Construction Fund. (a) The Shipowner has deposited in the Construction Fund with the Depository the amount, if any, indicated in the Depository Agreement from the proceeds of the Obligation to be held by the Depository in a Securities Account in accordance with the terms of the Depository Agreement. This Securities Account together with any future deposits and the proceeds from the investment of the amounts on deposit shall be called the "Construction Fund."
Appears in 4 contracts
Samples: Security Agreement (American Classic Voyages Co), Security Agreement (American Classic Voyages Co), Security Agreement (American Classic Voyages Co)
Construction Fund. (a) The Shipowner has deposited in the Construction Fund with the Depository the amount, if any, indicated in the Depository Agreement from the proceeds of the Obligation to be held by the Depository in a Securities Account in accordance with the terms of the Depository Agreement. This Securities Account together with any future deposits and the proceeds from the investment of the amounts on deposit shall be called the "Construction Fund."
Appears in 3 contracts
Samples: Security Agreement (Pride International Inc), Security Agreement (Pride International Inc), Security Agreement (Chiles Offshore Inc/New/)
Construction Fund. (a) The Shipowner has deposited in the Construction Fund with the Depository the amount, if any, indicated in the Depository Agreement from the proceeds of the Obligation to be held by the Depository in a Securities Account in accordance with the terms of the Depository Agreement. This Securities Account together with any future deposits and the proceeds from the investment of the amounts on deposit shall be called the "βConstruction Fund."β
Appears in 2 contracts
Samples: Security Agreement (Ambassadors International Inc), Security Agreement (Ensco International Inc)
