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.
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.
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.
Examples of Earnings Accounts in a sentence
The Borrower will not permit any Subsidiary Guarantor to maintain any deposit, savings, investment or other similar accounts other than Earnings Accounts.
Each Loan Party will cause (or will cause the Security Provider to ensure that) the earnings derived from or other amounts payable with respect of each of the respective Collateral Vessels, to the extent constituting Earnings and Insurance Collateral, to be deposited by the respective account debtor in respect of such earnings into an Earnings Account (it being understood that, absent an Event of Default which is continuing, the Borrower shall have full control of the funds within the Earnings Accounts).
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 Owners opened or (as the context may require) to be opened by 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 the accounts listed on Annex F to the Pledge Agreement (as updated from time to time).
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.