Common use of Allseas Bank Account Clause in Contracts

Allseas Bank Account. Allseas shall have opened a demand deposit account with HSBC Bermuda Bank Limited for the purpose of receiving freights and other amounts under the Sub-COA with respect to the Vessel, and for the purpose of receiving from Mid-Ship Group LLC freights and other amounts paid by Noranda Alumina LLC, its successors and assigns under the COA (the “Bulk Cajun Freights Account”).

Allseas Bank Account. Allseas shall have opened a demand deposit account with HSBC Bermuda Bank Limited for the purpose of receiving freights and other amounts under the Sub-COA with respect to the VesselCOA, and for the purpose of receiving from Mid-Ship Group LLC freights and other amounts paid by Noranda Alumina LLC, its successors and assigns under the COA (the “Bulk Cajun Discovery Freights Account”).