Earnings Account withdrawals
Earnings Account. The Assignor shall procure that all Earnings are promptly credited to the Earnings Account.
Earnings Account. The Borrower shall maintain the Earnings Account with the Agent for the duration of the Facility Period free of Encumbrances and rights of set off except for Permitted Liens and those Encumbrances and rights of set off created by or under the Security Documents.
Earnings Account. (a) The Charterers shall, and shall procure the Approved Manager to, ensure that all the earnings of the Vessel shall forthwith upon receipt be deposited into the Earnings Account. (b) Withdrawals may be made from the Earnings Account provided that no Termination Event has occurred and is continuing.
Earnings Account. The Earnings Account shall have been opened with the Account Bank.
Earnings Account. The Earnings Account remains opened and is being maintained with the Account Bank.
Earnings Account. The Borrower covenants to maintain the Earnings Account throughout the Facility Period, and to procure:
(a) that the Vessel Owners establish the Vessel Earnings Accounts by not later than the date falling thirty (30) days after the Execution Date and thereafter maintain such accounts throughout the Facility Period;
(b) that by the date falling three (3) months after the Execution Date, the Earnings of at least two (2) Vessels shall have been redirected to the relevant Vessel Earnings Account;
(c) that by the date falling four (4) months after the Execution Date, the Earnings of at least four (4) Vessels shall have been redirected to the relevant Vessel Earnings Account;
(d) that by the date falling six (6) months after the Execution Date, the Earnings of all six (6) Vessels shall have been redirected to the relevant Vessel Earnings Account; and
(e) that until the Earnings of each Vessel are redirected to the relevant Vessel Earnings Account, no charge or other Encumbrance will be created over the accounts through which the Earnings of the Vessels flow.
Earnings Account. The Pledgor shall, with respect to the Earnings Account, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, cause the depository bank which maintains the Earnings Account to agree to comply at any time with instructions from the Collateral Agent to such depository bank directing the disposition of funds from time to time credited to the Earnings Account, without further consent of the Pledgor or any other Person. The Collateral Agent agrees with the Pledgor that the Collateral Agent shall not give any such instructions or withhold any withdrawal rights from the Pledgor other than in accordance with the Indenture (which may require direction of Holders of a majority in aggregate principal amount of the Outstanding Securities).
Earnings Account. No Borrower may, without the prior consent of the Facility Agent (acting on the instructions of the Majority Lenders), maintain any bank account other than its Earnings Account.
Earnings Account. The Borrower shall maintain the Earnings Account with the Account Holder for the duration of the Facility Period free of Encumbrances and rights of set off other than those created by or under the Finance Documents.
