Collateral Operating Account definition

Collateral Operating Account means an interest bearing Dollar account of the Collateral Owner opened or to be opened with the Account Bank and includes any sub-accounts thereof and any other account designated in writing by the Agent to be the Collateral Operating Account for the purposes of this Agreement;
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Collateral Operating Account means an interest bearing Dollar account of the Guarantor opened by the Guarantor with the Account Bank and with account number 010094450018 and includes any sub-accounts thereof and any other account designated in writing by the Agent to be the Collateral Operating Account for the purposes of this Guarantee (and it is the Naxos Operating Account referred to in the Agreement);
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Collateral Operating Account means, in relation to each Collateral Ship, an account in the name of each Collateral Owner with ABN AMRO Bank N.V. which is designated by the Agent in writing as the Collateral Operating Account, for the purposes of this Agreement and, in the plural, means both of them;
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Examples of Collateral Operating Account in a sentence

  • Amounts standing to the credit of the Collateral Operating Account shall (unless otherwise agreed between the Account Bank and the Guarantor) bear interest at the rates from time to time offered by the Account Bank to its customers for deposits in Dollars in comparable amounts for comparable periods.

  • The Collateral Operating Account and all amounts from time to time standing to the credit thereof shall be subject to the security constituted and the rights conferred by the Collateral Operating Account Pledge.

  • Interest shall accrue on the Collateral Operating Account from day to day and be calculated on the basis of actual days elapsed and a three hundred and sixty (360) day year and shall be credited to the Collateral Operating Account at such times as the Account Bank and the Guarantor shall agree.

  • Pursuant to Section 6.05(d) of the Credit Agreement, Borrowers shall prepare and deliver to Lender a statement of "sources" and "uses" of cash from the Secondary Collateral Operating Account.

  • Borrowers shall not commingle funds on deposit in the Secondary Collateral Operating Account with any other funds of Borrowers.

  • Borrowers shall deposit, or cause to be deposited, into the Secondary Collateral Operating Account any and all rents, issues, profits, dividends, and income of every kind (whether in the form of cash or any kind of cash equivalent described in Section 363(a) of the Bankruptcy Code) actually received by the Loan Parties which arise from or are generated by the Secondary Collateral and any and all rentals, operations or sales thereof.

  • Disbursements for operating shortfalls in respect of the Secondary Collateral shall be transferred to the Secondary Collateral Operating Account.


More Definitions of Collateral Operating Account

Collateral Operating Account means the interest bearing Dollar account of the Collateral Owner opened by the Collateral Owner with the Bank and with account number 5104-046257-080USD and includes any sub-accounts thereof and any other account designated in writing by the Bank to be the Collateral Operating Account for the purposes of this Agreement and the Loan Agreement; "Collateral Operating Account Pledge" means a pledge executed or (as the context may require) to be executed by the Collateral Owner in favour of the Bank in respect of the Collateral Operating Account in such form as may be required by the Bank in its absolute discretion;
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