Common use of Earnings Account Clause in Contracts

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.