Earnings Accounts definition

Earnings Accounts means the bank accounts of each of the Obligors from time to time each of which shall be held with the Agent or any of the Agent’s corresponding banks and to which all the Earnings and any proceeds of the Insurances shall be paid.

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Earnings Accounts means any interest bearing account into which all Earnings derived from each Collateral Vessel Contract (other than any such Earnings payable to a Local Content Subsidiary) shall be deposited or forwarded that is subject to an account control agreement (or other comparable arrangements under U.K. laws or other laws acceptable to the Collateral Agent), except to the extent prohibited by applicable law.

Earnings Accounts means any account to be nominated and designated as Earnings Accounts for this purpose by the Borrower or the Guarantor in cooperation with the Agent, with the Account Bank, or such other accounts as designated by the Agent.

Examples of Earnings Accounts in a sentence

• Upon the occurrence and during the continuance of an Event of Default, the Agent shall be entitled (but not obliged) from time to time to debit the Earnings Accounts without prior notice in order to discharge any amount due and payable under Clause 21 or 22 to a Creditor Party or payment of which any Creditor Party has become entitled to demand under Clause 21 or 22.

• Any monies standing to the credit of the Earnings Accounts shall be freely available to the Owners subject to there not being any Event of Default or Potential Event of Default in existence at the relevant time.

• If the aggregate Earnings received in the Earnings Accounts are insufficient at any time for the required amount to be transferred to the Retention Account under Clause 18.2, the Borrower shall immediately pay the amount of the insufficiency into the Retention Account.

• The Borrowers may freely operate and make withdrawals from the Earnings Accounts until the occurrence of an Event of Default which is continuing.

• Any deposit accounts shall, for all the purposes of the Security Documents, be deemed to be sub-accounts of Earnings Accounts from which the moneys deposited in the deposit accounts were transferred and all references in the Security Documents to the Earnings Accounts shall be deemed to include the deposit accounts deemed as aforesaid to be sub-accounts thereof.

More Definitions of Earnings Accounts

Earnings Accounts means all of such accounts and fixed term deposit contracts and/or accounts;

Earnings Accounts means, together, the Existing Ships Earnings Accounts and the Target Ships Earnings Accounts and, in the singular, means any of them;

Earnings Accounts means any or all of them;

Earnings Accounts means, together, the Dollar denominated earnings account with account number 1250.04.13857, the Euro denominated earnings account with account number 1250.60.20814 and the Norwegian Kroner denominated earnings account with account number 1503.01.88559, each opened by the Borrower with the Agent as required under Clause 9.1;

Earnings Accounts means interest bearing Dollar accounts of the Borrower and the Owners opened or (as the context may require) to be opened by the Borrower and the Owners with the Account Bank and includes any other account designated in writing by the Account Bank to be an Earnings Account for the purposes of this Agreement and "Earnings Account" means any of them;

Earnings Accounts means (i) the account in the name of the Borrower with the Account Bank designated as the Borrower’s Earnings Account for purposes of this Agreement, (ii) any other account with the Account Bank in the name of an Owner Guarantor which is designated as an Earnings Account for the purposes of this Agreement, and (iii) any new account set up to take earnings from any Vessel and designated as an Earnings Account for the purposes of this Agreement.

Earnings Accounts means the accounts listed on Annex F to the Pledge Agreement (as updated from time to time).