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

Examples of Earnings Accounts in a sentence

• 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.

• The Borrower undertakes with each Creditor Party (only if the circumstances referred to in Clause 8.2(a) shall apply at the relevant time) to ensure that no later than 3 Business Days after a Relevant Distribution Declaration Date, there shall be transferred to the Retention Account out of the aggregate Earnings received in the Earnings Accounts, the repayment instalment falling due under Clause 8.2(a) at that time.

• At any time after the occurrence of an Event of Default, the Bank may, without notice to the Borrowers, apply all moneys then standing to the credit of the Earnings Accounts and/or the Retention Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to the Bank under the Security Documents in the manner specified in clause 13.1.

• The Earnings Accounts and the Retention Account and all amounts from time to time standing to the credit thereof shall be subject to the security constituted and the rights conferred by the Accounts Pledge.

• The amounts in the Earnings Accounts shall be freely available to the Borrowers and/or the Intra-Group Charterers (as applicable) subject always to (i) any such amount being applied in accordance with the provisions of this Agreement and (ii) no Default has occurred and is continuing and no notice has been given to any Borrower or Intra-Group Charterer by the Agent that such amounts shall not be freely available.

More Definitions of Earnings Accounts

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

Earnings Accounts means the bank accounts to be 'opened in the names of the Borrowers with the Account Holder and each designated an "Earnings Account" and "Earnings Account" means any one 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 any or all of them;

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).