Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Account Bank shall on each Repayment Date and on each due date for the payment of interest under this Agreement pay to the Agent, for the Agent to distribute to the Lenders in accordance with Clause 16.4 so much of the then balance on the Retention Account as equals: (a) the repayment instalment due on that Repayment Date; or, as the case may be, (b) the amount of interest payable on that interest payment date in discharge of the Borrower’s liability for that repayment instalment or that interest.
Appears in 3 contracts
Samples: Facility Agreement (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Containers Inc.)
Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Account Bank shall on each Repayment Date and on each due date for the payment of interest under this Agreement pay to the Agent, for the Agent to distribute to the Lenders in accordance with Clause 16.4 so much of the then balance on the Retention Account as equals:
(a) the repayment instalment due on that Repayment Date; or, as the case may be,
(b) the amount of interest payable on that interest payment date in discharge of the Borrower’s Borrowers’ liability for that repayment instalment or that interest.
Appears in 2 contracts
Samples: Term Loan Facility Agreement (Navios Maritime Partners L.P.), Supplemental Agreement (Navios Maritime Containers Inc.)
Application of retentions. Until an Event of Default which is continuing or a Potential Event of Default occurs, the Account Bank Agent shall on each Repayment Date and on each due date for the payment of interest under this Agreement pay to the Agent, for the Agent to distribute to the Lenders in accordance with Clause 16.4 so much of the then balance on the Retention Account as equals:
(a) the repayment instalment in respect of the relevant Tranche due on that Repayment Date; or, as the case may be,
(b) the amount of interest in respect of the relevant Tranche payable on that interest payment date date, in discharge of the Borrower’s Borrowers' liability for that repayment instalment or that interest.
Appears in 1 contract
Samples: Loan Agreement (Box Ships Inc.)
Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Account Bank Agent shall on each Repayment Date and on each due date for the payment of interest under this Agreement pay to the Agent, for the Agent to distribute to the Lenders in accordance with Clause 16.4 so much of the then balance on the Retention Account as equals:
(a) the repayment instalment in respect of the relevant Tranche due on that Repayment Date; or, as the case may be,
(b) the amount of interest in respect of the relevant Tranche payable on that interest payment date date, in discharge of the Borrower’s Borrowers' liability for that repayment instalment or that interest.
Appears in 1 contract
Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Account Bank shall on each Repayment Date and on each due date for the payment of interest under this Agreement pay to the Agent, for the Agent to distribute to the Lenders in accordance with Clause 16.4 so much of the then balance on the relevant Retention Account as equals:
(a) the repayment instalment due on that Repayment Date; orand, as the case may be,
(b) the amount of interest payable on that interest payment date in discharge of the Borrower’s Borrowers' liability for that repayment instalment or that interest.
Appears in 1 contract
