Drydock Reserve Account definition

Drydock Reserve Account means an interest bearing USD account opened or to be opened with the Account Bank in the name of the Borrower designated “Kamsarmax One Shipping Ltd - Drydock Reserve Account” and includes any other account designated in writing by the Agent to be the Drydock Reserve Account for the purposes of this Agreement;
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Drydock Reserve Account means the account of an Obligor, denominated in Dollars, to be established, if, and to the extent that, any Relevant Vessels are employed in a trade other than in Mexico under the Mexican Navigation and Commerce Law (Ley de Navegación y Comercio Marítimos), with a financial institution acceptable to the Facility Agent, into which the Drydock Reserve Amounts of all such Relevant Vessels are paid;
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Examples of Drydock Reserve Account in a sentence

  • The Borrower undertakes with the Bank that, throughout the Facility Period, it will procure that, on each date Repayment Date, there is paid to the Drydock Reserve Account a sum in the amount of USD50,000 (the “Drydock Reserve Amount”) representing a pro rata estimate of future drydocking expenses of the Vessel, to be applied only in payment of the expenses (estimated at USD500,000) in respect of the drydocking of the Vessel scheduled in 2021.

  • The Borrower shall procure and maintain that the Peso Trust Account, the US Dollar Trust Drydock Reserve Account, and US Dollar Trust Retention Account.

  • Upon the occurrence of an Event of Default, moneys then held in the Peso Trust Account, US Dollar Trust Earnings Account, US Dollar Trust Drydock Reserve Account, US Dollar Trust Retention Account, Earnings Account, Drydock Reserve Account and Retention Account shall be retained by the Collateral Agent and the Trustee, as applicable, as collateral security for the Facility to be applied by the Facility Agent in the manner set forth in Section 8.3.

Related to Drydock Reserve Account

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Debt Service Reserve Account shall have the meaning assigned to such term in the Depositary Agreement.

  • Interest Reserve Account As defined in Section 3.4(d).

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Reserve Accounts means the Tax and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Initial Reserve Account Deposit means $3,000,000.

  • Available Reserve Account Amount means, with respect to any Transfer Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (after taking into account any interest and earnings retained in the Reserve Account pursuant to subsection 4.15(b) on such date, but before giving effect to any deposit made or to be made pursuant to subsection 4.11(i) to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $3,807,950.53.

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Excess Liquidation Proceeds Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Securities Administrator pursuant to Sections 3.07(b) and 3.07(c) in the name of the Securities Administrator for the benefit of the Regular Certificateholders and designated "Wells Fargo Bank, National Association in trust for registered Holders xx Xxrgan Stanley Capital I Inc. Trust 2006-HE2, Mortgage Pass-Through Cerxxxxxxtxx, Xxxies 2006-HE2." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Reserve Account Funding Date means the Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the November 2022 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the May 2023 Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferor may determine by written notice to the Trustee and the Servicer. For this purpose, the “Excess Spread Percentage” for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Principal Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 3.08 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-22". Funds in the Principal Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.