Dry Docking Reserve Account definition

Dry Docking Reserve Account means the account numbered 09618 078602 002 69 USD and designated the “Dry Docking Reserve Account” in respect of the Vessel, held in the name of the Borrower with the Account Bank and includes each sub-account thereof or time deposit account constituted by moneys originally held on the Dry Docking Reserve Account and any other account of the Borrower with the Account Bank designated by the Agent to be the Dry Docking Reserve Account for the purposes of this Agreement, in each case pledged in favour of the Security Trustee.
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Dry Docking Reserve Account is defined in the Accounts Agreement.
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Dry Docking Reserve Account means an account in the name of the Borrower with the Agent in Hamburg designated "Kamsarmax Two Shipping Ltd – Dry Docking Reserve Account", or any other account (with that or another office of the Agent) which replaces such account and is designated by the Agent as the Dry Docking Reserve Account for the purposes of this Agreement.
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Examples of Dry Docking Reserve Account in a sentence

  • If there is any balance in the Dry Docking Reserve Account, following the completion of all the dry docking, special surveys or BWTS installations in respect of the relevant Dry Dock Ships, such balance shall be released to the respective Earnings Accounts of the Borrowers Provided that no Event of Default has occurred at the relevant time or will result from such release.

  • The Borrower shall only withdraw or transfer any amount from the Dry Docking Reserve Account for the sole purpose of paying the costs of a Collateral Vessel’s scheduled special survey which have been properly incurred by the Borrower or a Guarantor; and the Credit Parties shall provide to the Administrative Agent upon request by the Administrative Agent supporting invoices satisfactory to the Administrative Agent evidencing such costs settled or to be settled.

  • The Master Maintenance Plan shall include a schedule setting forth the projected quarterly funding of the Dry Docking Reserve Account in order to meet the Dry Docking Reserve Account Required Balance for each Dry Docking Year included in the Master Maintenance Plan (the “Dry Docking Schedule”).


More Definitions of Dry Docking Reserve Account

Dry Docking Reserve Account means that certain deposit account of the Borrower designated as the “Dry Docking Reserve Account” in the Account Charge Agreement as being pledged to the Collateral Agent, which deposit account shall be held by the Account Bank.
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Related to Dry Docking Reserve Account

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Interest Reserve Account means that Interest Reserve Account maintained by the Master Servicer pursuant to Section 5.1(a), which account shall be an Eligible Account.

  • Initial Reserve Account Deposit Amount means an amount equal to $1,030,941.16.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Initial Reserve Account Deposit means $3,250,000.

  • Reserve Account Required Amount means, with respect to any Payment Date, the lesser of (i) the excess of (A) the Specified Reserve Balance, over (B) the amount on deposit in the Reserve Account on such Payment Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Payment Date, and (ii) the amount remaining in the Indenture Collections Account after taking into account the distributions therefrom described in clauses (i) through (xiv) of Section 8.3(a) of the Indenture.

  • Net WAC Rate Carryover Reserve Account The Net WAC Rate Carryover Reserve Account established and maintained pursuant to Section 4.10.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Account Deposit Amount means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a).

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $2,635,875.59.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Debt Service Reserve Account as defined in the Depositary Agreement.

  • Reserve Accounts means the Tax and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • Reserve Account Excess Amount means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the amount of cash or other immediately available funds in the Reserve Account (excluding any net investment earnings) on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date, over (b) the Specified Reserve Account Balance with respect to such Payment Date.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Reserve Account Funding Date means the Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the May 2023 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the November 2023 Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferor may determine by written notice to the Trustee and the Servicer. For this purpose, the “Excess Spread Percentage” for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

  • Available Reserve Account Amount means, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • Yield Supplement Account means the account designated as such, and established and maintained pursuant to Section 4.01.