Onshore Account definition
Examples of Onshore Account in a sentence
The Borrower shall continue to maintain and operate with the Onshore Account Bank in California the Collection Account, denominated in Dollars, subject to and in accordance with the terms and conditions of the relevant Account Control Agreement.
If there is a conflict between the terms of an Onshore Account Bank Agreement and the terms of this Agreement, the terms of this Agreement shall prevail.
The Onshore Account Bank shall make the transfers required pursuant to clause 28.5(a) automatically and no Borrower Withdrawal Request shall be required for such transfer.
Cause any insurance proceeds or any award or payment on account of any Taking payable to the Borrower in Pesos to be paid to the Onshore Account.
Notwithstanding that this Agreement is governed by English law, any deposits standing to the credit of the Project Accounts from time to time and all payments out of the Project Accounts are governed by the prevailing laws in effect in Singapore in the case of the Project Accounts with the Offshore Account Bank and Indonesia in the case of the Project Accounts with the Onshore Account Bank.
Promptly following receipt of any payment in the Onshore Collection Account, the Borrower shall be entitled to direct the Onshore Account Bank to pay up to 10% of such amount (an “Onshore Commission Amount”) to an account (an “Onshore Commission Account”) notified by it to the Agent and the Onshore Account Bank for onward transmission to Global Oil Corporation.
Each Obligor undertakes and agrees that the Project Accounts shall be opened and operated in accordance with the terms of this Agreement and the applicable Onshore Account Bank Agreements.
The Borrower shall notify the Onshore Account Bank of the occurrence of the Final Acceptance Date on the Final Acceptance Date and within two (2) Business Days of receipt of such notice the Onshore Account Bank shall ensure that amounts are transferred to the Offshore Revenue Account in accordance with this clause 28.5(a).
The Onshore Collateral Agent shall maintain the books of account with respect to the Onshore Account on a cash basis and record therein all deposits into and transfers to and from the Onshore Account.
Any amounts from time to time standing to the credit of the MIE Offshore Account, the MIE Onshore Account and/or the Debt Service Reserve Account shall bear interest in the currency in which such amount is denominated in accordance with the rates of interest generally applicable to similar accounts held with the Facility Agent and Onshore Account Bank respectively.