Common use of Debt Service Retention Account Clause in Contracts

Debt Service Retention Account. (a) The Charterers shall ensure that the credit balance of the Debt Service Retention Account shall at all times be no less than:- (i) United States Dollars Five Hundred Fifty Thousand (US$550,000); or (ii) if the Guarantor's audited consolidated financial statements for the financial year ended 31 December 2018 show a net loss (instead of a positive net profit), then starting from the date falling five (5) Banking Days after those financial statements have been (i) supplied to Owners pursuant to Clause 46.1 (Financial statements), (ii) supplied to the Guarantor's shareholders or (iii) made available for public inspection (whichever is earlier), United States Dollars One Million One Hundred Thousand (US$1,100,000). (b) No withdrawals may be made from the Debt Service Retention Account without the Owners prior written consent.

Debt Service Retention Account. (a) The Charterers shall ensure that the credit balance of the Debt Service Retention Account shall at all times be no less than:- (i) United States Dollars Five Three Hundred Fifty Thousand (US$550,000350,000); or (ii) if the Guarantor's audited consolidated financial statements for the financial year ended 31 December 2018 show a net loss (instead of a positive net profit), then starting from the date falling five (5) Banking Days after those financial statements have been (i) supplied to Owners pursuant to Clause 46.1 (Financial statements), (ii) supplied to the Guarantor's shareholders or (iii) made available for public inspection (whichever is earlier), United States Dollars One Million One Seven Hundred Thousand (US$1,100,000700,000). (b) No withdrawals may be made from the Debt Service Retention Account without the Owners prior written consent.