Common use of Restriction on withdrawal Clause in Contracts

Restriction on withdrawal. During the Security Period no sum may be withdrawn by the Borrower or an Owner from the Retention Account (other than interest pursuant to Clause 18.6 (Release of accrued interest), provided that no Event of Default or Potential Event of Default has occurred which is continuing), without the prior written consent of the Agent. The Borrower or the Owners may, in any calendar month, after having transferred and/or after having taken into account all amounts due or which will become due to be transferred to the Retention Account in such calendar month in accordance with Clause 18.2 (Monthly retentions), withdraw any surplus (a “Surplus”) from the Earnings Accounts (or any of them) as they may think fit for purposes permitted by this Agreement and the other Finance Documents Provided always no Event of Default or Potential Event of Default has occurred which is continuing in which case any Surplus shall remain on the relevant Earnings Account and the Borrower or Owners may only withdraw the Surplus (or any part thereof) with the prior written consent of the Agent (acting upon the instructions of the Majority Lenders) in order to satisfy the documented and properly incurred operating expenses of the Ships (or any of them).

Restriction on withdrawal. During the Security Period no sum may be withdrawn by a Borrower from any Liquidity Account, the Borrower Dry Dock Reserve Account or an Owner from the Retention Account (other than interest pursuant to Clause 18.6 (Release and/or any sums withdrawn in accordance with, and pursuant to, the terms of accrued interestClauses 11.19(c) and/or 11.20(d)), provided that no Event of Default or Potential Event of Default has occurred which is continuing), without the prior written consent of the Agent. The Borrower or the Owners Borrowers may, in any calendar month, after having transferred and/or after having taken into account all amounts due or which will become due to be transferred to the Retention Account in such calendar month in accordance with Clause 18.2 (Monthly retentions)18.2, withdraw any surplus (a “"Surplus”") from the Earnings Accounts (or any of them) as they may think fit for purposes permitted by this Agreement and the other Finance Documents Provided always no Event of Default or Potential Event of Default has occurred which is continuing in which case any Surplus shall remain on the relevant Earnings Account Accounts and the Borrower or Owners Borrowers may only withdraw the Surplus (or any part thereof) with the prior written consent of the Agent (acting upon the instructions of the Majority Lenders) in order to satisfy the documented and properly incurred operating expenses of the Ships (or any of them)Ships.

Restriction on withdrawal. During the Security Period without the prior written consent of the Agent no sum may be withdrawn by the Borrower from the Minimum Liquidity Account, the Dry Docking Reserve Account or an Owner from the Retention Account (other than (i) any sums permitted to be withdrawn pursuant to Clauses 11.19 (Minimum Liquidity and Additional Minimum Liquidity) and 11.20 (Dry Docking Reserve Amount) and (ii) interest pursuant to Clause 18.6 (Release of accrued interest), provided that no Event of Default or Potential Event of Default has occurred which is continuing), without the prior written consent of the Agent. The Borrower or the Owners may, in any calendar month, after having transferred and/or after having taken into account all amounts due or which will become due to be transferred to the Retention Account in such calendar month in accordance with Clause 18.2 (Monthly retentions), withdraw any surplus (a “"Surplus”") from the Earnings Accounts (or any of them) Account as they it may think fit for purposes permitted by this Agreement and the other Finance Documents Provided always no Event of Default or Potential Event of Default has occurred which is continuing in which case any Surplus shall remain on the relevant Earnings Account and the Borrower or Owners may only withdraw the Surplus (or any part thereof) with the prior written consent of the Agent (acting upon the instructions of the Majority Lenders) in order to satisfy the documented and properly incurred operating expenses of the Ships (or any of them)Ship.