Common use of Earnings and Retention Accounts Clause in Contracts

Earnings and Retention Accounts. 27.01 The Borrower hereby agrees to ensure and procure that all the Earnings of the Ship, shall be paid into the Earnings Account, which shall be charged in favour of the Lender by the Earnings Account Charge. Unless and until an Event of Default or a Potential Event of Default occurs, whereupon the Lender may give notice to the Borrower that it requires that all Earnings of the Ship are paid directly to the Lender, all amounts in the Earnings Account shall be applied as follows:

Earnings and Retention Accounts. 27.01 25.01 The Borrower hereby agrees to ensure and procure that all the Earnings of the Ship, shall be paid into the Earnings Account, which shall be charged in favour of to the Lender by the Earnings Account Accounts' Charge. Unless and until an Event of Default or a Potential Possible Event of Default occurs, whereupon the Lender may give notice to the Borrower that it requires that all Earnings of the Ship are paid directly to the Lender, all amounts in the Earnings Account shall be applied as follows:

Earnings and Retention Accounts. 27.01 The Borrower Borrowers hereby agrees agree to ensure and procure that all the Earnings of the each Ship, shall be paid into the relevant Earnings Account, which shall be charged in favour of the Lender by the relevant Earnings Account Charge. Unless and until an Event of Default or a Potential Event of Default occurs, whereupon the Lender may give notice to the Borrower Borrowers that it requires that all Earnings of the Ship Ships are paid directly to the Lender, all amounts in the Earnings Account shall be applied as follows: