Common use of Deposit Accounts; Assignment Clause in Contracts

Deposit Accounts; Assignment. Throughout the Security Period, maintain, and procure that each Security Party shall maintain its primary collection and revenue accounts with the Agent and shall procure, and shall cause each Security Party to procure that, all earnings of any Vessels shall be paid (without set-off or counterclaim) into such collection accounts. As security for the obligations of the Borrower hereunder, the Borrower hereby pledges, assigns and grants the Agent, on behalf of the Lenders, a security interest in all the Borrowers' right, title and interest in and to the aforesaid collection and disbursement accounts and consents that if an Event of Default shall occur and so long as the same shall be continuing, all moneys held in the said accounts and all moneys thereafter received by the Agent may be applied as provided in Section 8.3;