Application of Earnings. Each Borrower undertakes with the Lenders that money from time to time credited to, or for the time being standing to the credit of, its Earnings Account shall, unless and until an Event of Default shall have occurred (whereupon the provisions of Clause 17.1 shall be and become applicable), be available for application in the following manner:
Application of Earnings. The Borrowers and the Creditor Parties irrevocably authorise the Agent to apply monies from time to time credited to, or for the time being standing to the credit of, an Earnings Account, unless and until an Event of Default or Potential Event of Default shall have occurred (whereupon the provisions of Clause 17.1 shall be and become applicable), in the following manner:
Application of Earnings. Until an Event of Default or a Potential Event of Default occurs, the Lender shall on each Repayment Date and on each due date for the payment of interest under this Agreement apply (and the Borrowers hereby irrevocably authorise the Lender to apply) so much of the balance on the Accounts as equals:
Application of Earnings. The Borrower undertakes with each Creditor Party to procure that money from time to time credited to, or for the time being standing to the credit of, the Danaos Earnings Account shall, unless and until an Event of Default or Potential Event of Default shall have occurred (whereupon the provisions of Clause 17.1 shall be and become applicable), be available for application in the following manner:
Application of Earnings. All Earnings received by the Assignee pursuant to the assignment in this Deed shall be applied in accordance with clause 3.4 of the Fourth Priority Security Co-ordination Deed and section 4.05 of the Credit Agreement.
Application of Earnings. (a) Each Borrower shall transfer from its Earnings Account to the Facility Agent:
Application of Earnings. Each Borrower shall transfer from its Earnings Account to the Facility Agent:
Application of Earnings. Each Shipowner undertakes with the Lenders that money from time to time credited to, or for the time being standing to the credit of, the Earnings Account shall, unless and until an Event of Default or Potential Event of Default shall have occurred (whereupon the provisions of Clause 16.1 shall be and become applicable), be available for application in the following manner:
Application of Earnings. Except as expressly contemplated in Section 4.3(e) of the Contribution Agreement, pay all available funds toward repayment of the Working Capital Note and any Development Facility Notes, regardless of whether payment of such amounts exceeds the minimum required payments under the Working Capital Note and the Development Facility Notes. -----------------------
Application of Earnings. 8.1 The Borrower will comply with any written requirement of the Lender from time to time as to the location or re-location of the Operating Account and will from time to time enter into such documentation as the Lender may require in order to create or maintain in favour of the Lender a Security Interest in the Operating Account, all at the cost and expense of the Borrower.
