Common use of General application of moneys Clause in Contracts

General application of moneys. Whilst an Event of Default is continuing unremedied and unwaived the Borrower irrevocably authorises the Agent and the Security Agent to apply all sums which either of them may receive: 10.3.1 pursuant to a sale or other disposition of a Vessel or any right, title or interest in the Vessel; or 10.3.2 by way of payment of any sum in respect of the Insurances, Earnings, Charter Rights or Requisition Compensation; or 10.3.3 otherwise arising under or in connection with any Security Document, in accordance with Clause 3.4.3 or Clause 3.4.4 (if relevant) or otherwise in or towards satisfaction, or by way of retention on account, of the Indebtedness, as follows:- (i) first in payment of all outstanding fees and expenses of the Agent and the Security Agent; (ii) secondly in or towards payment of all outstanding interest hereunder; (iii) thirdly in or towards payment of all outstanding principal hereunder; (iv) fourthly in or towards payment of all other Indebtedness hereunder; (v) fifthly the balance, if any, shall be remitted to the Borrower or whoever may be entitled thereto.

General application of moneys. Whilst an Event of Default is continuing unremedied and unwaived the Borrower irrevocably authorises the Agent and the Security Agent to apply all sums which either of them may receive: 10.3.1 pursuant to a sale or other disposition of a Vessel or any right, title or interest in the Vessel; or 10.3.2 by way of payment of any sum in respect of the Insurances, Earnings, Charter Rights or Requisition Compensation; or 10.3.3 otherwise arising under or in connection with any Security Document, in accordance with Clause 3.4.3 or Clause 3.4.4 (if relevant) or otherwise in or towards satisfaction, or by way of retention on account, of the Indebtedness, as follows:- (i) first in payment of all outstanding fees and expenses of the Agent and the Security Agent;; \P1\3549672.7 (ii) secondly in or towards payment of all outstanding interest hereunder; (iii) thirdly in or towards payment of all outstanding principal hereunder; (iv) fourthly in or towards payment of all other Indebtedness hereunder; (v) fifthly the balance, if any, shall be remitted to the Borrower or whoever may be entitled thereto.