Common use of Shortfall in Earnings Clause in Contracts

Shortfall in Earnings. If the aggregate Earnings received are insufficient in any month for the required amount to be transferred to the Retention Account under Clause 18.2, the Borrower shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, permit the Borrower to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 from the Earnings received in the next or subsequent months.

Appears in 9 contracts

Samples: Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.)

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Shortfall in Earnings. If the aggregate Earnings received are insufficient in any month for the required amount to be transferred to the Retention Account under Clause 18.2, the Borrower shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's ’s right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, permit the Borrower to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 from the Earnings received in the next or subsequent months.

Appears in 3 contracts

Samples: Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.)

Shortfall in Earnings. If the aggregate Earnings received are insufficient in any month for the required amount to be transferred to the Retention Reserve Account under Clause 18.2, the Borrower shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's ’s right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, permit the Borrower to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 from the Earnings received in the next or subsequent months.

Appears in 1 contract

Samples: Loan Agreement (Paragon Shipping Inc.)

Shortfall in Earnings. If the aggregate Earnings received in the Earnings Accounts are insufficient in any month for the required amount to be transferred to the Retention Account under Clause 18.2, the Borrower shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, permit the Borrower to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 from the Earnings received in the next or subsequent months.

Appears in 1 contract

Samples: Loan Agreement (Paragon Shipping Inc.)

Shortfall in Earnings. If the aggregate Earnings received in the Earnings Account are insufficient in any month for the required amount amounts to be transferred to the a Retention Account under Clause 18.2, the Borrower Borrowers shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's ’s right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, permit the Borrower Borrowers to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 from the Earnings received in the next or subsequent months.

Appears in 1 contract

Samples: Loan Agreement (Mc Shipping Inc)

Shortfall in Earnings. If the aggregate Earnings received in the Operating Accounts are insufficient in any month for the required amount to be transferred to the Retention Account under Clause 18.2, the Borrower shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's ’s right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, permit the Borrower to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 from the Earnings received in the next or subsequent months.

Appears in 1 contract

Samples: Loan Agreement (Grindrod Shipping Holdings Pte. Ltd.)

Shortfall in Earnings. If the aggregate Earnings received in the Earnings Account are insufficient in any month for the required amount to be transferred to the Retention Account under Clause 18.218.3, the Borrower shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's ’s right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, may permit the Borrower to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 18.3 from the Earnings received in the next or subsequent months.

Appears in 1 contract

Samples: Agreement (Euroseas Ltd.)

Shortfall in Earnings. If the aggregate Earnings received in the Earnings Account(s) are insufficient in any month for the required amount to be transferred to the Retention Account under Clause 18.2, the Borrower Borrowers shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's ’s right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, may permit the Borrower Borrowers to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 from the Earnings received in the next or subsequent months.

Appears in 1 contract

Samples: Loan Agreement (EuroDry Ltd.)

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Shortfall in Earnings. If the aggregate Earnings received in the Earnings Accounts are insufficient in any month for the required amount to be transferred to the Retention Account Accounts under Clause 18.2, the Borrower Borrowers shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's ’s right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, permit the Borrower Borrowers to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 from the Earnings received in the next or subsequent months.

Appears in 1 contract

Samples: Agreement (NewLead Holdings Ltd.)

Shortfall in Earnings. If the aggregate Earnings received in the Earnings Account are insufficient in any month for the required amount to be transferred to the Retention Account under Clause 18.2, the Borrower shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's ’s right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, permit the Borrower to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 from the Earnings received in the next or subsequent months.

Appears in 1 contract

Samples: Loan Agreement (GasLog Ltd.)

Shortfall in Earnings. If the aggregate Earnings received in the Earnings Accounts are insufficient in any month for the required amount to be transferred to the Retention Account Accounts under Clause 18.223.2, the Borrower Borrowers shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's ’s right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, permit the Borrower Borrowers to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 23.2 from the Earnings received in the next or subsequent months.

Appears in 1 contract

Samples: Agreement (NewLead Holdings Ltd.)

Shortfall in Earnings. If the aggregate Earnings received in the Earnings Account are insufficient in any month for the required amount to be transferred to the Retention Account under Clause 18.2, the Borrower shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's ’s right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, may permit the Borrower to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 from the Earnings received in the next or subsequent months.

Appears in 1 contract

Samples: Loan Agreement (EuroDry Ltd.)

Shortfall in Earnings. If the aggregate Earnings received in the Earnings Accounts are insufficient in any month for the required amount to be transferred to the Retention Account under Clause 18.2, the Borrower shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent's ’s right to make such demand at any time, the Agent may, if so authorised by the Majority Lenders, permit the Borrower to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.2 from the Earnings received in the next or subsequent months.

Appears in 1 contract

Samples: Loan Agreement (Paragon Shipping Inc.)

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