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.
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Samples: Senior Secured Revolving Credit Facility Agreement, Senior Secured Revolving Credit Facility Agreement (Teekay Offshore Partners L.P.)
Earnings Accounts. The Borrower Borrowers shall procure that the Collateral Owners maintain the Earnings Accounts with the Account Holders 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.
Appears in 2 contracts
Samples: Secured Loan Agreement (Diana Shipping Inc.), Secured Loan Agreement (Diana Shipping Inc.)
Earnings Accounts. The Borrower Borrowers shall procure that the Collateral Owners maintain the Earnings Accounts with the Account Holders Holder or such other bank of requisite rating (including itself) as the Agent may designate 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.
Appears in 2 contracts
Samples: Secured Loan Agreement (Baltic Trading LTD), Secured Loan Agreement (Baltic Trading LTD)
Earnings Accounts. The Borrower Borrowers shall procure that the Collateral Owners maintain the Earnings Accounts with the Account Holders Bank for the duration of the Facility Period free of Encumbrances and rights of set off other than those created by or under the Finance DocumentsDocuments and rights of set-off in favour of the Account Bank as account holder.
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Earnings Accounts. The Borrower Borrowers shall procure that the Collateral Owners maintain the Earnings Accounts with the Account Holders 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.
Appears in 1 contract
Samples: Secured Loan Agreement (Genco Shipping & Trading LTD)
Earnings Accounts. The Borrower Borrowers shall procure that the Collateral Owners maintain the Earnings Accounts with the Account Holders Lender 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.
Appears in 1 contract
Samples: Loan Agreement (Diana Shipping Inc.)
Earnings Accounts. The Borrower Borrowers shall procure that the Collateral Owners shall maintain the Earnings Accounts with the Account Holders 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 DocumentsDocuments and the applicable Collateral Loan Agreement.
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