Common use of Earnings Accounts Clause in Contracts

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.

Earnings Accounts. (a) The Borrower and each Owner shall be the holder of an account one or more Accounts with the Account Bank which is designated as an “Earnings Account 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 The Earnings Account for the purposes of the Finance Documents. (c) The Borrower Ships and each of the Owner Guarantors shall ensure that all Earnings of each Vessel, all moneys payable to any Security Party the relevant Owner under a VesselShip’s Insurances and any net amount payable to the Borrower under any Master Agreement Hedging Contract shall be paid by the persons from whom they are due to the Borrower’s Earnings Account (or, if applicable applicable, paid by the Owner or the Borrower receiving the same, to an Earnings Account held by the relevant Owner Guarantor) unless required to be paid to the Security Trustee Agent under the relevant Finance Documents. (dc) None of the Security Parties The relevant Account Holder(s) shall not withdraw amounts standing to the credit of an Earnings Account except as permitted by paragraph clauses 26.2(d). (d) below. (e) If Subject to clause 26.2(e), if there is no continuing Default or Event of Default shall have occurred and be continuing, and subject always to clause 11.2(i)as otherwise prohibited under this Agreement, the Security Parties relevant Account Holder shall be permitted entitled to withdraw deal freely with amounts standing to the credit of any Earnings Accounts for which it is the Account Holder. (e) The Borrower shall (without prejudice to the rights of the Finance Parties under this Agreement following or in respect of the termination of any Charter) procure that, in respect of each Ship, there is a minimum of $2,000,000 maintained in the relevant Owner Earnings AccountsAccount relating to that Ship at any time when that Ship is not subject to a Charter or the relevant Charter has been terminated and has not been replaced by another charter commitment approved by the Lenders.