Application of Earnings. The Borrower undertakes with the Lender to procure that money from time to time credited to, or for the time being standing to the credit of, an Earnings Account or, as the case may be, 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 16.1 shall be and become applicable), be available for application in the following manner:
Appears in 2 contracts
Samples: Loan Agreement (Danaos Corp), Loan Agreement (Danaos Corp)
Application of Earnings. The Borrower undertakes with the Lender each Creditor Party to procure that money from time to time credited to, or for the time being standing to the credit of, an Earnings Account or, as the case may be, 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 16.1 17.1 shall be and become applicable), be available for application in the following manner:
Appears in 2 contracts
Samples: Loan Agreement (Danaos Corp), Loan Agreement (Danaos Corp)
Application of Earnings. The Borrower undertakes with the Lender to procure that money from time to time credited to, or for the time being standing to the credit of, an Earnings Account or, as the case may be, 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 16.1 shall be and become applicable), be available for application in the following manner:
Appears in 1 contract
Samples: Loan Agreement (Danaos Corp)
