Common use of Waterfall Clause in Contracts

Waterfall. Withdrawals from the Vessels Collection Account may only be made for the following purposes and in the following order of priority to:  First: pay fees (including any Services Fees) due and payable under the Omega Technical Ship Management Services Agreement and other technical ship management services agreements with third parties;

Appears in 2 contracts

Sources: Conditional Risk Sub Participation Agreement, Restructuring Support Agreement