Retention Account definition

Retention Account means an interest bearing Dollar account of the Borrowers opened or (as the context may require) to be opened jointly by the Borrowers with the Account Bank and includes any sub-accounts thereof and any other account designated in writing by the Agent to be a 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 “Paragon Shipping Inc. - Retention Account”, or any other account (with that or another office of the Agent) which is designated by the Agent as the Retention Account for the purposes of this Agreement;
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;

Examples of Retention Account in a sentence

  • Essential Conditions before Disbursement: a) Additional insurance policies covering Loss of generation due to i) machine breakdown (MBD) ii) natural calamities (fire).b) For IREDA’s borrowers and applicants other IREDA’s borrowers, Trust and Retention Account (TRA) will be opened as per IREDA’s requirement.

  • No Borrower may, without the prior consent of the Lender, maintain any bank account other than its Earnings Account and its Retention Account.

  • In addition, an undertaking from the borrower that they shall note and undertake that they will not withdraw any sums from the TRA in case of default to IREDA, unless a prior written permission is obtained from IREDA.c) The borrower shall submit a letter regarding deposit of sale proceeds of power to Trust & Retention Account from the SEB / off-taker, if not submitted earlier.


More Definitions of Retention Account

Retention Account has the meaning given to it in Section 3.10 of the Security Agreement; “Reuters Screen Page” has the meaning given to it in Condition 5.10 (Definitions);
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;
Retention Account has the meaning given to it in Section 3.10 of the Security Agreement;
Retention Account an interest bearing USD Account required to be opened hereunder with the Account Bank in the name of the Borrowers designated “Navios — Retention Account” and includes any other account designated in writing by the Payment Agent to be the Retention Account for the purposes of this Agreement;
Retention Account means an account in the name of the Borrower with the Account Bank designated “ Navios Maritime Partners LP. - Retention Account”, which is designated by the Agent as such account for the purposes of this 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).