General application of moneys. Whilst an Event of Default is continuing unremedied or unwaived the Borrower irrevocably authorises the Agent and the Security Trustee to apply all sums which either of them may receive: 8.12.1 pursuant to a sale or other disposition of the Vessel or any right, title or interest in the Vessel; or 8.12.2 by way of payment of any sum in respect of the Insurances, Earnings, or Requisition Compensation; or 8.12.3 otherwise arising under or in connection with any Security Document, in accordance with the terms of the Intercreditor Deed.
Appears in 4 contracts
Samples: Loan Agreement (Teekay LNG Partners L.P.), Loan Agreement (Teekay LNG Partners L.P.), Loan Agreement (Teekay LNG Partners L.P.)
