Common use of Partial payments Clause in Contracts

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 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 Bank under any of the Security Documents, the 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 Bank under any of the Security Documents; 6.9.2 secondly, in or towards payment of any fees payable to the Bank under, or in relation to, the Security Documents which remain unpaid; 6.9.3 thirdly, in or towards payment to the 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 Bank of any principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the 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 and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). The order of application set out in clauses 6.9.1 to 6.9.6 may be varied by the 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 Bank 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 Bank Agent, the Security Agent and the Banks under any of the Security Documents, the Bank must 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 Bank Agent and the Security Agent under any of the Security Documents; 6.9.2 secondly, in or towards payment payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Bank 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 Bank 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 fourthly, in or towards payment to the Bank Banks, on a pro rata basis, of any principal in respect of the Loan amount which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the Bank 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 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 which amounts if sums are so payable owing under this Agreementboth Master Swap Agreements, proportionately as between the Swap Providers); and 6.9.6 sixthly6.9.7 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 6.9.1 6.9.2 to 6.9.6 may be varied by the Bank 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 Bank 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 Bank Agent, the Security Trustee and the Lenders under any of the Security Documents, the Bank Agent 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 Bank Agent and the Security Trustee under any of the Security Documents; 6.9.2 6.10.2 secondly, in or towards payment of any fees payable to the Bank Agent or any of the other 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 Bank Lenders, 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 Bank of any principal in respect repayment of the Loan which shall have become due but remains unpaidand payable; 6.9.5 6.10.5 fifthly, in or towards payment to the Bank for Lenders, on a pro rata basis, 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 and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). ; and The order of application set out in clauses 6.9.1 6.10.1 to 6.9.6 6.10.5 may be varied by the Bank Agent if the Majority 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 Bank 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 Bank Agent, the Security Trustee and the Lenders under any of the Security Documents, the Bank Agent 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 Bank Agent and the Security Trustee under any of the Security Documents; 6.9.2 6.10.2 secondly, in or towards payment of any fees payable to the Bank Arranger, the Agent or any of the other 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 Bank Lenders, 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 Bank of any principal in respect repayment of the Loan which shall have become due but remains unpaidand payable; 6.9.5 6.10.5 fifthly, in or towards payment to the Bank for Lenders, on a pro rata basis, 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 and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). ; and The order of application set out in clauses 6.9.1 6.10.1 to 6.9.6 6.10.5 may be varied by the Bank Agent if the Majority 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 Bank 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 Bank Agent, the Security Agent and the Banks under any of the Security Documents, the Bank must 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 Bank Agent and the Security Agent under any of the Security Documents; 6.9.2 secondly, in or towards payment payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Bank 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 Bank Banks, of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid, (ii) payment to the Banks, of any amount of principal which shall have become due under any of the Security Documents but remains unpaid 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; 6.9.4 fourthly, in or towards payment to the Bank of any principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 fifthlyBanks, in or towards payment to the Bank 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 and which amounts are so payable under this Agreementrepaid; and 6.9.6 sixthly6.9.5 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 6.9.1 6.9.3 to 6.9.6 6.9.5 may be varied by the Bank Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers..Borrowers 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 Bank 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 Bank under Creditors or any of them under the Security Documents, the Bank must 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 Bank under any of Agent and the Security Agent under, or in relation to, the Security Documents; 6.9.2 secondly, in or towards payment of any fees payable to the Bank Agent or any other Creditor under, or in relation to, the Security Documents which remain unpaid; 6.9.3 thirdly, in or towards payment to the Bank 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 fourthly, in or towards payment to the Bank Banks, on a pro rata basis, of any principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the 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 and which amounts are so payable under this Agreement; 6.9.6 sixthly, in or towards payment to the Swap Provider of any amounts owing to it under the Master Swap Agreement; and 6.9.6 sixthly6.9.7 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 6.9.1 this clause 6.9.3 to 6.9.6 6.9.7 may be varied by the Bank 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 under any of the Security Documents, the amount received by the 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 Bank under any of the Security Documents, the 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 Bank under any of the Security Documents; 6.9.2 secondly, in or towards payment of any fees payable to the Bank under, or in relation to, the Security Documents which remain unpaid; 6.9.3 thirdly, in or towards payment to the 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 Bank of any principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the 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 and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). The order of application set out in clauses 6.9.1 to 6.9.6 may be varied by the 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 Bank 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 Bank Lender under any of the Security Documents, the Bank 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 Bank Lender under any of the Security Documents; 6.9.2 secondly, in or towards payment of any fees payable to the Bank Lender under, or in relation to, the Security Documents which remain unpaid; 6.9.3 thirdly, in or towards payment to the Bank 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 Bank Lender of any principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the Bank 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 and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). The order of application set out in clauses 6.9.1 to 6.9.6 may be varied by the Bank 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 Borrower under any of the Security Documents, the amount received by the 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 Bank under any of the Security Documents, the 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 Bank under any of the Security Documents; 6.9.2 secondly, in or towards payment of any fees payable to the Bank under, or in relation to, the Security Documents which remain unpaid; 6.9.3 thirdly, in or towards payment to the 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 Bank of any principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the 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 and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). The order of application set out in clauses 6.9.1 to 6.9.6 may be varied by the Bank without any reference to, or consent or approval from, the BorrowersBorrower..

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 Borrower under any of the Security Documents, the amount received by the Bank 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 Bank Agent, the Security Trustee and the Lenders under any of the Security Documents, the Bank Agent 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 Bank Agent and the Security Trustee under any of the Security Documents; 6.9.2 6.10.2 secondly, in or towards payment of any fees payable to the Bank Agent or any of the other 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 Bank Lenders, 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 Bank Lenders, on a pro rata basis, of any principal 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 Bank for Lenders, on a pro rata basis, 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 and which amounts are so payable under this AgreementSecurity Documents but remains unpaid; and 6.9.6 6.10.6 sixthly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security Documents 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 6.9.1 6.10.1 to 6.9.6 6.10.6 may be varied by the Bank Agent if the Majority Lenders so direct, without any reference to, or consent or approval from, the Borrowers..Borrower.

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 Bank 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 Bank Lender under any of the Security Loan Documents, the Bank 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 Bank Lender under any of the Security Loan Documents; 6.9.2 6.8.2 secondly, in or towards payment of any fees payable to the Bank 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 Bank 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 Bank Lender of any principal 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 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 and which amounts are so payable under this Agreement; and 6.9.6 sixthly, 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 6.9.1 6.8.1 to 6.9.6 6.8.5 may be varied by the Bank Lender without any reference to, or consent or approval from, the Borrowers..Borrower.

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 Borrower under any of the Security Documents, the amount received by the Bank 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 Bank Creditors or any of them under any of the Security Documents, then the Bank must 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 Bank Creditors or any of them under any of the Security Documents; 6.9.2 secondly, in or towards payment payment, on a pro rata basis, of any fees payable to the Arranger, the Agent, the Issuing Bank or any other Creditor under, or in relation to, the Security Documents which remain unpaid; 6.9.3 thirdly, in or towards payment to the Bank 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 owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid; 6.9.4 fourthly6.9.5 fifthly, in or towards payment to the Bank Banks and the Issuing Bank, on a pro rata basis, of any amounts of principal 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 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 principal so repaid and which amounts are so payable under this Agreement; and 6.9.6 sixthly6.9.7 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 6.9.1 6.9.3 to 6.9.6 6.9.7 may be varied by the Bank Agent if all the Banks so direct without any reference to, or consent or approval from, from the Borrowers..Borrower.

Appears in 2 contracts

Sources: Facility Agreement (Aegean Marine Petroleum Network Inc.), Facility Agreement (Aegean Marine Petroleum Network Inc.)

Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Documents, the amount received by the 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 Bank under any of the Security Documents, the 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 Bank under any of the Security Documents; 6.9.2 secondly, in or towards payment of any fees payable to the Bank under, or in relation to, the Security Documents which remain unpaid; 6.9.3 thirdly, in or towards payment to the 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 Bank of any principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the 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 and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). The order of application set out in clauses 6.9.1 to 6.9.6 may be varied by the Bank without any reference to, or consent or approval from, the Borrowers..Borrower.

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 Bank 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 Bank Agent, the Security Agent and the Banks under any of the Security Documents, the Bank must Agent 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 Bank Agent and the Security Agent under any of the Security Documents; 6.9.2 secondly, in or towards payment payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Bank 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 Bank 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 fourthly, in or towards payment to the Bank Banks, on a pro rata basis, of any principal in respect of the Loan amount which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the Bank 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 and which amounts are so payable under this Agreement; andrepaid; 6.9.6 sixthly, in or towards payment to a Swap Provider of any sums owing to it under the relevant person of any other sum which shall have become due Master Swap Agreement (and if sums are owing under any of both Master Swap Agreements, proportionately as between the Security Documents but remains unpaid (Swap Providers); and, if more than one such sum so remains unpaid, on a pro rata basis). The order of application set out in clauses 6.9.1 to 6.9.6 may be varied by the Bank without any reference to, or consent or approval from, the Borrowers..

Appears in 2 contracts

Sources: Supplemental Agreement (Aegean Marine Petroleum Network Inc.), Supplemental Agreement (Aegean Marine Petroleum Network Inc.)

Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Bank 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 Bank Agent, the Security Trustee and the Lenders under any of the Security Documents, the Bank Agent 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 Bank Agent and the Security Trustee under any of the Security Documents; 6.9.2 6.10.2 secondly, in or towards payment of any fees payable to the Bank Agent or any of the other 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 Bank Lenders, 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 Bank of any principal in respect repayment of the 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 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 and which amounts are so payable under this Agreement; and 6.9.6 sixthly, 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 6.9.1 6.10.1 to 6.9.6 6.10.5 may be varied by the Bank Agent if the 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 Bank 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 Bank Agent, the Security Trustee and the Lenders under any of the Security Documents, the Bank Agent 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 Bank Agent and the Security Trustee under any of the Security Documents; 6.9.2 6.10.2 secondly, in or towards payment of any fees payable to the Bank Agent or any of the other 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 Bank Lenders, 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 Bank of any principal in respect repayment of the Loan which shall have become due but remains unpaidand payable; 6.9.5 6.10.5 fifthly, in or towards payment to the Bank for Lenders, on a pro rata basis, 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 and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). ; and The order of application set out in clauses 6.9.1 6.10.1 to 6.9.6 6.10.5 may be varied by the Bank Agent if the Majority Lenders so direct, without any reference to, or consent or approval from, the Borrowers..Borrower.

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 under any of the Security Documents, the amount received by the Bank 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 Bank Creditors or any of them under any of the Security Documents, the Bank must 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 Bank Agent and the Security Agent under any of the Security Documents; 6.9.2 secondly, in or towards payment payment, on a pro rata basis, of any fees payable to the Bank 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 Bank 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 fourthly, in or towards payment to the Bank Banks, on a pro rata basis, of any principal in respect part of the Loan which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the Bank 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 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 6.9.1 6.9.3 to 6.9.6 may be varied by the Bank 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 under any of the Security Documents, the amount received by the Bank 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 Bank Agent, the Security Agent and the Banks under any of the Security Documents, the Bank must 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 Bank Agent and the Security Agent under any of the Security Documents; 6.9.2 secondly, in or towards payment payment, on a pro rata basis, of any fees and accrued commitment commission payable to the Bank 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 Bank Banks, of any accrued interest owing in respect which shall have become due under any of the Loan 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 Bank of any principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 fifthlyBanks, in or towards payment to the Bank 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 and which amounts are so payable under this Agreementrepaid; and 6.9.6 sixthly6.9.5 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 6.9.1 6.9.3 to 6.9.6 6.9.5 may be varied by the Bank Agent if the Majority Banks so direct, without any reference to, or consent or approval from, the Borrowers..Borrowers or any other Creditor.

Appears in 2 contracts

Sources: Loan Agreement (Quintana Shipping Ltd.), Loan Agreement (Quintana Shipping Ltd.)

Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security DocumentsDocuments (the “due amount”), the amount received by the 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 Bank under any of the Security Documents, the 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 Bank under any of the Security Documents; 6.9.2 6.8.2 secondly, in or towards payment of any fees payable to the 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 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 Bank of any principal 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 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 and which amounts are so payable under this Agreement; and 6.9.6 sixthly, 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 6.9.1 6.8.1 to 6.9.6 6.8.6 may be varied by the Bank without any reference to, or consent or approval from, the Borrowers...

Appears in 1 contract

Sources: 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 Loan Documents, the amount received by the Bank 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 Bank Lender under any of the Security Loan Documents, the Bank 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 Bank Lender under any of the Security Loan Documents; 6.9.2 6.8.2 secondly, in or towards payment of any fees payable to the Bank 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 Bank 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 Bank Lender of any principal 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 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 and which amounts are so payable under this Agreement; and 6.9.6 sixthly, 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 6.9.1 to 6.9.6 6.9.5 may be varied by the Bank Lender without any reference to, or consent or approval from, the Borrowers..Borrower.

Appears in 1 contract

Sources: 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 Bank 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 Bank Agent, the Security Trustee and the Lenders under any of the Security Documents, the Bank Agent 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 Bank Agent and the Security Trustee under any of the Security Documents; 6.9.2 6.10.2 secondly, in or towards payment of any fees payable to the Bank Arrangers, the Agent or any of the other 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 Bank Lenders, 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 Bank of any principal in respect repayment of the Loan which shall have become due but remains unpaidand payable; 6.9.5 6.10.5 fifthly, in or towards payment to the Bank for Lenders, on a pro rata basis, 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 and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). ; and The order of application set out in clauses 6.9.1 6.10.1 to 6.9.6 6.10.5 may be varied by the Bank Agent if the Majority Lenders so direct, without any reference to, or consent or approval from, the Borrowers...

Appears in 1 contract

Sources: Facility Agreement (Navios Maritime Acquisition CORP)

Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Loan Documents, the amount received by the Bank 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 Bank Lender under any of the Security Loan Documents, the Bank 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 Bank Lender under any of the Security Loan Documents; 6.9.2 6.7.2 secondly, in or towards payment of any fees expenses payable to the Bank 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 Bank 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 Bank Lender of any principal 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 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 and which amounts are so payable under this Agreement; and 6.9.6 sixthly, 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 6.9.1 6.7.1 to 6.9.6 6.7.5 may be varied by the Bank Lender without any reference to, or consent or approval from, the Borrowers..Borrower.

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 Bank 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 Bank Lender under any of the Security Documents, the Bank 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 Bank Lender under any of the Security Documents; 6.9.2 4.9.2 secondly, in or towards payment of any fees payable to the Bank 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 Bank Lender of any accrued default interest owing pursuant to clause 3.4 but remains unpaid; 4.9.4 fourthly, 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; 4.9.5 fifthly, in or towards payment to the Lender 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 Break Costs and any other sum relating to 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 Bank of any principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the 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 and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). The order of application set out in clauses 6.9.1 to 6.9.6 may be varied by the Bank Lender without any reference to, or consent or approval from, the Borrowers..Borrower.

Appears in 1 contract

Sources: Facility Agreement (Euroseas Ltd.)

Partial payments. If, on any date on which a payment is due to be made by the Borrowers under any of the Security Documents, the amount received by the Bank 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 Bank Agent, the Security Trustee and the Lenders under any of the Security Documents, the Bank Agent 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 Bank Agent and the Security Trustee under any of the Security Documents; 6.9.2 6.10.2 secondly, in or towards payment of any fees payable to the Bank Agent or any of the other 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 Bank Lenders, 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 Bank of any principal in respect repayment of the 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 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 and which amounts are so payable under this Agreement; and 6.9.6 sixthly, 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 6.9.1 6.10.1 to 6.9.6 6.10.5 may be varied by the Bank Agent if the Lenders so direct, without any reference to, or consent or approval from, the Borrowers...

Appears in 1 contract

Sources: Facility Agreement (Navios Maritime Acquisition CORP)

Partial payments. If, on any date on which a payment is due to be made by the Borrowers Borrower under any of the Security Loan Documents, the amount received by the Bank 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 Bank Lender under any of the Security Loan Documents, the Bank 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 Bank Lender under any of the Security Loan Documents; 6.9.2 6.8.2 secondly, in or towards payment of any fees payable to the Bank 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 Bank 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 Bank Lender of any principal 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 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 and which amounts are so payable under this Agreement; and 6.9.6 sixthly, 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 6.9.1 5.8.1 to 6.9.6 5.8.5 may be varied by the Bank Lender without any reference to, or consent or approval from, the Borrowers..Borrower.

Appears in 1 contract

Sources: Loan 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 Bank 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 Bank Lender under any of the Security Documents, the Bank 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 Bank Lender under any of the Security Documents; 6.9.2 secondly, in or towards payment of any fees payable to the Bank Lender under, or in relation to, the Security Documents which remain unpaid; 6.9.3 thirdly, in or towards payment to the Bank 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 Bank Lender of any principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the Bank 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 and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). The order of application set out in clauses 6.9.1 6.9.2 to 6.9.6 6.95 may be varied by the Bank Lender without any reference to, or consent or approval from, the Borrowers...

Appears in 1 contract

Sources: Loan Agreement (NewLead Holdings 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 Bank 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 Bank Facility Agent, the Security Agent and the Lenders under any of the Security Finance Documents, the Bank must 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 Bank under Arranger, the Facility Agent and the Security Agent or any of the Security Documents; 6.9.2 secondly, in or towards payment of any fees payable to the Bank them under, or in relation to, any of the Security Documents which remain unpaidFinance Documents; 6.9.3 (b) secondly, in or towards payment, on a pro-rata basis, of any unpaid fees, commitment commission, costs and expenses of the Lenders or any of them under or in relation to, the Finance Documents; (c) thirdly, in or towards payment to the Bank Lenders, 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 Finance Documents but remains unpaid; 6.9.4 (d) fourthly, in or towards payment to the Bank Lenders, on a pro-rata basis, of any amount of principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 (e) fifthly, in or towards payment to the 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 and which amounts are so payable under this Agreement; and 6.9.6 sixthly, in or towards payment to the relevant person of any other sum which shall have become due under any of the Security 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 6.9.1 to 6.9.6 may be varied by the Bank 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 Loan Documents, the amount received by the Bank 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 Bank Lender under any of the Security Loan Documents, the Bank 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 Bank Lender under any of the Security Loan Documents; 6.9.2 6.7.2 secondly, in or towards payment of any fees expenses payable to the Bank 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 Bank 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 Bank Lender of any principal 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 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 and which amounts are so payable under this Agreement; and 6.9.6 sixthly, 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 6.9.1 6.8.1 to 6.9.6 6.8.5 may be varied by the Bank Lender without any reference to, or consent or approval from, the Borrowers..Borrower.

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 Bank 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 Bank Agent, the Security Agent and the Banks under any of the Security Documents, the Bank must 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, the Security Agent, the Issuing Bank and the Swap Provider under any of the Security Documents; 6.9.2 secondly, in or towards payment payment, on a pro rata basis, of any fees and accrued commissions payable to any Arranger, the Bank 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 Bank Banks (including Guarantee Banks) and the Issuing Bank, on a pro rata basis, of any accrued interest owing 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 Bank Banks (including Guarantee Banks) and the Issuing Bank, on a pro rata basis, of any principal 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 Bank 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 repaid and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). The order of application set out in clauses 6.9.1 to 6.9.6 may be varied by the Bank without any reference to, or consent or approval from, the Borrowers..Documents;

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 Loan Documents, the amount received by the Bank 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 Bank Lender under any of the Security Loan Documents, the Bank 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 Bank Lender under any of the Security Loan Documents; 6.9.2 6.7.2 secondly, in or towards payment of any fees expenses payable to the Bank 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 Bank 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 Bank Lender of any principal 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 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 and which amounts are so payable under this Agreement; and 6.9.6 sixthly, 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 6.9.1 6.7.1 to 6.9.6 6.7.5 may be varied by the Bank Lender without any reference to, or consent or approval from, the Borrowers..Borrower.

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 Bank 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 Bank Creditors or any of them under any of the Security Documents, the Bank must 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 Bank under any of Arranger, the Agent or the Security Agent under, or in relation to, the Security Documents; 6.9.2 secondly, in or towards payment payment, on a pro-rata basis, of any unpaid costs, expenses and fees payable owing to the Banks or the Account Bank under, under or in relation to, the Security Documents which remain unpaidDocuments; 6.9.3 thirdly, in or towards payment to the Bank 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 fourthly, in or towards payment to the Bank of any principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 fifthlyBanks, in or towards payment to the Bank 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; 6.9.5 fifthly, in or towards payment to the Banks, on a pro rata basis, of any principal in respect of the Loan which shall have become due but remains unpaid; and 6.9.6 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 6.9.1 6.9.3 to 6.9.6 6.9.5 may be varied by the Bank Agent if the Banks so direct, without any reference to, or consent or approval from, from the Borrowers..Borrower.

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 Bank 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 Bank Agent, the Security Trustee, the Security Trustee and the Lenders under any of the Security Documents, the Bank Agent 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 Bank Agent and the Security Trustee under any of the Security Documents; 6.9.2 6.10.2 secondly, in or towards payment of any fees payable to the Bank Agent or any of the other 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 Bank Lenders, 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 Bank Lenders, on a pro rata basis according to their respective Contributions, of any principal in respect of the Loan which shall have become due and payable but remains unpaid; 6.9.5 6.10.5 fifthly, in or towards payment to the Bank for any loss suffered by reason Lenders, on a pro rata basis, of any such payment in respect of principal not being effected on an Interest Payment Date Break Costs and any other sum relating to the part of the Loan repaid and which amounts are so payable under this Agreement; and 6.9.6 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 rata basis). ; and The order of application set out in clauses 6.9.1 6.10.1 to 6.9.6 6.10.5 may be varied by the Bank Agent if the Majority Lenders so direct, without any reference to, or consent or approval from, the Borrowers...

Appears in 1 contract

Sources: 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 Bank 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 Bank under Creditors or any of them under the Security Documents, the Bank must 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 any Arranger, the Bank under Agent, the Security Agent or any of other Creditor under, or in relation to, the Security Documents; 6.9.2 secondly, in or towards payment of any fees or commitment commission payable to any Arranger, the Bank Agent or any other Creditor under, or in relation to, the Security Documents which remain unpaid; 6.9.3 thirdly, in or towards payment to the Bank 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 fourthly, in or towards payment to the Bank Banks, on a pro rata basis, of any principal in respect of the Loan which shall have become due but remains unpaid; 6.9.5 fifthly, in or towards payment to the 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 and which amounts are so payable under this Agreement; 6.9.6 sixthly, in or towards payment to the Swap Provider of any amounts owing to it under the Master Swap Agreement; and 6.9.6 sixthly6.9.7 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 6.9.1 6.9.3 to 6.9.6 6.9.7 may be varied by the Bank 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.)