Retention Account definition

Retention Account means, an interest bearing USD account in the name of the Borrowers opened or (as the context may require) to be opened by the Borrowers with the Bank and includes any sub-accounts thereof and any other account designated in writing by the Bank to be the Retention Account for the purposes of this Agreement;

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Retention Account means an account in the name of the Borrower with the Lender in Basel or any other account (with that or another office of the Lender or with a bank or financial institution other than the Lender) which is designated by the Lender as the Retention Account for the purposes of this Agreement;

Retention Account means an account in the name of the Borrower with the Agent in Hamburg designated "Ultra One Shipping Ltd — Retention Account", or any other account (with that or another office of the Agent or with a bank or financial institution other than the Agent) which replaces this account and is designated by the Agent as the Retention Account for the purposes of this Agreement in accordance with the Agent's instructions;

Examples of Retention Account in a sentence

• Any credit balance on the Retention Account shall bear interest at the rate from time to time offered by the Agent to its customers for Dollar deposits of similar amounts and for periods similar to those for which such balances appear to the Agent likely to remain on the Retention Account.

• Interest accruing under Clause 18.5 shall be released to the Borrower on each interest payment date unless an Event of Default or a Potential Event of Default has occurred or the then credit balance on the Retention Account is less than what would have been the balance had the full amount required by Clause 18.2 (and Clause 18.3, if applicable) been transferred in that and each previous month.

• The Earnings Account and the Retention Account and all amounts from time to time respectively standing to the credit thereof shall be subject to the security constituted and the rights conferred by, respectively, the Earnings Account Pledge and the Retention Account Pledge.

• Any credit balance on the Retention Account shall bear interest at the rate from time to time offered by the Lender to its customers for Dollar deposits of similar amounts and for periods similar to those for which such balances appear to the Lender likely to remain on the Retention Account.

• All proceeds of any such investment shall be deposited upon receipt into the Retention Account.

More Definitions of Retention Account

Retention Account has the meaning given to it in Section 4.10 of the Security Agreement; “Reuters Screen Page” has the meaning given to it in Condition 5.09 (Definitions);

Retention Account means an account in the name of the Borrower with the Agent designated "Paragon Shipping Inc. - Retention Account", or any other account which is designated by the Agent as the Retention Account for the purposes of this Agreement;

Retention Account has the meaning given to it in Section 3.10 of the Security Agreement;

Retention Account has the meaning ascribed to it in the Assignment of Earnings and Insurances;

Retention Account means any Account designated as a “Retention Account” under clause 25 (Bank accounts).

Retention Account means the bank account to be opened by the Borrower with the Account Bank and designated “Seaspan Corporation – Retention Account”.

Retention Account means the account Nr. 001.044296.037 opened in the name of the Borrower where monies shall be deposited in accordance with Clause 25.02 such account to include any substitute account or revised account or revised designation or number whatsoever and any deposit account to which monies from such account may from time to time be paid on a time deposit basis;