Assignment of Earnings definition

Assignment of Earnings shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.

Assignment of Earnings means an assignment to be entered into between the Borrower and the Finance Parties and to be in the agreed form.

Assignment of Earnings has the meaning given to it in the Common Terms Agreement.

Examples of Assignment of Earnings in a sentence

• Words and expressions defined in the Assignment of Earnings and Insurances (whether expressly or by reference to the Mortgage and/or the Credit Agreement) shall, unless otherwise defined in this Assignment, or the context otherwise requires, have the same meanings when used in this Assignment.

• The provisions of clause 3.1 of the Assignment of Earnings and Insurances shall apply mutatis mutandis to this Assignment as if set out herein and as if references therein to “this Deed” were references to this Assignment.

• All moneys received by the Collateral Agent in respect of the Assigned Property shall be held and applied by it in accordance with the terms of clause 2.3 of the Assignment of Earnings and Insurances as if the same was Earnings.

• This Assignment shall be read together with the Assignment of Earnings and Insurances but in case of any conflict between the two instruments the provisions of the Assignment of Earnings and Insurances shall prevail.

• The assigning Lender and the assignee thereof shall execute and deliver to Administrative Agent and, if the assignee is not a Lender Affiliate, the Borrower an Assignment Agreement, together with such forms, certificates or other evidence, if any, with respect to United States federal income tax withholding matters as the assignee under such Assignment Agreement may be required to deliver to Administrative Agent.

More Definitions of Assignment of Earnings

Assignment of Earnings means assignment agreement, and sub-assignment agreement in respect of Seadrill Offshore AS, collateral to this Agreement for the first priority assignment of the Earnings to be made between the relevant Obligors and the Agent (on behalf of the Finance Parties) as security for the Obligors’ obligations under the Finance Documents, in form and substance satisfactory to the Finance Parties.

Assignment of Earnings shall have the meaning provided in Section 5.12.

Assignment of Earnings has the meaning ascribed to such term in the definition of “Collateral Rig Requirements”.

Assignment of Earnings means an assignment agreement, (or, for companies in Norway (where direct assignment agreements are not permitted by law), sub-assignment agreements), collateral to this Agreement for the first priority assignment of the Earnings, to be made between the relevant Borrower and Intra-Group Charterer and the Agent (on behalf of the Finance Parties) as security for the Obligors’ obligations under the Finance Documents, in form and substance satisfactory to the Agent (on behalf of the Finance Parties).

Assignment of Earnings means the assignment from the Shipowner to the Administrator of all of the rights, title and interest of the Shipowner in whatever is received upon the lease, sale, charter, transfer or disposition of any Vessel, claims for damages for any breach by any charterer or other party thereto of any bareboat or time charter, or lease of any Vessel; and all remuneration payable by or on behalf of a governmental authority in respect of any detention of any Vessel, and all insurance proceeds payable to the Shipowner for any loss of or damage to all or any part of any Vessel, substantially in the form attached to this Agreement as Annex I, as the same may be amended, supplemented, restated or otherwise modified from time to time with the consent of the Administrator.

Assignment of Earnings means each assignment agreement, collateral to this Agreement for the first priority perfected assignment of the Earnings, to be made between the Borrower and any Intra-Group Charterer and the Agent (on behalf of the Finance Parties) as security for the Obligors’ obligations under the Finance Documents, in form and substance satisfactory to the Agent (on behalf of the Finance Parties).

Assignment of Earnings means the General Assignment of Earnings, dated as of the Funding Date, substantially in the form attached hereto as Exhibit A, pursuant to which the Borrower shall collaterally assign to the Lender, and grant the Lender a continuing, first priority security interest in, and lien on, all Earnings of the Vessel and all proceeds thereof.