Application of Moneys. All moneys received by the Agent and/or the Security Agent under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Agent's or (as the case may be) the Agent's discretion, shall be applied in the following manner: 13.1.1 first, in or towards payment of all unpaid fees, commissions, costs and expenses which may be owing to the Agent and/or the Security Agent and/or the Swap Provider or any of them under any of the Security Documents; 13.1.2 secondly, in or towards payment of any arrears of interest owing in respect of the Senior Loan or any part thereof; 13.1.3 thirdly, in or towards repayment of the Senior Loan (whether the same is due and payable or not); 13.1.4 fourthly, in or towards payment of any arrears of interest owing in respect of the Junior Loan or any part thereof; 13.1.5 fifthly, in or towards repayment of the Junior Loan (whether the same is due and payable or not); 13.1.6 sixthly, in or towards payment to the Cash Collateral Account of any amounts so payable pursuant to the terms of this Agreement or the other Security Documents; 13.1.7 seventhly, in or towards payment to any Lender for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreement; 13.1.8 eighthly, in or towards payment to the Swap Provider of any sums owing to it under the Master Swap Agreement; 13.1.9 ninthly, in or towards payment to any Creditor (other than the Swap Provider) of any other sums owing to it under any of the Security Documents; 13.1.10 tenthly, in or towards payment of any FFA Provider of any sums owing to it under the FFA Agreements; and 13.1.11 finally, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 2 contracts
Sources: Loan Agreement (Seanergy Maritime Holdings Corp.), Loan Agreement (Seanergy Maritime Holdings Corp.)
Application of Moneys. All moneys received by the Agent and/or the Security Agent under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Agent's or (as the case may be) the Agent's discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment of all unpaid fees, commissions, costs and expenses which may be owing to the Agent and/or the Security Agent and/or the Swap Provider Creditors or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment payment, on a pro rata basis, of any unpaid fees and commissions payable to the Creditors or any of them;
13.1.3 thirdly, in or towards payment, on a pro rata basis, of any arrears of interest owing in respect of the Senior Loan or any part thereofthereof or in respect of the Guarantee Facility (including under clause 4.1.1);
13.1.3 thirdly13.1.4 fourthly, in or towards repayment repayment, on a pro rata basis, of any amounts of principal in respect of the Senior Loan or in respect of the Guarantee Facility (including under clause 4.1.1) (whether the same is due and payable or not);
13.1.4 fourthly, in or towards payment of any arrears of interest owing in respect of the Junior Loan or any part thereof;
13.1.5 fifthly, in or towards repayment of the Junior Loan (whether the same is due and payable or not);
13.1.6 sixthly, in or towards payment to the Cash Collateral Account of any amounts so payable pursuant to the terms of this Agreement or the other Security Documents;
13.1.7 seventhly13.1.6 sixthly, in or towards payment to any Lender Bank for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan principal so repaid and which amounts are so payable under this Agreement;
13.1.8 eighthly, in or towards payment to the Swap Provider of any sums owing to it under the Master Swap Agreement;
13.1.9 ninthly13.1.7 seventhly, in or towards payment to any Creditor (other than the Swap Provider) of any other sums owing to it under any of the Security Documents;
13.1.10 tenthly, in or towards payment of any FFA Provider of any sums owing to it under the FFA Agreements; and
13.1.11 finally13.1.8 eighthly, the surplus (if any) shall be paid to the Borrowers Borrower or to whomsoever else may be entitled to receive such surplus, Provided however that amounts standing to the credit of an Illegality Security Account shall be applied first, in accordance with clause 14.8 and, if there is a surplus following such application, secondly, and as to such surplus, in accordance with the order specified in this clause 13.1 above.
Appears in 2 contracts
Sources: Facility Agreement (Aegean Marine Petroleum Network Inc.), Facility Agreement (Aegean Marine Petroleum Network Inc.)
Application of Moneys. All moneys received by the Agent and/or the Security Agent Trustee under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Agent's Trustee’s or (as the case may be) the Agent's ’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment payment, on a pro-rata basis, of all any unpaid fees, commissions, costs and expenses which may be owing to of the Agent and/or the Security Agent and/or the Swap Provider Banks or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any arrears of interest owing in respect fees payable to the Agent or any of the Senior Loan other Banks under, or any part thereofin relation to, the Security Documents which remain unpaid;
13.1.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest and interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
13.1.4 fourthly, pro rata in or towards repayment of the Senior Loan (whether the same is due and payable or not);
13.1.4 fourthly, in or towards ) and payment to the Swap Bank of any arrears sum which shall have become due under the Master Agreement in respect of any interest owing rate swap and any other sums payable in the nature of Break Costs under the Master Agreement but remains unpaid and shall be applied, in respect of the Junior Loan or any part thereofLoan, pro rata against the outstanding repayment instalments;
13.1.5 fifthly, in or towards repayment payment to the Lenders, on a pro rata basis any Break Costs and any other sum relating to the Loan which shall have become due under any of the Junior Loan (whether the same is due and payable or not)Security Documents but remains unpaid;
13.1.6 sixthly, in or towards payment to the Cash Collateral Account of any amounts so payable pursuant to the terms of this Agreement or the other Security Documents;
13.1.7 seventhly, in or towards payment to any Lender for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreement;
13.1.8 eighthly, in or towards payment to the Swap Provider of any sums owing to it under the Master Swap Agreement;
13.1.9 ninthly, in or towards payment to any Creditor (other than the Swap Provider) Bank of any other sums owing to it under any of the Security Documents;
13.1.10 tenthly, in or towards payment of any FFA Provider of any sums owing to it under the FFA Agreements; and
13.1.11 finally13.1.7 seventhly, the surplus (if any) shall be paid to the Borrowers Borrower or to whomsoever else may then be entitled to receive such surplus.
Appears in 2 contracts
Sources: Facility Agreement (EuroDry Ltd.), Facility Agreement (Euroseas Ltd.)
Application of Moneys. All moneys received by the Agent and/or the Security Agent under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Agent's ’s or (as the case may be) the Agent's ’s discretion, shall be applied pro rata against each Sub-Tranche and the Swap Exposure OR if a notice of an Event of Default has been served to the Borrowers by the Agent and whilst such Event of Default is continuing all moneys received by the Agent and/or the Security Agent under or pursuant to any of the Security Documents shall be applied in the following manner:
13.1.1 first, in or towards payment of all unpaid fees, commissions, costs and expenses which may be owing to the Agent and/or the Security Agent and/or the Swap Provider or Arranger and/or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any arrears unpaid fees and commissions payable to the Agent and/or the Security Agent and/or the Arranger and/or any of interest owing in respect them under any of the Senior Loan or any part thereofSecurity Documents;
13.1.3 thirdly, in or towards repayment of the Senior Loan (whether the same is due and payable or not);
13.1.4 fourthly, in or towards payment of any arrears of interest owing in respect of the Junior Loan each Sub-Tranche A;
13.1.4 fourthly, in or any part thereoftowards repayment of each Sub-Tranche A (whether same has become due and payable or not);
13.1.5 fifthly, in or towards repayment payment of the Junior Loan (whether the same is due and payable or not)any arrears of interest owing in respect of each Sub-Tranche B;
13.1.6 sixthly, in or towards payment to the Cash Collateral Account repayment of any amounts so each Sub-Tranche B (whether same has become due and payable pursuant to the terms of this Agreement or the other Security Documentsnot);
13.1.7 seventhly, in or towards payment to any Lender for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating all unpaid costs and expenses which may be owing to the part of Swap Provider under the Loan repaid and which amounts are so payable under this Master Swap Agreement;
13.1.8 eighthlyeightly, in or towards payment of any unpaid fees and commissions payable to the Swap Provider under the Master Swap Agreement;
13.1.9 ninthly, in or towards payment to the Swap Provider of any sums owing to it under the Master Swap Agreement;
13.1.9 ninthly, in or towards payment Agreement relating to any Creditor (other than the Swap Provider) of any other sums owing to it under any of the Security Documentseach Sub-Tranche A;
13.1.10 tenthly, in or towards payment of any FFA to the Swap Provider of any sums owing to it under the FFA AgreementsMaster Swap Agreement relating to each Sub-Tranche B; and
13.1.11 finallyeleventhly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 2 contracts
Sources: Facility Agreement (Costamare Partners LP), Facility Agreement (Costamare Partners LP)
Application of Moneys. All moneys monies received by the Facility Agent and/or the Security Agent Trustee under or pursuant to any of the Security Documents and that are expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Agent's or (as the case may be) the Agent's discretion13.1, shall be applied by the Facility Agent in the following manner:
13.1.1 first, in or towards payment payment, on a pro rata basis, of all unpaid fees, commissions, costs and expenses which may be owing to any of the Agent and/or the Security Agent and/or Finance Parties (except the Swap Provider Provider) or any of them under any of the Security DocumentsDocuments (except the Master Swap Agreement);
13.1.2 secondly, in or towards payment to the Lenders, on a pro rata basis, of any arrears of interest owing in respect of the Senior Loan or any part thereofthereof which have become due but remain unpaid;
13.1.3 thirdly, in or towards repayment payment to the Lenders, on a pro rata basis, of any amount of principal which shall have become due in respect of the Senior Loan (whether the same is due and payable or not)but remains unpaid;
13.1.4 fourthly, in or towards payment of any arrears of interest owing in respect of the Junior Loan or any part thereof;
13.1.5 fifthly, in or towards repayment of the Junior Loan (whether the same is due and payable or not);
13.1.6 sixthly, in or towards payment to the Cash Collateral Account of any amounts so payable pursuant to the terms of this Agreement or the other Security Documents;
13.1.7 seventhlyLenders, in or towards payment to any Lender on a pro rata basis, for any loss suffered by reason of any such payment in respect of principal set out in clause 13.1.3 above not being effected on an Interest Payment Date relating to the part of the Loan repaid repaid;
13.1.5 fifthly, in or towards payment to the Finance Parties (except the Swap Provider), on a pro rata basis, of any other sums owing to each of them under any of the Security Documents (except the Master Swap Agreement) which have become due but remain unpaid;
13.1.6 sixthly, in or towards payment to the Lenders, on a pro rata basis, of any amount of principal which has not yet become due and which amounts are so payable under this Agreementin respect of the Loan;
13.1.7 seventhly, in or towards payment to the Lenders on a pro rata basis for any loss suffered by reason of any such payment of principal set out in clause 13.1.6 above not being effect on an Interest Payment Date relating to the part of the Loan repaid;
13.1.8 eighthly, in or towards payment to the Finance Parties (except the Swap Provider Provider), on a pro rata basis, of any sums other sum owing to it each of them under any of the Security Documents (except the Master Swap Agreement) which has not yet become due and payable;
13.1.9 ninthly, in or towards payment to any Creditor (other than the Swap Provider) of any other sums owing to it under any of the Security Documents;
13.1.10 tenthly, in or towards payment of any FFA Provider of any sums amount owing to it under the FFA AgreementsMaster Swap Agreement; and
13.1.11 finally13.1.10 tenthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 1 contract
Sources: Loan Agreement (DryShips Inc.)
Application of Moneys. All moneys If either (a) on any date on which a payment is due to be made by the Borrowers under this Agreement, the amount received by the Facility Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date or (b) the Facility Agent, the Security Trustee and/or the Security Agent Lenders receive moneys under or pursuant to any of the Security Documents and that are expressed to be applicable in accordance with the provisions of this clause 13.1 13.1, then, without prejudice to any rights or in a manner determined in remedies available to the Facility Agent, the Security Trustee and the Lenders under the Security Documents, such amount, if received by the Lenders shall be paid to the Facility Agent's or (as the case may be) the Agent's discretion, and shall be applied by the Facility Agent in the following manner:
13.1.1 first, first in or towards payment toward payment, on a pari passu basis, of all unpaid fees, commissions, costs and expenses which may be owing to the Agent and/or the Security Agent and/or the Swap Provider or any of them the Finance Parties under any of the Security Documents;
13.1.2 secondly, in or towards payment of any arrears of interest owing in respect of the Senior Loan or any part thereofwhich have become due but remain unpaid;
13.1.3 thirdly, in or towards repayment payment to the Lenders, on a pari passu basis, of the Senior Loan (whether the same is any principal which has become due and payable or not)but remains unpaid;
13.1.4 fourthly, in or towards payment of any arrears of interest owing in respect of the Junior Loan or any part thereof;
13.1.5 fifthly, in or towards repayment of the Junior Loan (whether the same is due and payable or not);
13.1.6 sixthly, in or towards payment to the Cash Collateral Account of any amounts so payable pursuant to the terms of this Agreement or the other Security Documents;
13.1.7 seventhly, in or towards payment to any Lender Lenders for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreementrepaid;
13.1.8 eighthly13.1.5 fifthly, in or towards payment to the Swap Provider of any sums owing to it under the Master Swap Agreement;
13.1.9 ninthly, in or towards payment to any Creditor (other than the Swap Provider) Finance Parties of any other sums owing to it (including indemnity amounts) which have become due but remain unpaid under any of the Security Documents;
13.1.10 tenthly, in or towards payment of any FFA Provider of any sums owing to it under the FFA Agreements; and
13.1.11 finally13.1.6 sixthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 1 contract
Application of Moneys. All moneys received by the Agent and/or the Security Agent under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Agent's ’s or (as the case may be) the Agent's ’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment payment, on a pro rata basis, of all unpaid fees, commissions, costs and expenses which may be owing to any Arranger, the Agent and/or the Security Agent and/or the Issuing Bank and/or the Swap Provider or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment payment, on a pro rata basis, of any unpaid fees and commissions payable to the Creditors (other than the Swap Provider) or any of them;
13.1.3 thirdly, in or towards payment, on a pro rata basis, of any arrears of interest owing in respect of the Senior Loan or in respect of any amounts owing under clauses 2.7.1 and 2.7.3 or any part thereof;
13.1.3 thirdly13.1.4 fourthly, in or towards repayment repayment, on a pro rata basis, of the Senior Loan or any amount of principal owing under clauses 2.7.1 or 2.7.3 (whether the same is due and payable or not);
13.1.4 fourthly, in or towards payment of any arrears of interest owing in respect of the Junior Loan or any part thereof;
13.1.5 fifthly, in or towards repayment of the Junior Loan (whether the same is due and payable or not);
13.1.6 sixthly, in or towards payment to the Cash Collateral Account of any amounts so payable pursuant to the terms of this Agreement or the other Security Documents;
13.1.7 seventhly13.1.6 sixthly, in or towards payment payment, on a pro rata basis, to any Lender Bank for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreement;
13.1.8 eighthly, in or towards payment to the Swap Provider of any sums owing to it under the Master Swap Agreement;
13.1.9 ninthly13.1.7 seventhly, in or towards payment to any Creditor (other than the Swap Provider) of any other sums owing to it under any of the Security Documents;Documents (and if such sums are owing to more than one Creditor, as between such Creditors on a pro rata basis); and
13.1.10 tenthly13.1.8 eighthly, in or towards payment of any FFA to the Swap Provider of any sums owing to it under the FFA Agreements; andMaster Swap Agreement;
13.1.11 finally13.1.9 ninethly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 1 contract
Sources: Facility Agreement (Costamare Inc.)
Application of Moneys. All moneys received by the Agent and/or the Security Agent Lender under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 Clause 15.1 or in a manner determined in the Security Agent's or (as the case may be) the Agent's Lender’s discretion, shall be applied in the following manner:
13.1.1 15.1.1 first, in or towards payment payment, in such order as the Lender may decide, of all any unpaid fees, commissions, costs and expenses which may be owing to of the Agent and/or Lender and the Security Agent and/or the Swap Provider or any of them Lender under any of the Security Documents;
13.1.2 15.1.2 secondly, in or towards payment of any arrears fees payable to the Lender under, or in relation to, the Security Documents which remain unpaid;
15.1.3 thirdly, in or towards payment to the Lender of any accrued default interest owing pursuant to Clause 4.7 (Default Interest) but remains unpaid;
15.1.4 fourthly, in or towards payment to the Lender of any accrued interest owing in respect of the Senior Loan or which shall have become due under any part thereofof the Security Documents but remains unpaid;
13.1.3 thirdly, in or towards repayment of the Senior Loan (whether the same is due and payable or not);
13.1.4 fourthly15.1.5 fifthly, in or towards payment to the Lender of any arrears of interest owing in respect of the Junior Loan or any part thereofdue but unpaid Repayment Instalments;
13.1.5 fifthly, in or towards repayment of the Junior Loan (whether the same is due and payable or not);
13.1.6 15.1.6 sixthly, in or towards payment to the Cash Collateral Account Lender in application in repayment of any amounts so payable pursuant to the terms of this Agreement or the other Security DocumentsLoan in accordance with Clause 6.7.2 hereof;
13.1.7 15.1.7 seventhly, in or towards payment to any Lender for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreement;Agreement and any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid; and
13.1.8 15.1.8 eighthly, in or towards payment under Clause 16.3 (Retention Account: credits and withdrawals) (on the first Business Day following the day on which the obligation any the Borrower to the Swap Provider of any sums owing to it make such payment under the Master Swap Agreement;
13.1.9 ninthly, in or towards payment to any Creditor (other than the Swap Provider) of any other sums owing to it under any of the Security Documents;
13.1.10 tenthly, in or towards payment of any FFA Provider of any sums owing to it under the FFA AgreementsClause 16.3 arises); and
13.1.11 finally15.1.9 ninthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may then be entitled to receive such surplus. The order of application set out in Clauses 15.1.1 to 15.1.8 may be varied by the Lender without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Application of Moneys. All moneys received by the Agent and/or the Security Agent under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Agent's or (as the case may be) the Agent's discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment of all unpaid fees, commissions, costs and expenses which may be owing to the Agent and/or the Security Agent and/or Creditors (other than the Swap Provider Providers) or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any arrears of interest owing in respect of unpaid fees payable to the Senior Loan Creditors (other than the Swap Providers) or any part thereofof them;
13.1.3 thirdly, in or towards repayment of the Senior Loan (whether the same is due and payable or not);
13.1.4 fourthly, in or towards payment of any arrears of interest owing in respect of the Junior Loan or any part thereofthereof (and as between default interest and normal interest, first in or towards payment of default interest and, secondly, in or towards payment of normal interest);
13.1.5 fifthly13.1.4 fourthly, in or towards repayment of the Junior Loan (whether the same is due and payable or not);
13.1.6 sixthly, in or towards payment to the Cash Collateral Account of any amounts so payable pursuant to the terms of this Agreement or the other Security Documents;
13.1.7 seventhly13.1.5 fifthly, in or towards payment to any Lender Bank for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreement;
13.1.8 eighthly, in or towards payment to the Swap Provider of any sums owing to it under the Master Swap Agreement;
13.1.9 ninthly13.1.6 sixthly, in or towards payment to any Creditor (other than the Swap ProviderProviders) of any other sums owing to it under any of the Security DocumentsDocuments (and if any such sums are owing to more than one Creditors, as between such Creditors, on a pro rata basis);
13.1.10 tenthly13.1.7 seventhly, in or towards payment of any FFA to a Swap Provider of any sums owing to it under the FFA relevant Master Swap Agreement (and if any sums are owing under both Master Swap Agreements, as between such Swap Providers, on a pro rata basis); and
13.1.11 finally13.1.8 eighthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus.
Appears in 1 contract
Application of Moneys. All moneys received by the Agent and/or the Security Agent Banks under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Agent's or (as the case may be) the Agent's discretion, shall be applied by the Agent and/or the Banks in the following manner:
13.1.1 first, first in or towards toward payment of all unpaid fees, commissions, costs commissions and expenses which may be owing to the Agent and/or the Security Agent and/or any Finance Party (other than the Swap Provider or any of them Bank) under any of the Security DocumentsDocuments (other than the Master Swap Agreement);
13.1.2 secondly, secondly in or towards payment of any arrears of interest owing in respect of the Senior Loan or any part thereof;
13.1.3 thirdly, thirdly in or towards repayment of the Senior Loan (whether the same is due and payable or not);
13.1.4 fourthly, in or towards payment of any arrears of interest owing in respect of the Junior Loan or any part thereof;
13.1.5 fifthly, in or towards repayment of the Junior Loan (whether the same is due and payable or not);
13.1.6 sixthly, in or towards payment to the Cash Collateral Account of any amounts so payable pursuant to the terms of this Agreement or the other Security Documents;
13.1.7 seventhly, fourthly in or towards payment to any Lender Bank for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreementrepaid;
13.1.8 eighthly, 13.1.5 fifthly in or towards payment payments to the Swap Provider Bank of any sums sum (including without limitation all unpaid, fees, commissions and expenses) owing to it the Swap Bank under the Master Swap Agreement;
13.1.9 ninthly, 13.1.6 sixthly in or towards payment to any Creditor (other than the Swap Provider) Bank of any other sums owing to it under any of the Security Documents;
13.1.10 tenthly, in or towards payment of any FFA Provider of any sums owing to it under the FFA Agreements; and
13.1.11 finally, 13.1.7 seventhly the surplus (if any) shall be paid to the Borrowers Borrower or to whomsoever else may be entitled to receive such surplus, or in such other manner as the Banks may determine.
Appears in 1 contract
Sources: Facilities Agreement (Omega Navigation Enterprises, Inc.)
Application of Moneys. All moneys received by the Agent and/or the Security Agent Lender under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Agent's or (as the case may be) the Agent's Lender’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment payment, in such order as the Lender may decide, of all any unpaid fees, commissions, costs and expenses which may be owing to of the Agent and/or the Security Agent and/or the Swap Provider or any of them Lender under any of the Security Documents;
13.1.2 secondly, in or towards payment of any arrears of interest owing fees payable to the Lender under, or in respect of relation to, the Senior Loan or any part thereofSecurity Documents which remain unpaid;
13.1.3 thirdly, in or towards repayment payment to the Lender of the Senior Loan (whether the same is due and payable or not)any accrued default interest owing pursuant to clause 3.4 but remains unpaid;
13.1.4 fourthly, in or towards payment to the Lender of any arrears of accrued interest owing in respect of the Junior Loan or which shall have become due under any part thereofof the Security Documents but remains unpaid;
13.1.5 fifthly, in or towards repayment payment (i) to the Lender of any due but unpaid Repayment Instalments and (ii) to the Junior Loan (whether Lender of any sum which shall have become due under the same is due and payable or not)Master Agreement but remains unpaid;
13.1.6 sixthly, in or towards payment to the Cash Collateral Account Lender in application in repayment of any amounts so payable pursuant to the terms of this Agreement or the other Security DocumentsLoan in accordance with clause 4.6.2;
13.1.7 seventhly, in or towards payment to any Lender for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreement;
13.1.8 eighthly, in or towards payment Agreement and any other sum relating to the Swap Provider of any sums owing to it under the Master Swap Agreement;
13.1.9 ninthly, in or towards payment to any Creditor (other than the Swap Provider) of any other sums owing to it Loan which shall have become due under any of the Security Documents;
13.1.10 tenthly, in or towards payment of any FFA Provider of any sums owing to it under the FFA AgreementsDocuments but remains unpaid; and
13.1.11 finally13.1.8 eighthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may then be entitled to receive such surplus. The order of application set out in clauses 13.1.1 to 13.1.8 may be varied by the Lender without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Sources: Facility Agreement (EuroDry Ltd.)
Application of Moneys. All moneys received by the Agent and/or the Security Agent Banks under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Agent's or (as the case may be) the Agent's discretion, shall be applied by the Agent and/or the Banks in the following manner:
13.1.1 first, first in or towards toward payment of all unpaid fees, commissions, costs commissions and expenses which may be owing to the Agent and/or the Security Agent and/or any Finance Party (other than the Swap Provider or any of them Banks) under any of the Security DocumentsDocuments (other than the Master Swap Agreements);
13.1.2 secondly, secondly in or towards payment of any arrears of interest owing in respect of the Senior Loan or any part thereof;
13.1.3 thirdly, thirdly in or towards repayment of the Senior Loan (whether the same is due and payable or not);
13.1.4 fourthly, in or towards payment of any arrears of interest owing in respect of the Junior Loan or any part thereof;
13.1.5 fifthly, in or towards repayment of the Junior Loan (whether the same is due and payable or not);
13.1.6 sixthly, in or towards payment to the Cash Collateral Account of any amounts so payable pursuant to the terms of this Agreement or the other Security Documents;
13.1.7 seventhly, fourthly in or towards payment to any Lender Bank for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreementrepaid;
13.1.8 eighthly, in or towards payment to the Swap Provider of any sums owing to it under the Master Swap Agreement;
13.1.9 ninthly, 13.1.5 fifthly in or towards payment to any Creditor (other than the Swap Provider) Finance Party of any other sums owing to it under any of the Security Documents;
13.1.10 tenthly13.1.6 sixthly in or towards payments to the Swap Banks of any sum (including without limitation all unpaid, fees, commissions and expenses) owing to the Swap Banks under the Master Swap Agreements and on a pro rata basis as between such Swap Banks;
13.1.7 seventhly, in or towards payment payments to any Swap Bank of any FFA Provider of any other sums owing to it under any of the FFA Security Documents and/or the Master Swap Agreements; and
13.1.11 finally13.1.8 lastly, the surplus (if any) shall be paid to the Borrowers Borrower or to whomsoever else may be entitled to receive such surplus, or in such other manner as the Banks may determine.
Appears in 1 contract
Application of Moneys. All moneys received by the Agent and/or the Security Agent Trustee under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Agent's Trustee’s or (as the case may be) the Agent's ’s discretion, shall be applied in the following manner:
13.1.1 first, in or towards payment payment, on a pro-rata basis, of all any unpaid fees, commissions, costs and expenses which may be owing to of the Agent and/or the Security Agent and/or the Swap Provider Banks or any of them under any of the Security Documents;
13.1.2 secondly, in or towards payment of any arrears of interest owing in respect fees payable to the Agent or any of the Senior Loan other Banks under, or any part thereofin relation to, the Security Documents which remain unpaid;
13.1.3 thirdly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
13.1.4 fourthly, in or towards repayment of the Senior Loan and the Advances (in such proportions as the Lenders require and whether the same is due and payable or not);
13.1.4 fourthly) and shall be applied, in or towards payment of any arrears of interest owing in respect of the Junior Loan or any part thereofLoan, pro rata against the outstanding repayment instalments;
13.1.5 fifthly, in or towards repayment payment to the Lenders, on a pro rata basis any Break Costs and any other sum relating to the Loan which shall have become due under any of the Junior Loan Security Documents (whether other than under or in relation to the same is due and payable or not)Master Agreement) but remains unpaid;
13.1.6 sixthly, in or towards payment to the Cash Collateral Account Swap Bank of any amounts so payable pursuant to other sum which shall have become due under the terms of this Master Agreement or the other Security Documents;but remains unpaid; and
13.1.7 seventhly, in or towards payment to any Lender for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under this Agreement;
13.1.8 eighthly, in or towards payment to the Swap Provider of any sums owing to it under the Master Swap Agreement;
13.1.9 ninthly, in or towards payment to any Creditor (other than the Swap Provider) of any other sums owing to it under any of the Security Documents;
13.1.10 tenthly, in or towards payment of any FFA Provider of any sums owing to it under the FFA Agreements; and
13.1.11 finally, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may then be entitled to receive such surplus.
Appears in 1 contract