Offshore Operating Account definition
Examples of Offshore Operating Account in a sentence
The proceeds of all Loans advanced hereunder shall be directly deposited into, or credited to, the Offshore Operating Account.
Prior to the occurrence of an Event of Default, the Borrowers shall have the right to make deposits to or withdrawals from the Offshore Operating Account in accordance with the terms of the New York Control Agreement.
The Borrowers may withdraw or transfer amounts from the Offshore Operating Account solely and in such amounts as may be required in the ordinary course of business to make payments of Project Costs or Operating Costs, as the case may be, as and when due to third parties to the extent such Project Costs or Operating Costs, as the case may be, were included in any previously delivered Estimated Payment Certificate.
The Borrower and the Finance Parties acknowledge that applicable law in Russia as in effect on the Effective Date requires that transfers of funds from the Moscow Dollar Account to the Offshore Operating Account be reserved with the Central Bank of Russia for a period of fifteen (15) days to the extent of twenty five percent (25%) of the Rouble equivalent (calculated at prevailing foreign exchange rates of the Central Bank of Russia) of the amount being transferred.
So long as no Prospective Event of Default or Event of Default has occurred and is Continuing (or would occur after giving effect to any application of funds contemplated hereby), the Borrowers may withdraw or transfer amounts from the Offshore Operating Account, and such withdrawals and transfers shall be effected by the Offshore Account Holder on the demand of the Borrowers in the same manner usual and customary for such withdrawals or transfers.
Upon the occurrence of an Event of Default, the Lender shall have the right to provide a notice of default to the Offshore Account Holder in accordance with the terms of the New York Control Agreement and Borrower shall no longer be permitted to make any withdrawals from such Offshore Operating Account.
During any period commencing on the date of any payment from the Debt Service Reserve Account pursuant to this clause (d) until the balance of such account has been restored the Required Debt Service Reserve Balance in accordance with the transfers from the Offshore Operating Account described in this clause (d), the provisions of clause (b) will not apply.
All transfers into the Debt Service Reserve Account shall be from the Offshore Operating Account.
If on any day the balance of the Debt Service Reserve Account exceeds the Required Debt Service Reserve Balance calculated on such date and if no Default shall then have occurred and be continuing, the Borrower may instruct the Project Account Bank (Offshore) to transfer such excess on such date to the Offshore Operating Account.
The Borrowers shall continue to maintain a bank operating account in New York City, New York with the Offshore Account Holder (the “Offshore Operating Account”), provided that the Offshore Operating Account shall continue to be subject to the terms of the New York Account Pledge Agreement and the New York Control Agreement.