Common use of Location of accounts Clause in Contracts

Location of accounts. The Borrower and each of the Guarantors, as the case may be, shall promptly: (a) comply with any requirement of the Agent as to the location or re-location of any Earnings Account and the Retention Account (or any of them); and (b) execute an Earnings Account Pledge, a Retention Account Pledge and/or any other documents which the Agent specifies to create or maintain in favor of the Security Trustee a Security Interest over (and/or rights of set-off, consolidation or other rights in relation to) any Earnings Account and the Retention Account (or any of them).

Appears in 3 contracts

Samples: Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)

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Location of accounts. The Borrower and each of the Guarantors, as the case may be, Guarantors shall promptly: (a) comply with any requirement of the Agent as to the location or re-location of any the Earnings Account and the Retention Account (or any of them)Account; and (b) execute an the Earnings Account Pledge, a Pledge with respect to the Earnings Account and the Retention Account Pledge with respect to the Retention Account and/or any other documents which the Agent specifies to create or maintain in favor of the Security Trustee a Security Interest over (and/or rights of set-off, consolidation or other rights in relation to) any of the Earnings Account and the Retention Account (or any of them)Account.

Appears in 1 contract

Samples: Credit Agreement (Scorpio Bulkers Inc.)

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