Dry Docking Reserve Account definition

Dry Docking Reserve Account means the account numbered 09618 078601 002 78 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 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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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 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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