satisfaction of the Secured Indebtedness in such order of priority as the Bank in its absolute discretion may determine (subject to the prior discharge of all liabilities having priority thereto by law) and subject to any amounts then due and payable under the Finance Documents and the Master Agreement such determination in the following order and proportions:of priority:-
(ia) first, in or towards satisfaction pro rata In discharge of all amounts then charges, taxes and other outgoings whether governmental, municipal, contractual or otherwise, due and payable to affecting the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower Inventories or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master Agreement);
part thereof (ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunderincluding storage charges);
(b) SECONDLY: in retention payment or satisfaction of an amount equal all costs, charges, expenses and liabilities incurred and payments made by or on behalf of the Bank or the Receiver in connection with the exercise of any powers hereunder and in preserving or attempting to preserve this security or the Inventories and of all outgoings paid by the Bank or the Receiver;
(c) in payment to the Receiver of all remuneration as may be agreed between him and the Bank to be paid to him at, or at any amount time after, his appointment;
(d) in payment or satisfaction of the remaining Secured Indebtedness (interest being satisfied first) or such part thereof as the Bank may determine until the whole of the Secured Indebtedness shall have been certified by the Bank as having been discharged and so that if the Bank is contingently liable or will or might be so liable in respect of any monies, obligations or liabilities hereby secured all monies not then dealt with under the preceding provisions of this Clause shall be placed on deposit in such separate account as the Bank in its absolute discretion may think fit for the purpose of securing the contingent liabilities of the Bank and shall become subject to this security, to be applied against such contingent liabilities as they fall due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus remaining balance (if any) shall be paid to the Borrower Company or to any other person appearing to be entitled to itthereto.
Appears in 2 contracts
Samples: Deed of Charge of Inventories (ECMOHO LTD), Deed of Charge of Inventories (ECMOHO LTD)
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are All monies received by the Bank or recovered by any Creditor Party under or by virtue of any Finance Document the Receiver hereunder shall be applied:
(a) FIRST: applied in or towards satisfaction of the Secured Indebtedness in such order of priority as the Bank in its absolute discretion may determine (subject to the prior discharge of all liabilities having priority thereto by law) and subject to any amounts then due and payable under the Finance Documents and the Master Agreement such determination in the following order and proportionsof priority :-
(ia) first, in or towards satisfaction pro rata In discharge of all amounts then charges, taxes and other outgoings whether governmental, municipal, contractual or otherwise, due and payable to affecting the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower Inventories or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master Agreement);
part thereof (ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunderincluding storage charges);
(b) SECONDLY: in retention payment or satisfaction of an amount equal all costs, charges, expenses and liabilities incurred and payments made by or on behalf of the Bank or the Receiver in connection with the exercise of any powers hereunder and in preserving or attempting to preserve this security or the Inventories and of all outgoings paid by the Bank or the Receiver;
(c) in payment to the Receiver of all remuneration as may be agreed between him and the Bank to be paid to him at, or at any amount time after, his appointment;
(d) in payment or satisfaction of the remaining Secured Indebtedness (interest being satisfied first) or such part thereof as the Bank may determine until the whole of the Secured Indebtedness shall have been certified by the Bank as having been discharged and so that if the Bank is contingently liable or will or might be so liable in respect of any monies, obligations or liabilities hereby secured all monies not then dealt with under the preceding provisions of this Clause shall be placed on deposit in such separate account as the Bank in its absolute discretion may think fit for the purpose of securing the contingent liabilities of the Bank and shall become subject to this security, to be applied against such contingent liabilities as they fall due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus remaining balance (if any) shall be paid to the Borrower Company or to any other person appearing to be entitled to itthereto.
Appears in 2 contracts
Samples: Deed of Charge of Inventories (ECMOHO LTD), Deed of Charge of Inventories (ECMOHO LTD)
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and (other than under the Master Agreement Agreement) in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents (other than the Master Agreement) other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in (other than the Master Agreement));
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents (other than under the Master Agreement); and
(iii) thirdly, in or towards satisfaction of the Loan;
(b) SECONDLY: in or towards satisfaction of any amounts then due and payable under the Master Agreement in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Swap Bank under the Master Agreement other than those amounts referred to at paragraphs (ii) and (iii);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Swap Bank under the Master Agreement (and, for this purpose, the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, Swap Bank calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);
(bc) SECONDLYTHIRDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or (other than the Master Agreement Agreement) but which the Facility Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the foregoing provisions of Clause 17.1(a); this Clause;
(d) FOURTHLY: in retention of an amount equal to any amount not then due under and THIRDLY: any surplus shall be paid payable under the Master Agreement but which the Swap Bank, by notice to the Borrower Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or to any other person appearing to be entitled to it.may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the foregoing provisions of this Clause; and
Appears in 1 contract
Samples: Loan Agreement
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and (other than under the Master Agreement Agreement) in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents (other than the Master Agreement) other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in (other than the Master Agreement));
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents (other than under the Master Agreement); and
(iii) thirdly, in or towards satisfaction of the Loan;
(b) SECONDLY: in or towards satisfaction of any amounts then due and payable under the Master Agreement in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Swap Bank under the Master Agreement other than those amounts referred to at paragraphs (ii) and (iii);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Swap Bank under the Master Agreement (and, for this purpose, the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, Swap Bank calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);
(bc) SECONDLYTHIRDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or (other than the Master Agreement Agreement) but which the Facility Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the foregoing provisions of Clause 17.1(a); this Clause;
(d) FOURTHLY: in retention of an amount equal to any amount not then due under and THIRDLY: any surplus shall be paid payable under the Master Agreement but which the Swap Bank, by notice to the Borrower Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or to any other person appearing to be entitled to it.may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the foregoing provisions of this Clause; and
Appears in 1 contract
Samples: Loan Agreement
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the either Borrower under Clauses 20, 21 and 22 of this Agreement or by the either Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master AgreementDocument);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “"interest” " shall include any net amount which the either Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);
(b) SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the either Borrower, the Security Parties and the other Creditor Parties, states in its opinion will either or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.and
Appears in 1 contract
Samples: Loan Agreement (Diana Shipping Inc.)
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and (other than under the Master Agreement Agreement) in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents (other than a Master Agreement) other than those amounts referred to at paragraphs (iia)(ii) and (iiia)(iii) (including, but without limitation, all amounts payable by the Borrower Borrowers under Clauses 20, 21 and 22 of this Agreement or by the Borrower Borrowers or any Security Party under any corresponding or similar provision in any other Finance Document or in (other than the Master Agreement);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents (other than under the Master Agreement); and
(iii) thirdly, in or towards satisfaction of the Loan;
(b) SECONDLY: in or towards satisfaction of any amounts then due and payable under the Master Agreement in the following order and proportions:
(i) first, in or towards satisfaction of all amounts then due and payable to the Swap Bank under the Master Agreement other than those amounts referred to at paragraphs (b)(ii) and (b)(iii);
(ii) secondly, in or towards satisfaction of any and all amounts of interest or default interest payable to the Swap Bank under the Master Agreement (and, for this purpose, the expression “"interest” " shall include any net amount which the Borrower Borrowers shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the aggregate Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated TransactionTransaction entered into under the Master Agreement, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunderhereunder and pro rata as between them);
(b) SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.
Appears in 1 contract
Application of Receipts. 17.1 18.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document after the service of a notice on the Borrower under Clauses 20.2(a)(i) or (ii) shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrower under Clauses 2021, 21 22 and 22 23 of this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master Agreement);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 1718); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);
(b) SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a18.1(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.and
Appears in 1 contract
Samples: Loan Agreement (Danaos Corp)
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following order and proportions:
(i) firstfirstly, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the either Borrower under Clauses 20, 21 and 22 of this Agreement or by the either Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master AgreementDocument);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “"interest” " shall include any net amount which the either Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);
(b) SECONDLY: in retention (in an interest bearing account) of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the BorrowerBorrowers (or either of them), the Security Parties and the other Creditor Parties, states in its opinion will either or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.and
Appears in 1 contract
Application of Receipts. 17.1 18.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents (including the Swap Banks under the Master Agreements) other than those amounts referred to at paragraphs (ii) and (iii) hereof (including, but without limitation, all amounts payable by the Borrower under Clauses 2021, 21 22 and 22 23 of this Agreement or by the Borrower or any other Security Party under any corresponding or similar provision in any other Finance Document or in (other than the Master AgreementAgreements));
(ii) secondlysecond, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement to each Swap Bank (and, for this purpose, the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or deliver delver under section 2(e) (Obligations9(h)(Interest and Compensation) of the any Master Agreement but shall have failed to pay or deliver to the relevant Swap Bank at the time of application or distribution under this Clause 1718); and;
(iii) thirdlythird, in or towards satisfaction pro rata of any principal then due and payable to the Creditor Parties in connection with the Loan and the Swap Exposure of each Swap Bank (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated TransactionTransaction entered into under the Master Agreements (or any of them), or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunderhereunder and pro rata as between them);
(b) SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLYSECOND: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it. Notwithstanding the foregoing, no amount received from any Guarantor in respect of its Guaranteed Secured Liabilities shall be applied to any Excluded Swap Secured Liabilities.
Appears in 1 contract
Samples: Loan Agreement (Dorian LPG Ltd.)
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following order and proportions:
(i) firstfirstly, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the any Borrower under Clauses 20, 21 and 22 of this Agreement or by the any Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master AgreementDocument);
(ii) ; secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “"interest” " shall include any net amount which the any Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and
and (iii) thirdlyiii)thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);
(b) SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the any Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.and
Appears in 1 contract
Samples: Loan Agreement (Diana Shipping Inc.)
Application of Receipts. 17.1 Normal order of application. application Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the any Borrower under Clauses 20, 21 and 22 of this Agreement or by the any Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master AgreementDocument);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “interest” shall include any net amount which the any Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);
(b) SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the BorrowerBorrowers, the Security Parties and the other Creditor Parties, states in its opinion will either or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.and
Appears in 1 contract
Samples: Amending and Restating Deed
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in Unless and until the occurrence of an Event of Default, on each Payment Date, Borrower shall apply all Receipts (which, for purposes of this Section 7.2.2, shall include the sum of all Excluded Revenue Items) received by or towards satisfaction on behalf of any amounts then due and payable under Borrower during the Finance Documents and the Master Agreement previous calendar month in the following order and proportionsof priority:
(i) first, to Lender, in or towards satisfaction pro rata payment of all amounts then the Tax, Insurance and Air Rights Lease Deposits due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master Agreement)on such date;
(ii) secondlysecond, to Lender, in payment of (w) all interest due to Lender on such date in accordance with Section 2.4.1 hereof, then (x) any principal payment due on such date, including all prepayments required or towards satisfaction pro rata permitted under any Loan Documents, and then (y) the Servicing Fee due on such date in accordance with Section 2.11 hereof, and then (z) any other amount payable on such date to Lender or Servicer pursuant to this Agreement or any of any and all amounts of interest or default interest payable the other Loan Documents including, without limitation, pursuant to the Creditor Parties under the Finance Documents and the Master Agreement Section 2.5 hereof;
(andiii) third, to Borrower, for the payment of Expenses in accordance with the applicable Approved Budget (other than Taxes, Insurance Premiums and Air Rights Lease Rentals to be paid for out of the Tax, Insurance and Air Rights Lease Escrow Subaccount) or such other Expenses as shall have been approved by Lender (such Receipts as remain after application of Receipts in accordance with items (i) and (ii) above and this purposeitem (iii), the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17"Remaining Receipts"); and
(iiiiv) thirdlyfinally, in or towards satisfaction pro rata of subject to Section 7.2.2(b) hereof, to Borrower, the Loan and the Swap Exposure (in the case of the latterRemaining Receipts, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);be used by Borrower for any purpose determined by Borrower.
(b) SECONDLY: in retention Notwithstanding anything to the contrary contained herein, upon the occurrence and during the continuance of an amount equal Event of Default, Servicer shall apply Receipts in any manner permitted under the Cash Management Agreement, including, without limitation, applying any portion of Receipts to all or any amount not then due portion of the outstanding Obligations, and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus no event shall be paid to the Borrower or to any other person appearing to be entitled to itreceive any of the Remaining Receipts.
Appears in 1 contract
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following order and proportions:
(i) firstfirstly, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the a Borrower under Clauses 20, 21 and 22 of this Agreement or by the a Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master AgreementDocument);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “"interest” " shall include any net amount which the a Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);
(b) SECONDLY: in retention (in an interest bearing account) of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the BorrowerBorrowers (or any of them), the Security Parties and the other Creditor Parties, states in its opinion will either or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.and
Appears in 1 contract
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master AgreementDocument);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “"interest” " shall include any net amount which the Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the relevant Swap Bank at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure of the Swap Bank (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunderhereunder with the Borrower being the Defaulting Party);
(b) SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.and
Appears in 1 contract
Application of Receipts. 17.1 Normal order of application. , Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents and the Master Agreement other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master Agreement);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank Lender at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);
(b) SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the foregoing provisions of Clause 17.1(a)this Clause; and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.and
Appears in 1 contract
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the any Borrower under Clauses 20, 21 and 22 of this Agreement or by the any Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master AgreementDocument);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “"interest” " shall include any net amount which the a Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);
(b) SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the BorrowerBorrowers, the Security Parties and the other Creditor Parties, states in its opinion will either or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.and
Appears in 1 contract
Samples: Loan Agreement (Diana Shipping Inc.)
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement Agreements in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrower Borrowers under Clauses 20, 21 21, and 22 of this Agreement or by the Borrower Borrowers or any Security Party under any corresponding or similar provision in any other Finance Document or in the any Master Agreement);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement Agreements (and, for this purpose, the expression “"interest” " shall include any net amount which the Borrower Borrowers shall have become liable to pay or deliver under section 2(e) (Obligations) of the any Master Agreement but shall have failed to pay or deliver to the relevant Creditor Party or Swap Bank Counterparty (as the case may be) at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure of each Swap Counterparty (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);; and
(b) SECONDLY: if an Event of Default or a Potential Event of Default shall have occurred and is continuing, in retention of an amount equal to any amount not then due and payable under any Finance Document or the any Master Agreement but which the Agent, by notice to the BorrowerBorrowers, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and which the Borrowers (in the reasonable opinion of the Agent) will not be able to pay when such amounts become due and payable and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.and
Appears in 1 contract
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in Unless and until the occurrence of a Event of Default or towards satisfaction a DCR Lock Box Event, but only for so long as Grand Wailea Company is the Manager, Borrower shall on each Payment Date apply all Receipts (which, for purposes of any amounts then due and payable under this Section 7.4.2, shall include the Finance Documents and sum of all Excluded Revenue Items) received by or on behalf of Borrower during the Master Agreement previous calendar month in the following order and proportionsof priority:
(i) first, to Lender, in payment of the Tax and Insurance Deposits due on such date;
(ii) second, to Borrower, for the payment of Expenses in accordance with the applicable Approved Budget (other than (A) Taxes and Insurance Premiums to be paid for out of the Tax and Insurance Escrow Subaccount, and (B) Expenses to be paid for out of the FF&E Subaccount or towards satisfaction pro rata Working Capital Reserve), or such other Expenses as shall have been approved by Lender, provided, however, that Lender hereby consents to (1) variances of all amounts the Approved Budget of up to ten percent (10%) in the aggregate and up to the lesser of ten percent (10%) or Fifty Thousand Dollars ($50,000) on a per line item basis, and (2) Borrower's utilization of any cost savings of any line item to the extent Borrower incurs a variance with respect to a second line item in excess of the lesser of ten percent (10%) or Fifty Thousand Dollars ($50,000);
(iii) third, to the Working Capital Reserve until the amount on deposit therein is equal to One Million Five Hundred Thousand Dollars ($1,500,000);
(iv) fourth, to Lender, in payment of (x) the interest then due and payable pursuant to Section 2.4 hereof, and then (y) the Servicing Fee then due and payable pursuant to Section 2.10 hereof, and then (z) any other amount payable on such date to Lender or Servicer pursuant to this Agreement or any of the other Loan Documents including, without limitation, pursuant to Section 2.5 hereof;
(v) fifth, to Lender, in payment of the FF&E Reserve Payment, if any, due on such date in accordance with Section 7.2.1 hereof;
(vi) sixth, to the Creditor Parties First Mezzanine Lender;
(vii) seventh, to the Second Mezzanine Lender (such Receipts as remain after application of Receipts in accordance with items (i) through (iv) above and this item (vii), the "Remaining Receipts"); and (viii) finally, subject to Section 7.4.2(c) hereof, to Borrower, any Receipts which remain after application to items (i) through (vii) as set forth above, to be used by Borrower for any purpose determined by Borrower and not otherwise prohibited hereunder.
(b) Upon termination of Grand Wailea Company as the Manager, but only so long as there is no Event of Default or a DCR Lock Box Event, Borrower shall on each Payment Date apply all Receipts (which, for purposes of this Section 7.4.2, shall include the sum of all Excluded Revenue Items) received by or on behalf of Borrower during the previous calendar month in the following order of priority:
(i) first, to Lender, in payment of the Tax and Insurance Deposits due on such date;
(ii) second, to Lender, in payment of (x) the interest then due and payable pursuant to Section 2.4 hereof, and then (y) the Servicing Fee then due and payable pursuant to Section 2.10 hereof, and then (z) any other amount payable on such date to Lender or Servicer pursuant to this Agreement or any of the other Loan Documents including, without limitation, pursuant to Section 2.5 hereof;
(iii) third, to Borrower, for the payment of Expenses in accordance with the applicable Approved Budget (other than (A) Taxes and Insurance Premiums to be paid for out of the Tax and Insurance Escrow Subaccount, and (B) Expenses to be paid for out of the FF&E Subaccount), or such other Expenses as shall have been approved by Lender, provided, however, that Lender hereby consents to (1) variances in the Approved Budget of up to ten percent (10%) in the aggregate and up to the lesser of ten percent (10%) or Fifty Thousand Dollars ($50,000) on a per line item basis, and (2) Borrower's utilization of any cost savings of any line item to the extent Borrower incurs a variance with respect to a second line item in excess of the lesser of ten percent (10%) or Fifty Thousand Dollars ($50,000);
(iv) fourth, to Lender, in payment of the FF&E Reserve Payment, if any, due on such date in accordance with Section 7.2.1 hereof;
(v) fifth, to the First Mezzanine Lender;
(vi) sixth, to the Second Mezzanine Lender (such Receipts as remain after application of Receipts in accordance with items (i) through (iv) above and this item (vii), the "Remaining Receipts"); and (vii) finally, subject to Section 7.4.2(c) hereof, to Borrower, any Receipts which remain after application to items (i) through (vi) as set forth above, to be used by Borrower for any purpose determined by Borrower and not otherwise prohibited hereunder.
(c) Notwithstanding anything to the contrary contained herein, but subject to the provisions of Section 7.4.2(d) hereof, in the event that there shall occur a DCR Lock Box Event, thereafter unless and until (i) the DCR Lock Box Threshold shall be achieved as determined by any subsequent Quarterly DCR Test or (ii) the Borrower reduces the principal balance of the Loan such that, upon such reduction, the DCR is restored to a level of at least 1.10:1, the Servicer, in accordance with the terms of the Cash Management Agreement, shall continue to apply Receipts in accordance with Section 7.4.2(a) or 7.4.2(b), as applicable, hereof, except that all Remaining Receipts shall be retained by the Servicer in the Cash Collateral Account until the DCR Lock Box Threshold is achieved as determined by any subsequent Quarterly DCR Test (any such Receipts so retained, the "Retained Receipts"). In the event that any subsequent Quarterly DCR Test shall determine that the DCR Lock Box Threshold has been achieved, and no Event of Default shall have occurred and be continuing, promptly thereafter all Retained Receipts shall be disbursed to Borrower in accordance with the terms of the Cash Management Agreement. The provisions of this Section 7.4.2(c) shall be and remain in effect during any calendar quarter following a Quarterly DCR Test which determines that the DCR Lock Box Threshold has not been achieved. For purposes hereof, a "DCR Lock Box Event" shall be deemed to have occurred if, commencing as of the first Quarterly DCR Test measured after January 1, 2000, Lender shall determine that the DCR is less than 1.05:1 (a DCR of 1.05:1 being referred to herein as the "DCR Lock Box Threshold") and Lender shall have given written notice thereof to Borrower.
(d) Notwithstanding anything to the contrary contained herein, upon the occurrence and during the continuance of an Event of Default, Servicer shall apply Receipts in any manner permitted under the Finance Documents other than those Cash Management Agreement, including, without limitation, applying any portion of Receipts to all or any portion of the outstanding Obligations, and in no event shall Borrower be entitled to receive any of the Remaining Receipts.
(e) Lender and Borrower hereby acknowledge and agree that Borrower shall remain liable for the payment of all amounts referred to at paragraphs due under clauses (i), (ii) and (iii) (includingof Section 7.4.2(a) or 7.4.2(b), but without limitationas applicable, all amounts payable by hereof whether or not sufficient Receipts exist to satisfy the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master Agreement);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);
(b) SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to itsame.
Appears in 1 contract
Application of Receipts. 17.1 Normal order of application. Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
(a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement Agreements in the following order and proportions:
(i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrower Borrowers under Clauses 20, 21 21, and 22 of this Agreement or by the Borrower Borrowers or any Security Party under any corresponding or similar provision in any other Finance Document or in the any Master Agreement);
(ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement Agreements (and, for this purpose, the expression “interest” shall include any net amount which the Borrower Borrowers shall have become liable to pay or deliver under section 2(e) (Obligations) of the any Master Agreement but shall have failed to pay or deliver to the relevant Creditor Party or Swap Bank Counterparty (as the case may be) at the time of application or distribution under this Clause 17); and
(iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure of each Swap Counterparty (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder);; and
(b) SECONDLY: if an Event of Default or a Potential Event of Default shall have occurred and is continuing, in retention of an amount equal to any amount not then due and payable under any Finance Document or the any Master Agreement but which the Agent, by notice to the BorrowerBorrowers, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and which the Borrowers (in the reasonable opinion of the Agent) will not be able to pay when such amounts become due and payable and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a17.l(a); and THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.and
Appears in 1 contract
Samples: Loan Agreement
