Onshore Proceeds Account definition

Onshore Proceeds Account means the account designated “VGSA Operating Account” established by Vaalco Gabon with the Onshore Account Bank pursuant to Clause 19 (Operation of the Project Accounts);
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Onshore Proceeds Account has the meaning given in the Account Bank Agreement.
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Onshore Proceeds Account means the dollar account of the Borrower opened or as the context may require, to be opened by the Borrower with the Onshore Account Bank, designated by the Onshore Account Bank to be the “PT HOEGH LNG LAMPUNG — Onshore Proceeds Account” and includes any re-designation and each sub-account thereof.
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Examples of Onshore Proceeds Account in a sentence

  • During the Facility Period, the Borrower shall not withdraw or request a withdrawal of moneys from the Onshore Proceeds Account except (i) as provided for in clause 28.5(a), (ii) in accordance with the terms of the Account Security or (iii) with the Lenders’ prior written consent.

  • No later than one (1) Business Day following receipt of any payment into the Onshore Proceeds Account, the relevant Account Bank shall transfer (and the Borrower hereby irrevocably authorises and instructs that Account Bank to make such transfer) such amount to the Construction Account (prior to the Final Acceptance Date) and to the Offshore Revenue Account (on and following the Final Acceptance Date).

  • The Obligors may make Permitted Payments to the Senior Creditors from time to time in accordance with Clause 7.4 (Withdrawals from the Onshore Proceeds Account) of the Senior Facility Agreement.

  • The Borrower shall open and maintain the Debt Service Reserve Account and the Onshore Proceeds Account with the Account Bank.

  • The Obligors may make Permitted Payments to the Senior Creditors from time to time in accordance with clause 7.4 (Withdrawals from the Onshore Proceeds Account) or clause 7.8 (Withdrawals from the Debt Service Account) of the Senior Facility Agreement.


More Definitions of Onshore Proceeds Account

Onshore Proceeds Account means each of the Borrower’s accounts specified in Schedule 9.
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Onshore Proceeds Account means the account so entitled held with the Account Bank in the name of the Borrower or any other account being a renewal, redesignation or replacement of the account as the Account Bank may, from time to time, specify in writing to the Borrower and the Security Agent.
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