Earnings Accounts withdrawals
Earnings Accounts. The Borrower shall procure that the Collateral Owners maintain the Earnings Accounts with the Account Holders 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.
Earnings Accounts. The Borrowers shall open and maintain all its Earnings Accounts with the Account Bank, ensure that all Earnings are paid to the Earnings Accounts, and that the Earnings Accounts remain subject to the Account Pledge(s). The Borrowers may freely operate and make withdrawals from the Earnings Accounts until the occurrence of an Event of Default which is continuing.
Earnings Accounts evidence that the Earnings Account has been opened;
Earnings Accounts. (a) Each Borrower shall open and maintain an Earnings Account with the Agent and procure that all Earnings, insurance proceeds, requisition compensation and other sums payable in respect of the Vessel owned by it shall be paid directly to such Earnings Account without deductions.
(b) The amounts credited to the Earnings Accounts shall be freely available to the relevant Borrower as long as no Default has occurred and is continuing.
Earnings Accounts. The Borrowers shall maintain the Earnings Accounts with the Account Bank and ensure that all Earnings are paid to the Earnings Accounts.
Earnings Accounts. Subject to the Third Lien Intercreditor Agreement, the Company shall, and shall cause each of its Restricted Subsidiaries to, cause all Earnings paid or payable to any Note Party under each Drilling Contract to be deposited into one or more Earnings Accounts, and each Earnings Account shall at all times be in the name of a Note Party and shall be subject to an Account Control Agreement (or other comparable arrangements under applicable laws effective to perfect the Lien of the Noteholder Collateral Agent under applicable Legal Requirements (and otherwise on terms acceptable to the Noteholder Collateral Agent)) (in each case except for (i) accounts established and used exclusively for the purpose of funding payroll, payroll taxes and other compensation and benefits to employees and (ii) Foreign Deposit Accounts; provided that no such Foreign Deposit Account shall have a cash balance greater than $5,000,000 at any time, and all such Foreign Deposit Accounts, collectively, shall not have a cash balance greater than $25,000,000 in the aggregate at any time, in each case, for more than ten (10) consecutive Business Days); provided that, if the terms of a Drilling Contract, Permitted Third Party Charter, or any applicable Legal Requirements require that any such Earnings be paid to a non-United States bank account by the counterparty to such Drilling Contract or Permitted Third Party Charter, as applicable, this covenant shall not be deemed violated if funds standing to the credit of such account are transferred as soon as reasonably practicable after deposit thereof in the jurisdiction in which the account is located to an account that qualifies as an Earnings Account.
Earnings Accounts withdrawals
14.3.1 to pay all unpaid fees and expenses which may be owning to the Agent under any of the Finance Documents;
14.3.2 to transfer to the Retention Account on each Retention Date all or part of the Retention Amount for such Retention Date;
14.3.3 to pay any amount to the Swap Banks of net amounts then payable pursuant to section 2 of either Master Swap Agreement and the Borrower hereby irrevocably and unconditionally instructs the relevant Account Bank to make such payments on their due date if and to the extent the Borrower does not issue the appropriate instructions on or before such due date;
14.3.4 to pay any amount to the Agent and/or the other Finance Parties in or towards payments of any instalments of interest payable pursuant to this Agreement and the Borrower hereby irrevocably and unconditionally instructs the relevant Account Bank to make such payments on their due date if and to the extent the Borrower does not issue the appropriate instructions on or before such due date;
14.3.5 to pay any amount to the Agent and/or the other Finance Parties in or towards payments of any principal or any other amounts then payable pursuant to the cash sweep obligation contained in clause 4.8 and the Borrower hereby irrevocably and unconditionally instructs the relevant Account Bank to make such payments on their due date if and to the extent the Borrower does not issue the appropriate instructions on or before such due date;
14.3.6 to pay any amount to the Agent and/or the other Finance Parties any other amounts then payable pursuant to the Finance Documents (including any other amounts owing to either Swap Bank under the relevant Master Swap Agreement) and the Borrower hereby irrevocably and unconditionally instructs the relevant Account Bank to make such payments on their due date if and to the extent the Borrower does not issue the appropriate instructions on or before such due date;
14.3.7 to pay the proper and reasonable operating expenses (including costs of insuring, repairing and maintaining each Ship) of each Ship and the proper and reasonable expenses of administering the affairs of the relevant Owner;
14.3.8 to pay any Approved Manager’s remuneration under any Management Agreement in the amounts and at the times therein stated;
14.3.9 to pay or discharge liabilities or obligations to third parties not exceeding the aggregate of any deductible under a Ship’s Insurances applicable to such liabilities or obligations and the amount of any i...
Earnings Accounts. The Borrower shall procure that each Collateral Owner maintains its Earnings Account with the Account Holder for the duration of the Facility Period, (unless the relevant Collateral Owner is released earlier in accordance with Clause 7.5 (Mandatory prepayment on sale or Total Loss) or in accordance with the other terms of Agreement or in accordance with any terms of the Security Documents), free of Encumbrances and rights of set off other than those created by or under the Finance Documents or the standard terms of the Account Holder or any Permitted Encumbrance.
Earnings Accounts. (a) The Borrower shall be the holder of an account with the Account Bank which is designated as an Earnings Account for the purposes of the Finance Documents.
(b) Each Owner Guarantor may, if required, open at any time, an account with the Account Bank which shall be designated as an Earnings Account for the purposes of the Finance Documents.
(c) The Borrower and each of the Owner Guarantors shall ensure that all Earnings of each Vessel, all moneys payable to any Security Party under a Vessel’s Insurances and any net amount payable to the Borrower under any Master Agreement shall be paid by the persons from whom they are due to the Borrower’s Earnings Account (or, if applicable the Earnings Account held by the relevant Owner Guarantor) unless required to be paid to the Security Trustee under the relevant Finance Documents.
(d) None of the Security Parties shall withdraw amounts standing to the credit of an Earnings Account except as permitted by paragraph (d) below.
(e) If no Event of Default shall have occurred and be continuing, and subject always to clause 11.2(i), the Security Parties shall be permitted to withdraw amounts standing to the credit of the Earnings Accounts.
