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

• Interest can be paid under the Revolving Credit Facility and the Bonds (in respect of the Bonds only, limited to an amount available on the Debt Service Retention Account) also following an acceleration event.

• Debt Service Retention AccountThe Issuer, or one or more Group Company, shall on a monthly basis, transfer an amount equal to 1/6 of the next interest payment plus 1/6 of any Instalment pursuant to Clause 10.1 ( Redemption of Bonds) to the Debt Service Retention Account, starting from the months falling six (6) months prior to, (i) the first Interest Payment Date in respect of interest, and (ii) the Interest Payment Date in November 2018 in respect of Instalments.

• The Debt Service Retention Account shall be pledged in favour of the Offshore Security Agent so that no withdrawals can be made from such account without the Bond Trustee’s prior written consent, and the Offshore Account Bank shall waive any set-off rights to such account.

• The Issuer shall procure that on a monthly basis an amount equal to 1/6 of the next interest payment is transferred to the Debt Service Retention Account.

• If for any reason the amount in the Debt Service Retention Account is less than Debt Service Retention Account Amount, the Borrower’s obligations to pay that Repayment Instalment shall not be affected.

More Definitions of Debt Service Retention Account

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 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 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 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 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.

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 a bank account in USD established by the Issuer with an Acceptable Bank (or a client account of the Manager held with an Acceptable Bank) prior to the Initial Issue Date, funded in accordance with paragraph (d) of "Issuer's Special Undertakings" above, pledged as Transaction Security and blocked in favour of the Bond Trustee,