General application of moneys. The Borrower, subject to Clause 11.10, irrevocably authorises the Lender to apply all sums which the Lender may receive: 11.9.1 pursuant to a sale or other disposition of the Vessel or any right, title or interest in the Vessel; or 11.9.2 by way of payment of any sum in respect of the Insurances, Earnings or Requisition Compensation; or 11.9.3 by way of transfer of any sum from either of the Accounts; or 11.9.4 otherwise arising under or in connection with any Security Document, in or towards satisfaction, or by way of retention on account, of the Indebtedness, in such manner as the Lender may determine.
Appears in 6 contracts
Samples: Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.), Credit Facility Agreement (Safe Bulkers, Inc.), Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.)
