Escrow Fund Deposits. At the time of the sale of the Obligations, the Shipowner shall deposit with the Secretary in the Escrow Fund all of the proceeds of that sale unless the Shipowner is entitled to withdraw funds under Section 5.03. If the Obligations are issued before the delivery of all of the Vessels, then the Shipowner shall also deposit into the Escrow Fund on the Closing Date an amount equal to six months interest at the rate borne by the Obligations.
Appears in 8 contracts
Samples: Security Agreement (Ambassadors International Inc), Security Agreement (American Classic Voyages Co), Security Agreement (American Classic Voyages Co)
Escrow Fund Deposits. At the time of the sale of the Obligations, the Shipowner shall deposit with the Secretary in the Escrow Fund all of the proceeds of that sale unless the Shipowner is entitled to withdraw funds under Section 5.03. If the Obligations are issued before the delivery of all of the VesselsVessel, then the Shipowner shall also deposit into the Escrow Fund on the Closing Date an amount equal to six months interest at the rate borne by the Obligations.
Appears in 2 contracts
Samples: Security Agreement (Pride International Inc), Security Agreement (Pride International Inc)
Escrow Fund Deposits. At the time of the sale of the Obligations, the Shipowner shall deposit with the Secretary Administrator in the Escrow Fund all of the proceeds of that sale unless the Shipowner is entitled to withdraw funds under Section 5.03. If the Obligations are issued before the delivery of all of the Vessels, then the Shipowner shall also deposit into the Escrow Fund on the Closing Date an amount equal to six months interest at the rate borne by the Obligations.
Appears in 1 contract
Samples: www.maritime.dot.gov
