Common use of Restriction on withdrawal Clause in Contracts

Restriction on withdrawal. At any time during the Facility Period following the occurrence and during the continuation of a Default, no sum may be withdrawn from the Earnings Account (except in accordance with this Clause 11) without the prior written consent of the Lender.

Appears in 1 contract

Samples: Loan Agreement (Paragon Shipping Inc.)

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Restriction on withdrawal. At any time during During the Facility Period following the occurrence and during the continuation of a Default, no sum may be withdrawn from the Earnings Account Accounts (except in accordance with the relevant Collateral Loan Agreement and this Clause 1110) without the prior written consent of the LenderAgent.

Appears in 1 contract

Samples: DryShips Inc.

Restriction on withdrawal. At any time during During the term of the Facility Period following the occurrence and during the continuation of a Default, no sum may be withdrawn from any of the Earnings Account Accounts or the Retention Accounts (except in accordance with this Clause 1112) without the prior written consent of the Lender.

Appears in 1 contract

Samples: Agreement (Danaos Corp)

Restriction on withdrawal. At any time during During the Facility Period following the occurrence and during the continuation of a Default, no sum may be withdrawn from the Earnings Account (except in accordance with this Clause 1112) without the prior written consent of the LenderAgent.

Appears in 1 contract

Samples: Loan Agreement (Danaos Corp)

Restriction on withdrawal. At any time during During the Facility Period following the occurrence and during the continuation of a Default, no sum may be withdrawn from the Earnings Account (except in accordance with this Clause 1110.7) without the prior written consent of the Lender.

Appears in 1 contract

Samples: Loan Agreement (Top Ships Inc.)

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Restriction on withdrawal. At any time during During the Facility Period following the occurrence and during the continuation of a Default, no sum may be withdrawn from the Earnings Account (except in accordance with this Clause 11Clause) without the prior written consent of the LenderAgent.

Appears in 1 contract

Samples: Loan Agreement (Mc Shipping Inc)

Restriction on withdrawal. At any time during the Facility Period following the occurrence and during the continuation of a Default, an Event of Default which is unremedied and unwaived no sum may be withdrawn from the Earnings Account (except in accordance with this Clause 11) Accounts without the prior written consent of the LenderAgent.

Appears in 1 contract

Samples: Teekay Offshore Partners L.P.

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