Common use of Retention Account Clause in Contracts

Retention Account. credits and withdrawals 14.3.1 The Borrowers hereby jointly and severally undertake with each Creditor that they will and they will procure that the Xxxxxx Owner will, from the date of this Agreement and so long as any moneys are owing under the Security Documents, on each Retention Date pay to the Account Bank for credit to the Retention Account, the Retention Amount for such Retention Date provided however that, to the extent that there are moneys standing to the credit of the Operating Accounts (or any of them) as at any Retention Date, such moneys shall, up to an amount equal to the Retention Amount for such Retention Date, be transferred to the Retention Account on that Retention Date (and the Borrowers hereby irrevocably authorise the Account Bank to effect each such transfer) and to that extent the Borrowers' obligations to make the payments referred to in this clause 14.3.1 shall have been fulfilled upon such transfer being effected. The obligation of the Borrowers under this clause 14.3.1 to pay moneys to the credit of the Retention Account shall cease to exist on the date falling after the Listing Date when the Aegean Marine Guarantor shall have complied with the financial undertakings contained in clause 5.3.1 of the Aegean Marine Guarantee. 14.3.2 Unless and until there shall occur an Event of Default (whereupon the provisions of clause 14.4 shall apply), each Retention Amount in respect of a Tranche credited to the Retention Account together with interest from time to time accruing or at any time accrued thereon shall be applied by the Account Bank (and the Borrowers hereby irrevocably authorise the Account Bank so to apply the same) upon each Repayment Date for the relevant Tranche and/or on each day that interest is payable pursuant to clause 3.1 on such Tranche, in or towards payment to the Agent of the relevant instalment then falling due for repayment or, as the case may be, the relevant amount of interest then due. Each such application by the Account Bank shall constitute a payment in or towards satisfaction of the Borrowers' corresponding payment obligations under this Agreement but shall be strictly without prejudice to the obligations of each of the Borrowers to make any such payment to the extent that the aforesaid application by the Account Bank is insufficient to meet the same. 14.3.3 Unless the Agent (acting on the instructions of the Majority Banks) otherwise agrees in writing and subject to clause 14.3.2, none of the Borrowers shall be entitled to withdraw any moneys from the Retention Account at any time from the date of this Agreement and so long as any moneys are owing under the Security Documents.

Retention Account. credits and withdrawals 14.3.1 The Borrowers hereby jointly and severally undertake with each Creditor that they will and they will procure that the Xxxxxx Owner will, from the date of this Agreement and so long as any moneys are owing under the Security Documents, on each Retention Date pay to the Account Bank for credit to the Retention Account, the Retention Amount for such Retention Date provided however that, to the extent that there are moneys standing to the credit of the Operating Earnings Accounts (or any of them) as at any Retention Date, such moneys shall, up to an amount equal to the Retention Amount for such Retention Date, be transferred to the Retention Account on that Retention Date (and the Borrowers hereby irrevocably authorise the Account Bank to effect each such transfer) and to that extent the Borrowers' ’ obligations to make the payments referred to in this clause 14.3.1 shall have been fulfilled upon such transfer being effected. The obligation of the Borrowers under this clause 14.3.1 to pay moneys to the credit of the Retention Account shall cease to exist on the date falling after the Listing Date when the Aegean Marine Guarantor shall have complied with the financial undertakings contained in clause 5.3.1 of the Aegean Marine Guarantee. 14.3.2 Unless and until there shall occur an Event of Default (whereupon the provisions of clause 14.4 14.6 shall apply), each Retention Amount in respect of a Tranche credited to the Retention Account together with interest from time to time accruing or at any time accrued thereon shall be applied by the Account Bank (and the Borrowers hereby irrevocably authorise the Account Bank so to apply the same) upon each Repayment Date for the relevant Tranche and/or on each day that interest is payable pursuant to clause 3.1 on such Tranche, in or towards payment to the Agent of the relevant instalment then falling due for repayment or, as the case may be, the relevant amount of interest then due. Each such application by the Account Bank shall constitute a payment in or towards satisfaction of the Borrowers' ’ corresponding payment obligations under this Agreement but shall be strictly without prejudice to the obligations of each of the Borrowers to make any such payment to the extent that the aforesaid application by the Account Bank is insufficient to meet the same. 14.3.3 Unless the Agent (acting on the instructions of the Majority Banks) otherwise agrees in writing and subject to clause 14.3.2, none of the Borrowers shall be entitled to withdraw any moneys from the Retention Account at any time from the date of this Agreement and so long as any moneys are owing under the Security Documents.

Retention Account. credits and withdrawals16.4.1 The Borrower on or before the Drawdown Date will open with the Bank the Retention Account. 14.3.1 The Borrowers hereby jointly and severally undertake with each Creditor that they will and they will procure that the Xxxxxx Owner will, from the date of this Agreement and (a) For so long as any moneys are owing under the Security Documents, on each Retention Date the Borrower shall pay to the Account Bank for credit to the Retention Account, at monthly intervals commencing with a first payment on the date falling one Month after the Drawdown Date and at monthly intervals thereafter (each such day being hereinafter called “Monthly Retention Date”) such sum (each sum being hereinafter called “Monthly Retention Amount”) as shall be the aggregate of: i. the quotient of the Repayment Instalment amount from time to time falling due on the each time next Repayment Date divided by the number of the months intervening between the immediately previous and the such next Repayment Date, pursuant to Clause 7 hereof; and ii. the quotient of the amount of interest from time to time falling due in respect of the Loan or each part thereof on the each time next Interest Payment Date divided by the number of months of the relevant Interest Period. (b) The Bank is hereby irrevocably authorised by the Borrower to debit at every Monthly Retention Date the Operating Account with the Monthly Retention Amounts and to credit them to the Retention Amount for such Retention Date provided however that, Account. (c) In case that any Earnings paid to the extent that there are moneys standing Operating Account relate to the credit a period of employment of the Operating Accounts Vessel longer than one (or any 1) Month, then upon receipt of them) as at any such Earnings the Retention Date, such moneys shall, up to Account shall be funded by an amount equal to the so many Monthly Retention Amount for such Retention Date, be transferred Amounts or part thereof as shall correspond to the Retention Account on that Retention Date (and longer period to which the Borrowers hereby irrevocably authorise said Earnings relate or any amount as may be determined by the Account Bank to effect each such transfer) and to that extent the Borrowers' obligations to make the payments referred to in this clause 14.3.1 shall have been fulfilled upon such transfer being effected. The obligation of the Borrowers under this clause 14.3.1 to pay moneys to the credit of the Retention Account shall cease to exist on the date falling after the Listing Date when the Aegean Marine Guarantor shall have complied with the financial undertakings contained in clause 5.3.1 of the Aegean Marine GuaranteeBank. 14.3.2 16.4.2 Unless and until there shall occur an Event of Default (whereupon the provisions of clause 14.4 shall apply), each Retention Amount in respect of a Tranche all Monthly Retenticn Amounts credited to the Retention Account together with interest from time to time accruing or at any time accrued thereon shall be set off and applied by the Account Bank (and express and irrevocable authority is hereby given by the Borrowers hereby irrevocably authorise Borrower to the Account Bank so to set off and apply the same) upon each Repayment Date for the relevant Tranche and/or on and upon each day that interest is payable pursuant to clause 3.1 on such Tranche, Interest Payment Date in or towards payment to the Agent of the relevant instalment Repayment Instalment then falling due for repayment or, and/or (as the case may be, ) the relevant amount of interest then due. Each such set off and application by the Account Bank shall constitute a payment in or towards satisfaction of the Borrowers' corresponding payment obligations of the Borrower under this Agreement but shall be strictly without prejudice to the obligations of each of the Borrowers Borrower to make any such payment to the extent that the aforesaid set off application by the Account Bank is insufficient to meet the same. 14.3.3 Unless 16.4.3 Any amount for the Agent (acting on time being standing to the instructions credit of the Majority Banks) otherwise agrees Retenticn Account shall bear interest at the rate quoted by the Bank to its customers fbr deposits in writing Dollars for such period as the Bank may determine and subject for an amount comparable with the amount for the time being standing to clause 14.3.2, none the credit of the Borrowers shall be entitled Retention Account. 16.4.4 Upon the occurrence of an Event of Default or at any time thereafter the Bank will set off and apply all sums standing to withdraw any moneys from the credit of the Retention Account at any time from including accrued interest (if any) in the date of this Agreement and so long as any moneys are owing under manner specified in Clause 15 without notice to the Security DocumentsBorrower.

Retention Account. credits and withdrawals 14.3.1 14.4.1 The Borrowers hereby jointly and severally undertake with each Creditor Finance Party that they will and they will procure that the Xxxxxx Owner will, from the date of this Agreement and so long as any moneys are owing under the Security Documents, on each Retention Date pay to the Account Bank for credit to the Retention Account, the Retention Amount for such Retention Date provided however that, to the extent that there are moneys standing to the credit of the Operating Accounts (or any of them) as at any the relevant Retention Date, such moneys shall, up to an amount equal to the Retention Amount for such Retention Date, be transferred to the Retention Account on that Retention Date (and the Borrowers hereby irrevocably authorise the Account Bank to effect each such transfer) and to that extent the Borrowers' ’ obligations to make the payments referred to in this clause 14.3.1 14.4.1 shall have been fulfilled upon such transfer being effected. The obligation of the Borrowers under this clause 14.3.1 to pay moneys to the credit of the Retention Account shall cease to exist on the date falling after the Listing Date when the Aegean Marine Guarantor shall have complied with the financial undertakings contained in clause 5.3.1 of the Aegean Marine Guarantee. 14.3.2 14.4.2 Unless and until there shall occur an Event of Default (whereupon the provisions of clause 14.4 14.6 shall apply), each all Retention Amount in respect of a Tranche Amounts credited to the Retention Account together with interest from time to time accruing or at any time accrued thereon on any amounts standing to the credit of the Retention Account from time to time, shall be applied by the Account Bank (and the Borrowers hereby irrevocably authorise the Account Bank so to apply the same) upon each Repayment Date for the relevant Tranche and/or on each day that interest is payable pursuant to clause 3.1 on such Tranche3.1, in or towards payment to the Facility Agent of the relevant instalment then falling due for repayment or, as the case may be, the relevant amount of interest then due. Each such application by the Account Bank shall constitute a payment in or towards satisfaction of the Borrowers' ’ corresponding payment obligations under this Agreement but shall be strictly without prejudice to the obligations of each of the Borrowers to make any such payment to the extent that the aforesaid application by the Account Bank is insufficient to meet the same. 14.3.3 14.4.3 Unless the Facility Agent (acting on the instructions of the Majority Banks) otherwise agrees in writing and subject to clause 14.3.2writing, none of the Borrowers shall be entitled to withdraw any moneys from the Retention Account at any time from the date of this Agreement and so long as any moneys are owing under the Security Documents.