Common use of Application following an Event of Default Clause in Contracts

Application following an Event of Default. Following an Event of Default all monies received by the Agent shall be applied in the following order: firstly, in respect of all costs and expenses whatsoever incurred in connection with or incidental to the enforcement of any Security Document, (excluding enforcement of the GIEK Guarantee and the K-sure Insurance); secondly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured in the Finance Parties’ secured assets; thirdly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents, the GIEK Guarantee and the K-sure Insurance Policy; fourthly, in or towards payment pro rata of any accrued interest (including default interest), fee or commissions due but unpaid under this Agreement; fifthly, in or towards payment pro rata of any principal due but unpaid and indemnification due but unpaid under this Agreement, including costs relating to the enforcement of the GIEK Guarantee and the K-sure Insurance; and finally, the balance (if any) to the Borrowers, provided, however, that any sum received by the K-sure Agent from K-sure in respect of claims under a K-sure Insurance Policy shall be shared amongst the K-sure Lenders only and shall be applied in accordance with the K-sure Insurance Policy. No set-off by the Obligors All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. Payment on non-Business Days Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. Currency of account The Obligors shall pay: any amount payable under this Agreement, except as otherwise provided for herein, in USD; and all payments of costs and Taxes in the currency in which the same were incurred.

Application following an Event of Default. Following an Event of Default Default, all monies received by the Agent shall be applied in the following order: firstly, in respect of all costs and expenses whatsoever incurred by the Agent in connection with or incidental to the enforcement of any Security DocumentFinance Document (save for fees, (excluding enforcement of costs and expenses under the GIEK Guarantee and the K-sure InsuranceSecured Hedging Agreements); secondly, in or towards payment pro rata of any other unpaid fees, costs and expenses of the Agent under the Finance Documents (save for fees, costs and expenses under the Secured Hedging Agreements; thirdly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured in the Finance Parties’ secured assets; thirdly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents, the GIEK Guarantee and the K-sure Insurance Policy; fourthly, in or towards payment pro rata of any accrued interest (including default interest), fee or commissions commission due but unpaid under this Agreement; fifthly, in or towards payment pro rata of any principal due but unpaid and indemnification due but unpaid under this Agreement; sixthly, including costs relating to in or towards payment pro rata of any other sum due but unpaid under the enforcement Finance Documents (except for under the Secured Hedging Agreements); s, in or towards payment pro rata of any sum due but unpaid under the GIEK Guarantee and the K-sure InsuranceSecured Hedging Agreements; and finally, the balance (if any) to the Borrowers, provided, however, that any sum received by the K-sure Agent from K-sure in respect of claims under a K-sure Insurance Policy shall be shared amongst the K-sure Lenders only and shall be applied in accordance with the K-sure Insurance PolicyBorrower or to its order. No set-off by the Obligors All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. Payment on non-Business Days Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. Currency of account The Obligors shall pay: any amount payable under this Agreement, except as otherwise provided for herein, in USD; and all payments of costs and Taxes in the currency in which the same were incurred.

Application following an Event of Default. Following an Event of Default Default, all monies received by the Agent shall be applied in the following order: firstly, in respect of all costs and expenses whatsoever incurred by the Agent in connection with or incidental to the enforcement of any Security DocumentFinance Document (save for fees, (excluding enforcement of costs and expenses under the GIEK Guarantee and the K-sure InsuranceSecured Hedging Agreements); secondly, in or towards payment pro rata of any other unpaid fees, costs and expenses of the Agent under the Finance Documents (save for fees, costs and expenses under the Secured Hedging Agreements; thirdly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured in the Finance Parties’ secured assets; thirdly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents, the GIEK Guarantee and the K-sure Insurance Policy; fourthly, in or towards payment pro rata of any accrued interest (including default interest), fee or commissions commission due but unpaid under this Agreement; fifthly, in or towards payment pro rata of any principal due but unpaid and indemnification due but unpaid under this Agreement; sixthly, including costs relating to in or towards payment pro rata of any other sum due but unpaid under the enforcement Finance Documents (except for under the Secured Hedging Agreements); s, in or towards payment pro rata of any sum due but unpaid under the GIEK Guarantee and the K-sure InsuranceSecured Hedging Agreements; and finally, the balance (if any) to the Borrowers, provided, however, that any sum received by the K-sure Agent from K-sure in respect of claims under a K-sure Insurance Policy shall be shared amongst the K-sure Lenders only and shall be applied in accordance with the K-sure Insurance PolicyBorrower or to its order. No set-off by the Obligors # 72 (72) Exhibit 10.5 - Part II EXECUTION VERSION All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. Payment on non-Business Days Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. Currency of account The Obligors shall pay: any amount payable under this Agreement, except as otherwise provided for herein, in USD; and all payments of costs and Taxes in the currency in which the same were incurred.