Pledged Deposit procure that, upon drawdown and at all times during the Security Period, the Borrower shall maintain in the Operating Account the amount of Dollars Five hundred thousand Dollars ($500,000), which amount shall remain pledged in favour of the Lender throughout the Security Period (such amount for the purpose of this Agreement shall be called herein the “Pledged Deposit”);
Pledged Deposit. 3.12.1 The Borrower may deposit in the Pledged Deposit Account at the beginning of an Interest Period an amount equal to either (a) the Loan or (b) the Balloon Instalment.
3.12.2 The Pledged Deposit Amount shall be held on the Pledged Deposit Accounts in the form of time deposit for a period equal to the current Interest Period applicable to the Loan.
3.12.3 The deposit rate applicable to the Pledged Deposit Amount shall be equal to the Reference Rate applicable to the current Interest Period applicable to the Loan; and
3.12.4 The Pledged Deposit Amount (or any part thereof) shall be freely available to the Borrower at the end of the current Interest Period applicable to the Loan PROVIDED THAT:
(a) no Event of Default has occurred and is continuing;
(b) the Borrower shall have given the Lender notice not later than 10.00 a.m. (Athens time) on the second Banking Day before the beginning of the following Interest Period, of its intention to make use in whole or in part of the Pledged Deposit Amount;
(c) after such use the aggregate amount of the Pledged Deposit Amount shall comply with the provisions of Clause 3.12.1 and 3.12.2; and
(d) the Borrower may freely use the Pledged Deposit Amount (or any part thereof) only up to an amount so that after such use the Security Value shall be no less than the Required Security Amount and any part of the Pledged Deposit Amount which cannot be withdrawn, so as to ensure that the Security Value shall be no less than the Required Security Amount, shall immediately be remitted into an account opened by the Borrower with the Lender and which shall be pledged or charged to the Lender in order to constitute further security for the Loan for the purpose of Clause 8.2.1(b).
Pledged Deposit deposit in the Operating Account the Pledged Deposit referred to in Clause 8.1(k) (Pledged Deposit)on or prior to the Drawdown Date;
Pledged Deposit evidence that the Borrower has deposited or, as the case may be, will deposit concurrently with the drawdown of the Loan, the Pledged Deposit of Three hundred fifty thousand Dollars ($350,000) as provided in Clause 8.1(j) (Pledged Deposit);
Pledged Deposit ensure that from the date of this Agreement and throughout the Security Period the Borrower shall maintain in the Operating Account with the Lender, cash minimum liquidity in the amount of Three hundred fifty thousand Dollars ($350,000) pledged in favour of the Lender (herein, the “Pledged Deposit”);
Pledged Deposit ensure that on the Drawdown Date, an amount of eight hundred thousand Dollars (USD 800,000) (the “Pledged Deposit”) is deposited in the Earnings Account of the Borrower held with the Lender (or any other account of the Borrower held with the Lender and which is acceptable to the Lender). The Pledged Deposit shall remain blocked from the Drawdown Date and at all times thereafter and may only be released to the Borrower at any time after the repayment of the first four Repayment Instalments at the request of the Borrower provided that, at the time of such release, the LTV does not exceed sixty five per cent. (65%) and (ii) no Event of Default has occurred and is continuing.
Pledged Deposit evidence satisfactory to the Lender that the Pledged Deposit is standing to the credit of the Earnings Account (or any other account of the Borrower as approved and designated by the Lender) pursuant to Clause 8.1.24.
Pledged Deposit evidence that the Borrower has deposited the Pledged Deposit of Five hundred thousand Dollars ($500,000) as provided in Clause 8.1(j) (Pledged Deposit);
Pledged Deposit. (a) In the event Seller is entitled to receive the Pledged Deposit from the Escrow Agent in accordance with the Purchase Agreement, then the Pledgor shall take all such actions as may be necessary, required or reasonably requested by the Trustee to cause the Griffon Subsidiaries to declare and distribute the Pledged Deposit and any proceeds related thereto, including, without limitation, any dividends or distributions received thereon to Pledgor, in each case, subject to the Organizational Agreement Addendums.
(b) The Pledgor shall deposit in the Deposit Account, promptly (and in any event within three (3) Business Days) after receipt by the Pledgor thereof, the Pledged Deposit and any proceeds related thereto, including, without limitation, any dividends or distributions received thereon, in each case, subject to the Organizational Agreement Addendums. “Deposit Account” shall mean an account that is subject to a deposit account control agreement among Pledgor, Trustee and a depository bank (reasonably acceptable to Trustee), in form and substance reasonably acceptable to Trustee.
Pledged Deposit. 6.1 The Borrower hereby undertakes:
(a) on or before the Effective Date to open the Pledged Deposit Account; and
(b) to deposit into the credit of the Pledged Deposit Account and maintain therein from the Effective Date until 30 June 2018 the initial amount of the Pledged Deposit (i.e. $20,000,000), which thereafter shall be reduced from time to time, so that the amount remaining deposited is equal to 7.4% of the outstanding amount of the Loan as provided in the Costamare Pledge Agreement.
