Earnings Accounts. withdrawals Any sums standing to the credit of the Earnings Accounts may be applied from time to time (i) firstly in payment to the Banks of any outstanding amounts due to them under any Finance Document, (ii) secondly in payment to the Retention Account in accordance with Clause 14.3 and (iii) subject to there being at any time sufficient funds to pay amounts due under (i) and (ii) above as they fall due and to no Event of Default having occurred, thirdly for the unrestricted use of the Borrowers.
Appears in 3 contracts
Samples: Agreement (Navios Maritime Partners L.P.), Agreement (Navios Maritime Acquisition CORP), www.lw.com
Earnings Accounts. withdrawals Any sums standing to the credit of the Earnings Accounts may be applied from time to time (i) firstly in payment to make the Banks of any outstanding amounts due to them payments required under any Finance Documentthis Agreement, (ii) secondly secondly, subject to there being no breach of Clause 8.1.21 and to no Event of Default having occurred, in payment to the Retention Account in accordance with Clause 14.3 operation of the Mortgaged Vessels and (iii) thirdly, subject to there being at any time sufficient funds to maintain or pay amounts due under (i) and (ii) above as they fall due and to no Event of Default having occurreddue, thirdly for the unrestricted use of the Borrowers.
Appears in 3 contracts
Samples: Agreement (Navios Maritime Acquisition CORP), Agreement (Navios Maritime Acquisition CORP), Navios Maritime Acquisition CORP
Earnings Accounts. withdrawals Any sums standing to the credit of the Earnings Accounts may be applied from time to time (i) firstly in payment to make the Banks of any outstanding amounts due to them payments required under any Finance Documentthis Agreement, (ii) secondly in payment secondly, subject to the Retention Account in accordance with there being no breach of Clause 14.3 and to no Event of Default having occurred, in the operation of the Vessels and (iii) subject to there being at any time sufficient funds to pay amounts due under (i) and (ii) above as they fall due and to no Event of Default having occurreddue, thirdly for the unrestricted use general corporate purposes of the Borrowers.. 44
Appears in 2 contracts
Samples: Agreement, Agreement (Navios Maritime Acquisition CORP)
Earnings Accounts. withdrawals Any sums standing to the credit of the an Earnings Accounts Account may be applied from time to time (i) firstly in payment to make the Banks of any outstanding amounts due to them payments required under any Finance Documentthis Agreement, (ii) secondly secondly, subject to there being no breach of clause 8.118 and to no Event of Default having occurred, in payment to the Retention Account in accordance with Clause 14.3 operation of the Mortgaged Vessels and (iii) thirdly, subject to there being at any time sufficient funds to maintain or pay amounts due under (i) and (ii) above as they fall due and to no Event of Default having occurreddue, thirdly for the unrestricted use of the BorrowersOwners.
Appears in 2 contracts
Earnings Accounts. withdrawals Any sums standing to the credit of the Earnings Accounts may be applied from time to time (i) firstly in payment to make the Banks of any outstanding amounts due to them payments required under any Finance Documentthis Agreement, (ii) secondly in payment secondly, subject to the Retention Account in accordance with there being no breach of Clause 14.3 and to no Event of Default having occurred, in the operation of the Mortgaged Vessels and (iii) subject to there being at any time sufficient funds to pay amounts due under (i) and (ii) above as they fall due and to no Event of Default having occurreddue, thirdly for the unrestricted use general corporate purposes of the Borrowers.
Appears in 2 contracts
Samples: Agreement (Navios Maritime Acquisition CORP), Navios Maritime Acquisition CORP
Earnings Accounts. withdrawals Any sums standing to the credit of the Earnings Accounts may be applied from time to time (i) firstly in payment to make the Banks of any outstanding amounts due to them payments required under any Finance Documentthis Agreement, (ii) secondly in payment secondly, subject to the Retention Account in accordance with there being no breach of Clause 14.3 and to no Event of Default having occurred, in the operation of the Vessels and (iii) subject to there being at any time sufficient funds to pay amounts due under (i) and (ii) above as they fall due and to no Event of Default having occurreddue, thirdly for the unrestricted use general corporate purposes of the Borrowers.
Appears in 1 contract
Samples: Facility Agreement (Navios Maritime Acquisition CORP)
Earnings Accounts. withdrawals Any sums standing to the credit of the an Earnings Accounts Account may be applied from time to time (i) firstly in payment to make the Banks of any outstanding amounts due to them payments required under any Finance Documentthis Agreement, (ii) secondly secondly, subject to there being no breach of clause 8.1.21 and to no Event of Default having occurred, in payment to the Retention Account in accordance with Clause 14.3 operation of the Mortgaged Vessels and (iii) thirdly, subject to there being at any time sufficient funds to maintain or pay amounts due under (i) and (ii) above as they fall due and to no Event of Default having occurreddue, thirdly for the unrestricted use of the BorrowersOwners.
Appears in 1 contract
