Common use of Transfers to Retention Account Clause in Contracts

Transfers to Retention Account. (a) The Borrower shall procure that upon receipt of any amounts representing proceeds of a sale, Total Loss or, upon non delivery of a Vessel, sums received pursuant to the Refund Guarantees or from the Builder or, if any terminations fees are payable under any Time Charter, proceeds following the termination of that Time Charter, such amounts are paid into the Retention Account.

Transfers to Retention Account. (a) The Borrower shall procure that upon receipt of any amounts representing proceeds of a sale, sale of a Vessel or proceeds following a Total Loss or, upon non delivery of a Vessel, sums received pursuant to the Refund Guarantees Secured Vessel or from the Builder or, if any terminations fees are payable under any Time Charter, proceeds following the termination of that a Time Charter, such amounts are paid into the Retention Account.

Transfers to Retention Account. (a) The Borrower shall procure that upon receipt of any amounts representing proceeds of a sale, sale of a Vessel or proceeds following a Total Loss or, upon non delivery of a Vessel, sums received pursuant to the Refund Guarantees Vessel or from the Builder or, if any terminations fees are payable under any Time Charter, proceeds following the termination of that a Time Charter, such amounts are paid into the Retention Account.