We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Common use of Charging of Cash Collateral Account Clause in Contracts

Charging of Cash Collateral Account. The Borrower, with full title guarantee hereby charges and agrees to charge by way of first fixed charge and releases and agrees to release to the Bank as a continuing security for the payment of the Outstanding Indebtedness (as this term is defined in the Deed of Covenant) the Cash Collateral Account and all monies from time to time standing to the credit of the Cash Collateral Account including any interest from time to time accrued and accruing thereon (whether or not credited thereto) and the Borrower shall not be entitled to withdraw any such monies from the Cash Collateral Account otherwise than in accordance with this clause 15 until such time as the said Outstanding Indebtedness has been conclusively certified by the Bank to have been repaid in full.

Appears in 4 contracts

Samples: Loan Agreement (Safe Bulkers, Inc.), Loan Agreement (Safe Bulkers, Inc.), Loan Agreement (Safe Bulkers, Inc.)