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 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 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 Borrower under any of the Security Documents, the amount received by the Agent Bank 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 Bank under any of the Security Documents, the Agent shall Bank 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, 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 BorrowersBorrower.
Appears in 2 contracts
Sources: Loan Agreement (Navios Maritime Holdings Inc.), 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 Break Costs and 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 Creditor Parties 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 unpaid;and payable; 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 Lenders 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 6.10.1 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 2 contracts
Sources: Facility Agreement (Navios Maritime Acquisition CORP), 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 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 Bank 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 Bank under any of the Security Documents, the Agent shall Bank 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, 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.Borrower..
Appears in 2 contracts
Sources: Facility Agreement (Navios Maritime Holdings Inc.), 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 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 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 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 6.8.1 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 6.8.2 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 Loan Documents which remain unpaid;
6.9.3 6.8.3 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 Loan Documents but remains unpaid;
6.9.4 6.8.4 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 6.8.5 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 6.8.1 to 6.9.6 6.8.5 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 2 contracts
Sources: Loan Agreement (Navios Maritime Holdings Inc.), Loan Agreement (Navios South American Logistics 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 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 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 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 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 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 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 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 unpaid;
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 6.8.1 to 6.9.6 6.8.5 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 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 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 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 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 6.8.1 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 6.8.2 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 Loan Documents which remain unpaid;
6.9.3 6.8.3 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 Loan Documents but remains unpaid;
6.9.4 6.8.4 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 6.8.5 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 5.8.1 to 6.9.6 5.8.5 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
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 6.8.1 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 6.8.2 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 Loan Documents which remain unpaid;
6.9.3 6.8.3 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 Loan Documents but remains unpaid;
6.9.4 6.8.4 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 6.8.5 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 6.9.1 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
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 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 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 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 unpaid;
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 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 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 (or any part thereof) 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 BorrowersBorrower.
Appears in 1 contract
Sources: Facility Agreement (EuroDry Ltd.)
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 DocumentsDocuments (the “due amount”), 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 is less than the full due amount 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 6.8.1 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 6.8.2 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 6.8.3 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 6.8.4 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 6.8.5 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;
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, 6.8.6 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 6.8.1 to 6.9.6 6.8.6 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 1 contract