Release of. surplus Any amount remaining to the credit of the Earnings Account following the making of any payment required by Clause 11.2 shall (unless an Event of Default or Potential Event of Default shall have occurred and be continuing) be released to or to the order of the Borrowers.
Appears in 2 contracts
Samples: Loan Agreement (Mc Shipping Inc), Loan Agreement (Mc Shipping Inc)
Release of. surplus Any amount remaining to the credit of the Earnings Account following the making of any payment transfer required by Clause 11.2 10.4 (Application of Earnings Account) shall (unless an Event of Default or Potential Event of a Default shall have occurred and be continuing) be released to or to the order of the BorrowersBorrower.
Appears in 1 contract
Samples: Loan Agreement (Top Ships Inc.)
Release of. surplus Any amount remaining to the credit of the Earnings Account following the making of any payment transfer required by Clause 11.2 shall 12.4 may (unless an Event of Default or Potential Event of a Default shall have occurred and be continuing) be released to or to the order of the BorrowersManagers or the relevant Borrower.
Appears in 1 contract
Samples: Loan Agreement (Danaos Corp)
Release of. surplus Any amount remaining to the credit of the Earnings Account following the making of any payment transfer required by Clause 11.2 10.4 (Transfers to Retention Account) shall (unless an Event of a Default or Potential an Event of Default shall have occurred and be continuing) be released to or to the order of the BorrowersBorrower.
Appears in 1 contract
Samples: Poseidon Containers Holdings Corp.
Release of. surplus Any amount remaining to the credit of the Earnings Account Accounts following the making of any payment transfer required by Clause 11.2 17.4 (Application of the Earnings Accounts) shall (unless an Event of Default or Potential Event of a Default shall have occurred and be continuing) be released to or to the order of the Borrowers.
Appears in 1 contract
Samples: Loan Agreement (Euroseas Ltd.)
Release of. surplus Any amount remaining to the credit of the Earnings Account following the making of any payment transfer required by Clause 11.2 11.4 (Application of Earnings Account) shall (unless an Event of Default or Potential Event of a Default shall have occurred and be continuing) be released to or to the order of the BorrowersBorrower, provided that Clause 11.5 (Minimum Free Liquidity) is complied with.
Appears in 1 contract
Release of. surplus Any amount remaining to the credit of the an Earnings Account following the making of any payment transfer required by Clause 11.2 10.4 (Transfers to Retention Account) shall (unless an Event of Default or Potential Event of a Default shall have occurred and be continuing) be released to or to the order of the Borrowers.
Appears in 1 contract
Samples: Loan Agreement (Poseidon Containers Holdings Corp.)
Release of. surplus Any amount remaining to the credit of the Earnings Account following the making of any payment transfer required by Clause 11.2 12.4 shall (unless an Event of Default or Potential Event of Default shall have occurred and be continuing) be released to or to the order of the Borrowers.
Appears in 1 contract
Samples: Loan Agreement (Danaos Corp)
Release of. surplus Any amount remaining to the credit of the Earnings Account following the making of any payment transfer required by Clause 11.2 10.5 (Application of Earnings Account) shall (unless an Event of Default or Potential Event of a Default shall have occurred and be continuing) be released to or to the order of the Borrowers.
Appears in 1 contract
Samples: Loan Agreement (Diana Shipping Inc.)
