Common use of Payment of Charter Hire and Vessel Revenues Clause in Contracts

Payment of Charter Hire and Vessel Revenues. Borrower and Guarantors shall procure that (a) all charter hire under the ED & F Charter shall be deposited into the Bulk Liberty Hire Account, (b) all revenues earned by Phoenix from third parties for the employment of the Vessel shall be deposited into the Allseas Cash Deposit Account, and (c) all such amounts deposited into the Allseas Cash Deposit Account with respect to the Vessel shall be retained therein with the exception of (i) amounts necessary to pay customary voyage expenses incurred in the ordinary course of business of the Vessel, and (ii) any amount equal to charter hire due under the Time Charter which shall be transferred to the Bulk Liberty Hire Account, such amount to be deemed payment of charter hire under the Sub-Time Charter, (x) for use in connection with the Vessel and its operations in the ordinary course of business, and for no other purpose, and (y) any amounts due to Lender under this Agreement.

Payment of Charter Hire and Vessel Revenues. Borrower and Guarantors shall procure that (a) all charter hire under the ED & F Cargill Charter shall be deposited into the Bulk Liberty Hire Account, (b) and all revenues earned by Phoenix from third parties for the employment of the Vessel shall be deposited into the Allseas Cash Deposit Account, and (cb) all such amounts deposited into the Allseas Cash Deposit Account with respect to the Vessel shall be retained therein with the exception of (i) amounts necessary to pay customary voyage expenses incurred in the ordinary course of business of the Vessel, and (ii) any amount equal to charter hire due under the Time Charter which shall be transferred to the Bulk Liberty Beothuk Hire Account, such amount to be deemed payment of charter hire under the Sub-Time Charter, (x) for use in connection with the Vessel and its operations in the ordinary course of business, and for no other purpose, and (y) any amounts due to Lender under this Agreement.