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.
Appears in 3 contracts
Samples: Term and Revolving Facilities Agreement (KNOT Offshore Partners LP), Term and Revolving Facilities Agreement (KNOT Offshore Partners LP), Term and Revolving Facilities Agreement
Earnings Accounts. (a) Each The 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 Vessels 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.
Appears in 2 contracts
Samples: Term Facility Agreement, Term Facility Agreement (KNOT Offshore Partners LP)
