Debt Service Retention Account definition

Debt Service Retention Account means an interest-bearing USD account of the Borrower with the Account Bank and includes any sub-accounts thereof and any other account designated in writing by the Agent to be a Debt Service Retention Account for the purposes of this Agreement;

Debt Service Retention Account means a USD account of the Charterers opened or to be opened with the Account Bank, with account number XX00XXXX0000000000.

Debt Service Retention Account means an account to be established by the Issuer with the Offshore Account Bank prior to disbursement, to be pledged and blocked in favour of the Offshore Security Agent, and where the Offshore Account Bank shall waive any set-off rights to such account.

Examples of Debt Service Retention Account in a sentence

• These funds totalling $109.8 million are held within restricted cash at December 31, 2021, along with a further$9.8 million of restricted cash held in a Debt Service Retention Account (“DSRA”) to cover the interest relating to the initial 2025 bond issue and related fees.In addition, the Company announced on July 30,2021 that it intends to conduct a rights offering process, to raise $30 million for the purposes of part funding the Sarsang Acquisition.

• Therefore, all the borrowings are now classified as non-current at September 30, 2022, except for the first amortization payment of $22.5 million due July 2023.At September 30, 2022, $36.1 million of restricted cash is held in a Debt Service Retention Account (“DSRA”) to cover the interest relating to the 2025 bond.

• In case the Company is unable to conclude the purchase these funds would be used to repurchase $50 million of the ShaMaran bonds plus related accrued interest.Under the terms of the ShaMaran bond agreement the Company is required to place in a Debt Service Retention Account (“DSRA”) two cash instalments each in the amount $14.4 million, which corresponds to one year of 12% coupon interest on $240 million of bonds.

• The primary changes were in relation to the covenants and the maintenance of financial ratios including the establishment of a Debt Service Retention Account (“DSRA”).

• The following is a brief summary of certain cashflow management arrangements to be put in place as part of the Restructuring:(i) on (or shortly prior to) the closing of the Restructuring a cash balance sufficient to pay: (i) the next two cash interest payments due on the New Notes; and (ii) the total amount of the Lock-Up Fees shall be deposited into a Debt Service Retention Account (“DSRA”).

More Definitions of Debt Service Retention Account

Debt Service Retention Account means a debt service retention account with an Acceptable Bank (which shall wave any set-off rights), pledged, but not blocked prior to an Event of Default, on a first priority basis in favor of the Bond Trustee (on behalf of the Bondholders).

Debt Service Retention Account means a debt service retention account in the name of the Issuer with an Acceptable Bank, or in the name of NT Services AS or in the name of the Manager pledged and blocked on first priority in favour of the Bond Trustee (on behalf of the Bondholders).

Debt Service Retention Account means an account, to be established by the Issuer with an Account Bank or NT Services AS prior to the first disbursement from the Escrow Account, and pledged and blocked as security for the Issuer's obligations under the Finance Documents.

Debt Service Retention Account means the account with Offshore Account Bank into which one-sixth of the amortization and interest payment payable on the next interest payment date of Bond Financing Facility shall be transferred monthly.

Debt Service Retention Account means the Company's account no. 00000000 with DNB Bank ASA, New York branch.

Debt Service Retention Account means an account in the name of the Issuer, blocked and pledged on first priority in favour of the Bond Trustee (on behalf of itself and the Bondholders).

Debt Service Retention Account means an account in the name of the Issuer, blocked and pledged on first priority as security for the Issuer’s obligations under the Finance Documents.