Dry Docking Reserve Account. withdrawals 8.4.1 Unless the Agent otherwise agrees in writing, the Borrower shall not be entitled to withdraw any moneys from the Dry Docking Reserve Account other than to meet dry-docking costs which shall have been advised to and the aggregate amount of which shall have been approved by the Agent (acting reasonably and without delay) and in respect of which the Borrower shall have provided to the Agent reasonably satisfactory documentary evidence that such dry-docking costs have been incurred or will be incurred provided however that the Borrower shall be entitled to request the Agent by notice in writing to release any balance standing to the credit of the Dry Docking Reserve Account, after reimbursement to the Borrower from the Dry Docking Reserve Account of all dry docking costs and expenses paid by it, immediately following completion of a scheduled dry docking of the Vessel and the Agent shall transfer any such balance to the Distribution Account provided that the Agent is satisfied that: (a) all amounts then required to be paid to the Retention Account have been so paid; (b) the DSRA Amount has been paid in full and is standing to the credit of the Debt Service Reserve Account or has been replaced by the DSRA Letter of Credit; and (c) at such time no Dividend Restriction Event has occurred which is continuing unremedied or unwaived in which case any such balance shall be transferred to and retained in the Dividend Lock-up Account.
Appears in 4 contracts
Samples: Loan Agreement (Teekay LNG Partners L.P.), Loan Agreement (Teekay LNG Partners L.P.), Loan Agreement (Teekay LNG Partners L.P.)
