Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers: 6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent under any of the Security Documents; 6.9.2 secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors under, or in relation to, the Security Documents which remain unpaid; 6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest which shall have become due under any of the Security Documents but remains unpaid; 6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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; 6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and 6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 6 contracts
Sources: Loan Agreement (Aegean Marine Petroleum Network Inc.), Third Supplemental Agreement (Aegean Marine Petroleum Network Inc.), Ninth Supplemental Agreement (Aegean Marine Petroleum Network Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent Bank from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Bank under any of the Security Documents, the Agent shall Bank must apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Bank under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Bank under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, Bank of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, Bank of any principal amount in respect of the Loan which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;repaid and which amounts are so payable under this Agreement; and
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.1 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, Bank without any reference to, or consent or approval from, the Borrowers...
Appears in 6 contracts
Sources: Facility Agreement, Facility Agreement, Facility Agreement (Navios Maritime Acquisition CORP)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards payment to repayment of the Banks, on a pro rata basis, of any principal amount Loan which shall have become due but remains unpaidand payable;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). ; and The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.5 may be varied by the Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 4 contracts
Sources: Facility Agreement (Navios Maritime Partners L.P.), Facility Agreement, Facility Agreement (Navios Maritime Acquisition CORP)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks under Creditors or any of them under the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 firstfirstly, in or towards payment, on a pro-pro rata basis, of any unpaid costs and expenses of the Agent and the Security Agent under any of under, or in relation to, the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Creditor under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount in respect of the Loan which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, any 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 repaidrepaid and which amounts are so payable under this Agreement;
6.9.6 sixthly, in or towards payment to a the Swap Provider of any sums amounts owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)Agreement; and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 this clause 6.9.3 to 6.9.6 6.9.7 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 3 contracts
Sources: Loan Agreement (Poseidon Containers Holdings Corp.), Loan Agreement (DryShips Inc.), Loan Agreement (Diana Containerships Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent Lender from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lender under any of the Security Documents, the Agent shall Lender must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 first, in or towards payment, on a pro-rata basis, payment of any unpaid costs and expenses of the Agent and the Security Agent Lender under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Lender under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, Lender of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, Lender of any principal amount in respect of the Loan which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;repaid and which amounts are so payable under this Agreement; and
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 3 contracts
Sources: Facility Agreement, Facility Agreement (Navios Maritime Midstream Partners LP), Facility Agreement (Navios Maritime Midstream Partners LP)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards (i) payment to the Banks, on a pro rata basis, of any accrued interest which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards (ii) payment to the Banks, on a pro rata basis, of any amount of principal amount which shall have become due under any of the Security Documents but remains unpaidunpaid and (iii) payment to the Swap Provider of any sums owing to it under the Master Swap Agreement and on a pro rata basis as between (i) to (iii) inclusive;
6.9.5 fifthly6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly6.9.5 fifthly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.3 to 6.9.6 6.9.5 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the BorrowersBorrowers or any other Creditor.
Appears in 3 contracts
Sources: Supplemental Agreement (Quintana Shipping Ltd.), Loan Agreement (Quintana Shipping Ltd.), Supplemental Agreement (Quintana Shipping Ltd.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent Bank from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Bank under any of the Security Documents, the Agent shall Bank must apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Bank under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Bank under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, Bank of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, Bank of any principal amount in respect of the Loan which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;repaid and which amounts are so payable under this Agreement; and
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.1 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, Bank without any reference to, or consent or approval from, the Borrowers.
Appears in 3 contracts
Sources: Facility Agreement (Navios Maritime Acquisition CORP), Facility Agreement (Navios Maritime Acquisition CORP), Facility Agreement (Navios Maritime Holdings Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards payment to repayment of the Banks, on a pro rata basis, of any principal amount Loan which shall have become due but remains unpaidand payable;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). ; and The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.5 may be varied by the Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 3 contracts
Sources: Facility Agreement (Navios Maritime Holdings Inc.), Facility Agreement (Navios Maritime Holdings Inc.), Facility Agreement (Navios Maritime Acquisition CORP)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lenders under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent, the Security Agent and the Security Agent Swap Provider under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission commissions payable to the either Arranger, the Agent or any of the other Creditors (other than the Swap Provider) under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the BanksSenior Lenders, on a pro rata basis, of any accrued interest in respect of the Senior Loan which shall have become due under any of the Security Documents (other than the Master Swap Agreement) but remains unpaid;
6.9.4 fourthly, in or towards payment to the BanksSenior Lenders, on a pro rata basis, of any principal amount in respect of the Senior Loan, which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the BanksJunior Lenders, on a pro rata basis, of any accrued interest in respect of the Junior Loan which shall have become due under any of the Security Documents (other than the Master Swap Agreement) but remains unpaid;
6.9.6 sixthly, in or towards payment to the Junior Lenders, on a pro rata basis, of any principal in respect of the Junior Loan, which shall have become due but remains unpaid;
6.9.7 seventhly, 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;
6.9.8 eighthly, in or towards payment to the Lenders, on a pro rata basis, 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 repaidrepaid and which amounts are so payable under this Agreement;
6.9.6 sixthly6.9.9 ninthly, in or towards payment to a the Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)Agreement; and
6.9.7 seventhly6.9.10 finally, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 2 contracts
Sources: Loan Agreement (Seanergy Maritime Holdings Corp.), Loan Agreement (Seanergy Maritime Holdings Corp.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Facility Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Facility Agent, the Security Agent Agent, the Lenders and the Banks Swap Bank under any of the Security Documents, the Facility Agent shall apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid fees, costs and expenses of the Facility Agent and the Security Agent under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basispayment to the Facility Agent, of any fees and accrued commitment commission payable to the Arranger, the Agent or any proportion of the other Creditors under, or in relation to, the Security Documents agency fee payable under clause 5.1.3 (Agency Fee) which remain shall have become due but remains unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders and the Swap Bank, on a pro pro-rata basis, of any accrued interest which shall have become due under any of this Agreement and the Security Documents Master Swap Agreement but remains unpaid;
6.9.4 6.10.4 fourthly, in or towards payment to the BanksLenders and the Swap Bank, on a pro pro-rata basis, of any principal amount which shall have become due under this Agreement and the Master Swap Agreement but remains unpaid;; and
6.9.5 6.10.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents this Agreement but remains unpaid (and, if more than one such sum so remains unpaid, on a pro pro-rata basis). The order of application set out in clauses 6.9.2 this clause 6.10.1 to 6.9.6 6.10.5 may be varied by the Facility Agent if all the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 2 contracts
Sources: Facilities Agreement, Loan Agreement (Golar LNG Partners LP)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Payment Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Payment Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Payment Agent shall must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Payment Agent, the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the ArrangerArrangers, the Payment Agent, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards payment to the BanksLenders, on a pro rata basis, of any principal amount in respect of the Loan which shall have become due but remains remain unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents (other than under or in relation to the Master Agreement) but remains unpaid; and
6.10.6 sixthly, in or towards payment to the Swap Banks of any other sum which shall have become due under the Master Agreements but remains unpaid (and, if more than one such sum so remains unpaid, on a to be applied pro rata basis)between the Swap Banks depending on their respective Settlement Amounts and Unpaid Amounts (as defined in the respective Master Agreements) under the Master Agreements which relate to this Agreement. The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.6 may be varied by the Payment Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 2 contracts
Sources: Facility Agreement (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Partners L.P.)
Partial payments. If, on any date on which (a) If the Agent receives a payment that is insufficient to discharge all the amounts then due to be made and payable by an Obligor under the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks under any of the Security Finance Documents, the Agent shall apply the amount actually received from the Borrowers in or that payment towards discharge of the obligations of the Borrowers that Obligor under the Security Finance Documents in the following order, notwithstanding order on the Repayment Date of the Senior Loan of any appropriation made, or purported to be made, by the BorrowersFacility:
6.9.1 (i) first, in or towards payment, on a pro-payment pro rata basis, of any unpaid fees, costs and expenses of the Agent and under the Security Agent under any of the Security Finance Documents;
6.9.2 (ii) secondly, in or towards payment, on a payment pro rata basis, of any fees and interest, accrued commitment fee (other than as provided in (i) above) or commission payable to the Arranger, the Agent or any in respect of the other Creditors under, or in relation to, the Security Documents which remain unpaidSenior Loan of each Facility due but unpaid under this Agreement;
6.9.3 (iii) thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest which shall have become due under any principal in respect of the Security Documents Senior Loan of each Facility due but remains unpaidunpaid under this Agreement;
6.9.4 (iv) fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, for any loss suffered by any of the Lenders by reason of any such payment in respect of principal not being effected on the last day of an Interest Payment Date relating to the part Period in respect of the whole of the Senior Loan repaidof each Facility;
6.9.6 (v) fifthly, in or towards payment pro rata of any amounts payable by the Borrowers under any Swap Agreement;
(vi) sixthly, in or towards payment to a Swap Provider pro rata of any sums owing to it interest, accrued fee (other than as provided in (i) above) or commission in respect of the Mezzanine Loan of each Facility due but unpaid under the relevant Master Swap this Agreement (and which shall be capitalised if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providersunpaid due to insufficient Surplus Cashflow); and;
6.9.7 (vii) seventhly, in or towards payment to pro rata of (aa) any principal in respect of the relevant person Mezzanine Loan of each Facility due but unpaid under this Agreement and (bb) any principal in respect of the Shareholder's Loan provided always that such payment shall be made on a pari passu basis and in the ratio of 52:48;
(viii) eighthly, in or towards payment pro rata of any loss suffered by any of the Lenders by reason of any such payment in respect of principal not being effected on the last day of an Interest Period in respect of the whole of the Mezzanine Loan of each Facility; and
(ix) ninthly, in or towards payment pro rata of any other sum which shall have become due but unpaid under any of the Security Documents but remains unpaid Finance Documents.
(andb) The Agent shall, if more than one such sum so remains unpaiddirected by the Majority Lenders, on a pro rata basis). The vary the order of application set out in clauses 6.9.2 paragraphs (a)(ii) to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without (v) above.
(c) Paragraphs (a) and (b) above will override any reference toappropriation made, or consent or approval fromdirected to be applied in some other manner, the Borrowersby an Obligor.
Appears in 2 contracts
Sources: Facility Agreement (Seanergy Maritime Holdings Corp.), Facility Agreement (Seanergy Maritime Holdings Corp.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Creditors or any of them under any of the Security Documents, then the Agent shall apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 firstfirstly, in or towards payment, on a pro-pro rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Creditors or any of them under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Arranger, the Agent Agent, the Issuing Bank or any of the other Creditors Creditor under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued commissions payable under clause 5.1 which shall have become due but remain unpaid;
6.9.4 fourthly, in or towards payment to the Banks and the Issuing Bank, on a pro rata basis, of any accrued interest which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly6.9.5 fifthly, in or towards payment to the BanksBanks and the Issuing Bank, on a pro rata basis, of any amounts of principal amount in respect of the Loan or owing under clauses 2.10.2 or 4.1.1, which shall have become due but remains unpaid;
6.9.5 fifthly6.9.6 sixthly, in or towards payment to the Banks, on a pro rata basis, any 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it principal so repaid and which amounts are so payable under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)this Agreement; and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.3 to 6.9.6 6.9.7 may be varied by the Agent if all the Majority Banks so direct, direct without any reference to, or consent or approval from, from the BorrowersBorrower.
Appears in 2 contracts
Sources: Facility Agreement (Aegean Marine Petroleum Network Inc.), Facility Agreement (Aegean Marine Petroleum Network Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Payment Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Payment Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Payment Agent shall must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Payment Agent, the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the ArrangerArrangers, the Payment Agent, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards payment to the BanksLenders, on a pro rata basis, of any principal amount in respect of the Loan which shall have become due but remains remain unpaid;; and
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.6 may be varied by the Payment Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 2 contracts
Sources: Facility Agreement, Facility Agreement (Navios Maritime Partners L.P.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks under any of the Security Documents, the Agent shall shalt apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 2 contracts
Sources: Supplemental Agreement (Aegean Marine Petroleum Network Inc.), Supplemental Agreement (Aegean Marine Petroleum Network Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards (i) payment to the Banks, on a pro rata basis, of any accrued interest which shall have become due under any of the Security Documents but remains unpaid and (ii) payment to the Banks, of any amount of principal which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly6.9.5 fifthly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.3 to 6.9.6 6.9.5 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the BorrowersBorrowers or any other Creditor.
Appears in 2 contracts
Sources: Loan Agreement (Quintana Shipping Ltd.), Loan Agreement (Quintana Shipping Ltd.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Arranger, the Security Agent and the Banks under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers pro rata against each Sub-Tranche and the Swap Exposure in or towards discharge of the obligations of the Borrowers under the Security Documents 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 such partial payments received by the Agent and/or the Security Agent under or pursuant to any of the Security Documents shall be applied in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowersmanner:
6.9.1 first, in or towards payment, on a pro-rata basis, payment of any all unpaid costs and expenses of which may be owing to the Agent and and/or the Security Agent and/or the Arranger and/or any of them under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, payment of any unpaid fees and accrued commitment commission commissions payable to the Arranger, Agent and/or the Security Agent or and/or the Arranger and/or any of them under any of the other Creditors under, or in relation to, the Security Documents which remain unpaidDocuments;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued arrears of interest which shall have become due under any owing in respect of the Security Documents but remains unpaideach Sub-Tranche A;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, repayment of any principal amount which shall have each Sub-Tranche A (whether same has become due but remains unpaidand payable or not);
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, for any loss suffered by reason of any such payment arrears of interest owing in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaideach Sub-Tranche B;
6.9.6 sixthly, in or towards payment to a Swap Provider repayment of any sums owing to it under the relevant Master Swap Agreement each Sub-Tranche B (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have whether same has become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basisand payable or not). The order of application set out in clauses 6.9.2 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.;
Appears in 2 contracts
Sources: Facility Agreement (Costamare Partners LP), Facility Agreement (Costamare Partners LP)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Creditors or any of them under any of the Security Documents, the Agent shall upon receiving the same, apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-pro rata basis, of any unpaid costs and expenses of the Agent and the Security Agent under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount part of the Loan which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;prepaid and which amounts are so payable under this Agreement; and
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The Following the occurrence of an Event of Default which is continuing, the order of application set out in clauses 6.9.2 6.9.3 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 2 contracts
Sources: Loan Agreement (Seanergy Maritime Holdings Corp.), Second Supplemental Agreement (Seanergy Maritime Holdings Corp.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards payment to repayment of the Banks, on a pro rata basis, of any principal amount Loan which shall have become due but remains unpaidand payable;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). ; and The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.5 may be varied by the Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 2 contracts
Sources: Facility Agreement (Pyxis Tankers Inc.), Facility Agreement for a Term Loan Facility (Navios Maritime Acquisition CORP)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards payment to the BanksLenders, on a pro rata basis, of any principal amount in respect of the Loan which shall have become due but remains unpaid and in or towards payment to the Swap Bank of any sum which shall have become due under the Master Agreement but remains unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part Loan which shall have become due under any of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)Security Documents but remains unpaid; and
6.9.7 seventhly6.10.6 sixthly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.6 may be varied by the Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 2 contracts
Sources: Facility Agreement (EuroDry Ltd.), Facility Agreement (Euroseas Ltd.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of any Arranger, the Agent Agent, the Security Agent, the Issuing Bank and the Security Agent Swap Provider under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission commissions payable to the any Arranger, the Agent or any of the other Creditors (other than the Swap Provider) under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks (including Guarantee Banks) and the Issuing Bank, on a pro rata basis, of any accrued interest in respect of the Loan or in respect of any amounts owing under clauses 2.7.1 or 2.7.3 which shall have become due under any of the Security Documents (other than the Master Swap Agreement) but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks (including Guarantee Banks) and the Issuing Bank, on a pro rata basis, of any principal amount in respect of the Loan or owing under clauses 2.7.1 or 2.7.3, which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, for any loss suffered by reason Cash Collateral Account of any such payment in respect of principal not being effected on an Interest Payment Date relating amounts so payable pursuant to the part terms of this Agreement or the Loan repaidother Security Documents;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Sources: Facility Agreement (Costamare Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent Lender from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lender under any of the Security Documents, the Agent shall Lender must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 first, in or towards payment, on a pro-rata basisin such order as the Lender may decide, of any unpaid costs and expenses of the Agent and the Security Agent Lender under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Lender under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the BanksLender of any accrued default interest owing pursuant to clause 3.4 but remains unpaid;
6.9.4 fourthly, on a pro rata basis, in or towards payment to the Lender of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the BanksLender of any due but unpaid Repayment Instalments; and
6.9.6 sixthly, in or towards payment to the Lender, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it repaid and which amounts are so payable under the relevant Master Swap this Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.1 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, Lender without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 1 contract
Sources: Facility Agreement (Euroseas Ltd.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers a Borrower under any of the Security Documentsthis Agreement, the amount received by the Agent from the Borrowers such Borrower falls short of the total amount of the payment due to be made by the Borrowers such Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lenders under any of the Security Documentsthis Agreement, the Agent shall apply the amount actually received from the Borrowers relevant Borrower in or towards discharge of the obligations of the Borrowers such Borrower under the Security Documents this Agreement in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowerssuch Borrower:
6.9.1 9.12.1 first, in or towards payment, on a pro-rata basispayment to the Lead Arrangers, of any unpaid costs and expenses portion of the Agent and the Security Agent front end fee payable under any of the Security Documentsclause 8.1.1 which shall have become due but remains unpaid;
6.9.2 9.12.2 secondly, in or towards paymentpayment to the Finance Parties, on a pro rata basis, of any fees unpaid fees, costs and accrued commitment commission payable to the Arranger, the Agent or any expenses of the other Creditors under, or in relation to, Finance Parties under this Agreement and any portion of the Security Documents agency fee payable under clause 8.1.2 which remain shall have become due but remains unpaid;
6.9.3 9.12.3 thirdly, in or towards payment to the BanksLenders, on a pro rata basis, of any accrued commitment commission payable under clause 8.1.3 which shall have become due but remains unpaid;
9.12.4 fourthly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest and fees which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly9.12.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 9.12.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 to 6.9.6 this clause 9.12 may be varied by the Agent if the Majority Banks all Lenders so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent, the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards payment to the BanksLenders, on a pro rata basis, of any principal amount in respect of the Loan which shall have become due but remains remain unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents (other than under or in relation to the Master Agreement) but remains unpaid (unpaid; and
6.10.6 sixthly, if more than one such in or towards payment to the Swap Banks of any other sum so which shall have become due under the Master Agreement but remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.6 may be varied by the Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Partial payments. If, on any date on which a payment is due to be made by the Borrowers any Borrower under any of the Security Documents, the amount received by the Agent Lender from the Borrowers such Borrower falls short of the total amount of the payment due to be made by the Borrowers such Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lender under any of the Security Documents, the Agent shall Lender must apply the amount actually received from the Borrowers that Borrower in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowersany Borrower:
6.9.1 first, in or towards payment, on a pro-rata basisin such order as the Lender may decide, of any unpaid costs and expenses of the Agent and the Security Agent Lender under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Lender under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the BanksLender of any accrued default interest owing pursuant to clause 3.4 but remains unpaid;
6.9.4 fourthly, on a pro rata basis, in or towards payment to the Lender of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly6.9.5 fifthly, in or towards payment to the BanksLender of any due but unpaid Repayment Instalments; and
6.9.6 sixthly, in or towards payment to the Lender, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, for Break Costs and any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.1 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, Lender without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Sources: Facility Agreement (Euroseas Ltd.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent, the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards repayment of the Loan which have become due and payable and in or towards payment to the Banks, on a pro rata basis, Swap Bank of any principal amount sum which shall have become due under the Master Agreement but remains unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). ; and The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.5 may be varied by the Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security DocumentsDocuments(the “due amount”), the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date is less than the full due amount then, without prejudice to any rights or remedies available to the Agent, the Security Agent Trustee, the Security Trustee and the Banks Lenders under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Banks or any of them under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards payment to the BanksLenders, on a pro rata basisbasis according to their respective Contributions, of any principal amount in respect of the Loan which shall have become due and payable but remains unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it repaid and which amounts are so payable under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)this Agreement; and
6.9.7 seventhly, 6.10.6 sixthly in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.6 may be varied by the Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Sources: Facility Agreement for a Term Loan Facility (Navios Maritime Partners L.P.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks under Creditors or any of them under the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent under any of the Security Documents;
6.9.2 secondlyfirstly, in or towards payment, on a pro rata basis, of any unpaid costs and expenses of any Arranger, the Agent, the Security Agent or any other Creditor under, or in relation to, the Security Documents;
6.9.2 secondly, in or towards payment of any fees and accrued or commitment commission payable to the any Arranger, the Agent or any of the other Creditors Creditor under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount in respect of the Loan which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, any 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 repaidrepaid and which amounts are so payable under this Agreement;
6.9.6 sixthly, in or towards payment to a the Swap Provider of any sums amounts owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)Agreement; and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.3 to 6.9.6 6.9.7 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Sources: Loan Agreement (Diana Shipping Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Creditors or any of them under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 firstfirstly, in or towards payment, on a pro-pro rata basis, of any unpaid costs costs, expenses and expenses of fees owing to the Arranger, the Agent and or the Security Agent under any of under, or in relation to, the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, of any unpaid costs, expenses and fees and accrued commitment commission payable owing to the Arranger, Banks or the Agent or any of the other Creditors Account Bank under, or in relation to, the Security Documents which remain unpaidDocuments;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest which shall have become due under any of the Security Documents (other than the Master Swap Agreement) but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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 repaidrepaid and which amounts are so payable under this Agreement;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, of any principal in respect of the Loan which shall have become due but remains unpaid;
6.9.6 sixthly, in or towards payment to a the Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)Agreement; and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.3 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, from the Borrowers.
Appears in 1 contract
Sources: Loan Agreement (DryShips Inc.)
Partial payments. Iflf, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Creditors or any of them under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 firstfirstly, in or towards payment, on a pro-rata basis, of any unpaid costs costs, expenses and expenses of fees owing to the Arranger, the Agent and or the Security Agent under any of under, or in relation to, the Security Documents;
6.9.2 secondly, in or towards payment, on a pro pro-rata basis, of any unpaid costs, expenses and fees and accrued commitment commission payable owing to the Arranger, Banks or the Agent or any of the other Creditors under, Account Bank under or in relation to, the Security Documents which remain unpaidDocuments;
6.9.3 thirdly, in or towards payment to the Banks, on a pro pro-rata basis, of any accrued interest which shall have become due under any of the Security Documents (other than the Master Swap Agreement) but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro pro-rata basis, 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 repaidprepaid and which amounts are so payable under this Agreement;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, of any principal in respect of the Loan which shall have become due but remains unpaid;
6.9.6 sixthly, in or towards payment to a the Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)Agreement; and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro pro-rata basis). The order of application set out in clauses 6.9.2 6.9.3 to 6.9.6 6.9.5 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, from the BorrowersBorrower.
Appears in 1 contract
Sources: Loan Agreement (Diana Shipping Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers a Borrower under any of the Security Documents, the amount received by the Agent Lender from the Borrowers such Borrower falls short of the total amount of the payment due to be made by the Borrowers such Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lender under any of the Security Documents, the Agent shall Lender must apply the amount actually received from the Borrowers such Borrower in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 8.9.1 first, in or towards payment, on a pro-rata basisin such order as the Lender may decide, of any unpaid costs and expenses of the Agent and the Security Agent Lender under any of the Security Documents;
6.9.2 8.9.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Lender under, or in relation to, the Security Documents which remain unpaid;
6.9.3 8.9.3 thirdly, in or towards payment to the BanksLender of any accrued default interest owing pursuant to Clause 4.7 (Default Interest) but remains unpaid;
8.9.4 fourthly, on a pro rata basis, in or towards payment to the Lender of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 8.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, for any loss suffered by reason Lender of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid;due but unpaid Repayment Instalments; and
6.9.6 8.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person Lender of any other sum relating to the Loan or which is payable under this Agreement which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 Clauses 8.9.1 to 6.9.6 8.9.6 may be varied by the Agent if the Majority Banks so direct, Lender without any reference to, or consent or approval from, the Borrowersany Borrower or any Security Party.
Appears in 1 contract
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent Trustee and the Banks under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the Banks, 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;
6.9.4 6.10.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount in respect of the Loan which shall have become due but remains unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it repaid and which amounts are so payable under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)this Agreement; and
6.9.7 seventhly6.10.6 sixthly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.10.2 to 6.9.6 6.10.5 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 1 contract
Sources: Loan Agreement (StealthGas Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent Lender from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lender under any of the Security Documents, the Agent shall Lender must apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Lender under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Lender under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, Lender of any accrued interest owing in respect of the Loan or equivalent amount payable under the Master Agreement which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, Lender of any principal amount in respect of the Loan which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;repaid and which amounts are so payable under this Agreement; and
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 to 6.9.6 6.95 may be varied by the Agent if the Majority Banks so direct, Lender without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the either Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, on a pro rata basis, of any accrued interest owing in respect of the Loan and the Revolving Loan which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 6.10.4 fourthly, in or towards payment to the BanksLenders, on a pro rata basis, of any principal amount in respect of the Loan and any Revolving Advances which shall have become due but remains remain unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of Loan or the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum Revolving Facility which shall have become due under any of the Security Documents (other than under or in relation to the Master Agreement) but remains unpaid; and
6.10.6 sixthly, in or towards payment to the Swap Banks of any other sum which shall have become due under the Master Agreements but remains unpaid (and, if more than one such sum so remains unpaid, on a to be applied pro rata basis)between the Swap Banks depending on their respective Settlement Amounts and Unpaid Amounts (as defined in the respective Master Agreements) under the Master Agreements which relate to this Agreement; and
6.10.7 seventhly, in or towards payment to the Swap Banks of any other sum which shall have become due under the Master Agreements but remains unpaid to be applied pro rata between the Swap Banks depending on their respective Settlement Amounts and Unpaid Amounts (as defined in the respective Master Agreements) under the Master Agreements which do not relate to this Agreement. The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.6 may be varied by the Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 1 contract
Partial payments. If, on any date on which a payment is due to be made by the Borrowers any Borrower under any of the Security Documents, the amount received by the Agent Lender from the Borrowers such Borrower falls short of the total amount of the payment due to be made by the Borrowers such Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lender under any of the Security Documents, the Agent shall Lender must apply the amount actually received from the Borrowers that Borrower in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowersany Borrower:
6.9.1 first, in or towards payment, on a pro-rata basisin such order as the Lender may decide, of any unpaid costs and expenses of the Agent and the Security Agent Lender under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Lender under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the BanksLender of any accrued default interest owing pursuant to clause 3.4 but remains unpaid;
6.9.4 fourthly, on a pro rata basis, in or towards payment to the Lender of any accrued interest owing in respect of an Advance which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly6.9.5 fifthly, in or towards payment (i) to the Lender of any due but unpaid Repayment Instalments and (ii) to the Lender of any sum which shall have become due under the Master Agreement but remains unpaid; and
6.9.6 sixthly, in or towards payment to the BanksLender, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, for Break Costs and any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.1 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, Lender without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Sources: Facility Agreement (EuroDry Ltd.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent Lender from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lender under any of the Security Documents, the Agent shall Lender must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 first, in or towards payment, on a pro-rata basisin such order as the Lender may decide, of any unpaid costs and expenses of the Agent and the Security Agent Lender under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Lender under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the BanksLender of any accrued default interest owing pursuant to clause 3.3 but remains unpaid;
6.9.4 fourthly, on a pro rata basis, in or towards payment to the Lender of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the BanksLender of any due but unpaid Repayment Instalments; and
6.9.6 sixthly, in or towards payment to the Lender, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it repaid and which amounts are so payable under the relevant Master Swap this Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.1 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, Lender without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 1 contract
Sources: Loan Agreement (EuroDry Ltd.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent Trustee and the Banks under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors under, or in relation to, the Security Documents (other than under or in relation to the Master Agreement) which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the Banks, 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;
6.9.4 6.10.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount in respect of the Loan which shall have become due but remains unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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 repaidrepaid and which amounts are so payable under this Agreement;
6.9.6 6.10.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents (other than under or in relation to the Master Agreement) but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis); and
6.10.7 seventhly, in or towards payment to the Swap Bank of any sum which shall have become due under the Master Agreement but remains unpaid. The order of application set out in clauses 6.9.2 6.10.2 to 6.9.6 6.10.5 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 1 contract
Sources: Loan Agreement (StealthGas Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Payment Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Payment Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Payment Agent shall must apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Payment Agent, the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards repayment of the Loan which have become due and payable and in or towards payment to the Banks, on a pro rata basis, Swap Bank of any principal amount sum which shall have become due under the Master Agreement but remains unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). ; and 21 Table of Contents The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.5 may be varied by the Payment Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Sources: Facility Agreement (Navios Maritime Acquisition CORP)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Payment Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Payment Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Payment Agent shall must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Payment Agent, the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the ArrangerArrangers, the Payment Agent, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards payment to the BanksLenders, on a pro rata basis, of any principal amount in respect of the Loan which shall have become due but remains remain unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). ; and The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.5 may be varied by the Payment Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 1 contract
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent, the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards payment to the BanksLenders, on a pro rata basis, of any principal amount in respect of the Loan which shall have become due but remains remain unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents (other than under or in relation to the Master Agreement) but remains unpaid (unpaid; and
6.10.6 sixthly, if more than one such in or towards payment to the Swap Bank of any other sum so which shall have become due under the Master Agreement but remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.6 may be varied by the Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 1 contract
Partial payments. If, :
(a) on any date on which a payment is due to be made by the Borrowers any Obligor under any of the Security Documentsthis Agreement, the amount received by the Facility Agent from the Borrowers such Obligor falls short of the total amount of the payment due to be made by the Borrowers such Obligor on such date; or
(b) on any date thenon which the Facility Agent receives or recovers any payment from an Obligor or otherwise receives any amount representing proceeds of realisations or other recoveries under any of the Finance Documents, the amount of such payment or other receipt falls short of the total amount owing to the Finance Parties under this Agreement on such date, then (in any such case), without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Finance Parties under any of the Security Finance Documents, the Facility Agent shall apply the amount actually received from the Borrowers by it in or towards discharge of the obligations of the Borrowers such Obligor under the Security Documents this Agreement in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowerssuch Obligor:
6.9.1 (i) first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Facility Agent and or the Security Agent Arrangers under any of the Security Documentsthis Agreement;
6.9.2 (ii) secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro pro-rata basis, of any accrued interest which shall have become due amount owing to the Banks under clause 20.2 (Indemnity from Banks);
(iii) thirdly, in or towards payment to the Facility Agent, of any portion of the Security Documents but fees payable under clause 7.1(a) (Arrangement, underwriting, participation and agency fees) which remains unpaid;
6.9.4 (iv) fourthly, in or towards payment to the BanksFacility Agent, on a pro pro-rata basis, of any principal amount portion of the fees payable under clause 7.1(b) (Arrangement, underwriting, participation and agency fees) which shall have become due but remains unpaid;
6.9.5 (v) fifthly, in or towards payment to the Banks, on a pro pro-rata basis, 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 repaidaccrued commitment commission payable under clause 7.2 (Commitment fees) which shall have become due but remains unpaid;
6.9.6 (vi) sixthly, in or towards payment to the Banks, on a Swap Provider pro-rata basis, of any sums owing to it under accrued interest, Letter of Credit commission and (in the relevant Master Swap Agreement case of the Issuing Bank) Letter of Credit fronting fees or commission which shall have become due but remain unpaid, but so that any amount payable by virtue of clause 8.5 (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); andGrossing-up for Taxes) shall be excluded;
6.9.7 (vii) seventhly, in or towards payment to the relevant person Banks, on a pro-rata basis, of any principal which shall have become due but remains unpaid;
(viii) eighthly, in or towards payment to any such Banks, on a pro-rata basis, of any amount payable to any Banks by virtue of clause 8.5 (Grossing-up for Taxes) which remains unpaid; and
(ix) ninthly, in or towards payment of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro pro-rata basis). The order Each reference in clause 8.9(i) to (ix) (inclusive) to a category of application set out unpaid sums shall include interest thereon payable in clauses 6.9.2 to 6.9.6 may be varied by the Agent if the Majority Banks so directaccordance with this Agreement (including, without any reference tolimitation, or consent or approval fromdefault interest under clause 5.4 (Interest on unpaid sums)). Accordingly, clause 8.9(vi) shall be construed as referring to interest on principal and accrued interest thereon which remain unpaid to the Borrowersextent due.
Appears in 1 contract
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent Lender from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lender under any of the Security Documents, the Agent shall Lender must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 first, in or towards payment, on a pro-rata basisin such order as the Lender may decide, of any unpaid costs and expenses of the Agent and the Security Agent Lender under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Lender under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest which shall have become (starting with default interest) and fees due but unpaid under any of the Security Documents but remains unpaid;this Agreement
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;unpaid to the Lender under this Agreement; and
6.9.5 fifthly, in or towards payment to the BanksLender, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (Break Costs and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.1 to 6.9.6 6.9.5 may be varied by the Agent if the Majority Banks so direct, Lender without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 1 contract
Sources: Loan Agreement (Pyxis Tankers Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent, the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards payment to the BanksLenders, on a pro rata basis, of any principal amount in respect of the Loan which shall have become due but remains remain unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents (other than under or in relation to the Master Agreement) but remains unpaid (unpaid; and
6.10.6 sixthly, if more than one such in or towards payment to the Swap Banks of any other sum so which shall have become due under the Master Agreement but remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.6 may be varied by the Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 1 contract
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Creditors or any of them under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 firstfirstly, in or towards payment, on a pro-rata basis, of any unpaid costs costs, expenses and expenses of fees owing to the Arranger, the Agent and or the Security Agent under any of under, or in relation to, the Security Documents;
6.9.2 secondly, in or towards payment, on a pro pro-rata basis, of any unpaid costs, expenses and fees and accrued commitment commission payable owing to the Arranger, Banks or the Agent or any of the other Creditors under, Account Bank under or in relation to, the Security Documents which remain unpaidDocuments;
6.9.3 thirdly, in or towards payment to the Banks, on a pro pro-rata basis, of any accrued interest which shall have become due under any of the Security Documents (other than the Master Swap Agreement) but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro pro-rata basis, 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 repaidprepaid and which amounts are so payable under this Agreement;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, of any principal in respect of the Loan which shall have become due but remains unpaid;
6.9.6 sixthly, in or towards payment to a the Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)Agreement; and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro pro-rata basis). The order of application set out in clauses 6.9.2 6.9.3 to 6.9.6 6.9.5 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, from the Borrowers.
Appears in 1 contract
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent Lender from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lender under any of the Security Documents, the Agent shall Lender must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 4.9.1 first, in or towards payment, on a pro-rata basisin such order as the Lender may decide, of any unpaid costs and expenses of the Agent and the Security Agent Lender under any of the Security Documents;
6.9.2 4.9.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Lender under, or in relation to, the Security Documents which remain unpaid;
6.9.3 4.9.3 thirdly, in or towards payment to the BanksLender of any accrued default interest owing pursuant to clause 3.4 but remains unpaid;
4.9.4 fourthly, on a pro rata basis, in or towards payment to the Lender of any accrued interest owing in respect of the Loan (or any part thereof) which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly4.9.5 fifthly, in or towards payment to the BanksLender of any due but unpaid Repayment Instalments; and
4.9.6 sixthly, in or towards payment to the Lender, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, for Break Costs and any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.9.1 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, Lender without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 1 contract
Sources: Facility Agreement (Euroseas Ltd.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Payment Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Payment Agent, the Security Agent Trustee and the Banks Lenders under any of the Security Documents, the Payment Agent shall must apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Payment Agent, the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards repayment of the Loan which have become due and payable and in or towards payment to the Banks, on a pro rata basis, Swap Bank of any principal amount sum which shall have become due under the Master Agreement but remains unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, for any loss suffered by reason of Break Costs and any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). ; and Table of Contents The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.5 may be varied by the Payment Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Security. Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a the Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)Agreement; and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Sources: Second Supplemental Agreement (Aegean Marine Petroleum Network Inc.)
Partial payments. 11.9.1 If, on any date on which a payment is due to be made by the Borrowers a Security Party under any of the Security Finance Documents, the amount received by the Facility Agent from the Borrowers that Security Party falls short of the total amount of the payment due to be made by the Borrowers that Security Party on such date then, without prejudice to any rights or remedies available to the Facility Agent, the Security Agent and the Banks Lenders under any of the Security Finance Documents, the Facility Agent shall apply the amount actually received from that Security Party (or from the Borrowers Security Agent) in or towards discharge of the obligations of the Borrowers under the Security those Finance Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowersany Security Party:
6.9.1 first(a) firstly, in or towards payment, on a pro-rata basis, of any unpaid fees, costs and expenses of the Arrangers, the Facility Agent and the Security Agent under or any of them under, or in relation to, any of the Security Finance Documents;
6.9.2 (b) secondly, in or towards payment, on a pro pro-rata basis, of any fees unpaid fees, commitment commission, costs and accrued commitment commission payable to expenses of the Arranger, the Agent Lenders or any of the other Creditors under, them under or in relation to, the Security Documents which remain unpaidFinance Documents;
6.9.3 (c) thirdly, in or towards payment to the BanksLenders, on a pro pro-rata basis, of any accrued interest which shall have become due under any of the Security Finance Documents but remains unpaid;
6.9.4 (d) fourthly, in or towards payment to the BanksLenders, on a pro pro-rata basis, of any amount of principal amount which shall have become due but remains unpaid;
6.9.5 (e) fifthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Finance Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro pro-rata basis). .
11.9.2 The order of application set out in clauses 6.9.2 11.9.1(b) to 6.9.6 11.9.1(e) may be varied by the Facility Agent if the Majority Banks Lenders so directdirects, without any reference to, or consent or approval from, from the Borrowers.
Appears in 1 contract
Sources: On Delivery Buyer Credit Facility Agreement (DryShips Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a the Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)Agreement; and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Sources: Loan Agreement (Aegean Marine Petroleum Network Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the 24 payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent Trustee, the Security Trustee and the Banks Lenders under any of the Security Documents, the Agent shall must apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors Banks under, or in relation to, the Security Documents which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the BanksLenders, 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;
6.9.4 6.10.4 fourthly, in or towards repayment of the Loan which have become due and payable and in or towards payment to the Swap Bank of any sum which shall have become due under the Deutscher Rahmenvertrag but remains unpaid;
6.10.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, for Break Costs and any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date other sum relating to the part of the Loan repaid;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). ; and The order of application set out in clauses 6.9.2 6.10.1 to 6.9.6 6.10.5 may be varied by the Agent if the Majority Banks Lenders so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Sources: Facility Agreement (Navios Maritime Acquisition CORP)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis); and
6.9.7 seventhly (but subject to the provisions of each Manager’s Undertaking), in or towards payment of any fees and expenses owing by any of the Borrowers to the Manager pursuant to the relevant Management Agreement. The order of application set out in clauses 6.9.2 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Sources: Loan Agreement (Euronav NV)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Creditors or any of them under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 firstfirstly, in or towards payment, on a pro-rata basis, of any unpaid costs costs, expenses and expenses of fees owing to the Arranger, the Agent and or the Security Agent under any of under, or in relation to, the Security Documents;
6.9.2 secondly, in or towards payment, on a pro pro-rata basis, of any unpaid costs, expenses and fees and accrued commitment commission payable owing to the Arranger, Banks or the Agent or any of the other Creditors under, Account Bank under or in relation to, the Security Documents which remain unpaidDocuments;
6.9.3 thirdly, in or towards payment to the Banks, on a pro pro-rata basis, of any accrued interest which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro pro-rata basis, 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 repaidprepaid and which amounts are so payable under this Agreement;
6.9.6 sixthly6.9.5 fifthly, in or towards payment to the Banks, on a Swap Provider pro rata basis, of any sums owing to it under principal in respect of the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)Loan which shall have become due but remains unpaid; and
6.9.7 seventhly6.9.6 sixthly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro pro-rata basis). The order of application set out in clauses 6.9.2 6.9.3 to 6.9.6 6.9.5 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, from the BorrowersBorrower.
Appears in 1 contract
Sources: Loan Agreement (DryShips Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Loan Documents, the amount received by the Agent Lender from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lender under any of the Security Loan Documents, the Agent shall Lender must apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Loan Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 6.7.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent Lender under any of the Security Loan Documents;
6.9.2 6.7.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission expenses payable to the Arranger, the Agent or any of the other Creditors Lender under, or in relation to, the Security Loan Documents which remain unpaid;
6.9.3 6.7.3 thirdly, in or towards payment to the Banks, on a pro rata basis, Lender of any accrued interest owing in respect of the Loan (applied first against accrued interest owing in respect of any Relevant Instalment that has been deferred pursuant to clause 4.1(c) and then against other accrued interest owing in respect of the Advances as the Lender may decide) which shall have become due under any of the Security Loan Documents but remains unpaid;
6.9.4 6.7.4 fourthly, in or towards payment to the Banks, on a pro rata basis, Lender of any principal amount in respect of the Loan which shall have become due but remains unpaidunpaid (applied first against any outstanding Relevant Instalment that has been deferred pursuant to clause 4.1(c) and then against the remaining outstanding Advances in such amounts as the Lender may decide);
6.9.5 6.7.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person Lender of any other sum which shall have become due under any of the Security Loan Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.7.1 to 6.9.6 6.7.5 may be varied by the Agent if the Majority Banks so direct, Lender without any reference to, or consent or approval from, the BorrowersBorrower.
Appears in 1 contract
Sources: Secured Loan Agreement (Navios Maritime Holdings Inc.)
Partial payments. If, on any date on which If the Facility Agent receives a payment is for application against amounts due to be made by the Borrowers under any of the Security Documents, Documents that is insufficient to discharge all the amount received amounts then due and payable by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Parties under any of the those Security Documents, the Facility Agent shall apply the amount actually received from the Borrowers in or that payment towards discharge of the obligations of the Borrowers such Security Parties under the those Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Facility Agent and the Security Agent Trustee under any of the Security Documents;
6.9.2 secondly, in or towards payment, on a pro rata basis, of any fees and accrued commitment commission payable to the ArrangerArrangers, the Facility Agent or any of the other Creditors Finance Parties under, or in relation to, the Security Documents which remain unpaid;
6.9.3 thirdly, in or towards payment to the BanksLenders, on a pro rata prorata basis, of any accrued interest which shall have become due under any of the Security Documents but remains unpaidDocuments;
6.9.4 fourthly, in or towards payment to the BanksLenders, on a pro rata prorata basis, of any amount of principal amount which shall have become due under any of the Security Documents but remains unpaid;
6.9.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a the Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers)Agreement; and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 to 6.9.1 - 6.9.6 may be varied by the Facility Agent if the Majority Banks all Lenders so direct, without any reference to, or consent or approval from, the BorrowersBorrowers or any other Finance Party.
Appears in 1 contract
Sources: Loan Agreement (DryShips Inc.)
Partial payments. 10.9.1 If, on any date on which a payment is due to be made by the Borrowers a Security Party under any of the Security Finance Documents, the amount received by the Facility Agent from the Borrowers that Security Party falls short of the total amount of the payment due to be made by the Borrowers that Security Party on such date then, without prejudice to any rights or remedies available to the Facility Agent, the Security Agent and the Banks Lenders under any of the Security Finance Documents, the Facility Agent shall apply the amount actually received from that Security Party (or from the Borrowers Security Agent) in or towards discharge of the obligations of the Borrowers under the Security those Finance Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowersany Security Party:
6.9.1 first(a) firstly, in or towards payment, on a pro-rata basis, of any unpaid fees, costs and expenses of the Arranger, the Facility Agent and the Security Agent under or any of them under, or in relation to, any of the Security Finance Documents;
6.9.2 (b) secondly, in or towards payment, on a pro pro-rata basis, of any fees unpaid fees, commitment commission, costs and accrued commitment commission payable to expenses of the Arranger, the Agent Lenders or any of the other Creditors under, them under or in relation to, the Security Documents which remain unpaidFinance Documents;
6.9.3 (c) thirdly, in or towards payment to the BanksLenders, on a pro pro-rata basis, of any accrued interest which shall have become due under any of the Security Finance Documents but remains unpaid;
6.9.4 (d) fourthly, in or towards payment to the BanksLenders, on a pro pro-rata basis, of any amount of principal amount which shall have become due but remains unpaid;
6.9.5 (e) fifthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Finance Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro pro-rata basis). .
10.9.2 The order of application set out in clauses 6.9.2 to 6.9.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers.10.9.1
Appears in 1 contract
Sources: On Delivery Facility Agreement (Paragon Shipping Inc.)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documentsthis Agreement, the amount received by the Agent from the Borrowers Borrower falls short of the total amount of the payment due to be made by the Borrowers Borrower on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks Lenders under any of the Security Documentsthis Agreement, the Agent shall apply the amount actually received from the Borrowers Borrower in or towards discharge of the obligations of the Borrowers Borrower under the Security Documents this Agreement in the following order, notwithstanding any appropriation made, or purported to be made, by the BorrowersBorrower:
6.9.1 8.12.1 first, in or towards payment, on a pro-rata basispayment to the Lead Arrangers, of any unpaid costs and expenses portion of the Agent and the Security Agent amendment fee payable under any of the Security Documentsclause 7.1.1 which shall have become due but remains unpaid;
6.9.2 8.12.2 secondly, in or towards paymentpayment to the Finance Parties, on a pro rata basis, of any fees unpaid fees, costs and accrued commitment commission payable to the Arranger, the Agent or any expenses of the other Creditors under, or in relation to, Finance Parties under this Agreement and any portion of the Security Documents agency fee payable under clause 7.1.2 which remain shall have become due but remains unpaid;
6.9.3 8.12.3 thirdly, in or towards payment to the BanksLenders, on a pro rata basis, of any accrued commitment commission payable under clause 7.1.3 which shall have become due but remains unpaid;
8.12.4 fourthly, in or towards payment to the Lenders, on a pro rata basis, of any accrued interest and fees which shall have become due under any of the Security Documents but remains unpaid;
6.9.4 fourthly8.12.5 fifthly, in or towards payment to the BanksLenders, on a pro rata basis, of any principal amount which shall have become due but remains unpaid;
6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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;
6.9.6 8.12.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 to 6.9.6 this clause 8.12 may be varied by the Agent if the Majority Banks all Lenders so direct, without any reference to, or consent or approval from, the Borrowers.
Appears in 1 contract
Sources: Loan Agreement (Telewest Global Inc)
Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Agent from the Borrowers falls short of the total amount of the payment due to be made by the Borrowers on such date then, without prejudice to any rights or remedies available to the Agent, the Security Agent and the Banks under any of the Security Documents, the Agent shall apply the amount actually received from the Borrowers in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrowers:
6.9.1 6.10.1 first, in or towards payment, on a pro-rata basis, of any unpaid costs and expenses of the Agent and the Security Agent under any of the Security DocumentsDocuments (other than the Master Swap Agreements);
6.9.2 6.10.2 secondly, in or towards payment, on a pro rata basis, payment of any fees and accrued commitment commission payable to the Arranger, the Agent or any of the other Creditors under, or in relation to, the Security Documents (other than the Master Swap Agreements) which remain unpaid;
6.9.3 6.10.3 thirdly, in or towards payment to the Banks, on a pro rata basis, of any accrued interest which shall have become due under any of the Security Documents (other than the Master Swap Agreements) but remains unpaid;
6.9.4 6.10.4 fourthly, in or towards payment to the Banks, on a pro rata basis, of any principal amount in respect of the Loan which shall have become due but remains unpaid;
6.9.5 6.10.5 fifthly, in or towards payment to the Banks, on a pro rata basis, 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 repaidrepaid and which amounts are so payable under this Agreement;
6.9.6 6.10.6 sixthly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents (other than the Master Swap Agreements) but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis); and
6.10.7 seventhly, in or towards payment to a Swap Provider of any sums owing to it under the relevant Master Swap Agreement (and if any sums are owing under both Master Swap Agreements, proportionately as between the Swap Providers); and
6.9.7 seventhly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.2 6.10.2 to 6.9.6 6.10.6 may be varied by the Agent if the Majority Banks so direct, without any reference to, or consent or approval from, direct with prior written notice by the Agent to the Borrowers.
Appears in 1 contract